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 and above the product of his own toil. He can then enlarge his business. He will gradually become rich, and no longer have any need to stint himself in the necessaries of life. He will leave a snug little fortune to his son. That is what people call "being economical and having frugal, temperate habits." At bottom it is nothing more nor less than grinding the face of the poor.

Commerce seems an exception to this rule. "Such a man," we are told, "buys tea in China, brings it to France, and realizes a profit of thirty per cent on his original outlay. He has exploited nobody."

Nevertheless the case is analogous. If our merchant had carried his bales on his back, well and good! In early medieval times that was exactly how foreign trade was conducted, and so no one reached such giddy heights of fortune as in our days. Very few and very hardly earned were the gold coins which the medieval merchant gained from a long and dangerous voyage. It was less the love of money than the thirst of travel and adventure that inspired his undertakings.

Nowadays the method is simpler. A merchant who has some capital need not stir from his desk to become wealthy. He telegraphs to an agent telling him to buy a hundred tons of tea; he freights a ship, and in a few weeks, in three months if it is a sailing ship, the vessel brings him his cargo. He does not even take the risks of the