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 publishing office of to-day that a medical association has to a patent-medicine dealer. They will not only publish, but sell; their efficient book-shops, their efficient system of book-distribution will replace the present haphazard dealings of quite illiterate persons under whose shadow people in the provinces live. If one of these publishing groups decides that a book, new or old, is of value to the public mind, I conceive the copyright will be secured and the book produced all over the world in every variety of form and price that seems necessary to its exhaustive sale. Moreover, these publishing associations will sustain spaciously conceived organs of opinion and criticism, which will begin by being patiently and persistently good, and so develop into power. And the more distinctly the New Republic emerges, the less danger there will be of these associations being allowed to outlive their service in a state of ossified authority. New groups of men and new phases of thought will organise their publishing associations as children learn to talk.

And while the New Republic is thus developing its idea of itself and organising its mind, it will also be growing out of the confused and intricate businesses and undertakings and public services of the present time, into a recognisable material body. The synthetic process that is going on in the case of many of the larger of the businesses of the world, that formation of Trusts that bulks so large in American discussion, is of the utmost significance in this connection. Conceivably the first impulse to form Trusts came from a mere desire to control competition and