PROOF. Fabian Tract No. 142. RENT AND VALUE. "There is nothing spwjic in ~oCJali m except its economics. Its ethics are those of all decent men; its polit;cs are democr.1tically Tory: there is absolutely nothing peculiar to it except its tconomic demonstration that private property produces the phenomenon of privately appropriated economic rent and •.II the consequences of it."-G. B. . PuAI.ISHFn A •n or.n BY THE FABIAN SOCIETY. PRICE ONE PENNY. LONDON: T HK FABIA uCIKTY, 3 Cu u·:NT's I. , STRA o, \V C. FEBRt'AR\', I90Q. l' .REi~T A~D VALUE .. • ( I 1 '(4DA~TED F¥-OM THJ!: ,FI~ST F,ABIAN ~SAY.) ~ It .~I I ( ' PART I.-RENT. SQ~'t;'(LISTs; ~iote~ting against the,. present state q( sociyty; ~ave lately been oftetl rrlet' by i:w~ somewhat contradictory assertwm~. We are told that too much stress has beeh laid upon f1g-~res, statistics, and" dry" things suchras. pc,>litical ecpaomy: that what is wanted is a "great wave of emdti6n," "genuine religious feeling," a "change of heart";' that these larld these --onl)" 1 will rectify the cruelties' an'd. ihjustices of the pres'ent state of society. '' And in the satpe breath it will often be' illogital'ly maintained that "you can't {;hahge human nature"; and that1 as human nature has brought about the present·state of things it is no use trying to make anyradical alteration. ' Now I propose to shew that human nature, whether it can be changed or not, did' not bring about the present state of things; but that it was·rather t'he present state ·of things which brought about human nature; that the existing conditions of society are the result of economic laws which work inexo~ably, indifferent to the weal or woe of the human race, and unconscious of its existence: I also propose to' shew that should the human race become conscious of the existence of su'th economic forces, and capable of directing them, these laws can be made to subserve man's welfare as powerfully as, left to themselves, they have been working for his destruction. J!:>.. change of heart, if it be in the right direction, seems incidentally desirable ; but by itself -and unaccompanied by the requisite knowledge of economic laws it will be as useless as would be a wireless telegraphy stiltion sending messages into space were there not somewhete a rec~iver to Kollect those messages. · T:he Origin of Rent. Picture then to yourself a vast green plain of country, virgin to the spade1 awa,iting_t?e advent of man., Ima~ine the ~trival of the first colomst, the ohgmal Adam. ' He' dnves h1s spade mto, and sets up his stockade around, the most 'fertlle and favorably situated patchhe can-find. Metaphorically Ada'm!s little patch is a pool that will yet rise and submerge the whole la'nd. Other Adams come all sure to pre-empt 'patches as near as ruay be to the first AClam's, partlybecause he has chosen the best' situation, partly for the pleasute of his society and conversation, and partly because where two men are assembled together·there is a two man power that is far more thal1 double one tnan power. And so the pool rises, and the marginspreads more and more remote from the centre, until the pool becomes a lake, and the lake an inland sea. 3 But in the course of this inundation that specially fertile reo-ion upon ~hich ~dam pitched is sooner or later all pre-empted band there IS nothmg for the newcomer to pre-empt save soil of the second quality. Also, division of labor sets in among Adam's neio-hbors ; and with it, of course, comes the establishment of a market for the exchange of the products of their divided labor. Now it is not well to be far afield from that market because distance from it involves extra cost for roads, beasts of burden, and time consumed in travelling thither and back again. All this will be saved to Adam at the centre of cultivation, and incurred by the newcomer at the margin of cultivation. The Establishment of Rent. Let us estimate the annual value of Adam's produce at £I ,ooo and the annual produce of the newcomer's land on the margin of cultivation at £soo, assuming that Adam and the newcomer are equally industrious. Here is a clear advantage of£soo a year to Adam. This£soo is economic rent. For why should not Adam let his patch to the newcomer at a rent of£ soo a year? Since the produce will be £I,ooo, the newcomer will have £soo left for himself; that is, as much as he could obtain by cultivating a patch of his own at the margin ; and it is pleasanter to be in the centre of society than on the outskirts of it. The newcomer will himself propose the arrangement, and Adam may retire (not in consequence of any specialmerit of his own, any extra industry or brain power, but simply because he was fortunate enough to get the best place at the rightmoment) as an idle landlord with a perpetual pension of £soo of rent. The excess of fertility of Adam's land is thencdorth recognized as ·rent and paid, as it is to-day, regularly by a worker to a drone. The Origin of the County Family. So Adam is retiring from productive industry on £soo a year; and his neighbors are hastening to imitate him as fresh tenants present themselves. The first result is the beginning of a tradition that the oldest families in the country enjoy a superior position to the rest, and that the main advantage of their superior position is that they enjoy incomes without working. Nevertheless, since theystill depend upon their tenants' labor for their subsistence, they continue to pay Labor, with a capital L, a certain meed of mouth honor ; and the resultant association of prosperity with idleness, and praise with industry, practically destroys morality by setting up that incompatibility between conduct and principle which is the secret 0f the ingrained cynicism of our own time. According to our hypothesis, the area of cultivation has now spread into the wilderness so far that at its margm the return for a ll!an's labor for a year is only £ soo. But it will not stop there ; it will at last encroach upon every acre of cultivable land, rising to the snow line on the mountains and falling to the coast of the actual salt water sea, but always reaching the barrenest places last of all, I 4 because th~ cultivators will. 