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 income would not then support a bare existence. Saving toward old age would cease among the working classes. And as the merchant cities of Italy crashed when trade slipped from their hands on the discovery of the new route to the Indies by way of the Cape of Good Hope, so will there come times of trembling for such nations as have failed to grasp the prize of world-empire. In that given direction they will have attained their maximum development, before the whole world, in the same direction, has attained its. There will no longer be room for them. But if they can survive the shock of being flung out of the world's industrial orbit, a change in direction may then be easily effected. That the decadent and barbarous peoples