President Walker's Lecture.

President Francis A. Walker of Technology explained his theory of distribution before the Finance club last evening in an exceedingly interesting lecture. He divided the cost of a product into two great classes, each with two sub-divisions, as follows: I. So much of the price of the product as represents the cost of production under the most disadvantageous circumstances. This consists of two parts, first, the remuneration of labor, i.e., wages; second, the remuneration of capital, i.e., interest. II. Excess of price over cost of production, i.e., surplus. This consists likewise of two parts, first, return to owners of land, i. e., rent; second, return to owners of business ability, i. e., profits. Setting aside the whole of this second grade, the returns to which are fixed by independent causes, if either of the elements of the first grade, i.e., interest or wages, can be shown, although the total of the two elements be increased or diminished, to be immutable in amount, then the other element of the first grade may be termed residual. The capitalist has no economical hold which will bring him increased profit with increased efficiency of labor. The full benefit of an increase of production which does not make increased demands on capital, land or business ability, will accrue to the laboring classes, if they look properly to their own interests. This theory of distribution is certainly the most hopeful one for labor and humanity that has ever been advanced, and it will in time the lecturer thought, be proved the nearest to economic fact.