TRANSACTIONS OF SECTION F. 841 



consumption as taking wealth out of the world ; its six categories, showing how 

 various are the eHects on social possibilities; the place of services in consumption. 

 Conclusions: — (1) as to the culpability of luxury; (2) as to the desirableness of 

 non -consuming; (3) as to wise consumption. 



3. On Coprjright and Patents. By Robekt A. Macfie. 



in the first the writer contends for some valuation by a competent responsible 

 board or referees of the work to be privileged, and a regulation of the remunera- 

 tion receivable therefrom in the interests of the public, inter alia favouring the 

 royalty sj'stem of rewarding authors. He is of opinion that the working classes 

 are wronged, and public interests injuriously atlected, by the forty-two years of 

 absolute monopoly assured under the present law. 



As to the second, patents for inventions, the writer contrasts the present with 

 the originally prevalent ideas on the subject of inventions and the remuneration of 

 first inventors. Pie would have the value of novelties estimated, and exclusive 

 privileges granted with more circumspection and with due regard to the necessity 

 of using the inventions of different minds in combination, and to the inconsistency 

 of nakedly exposing British manufacturers to only superficially equal competition 

 with their rivals abroad, even the exactions of patentees forming a burden which 

 acts as a favour to foreigners who carry on their business in places such as Holland, 

 where there are no burdens of the kind to be borne. 



MONDAY, AUGUST 8. 



The following Papers were read : — 



1. The Continuance of the Supply of Wheat from the United States tvith 

 Profit to the Western Fanners. By Edwakd Atkinson, Ph.D., LL.D. 



In 1870 and 1873 the price of wheat in Mark Lane averaged a fraction above 

 64s. per quarter. 



Such have been the reductions in the cost of producing wheat in the Western 

 States, 1,200 to 1,500 miles from the seaboard, that the farmer now derives as good 

 a return for his capital and labour at 32s. per quarter, or less, as he did in the 

 former period at 64s. 



The application of the self-binder to the reaper in 1 876 removed the only sub- 

 stantial limit to the production of wheat in the United States except the price, as 

 the area now occupied in its production is only 2 per cent, of the area of the 

 country, omitting Alaska. 



The Western farmers of the United States have thriven in the face of declining 

 prices and advancing wages; they are not heavily burdened with mortgages, and 

 are creditors rather than debtors. 



Official proofs cited in the relation to six typical States, proving that while 

 more than half t lie farms are free from mortgage, the total incumbrance is less than 

 25 per cent, on the assessed value of all farms. 



The purpose of these investigations is their bearing upon the silver question ; 

 this matter is elucidated and the present aspect of that question is stated. 



2. The Agricultural Position in the United Kingdom. 

 By Professor R. Wallace. 



