ORGANISATION OF INDUSTRY. 511 



millions per annum, so many smelting works being required, 

 so many rolling mills, and so on, requiring ciipital approxi- 

 mately to the amount of ten millions for the erection of the 

 plant and factories, tenders could be invited from the world 

 for the different industries, as to the minimum rate of profit 

 which the owners of capital would be willing to accept for a 

 period of time. For the employment of such capital, and for 

 production not exceeding a stated amount, monopolies might 

 be given by means of the licenses at the minimum rate of 

 profit. Being assured against undue comjietition, capitalists 

 would be willing to accept a lower rate of profit. We know 

 that capital is content with as low a rate as 3 per cent, where 

 absolutely secured. In industrial enterprise a lower rate 

 would be accepted under the system than would be otherwise 

 required. The tenders would be invited upon the terms 

 of paying a fixed minimum rate of wages, — a rate which 

 would be determined upon by arrangement with the unions. 

 If the rate were fixed too high, the capital would not come. 

 Let the working day be eight hours; and the profit exceeding 

 the minimum rate, after providing for necessary contingencies, 

 be divided between the employers and the wage-earners, in 

 proportions to be determined upon. The industrial licenses 

 once granted to the employers for a period of time, the 

 industrial licenses issued io the workers would fix the rate 

 of wages as one of the conditions of the licenses. Other 

 conditions would be determined upon as far as possible, and 

 it should be compulsory to refer all differences to arbitration. 

 A strike should, ipso facto, result in the determination and 

 absolute loss to the strikers of the licenses, — this result being- 

 unalterable, by legislation of a constitutional character, to 

 which I will presently refer. It would not be compulsory 

 for either employers or workers to continue work : eithei' 

 of the parties could discontinue — there would be a termination 

 of the licenses, and that is all. The profit-sharing system 

 would be the means of increasing production. It may be 

 the case that it has not always been successful ; but it is said 

 to have been attended with the most advantageous results in 

 France, and with the industries established on an increased 

 footing of stability the full hmits of profit would be secured. 

 This would be giving capital engaged in industrial enterprise 

 a measure of security which economists have not yet devised. 

 If it were once established that means had been adopted to 

 guard against strikes and to prevent the loss arising from 

 undue competition, if the system worked harmoniously, then 



