"Management."

The question is being answered by the contemporary development of industrial organisation. How much of the "management ot land" is done now by the landlords, and how much by the farmer and the agent or the bailiff? The landlord's supposed function in this respect is almost entirely performed by salaried professional men. As to capital, who manages it? The shareholders in the joint stock companies, who own more than five-eights of the whole industrial capital? No ! The shareholding capitalist is a sleeping-partner. More and more every day is the capitalist pure and simple, the mere owner of the lien for interest, becoming separated from the administrator of capital, as he has long been separated from the wage-worker employed therewith. The working partner, with sleeping partner drawing interest, is every day passing into the forrii of the director of a joint stock company. More and more is the management of industries falling into the hands of paid managers, and even the "directors" emphasise the fiction that they are not mere money-bags and decorative M.P.'s, by the humorous practice of taking fees for their labors at board meetings.

The administrator of capital can be obtained at present for a salary equivalent to his competition value, whether the concern to be managed be a bank, a railway, a brewery, a mine, a farm, a factory, a theatre, or a hotel. The transfer to the community (national or local) of the ownership of the main masses of industrial capital need make no more difference in this respect than does the sale of shares on the Stock Exchange at the present moment.