826 EEPOET — 1887. 



in the last ten years, tliough not of the serious character implied by the first set 

 of figures discussed ; that this check may even be too small to be measured by 

 general statistics though it is sufficient to account for no small amount of malaise ; 

 and that the malaise itself is largely accounted for, as 1 have suggested on a 

 former occasion, by the mere fall of prices, whatever the cause, as it involves a 

 great redistribution of wealth and income, and makes very many people feel poorer, 

 including many who are not really poorer, but only seem so, and many who are 

 really richer if they only allowed properly for the increased purchasing power of 

 their wealth. All these facts are quite consistent with the fact of a very slight real 

 diminution in the rate of our material growth generally, and with that change in 

 the direction of the national iudustiy, significant of a general change beginnino- 

 throughout the world which would seem to have occurred. 



To some extent also it ought to be allowed that the tendency in the very latest 

 years seems unsatisfactory, and that the developments of the next few years should 

 be carefully watched. Up to now there is nothing really alarming in "the statistics 

 when they are analysed and compared. It may be the case, though I do not think 

 it is the case, that causes are in operation to produce that great check and retro- 

 gression which have not as yet occurred, though many have talked as if they had 

 occurred. The exact limits of the discussion should be carefully kept in mind. 



Fortunately, however, there is no doubt what some of the conclusions on 

 practical points should be. If it be the case that the hold of an old country like 

 England on certain staple industries of the world is less firm than it was, and, as I 

 believe, must be less and less firm from period to period, owing to the natural 

 development of foreign countries and the room there is among ourselves for develop- 

 ment in_ new directions, then we should make assurance doubly sure that the 

 country is really developing in new directions. If our dependence must be on the 

 new advantages that have been described, such as acquired manufacturing skill, con- 

 centration of population, and the like, then we must make sure of the skill and of the 

 best conditions of existence for the concentrated population. If, in point of fact, 

 .shorter hours of labour and taking things easy have contributed to check our rate 

 of progress slightly, there is all the more reason for improving the human agent in 

 industry so as to make work in the shorter hours more efficient. Looldng at the stir 

 there now is about technical education and such matters, and the hereditary character 

 of our population, I see no cause to doubt that the future will be even more prosper- 

 ous than the past. The national life seems as fresh and vigorous as ever. The 

 unrest and complaints of the last few years are not bad signs. But the new con- 

 ditions must be fully recognised. The utmost energy, mobility, and resource must 

 be applied in every direction if we are only to hold our own. 



The following Papers were read : — 



1. Limited Liability. By G. Auldjo Jamieson. 



Growth of limited liability : 



Either itself contributes to or is a symptom of widening of area of distribu- 

 tion of commercial and industrial profit. 



Anticipations which heralded its adoption. 

 Royal Commission of 1853-64 : 



Diversity of opinion therein. 



Report of majority adverse. 



Legislation speedily sanctioned views of minority. 



Diversity of opinion of witnesses. 



Leaders of commercial world and representatives of mercantile centres 



adverse. 

 Alteration of law and adoption of limited liability advocated by lawyers. 

 Can now discern reason and significance of the diversity of opinion. 



