Science and Industry 



industrial ; it has invaded the dominion of the 

 fine arts. Photography, in part a substitute, in 

 part an auxiliary of the graphic arts, best illus- 

 trates this mechanical invasion ; the pianola and 

 other copying mechanisms are destined to occupy 

 a similar position with reference to music ; in 

 sculpture machinery is taking over from the artist 

 all the harder preparatory work. 



But the engineer, the electrician, and the 

 chemist are not the only sorts of scientists whose 

 skill and knowledge are utilised in modern in- 

 dustry. Every objective act of industry concerned 

 with the application of human or mechanical 

 energy to the making or moving of goods is 

 registered and regulated by some act of book- 

 keeping and finance. Accurate measurements of 

 values, the operation of the elaborate system of 

 money and of credit, methods of insurance, the 

 financial apparatus of markets and exchanges, 

 occupy a place of ever-growing importance in the 

 modern industrial world. The actual power of 

 the financier, in his legitimate part as director of 

 the flow of free capital and labour, is pivoted in 

 the present system ; and the army of bankers, 

 brokers, insurance firms, valuers, actuaries, and 

 accountants, who co-operate with him in operat- 

 ing the monetary instruments, represent an appli- 

 cation of science as important and as progressive 

 as any of the contributions of the physical 

 sciences. The science of statistics as a basis of 

 finance, and the logic of book-keeping, slowly 

 evolved through the Middle Ages, are receiving 



181 



