and barbarous nation, it may not be unreasonable to grant them a monopoly of the trade for a certain number of years. But on the expiration of that term the monopoly ought to cease like that of a patent or a copyright, and the trade to be laid open to all the subjects of the state. By a perpetual monopoly, all the other subjects are taxed two ways: (1) by the high price of goods; (2) by their total exclusion from a branch of business which might be profitable for them to carry Without a monopoly, however, a joint-stock company cannot long carry on any branch of foreign trade. Fifty-five such companies are mentioned by the Abbé Morellet as having failed in different parts of Europe since the year 1600, owing to mismanagement, pp. 339-40.

on.

The only trades which joint-stock companies can carry on successfully, without exclusive privileges, are those of which all the operations are capable of being reduced to such a uniformity of method as admits of little variation. Of this kind is (1) the banking trade; (2) the trade of insurance from fire, from sea risk, and capture in time of war; (3) the trade of making and maintaining navigable canals; and (4) the similar trade of bringing water for the supply of a great city,' pp. 340-42.

against insurrection. This secured against the only restraint on the passions, and the only nursery for the vigour, of an eastern despot, they either become so extortionate as to desolate the country, or so imbecile as to render it a prey to anarchy, so that the annexation of Oude, for example, far from being the political crime it has often been ignorantly called, was a criminally tardy discharge of an imperative duty. (Condensed from the essay of J. S. Mill, quoted above.)

On all subjects connected with the British rule in India, the works of John Stuart Mill have a peculiar value. He had no sympathy with the insolence of a dominant race, whilst enjoying the great advantage (possessed by few critics of our government in India) of understanding the subject on which he wrote.

For a further account and classification of the enterprises suited to joint-stock companies, see the editor's Questions and Exercises in Political Economy, pp. 14, 15, and the authorities therein quoted.

To render the establishment of a joint-stock company perfectly reasonable, with the circumstance of being reducible to strict method, two other circumstances ought to concur. (1) It ought to appear that the undertaking is of more general utility than the greater part of common trades. (2) That it requires a greater capital than can be collected into a private copartnery. In the four trades above mentioned both these circumstances concur; but, except these, perhaps there are no other in which all the circumstances concur to render the establishment of joint-stock companies reasonable, pp. 342, 343.

ARTICLE II. Of the Expense of Institutions for the Education of Youth.

The institutions for the education of youth may, in the same manner, furnish revenue sufficient for defraying their own expenses. The fee which the scholar pays to the master constitutes a revenue of this kind. Through the greater part of Europe the endowment of schools and colleges makes a considerable part of their revenue. Have those public endowments contributed, in general, to promote the end of their institution? Have they contributed to encourage the diligence and improve the abilities of the teachers? Have they directed the course of education towards objects more useful than those to which it would naturally have gone of its own acccord? pp. 343, 344.

In every profession necessity is the great motive to exertion; which is the greatest with those whose subsistence depends upon the emoluments of their profession. Great objects, which are to be acquired by success, may animate the exertions of men of ambition; but they are not necessary, and, if they are unsupported by the necessity of application, seldom occasion considerable exertion. Rivalship renders excellence, even in

mean professions, an object of ambition. The endowments of colleges have diminished the necessity of application in teachers. In some universities, however, the salary makes but a small part of the emolument of the teacher; the rest depends on the fees of his pupils. In this case the necessity of application is not entirely taken away. In others, the teacher is prohibited from receiving any fee from his pupils, and his salary constitutes the whole of his revenue. His interest, which is to live at his ease, is thus set in opposition to his duty, which is to teach with zeal and diligence.' Again, it is very difficult to establish any effective control over such a professor without giving rise to even greater evils. If the authority to which he is subject is made to reside in the body corporate to which he belongs, the chances are that its members will connive at each other's negligence. If it be made to reside in extraneous persons, as bishops, governors, or ministers of state, the professor will be more likely to recommend himself by obsequiousness and servility than by ability and diligence. For many years Oxford 2 furnished an example of the former, and the French universities of the latter, set of evils, pp. 344-47.

Whatever forces a certain number of students to any college or university, independent of the merit of the teacher, tends to diminish the necessity of that merit. The privileges of graduates, which cannot be obtained without residence, and charitable foundations, such as scholarships, exhibitions, &c., as well as regula

1 Adam Smith fails to notice the case in which a branch of knowledge may be of value to the community, but interest so few that no competent professor could be supported on their fees.

