M. d'Avenel delivered the seventh lecture of the Hyde series yesterday afternoon, on "Les riches du passe et du present."

M. d'Avenel said that the fortunes of today are six times as large as the largest ever amassed under the old forms of government. Between 1200 and 1800 people obtained wealth primarily from two sources: first, by offering protection to the weak for returns in money, and secondly, after the states were organized, by collecting taxes and appropriating a large portion for themselves. These old fortunes made by displacement of wealth instead of creation, were disastrous to the populations, though endured better than are the legitimate fortunes of the present. At present one-third of the population possess nothing; and of the two-thirds holding possessions, 99.35 per cent. hold 55 per cent. of the total wealth of France, while 1-2 per cent. holds 45 per cent.

Wealth in France is of very recent accumulation, having quadrupled in the last 75 years. This shows that the progress of humanity does not in any way affect the equality of people. The longer people use their wits, the greater will become the successes of some and the failures of others.

The next lecture on "De quoi se composaient les fortunes des riches et des bourgeois d'autrefois," will be given tomorrow at 4.30 o'clock in Sanders Theatre. This will be the last lecture of the Hyde series for 1907.