60 PROCEEDINGS OF THE CANADIAN INSTITUTE. 



Mr. Galbraith said labour is the source of all value, and 

 money is the measure of value ; Ricardo's metaphysical dis- 

 tinctions are of no use ; in the market natural properties are 

 worth nothing ; it is the improvements that give value ; the 

 solution of the question as to land and value is to be found in 

 the banking system ; our banks convert capital into credit ; 

 capital and money are not the same thing. 



Mr. Phipps could not see the difference between earning 

 $ioo and putting it at interest, and buying $ioo worth of 

 land and getting rent for it ; it was payment for labour in 

 both cases ; he denied the reality of the unearned increment ; 

 we must allow men to accumulate property ; this right is a 

 security for society ; without the desire to accumulate we 

 would be savages. 



The discussion was continued by Messrs. Bain, Browning, 

 Marling, and others. 



FIFTH MEETING. 



The Fifth Meeting was held on Saturday, 19th December, 

 1885, the President in the chair. 



The following list of Donations and Exchanges was read : — 



1 . Aniuial Report of the Bureau of Industries, Province of Ontario, for 1884. 



:2. Boulder Clays, by Dr. G. M. Dawson, Geological Survey of Canada. 



3. The Canadian Entomologist for Nov. '85. 



4. Monthly Weather Review, Dominion of Canada, for Nov. '85. 



5. Science, Dec. 11, '85. 



6. Appleton's Literary Bulletin, A-^ol. IV., No. 6. 



7. The Hoosier Naturalist, Vol. I., No. 5, 



Valparaiso, Indiana, Dec. '85. 



8. The West American Scientist, San Diego, California, Nos. 3, 4. 5, 6, 7, 



8, 10, Feb.— Oct., '85. 



9. The Iowa Historical Record, Vol. I., Nos. 1, 2, 3, Jan.— July, '85. 



10. Collections of the Georgia Historical Society, Vols. 2, 3, 4 Savannah, 



1842—1878. 



11. Proceedings of the Physical Society of London, Vol. VII., Parts I, 2, 



July and Oct., 1885. 



12. Proceedings of the Royal Physical Society of Edinburgh, Vol. VIII. , 



Part 2, Sessions 1884-85. 



