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1. Editorial—a Programme.

2. The Educational Value of Co-operation. The Right Rev. the

3. The Ethics of Investment. The Rev. W. D.D.

The writer of this article insists that capital is often indifferent, though not hostile, to considerations of morality, and that the scrupulous owner ought to exercise care both in regard to the direction in which his capital is employed, and the rate of return he receives. It is only by care that he cn avoid the risk of being responsible for occasional and accidental extortion, and some principles are laid down that serve to indicate investments which are, at any rate, not wrong modes of employing money.

4. Locke's Theory of Property. D.G. Ritchie, M.A.

5. The Moral Factor in Economic Law. The Rev. Wilfrid Richmond, M.A.

6. Some Economic Aspects of the Eight Hour-Movement. The Rev. Professor Symes, M.A.

Points out some difficulties attending the adoption of the Eight Hours proposal. 'No general rule should be forced upon all trades.' Each trade should be dealt with according to its special circumstances.

7. The Progress of Socialism in the United States. The Rev. M. Kaufman, M.A .......

The Inaugural Address of F. J. Mouat, F.R.C.S., LL.D., President of the Royal Statistical Society.

Dr. Mouat touches upon a variety of subjects interesting to an audience of statisticians -the census, the food supply of the United Kingdom, &c. and dwells particularly on one—'the Hospital Question.' Attention should be called to his proposal that, as so little assistance is likely to be afforded by Government towards taking a more systematic census than at present, ' the great municipalities which have the courage and wisdom and possess the power and the pelf' should ' collect the materials of and publish a statistical account of their cities, on the lines of those of Paris or Berlin.' The solution of. the Hospital