h and comfort of his employees gets the best results
from their labor."[47]

Mr. George W. Perkins, recently retired from the firm of J. P. Morgan
and Company, who has managed the introduction of pensions, profit
sharing, and other investments in labor for the International Harvester
Company, has also expressed the view that these measures were profitable
"from a pecuniary standpoint." A good illustration is the calculation of
the Dayton Cash Register Company, which has led in this "welfare work,"
that "the luncheons given each girl costs three cents, and that the
woman does five cents more of work each day." Some such calculation will
apply to the whole colossal system of governmental labor reforms now
favored so widely by far-sighted employers.[48]

In order that the private policy of the more enlightened of the large
corporations should become the policy of governments, which employers as
a class know they can control, only two conditions need to be filled.
Since all employers must to some degree share the burdens of the new
taxes needed for such governmental investments in the improvement of
labor, there must be some assurance, first, that all capitalists shall
share in the opportunity to employ this more efficient and more
profitable labor; and second, that the supply of cheap labor, which has
cost almost nothing to produce, is either exhausted or, on account of
its inefficiency, is less adapted to the new industry than it was to the
old. The impending reorganization of governments to protect the smaller
capitalists from the large (through better control over the banks,
railroads, trusts, tariffs, and natural resources) will furnish the
first condition, the natural exhaustion or artificial restriction of
immigration now imminent together with the introduction of "scientific
management," the second. From a purely business standpoint the greatest
asset of the capitalists' government, its chief natural resource, the
most fruitful field for conservation, and the most profitable place for
the investment of capital will then undoubtedly be in the labor supply.

In presenting the British Budget of 1910 to Parliament, Mr. Lloyd George
argued that the higher incomes and fortunes ought to bear a greater than
proportionate share of the taxes, because present governmental
expenditures were largely on their behalf, and because the new labor
reforms were equally to their benefit.

"What is it," he said, "that enabled t