26 Transactions.—Miscellaneous. 
allow them, within wide limits, to fix their own wages, only requiring them 
in return to conduct their operations so as to give themselves the largest 
profit they can make. The only argument which can be used to justify 
such a trust is, that in striving for the interests of themselves, they, if they 
use thought and self-restraint, are likely to do better for us than we could 
without their help. The failures they have made would fairly justify the 
community in trying to do without them ; it is scarcely likely that worse 
disasters would follow than the Irish famine, or the long years of hopeless 
misery which preceded it. The subjects of King Tawhiao or Sitting Bull 
are far better off than the poorest classes of Ireland, or even of England. 
It is a very important social problem to ascertain what is the rate of 
wages which would give, in any geographical area, and under existing con- 
ditions, the largest return to the capitalists (excluding landlords) as a class. 
If this were known, public opinion among them would probably prevent any- 
one from offering a lower rate, and it is almost certain that the labourers of 
all the older ‘countries of the world would be bettered in circumstances by 
getting this minimum instead of their present wages. Notwithstanding the 
falling off in the population of Ireland since the famine, and the higher rate 
of wages now paid, there is no doubt whatever that the capitalist class gets 
a larger return; than they used to when the rate of wages was only from 
fourpence to sixpence a-day. 
EThe number of hours which a man must work during the day in 
order that the produce shall be a maximum is also unknown. Capitalists 
would seem, from their actions, to think that it is not less than four- 
ieen or even more. Some information may be gained from the public 
works carried out;in New Zealand; during the last few years. The 
average rate of wages for unskilled workmen has not been less than a 
shilling an hour, the men working "eight hours. In England the rate is, or 
atleast was, a few;years ago, about threepence an hour, the men working 
twelve hours; the cost of earthwork should be, if the work done were 
proportional to the number of hours in a day's work, four times as high in 
New Zealand as'in' England, but it has averaged considerably less than 
twice. This is a very rough test, but it tends to strengthen the opinion 
held by many intelligent employers of labour, that a man will do more when 
working eight than he will when working twelve hours a-day. 
Interest. 
As before'said, that part of the national direct wealth which capitalists 
keep for {their own use is; called interest; it is the reward they receive for 
investing their wealth, instead of expending it. 
As new men are continually, by frugality, making good a footing in, 