2 It may be doubted whether the evil of silent professors did not originate rather in their pupils' desertion than in their own negligence. Even at the present day it is but too notorious that when the professor lectures on an advanced part of the subject of his chair, and one not likely to contribute to the success of his hearers in examinations, his audience rapidly thins. Mill, v. 11. 8. (See Pattison, Suggestions on Academical Organisation, p. 127 seq.)

tions checking migration from one college to another, have this tendency, but still, if the teacher be a man of sense, he is not very likely to take pleasure in either speaking or reading nonsense, and his lectures will therefore be tolerably good. But in some cases expedients have been fallen upon which blunt the edge of these incitements. The teacher may make the pupils interpret some book on the subject, written in a dead language, and, occasionally interposing a remark, flatter himself he is giving a lecture. No great amount of knowledge or application is needed for such a performance, rigorous attendance on which may be enforced by the discipline of the college-a discipline generally contrived, not for the benefit of the students, but for the ease of the master. Its object is to maintain the authority of the master. It presumes perfect virtue and wisdom in the master, and the greatest weakness and folly in the scholar. Where masters, however, really perform their duty, there is perhaps no instance in which the greater part of the students (if above twelve or thirteen years old) neglect theirs." Discipline is not necessary to force attendance on lectures which are worth attending. Those parts of education for the teaching of which there are no public institutionssuch as the three most essential parts of a literary education, reading, writing, and arithmetic-are generally best taught. In England the public schools are less corrupted than the universities.3 The reward of the

Our author here raises the broad question as to the respective advantages of the tutorial and professorial systems of instruction. A very different view of labour of the teacher and the advantage to the pupil is given by Nassau Senior, Political Economy, p. 205. But see Pattison, Suggestions on Academic Organisation, p. 242 seq.

2 I am afraid that few experienced teachers could be found to indorse Adam Smith's opinion on this point. See Pattison, p. 255 seq.

3 Adam Smith knew the University of Oxford from within, and the English public schools from without (his own boyish education having been at the grammar school at Kirkcaldy). Cowper and Jeremy Bentham had personal experience of the matter, and the former in his

schoolmaster depends on the fees of his scholars.' Schools, besides, have no exclusive privileges,2 pp. 347-50.

It may be said that, imperfect as the education of the universities is, yet it has been beneficial to individuals and the public; for although they may not teach those subjects in which they profess to give instruction in the best manner, yet but for the institution of universities such subjects would not have been taught at all. The greater part of the present universities of Europe were originally ecclesiastical corporations, instituted for the education of churchmen, Tirocinium, and the latter in his Letters (as reported by his disciple, Perronet Thompson, Exercises, i. pp. 58-63) give much less favourable pictures of the state of one of the greatest public schools of the last century. Nor does the standard of learning appear to have been very high. See Donaldson, New Cratylus, p. 45.

The line of argument pursued by Adam Smith depends for its validity on the premise that the schoolmaster receives his fee in return for the instruction given to the pupil, whereas it is notorious that boys are often sent to Eton and Harrow, not to acquire learning, but to make ' good connections.'

The remarks of our author on public schools' may easily produce confusion of thought, owing to the ambiguity of the term used. The phrase 'public school' is employed in at least three different senses, signifying

(1) Those schools that come under the Public Schools Commission. Much information concerning the arrangements of these will be found in the Blue-book of 1864, containing the report of that body. Accounts and reviews of the various stages through which Eton has passed will be found in Edinburgh Review, 1810 (by Sydney Smith, and since republished in his Essays), and April 1830.

(2) Endowed Schools, of which the teachers are appointed by some public anthority.

(3) Schools in which the elder boys govern the younger in all periods of recreation, in contradistinction to the system common in private schools and almost universal in all schools on the continent, which subjects the pupil to the constant supervision of the teachers. Of this latter plan the Jesuits are perhaps the ablest exponents.

The English Universities are lay corporations, as also are their colleges. Christ Church is in the eye of the law not a college but a cathedral. It is true that Oxford has complete civil, criminal, and ecclesiastical jurisdiction over her own resident members (excepting in suits relating to freehold land), but that is by royal charter confirmed by 13 Elizabeth, c. 29.