neceaaary outcome of a " credit economy " consistently and fully carried through. The maciagement of the material equipment of industry is thrown into the hands of those who own the immaterial wealth : that is to say, thoae who own the claim to manage the equipmenL The current prejudice which inslsla on management by the owners is set aside by leigning that thia claim baa an industrial value, and BO capitaliilng it on the basis of the differential advantage which accrues to its holders.
' See also a discussion by E. S. Meade, Quarterly Journal of f'conomto, February 1902, pp. 217 et teq., of bow " good-will " may