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Rh  the sane economic policy of a state. This must be guided by objective data. As a matter of fact, the Jews constitute more than one third, thirty-five per cent., of the commercial class in Russia. If we believe our country's prosperity to be bound up with the process of its progressive industrialisation, we must admit that the part the Jews play in Russia's commercial life is tremendous, that to a considerable degree they handle her entire commerce. All that hinders the untrammelled manifestation of the Jewish economic energies is harmful to Russia's economic organism.

"If there were no Jews now in Russia, it would be necessary to invite them, in the interests of both the commercial and industrial development of the country, just as they were more than once invited for the same purposes in the past." This conclusion, reached by a student of the Jewish question in Russia, is eminently and profoundly true. The opinion of an individual student may not appear authoritative, but it has been many a time endorsed by social groups and organisations. We need not go far back into history to find