8 PROCEEDINGS OF THE CANADIAN INSTITUTE. 



whether there has been an increase or diminution of wealth. Yalue^ 

 therefore, alone cannot be taken as a measurement of wealth. 



Some time ago rabbits were introduced into Australia, and at first 

 when they were comparatively rare they wei'e regarded as a useful 

 addition to the wealth of that country, and for a while the increase 

 of their number was regarded as an increase of wealth ; but their 

 number has now become destructive to crops, and the settlers are 

 pestered by them. An increase of quantity therefore by itself is not 

 necessarily an increase of wealth. 



To show the relation of quantity and value to wealth a diagram 

 was formed tracing a variable quantity of water, commencing from 

 absolute drought to the point of satiety, thence to the point oi excess, 

 and ending with a deluge. 



At the point of satiety there is no value, as water can be had with- 

 out toil ; as it grows scarce value appears ; the wealth in water 

 diminishes till when the zero point is reached the wealth has disap- 

 peared and value is infinite. Let the quantity increase from the point 

 of satiety till we arrive at the point of excess. There is no value, as 

 no toil is needed to obtain a supply, but we still have wealth in water. 

 Let us pass the point where excess begins and water is now super- 

 abundant, we must toil, not to get it, but to get rid of it ; here, again, 

 value appears, but directly opposite to the kind of value first men- 

 tioned, and which, therefore, we may call negative value. As the 

 quantity now further increases water as wealth diminishes, till at the 

 point of deluge this wealth disappears and negative value Vjecomes 

 infinite. 



SIXTH MEETING. 



Sixth Meeting, Sth December, 1888, the President in the 

 chair. 



A communication was read from the Colonial Secretary 

 conveying a request from the Governor of Hong Kong to- 

 forward for the use of the Educational Department of that 

 colony, 25 copies of the Treatise on Time and its Notation. 