'not break bad land when better is to be had,. But s~ppose th~t ri.ow, at last, the uttermost belt of free land is reachecl, and that Gpon it the yield to a man's year's labor is only £109. , Cl~mer, who of course loses nothing by the bargain, since it le11ves bim tl)e £IOo a year, with which he must be content any way . . It has, in fact, come to this, 'that the private property in Adam's land is divided between three men, the first doing·none of the work and getting half the proouce; the second doing none of the work and getting two-fifths of the produce ; and the third doingall the work and getting only one-tenth of the produce. Here is pr,ivate property in full swing, produced (let us emphasize the .fact) not in the least by "human nature," but by the natural working of economic laws of which the settlers were unconscious. Probably if the first colonists when they were still on their original patches had been asked "would you tolerate a state of things in which there should be not only loafers, but in which the loafers should be the richest people in the country," they would have repudiated the idea with profound and genuine indignation.* All this, however, is a mere trifle compared with the sequel. When the total cultivable area has reached its confines ; when there is nothing but a strip of sand rc,und the coast between the furrow and the wave ; when the very waves themselves are cultivated byfisherfolk; when the pastures and timber forests have touched the snow line; when, in short, the land is all private property; there appears a man in a strange plight : one who wanders from snow line to sea coast in search of land, and finds none that is not the property Qf someone else. On the roads he is a vagrant : off tnbm he is a trespasser : he is the first proletarian. · ', r 1.· • Rent of Ability. Now it may.be that this second, Adam, the first father of the great proletariat, has one of those SC<\rce brains which are 'not the least of nature's gifts. If the fertile field yields rent, why not the fertile brain? Here is the first Adam's patch 'still ' yielding its * The reader will observe that to avoid complications no mention has been made of capital as such. The mondpoly of land produces the monopoly of capital. All capital begins as spare money, no matter whaJt it may finally be turned ,i,nto : ,mines, railways, canals, houses. In the first instance the p •ssession of capital always 'means that some individual has received more rent than he desires or choose's to spend. Colloquially, one property with a farm on it is said to be land yielding rent; whilst another, with a railway on it, is called capital yielding interest. But economicallythere is no distinction between them when they once become sources of revenue. Shareholder and landlo~d live alike on the produce extracted from the:r prpperty by the labor of the proletanat. 5 £I,ooo to the labor of the tenant who, as we have seen, has to pay£900 away in rent.. How if the prolet";rian were boldly to bid £I,ooo a year to that man for that property and contrive.--:in ven't:__ anticipate a new want-turn the land to some hitherto undreamed of use-wrest £I,soo a year from the soil and site that only yielded£r,ooo before? If he can do this, he dm pay the full £I'ooo rent, 1 and have an income of £soo left for himself. This is his profit- the rent of his ability-the excess of its produce over that which it would yield to ordinary stupidity. Orig.in of the Proletariat. But in due replenishm.ent Of t'he·~arth there follows upon ·the footsteps• of this first proletarian aqother who is no cleverer than (i)ther men, and can do as much, but not more, than they. For hirri there is no rent of ability. What is to be his fate? It is certain that by this time not only will th'e new devices of the renter of ability have been copied by people incapable of inventing them, but division of labor, the .use of tools and money, and the economies of civilization will have greatly increased man's power of extractingwealth from nature. So that it may well be that the produce of land on the margin of cultivation, which, as we have seen, fixes the produce left to the culti\·ators throughout the whole area, m'!y rise considerably. Scarcity Value. This rise has nothing to do with the margin of cultivation. It is not the difference between the best and worst land. It is not, to put it technically, "economic rent." It is a payment for the privilege of using land at :!11-for access to that which is now a close monopoly ; and its amount is regulated, not by what the purchasercould do for himself on land of his own at the margin, but simply by the landowner's eagerness to be idle on the one hand, and the proletarian's need of subsistence on the other. In current economic terms the price is regulated by supply and demand. As the demand for land intensifies by the advent of fresh proletarians, the price goes up and the bargains are made more stringent. Sooner or later the price of tenant right will rise so high that the actual cultivator will get no more of the produce than suffices him for subsistence. At that point there is an end of sub-letting tenant rights. The land's absorption of the proletarians as tenants paying more than the economic rent stops. Advent of the Proletarian. And now what is the next proletarian to do? For all his forerunners we have found a way of escape ; for him there seems non·e, for where is his subsistence to come from, if he cannot get at the land? Food he must have, ' and clothing; and both promptly. There is food in the market, and clothing also i but not for nothing. Hard money must be paid for them, and money c.an oply be procuredby selling commodities. This presents no difficulty to the culti 6 Vators of the landj who dan •ralise...commodities by their labor j• but vhe· prclttarian, l:leing la11dless1 ·has neither commodities nor the means of producing them.· Sell something he ·must: yet he has nothing to sell-except hitfJzsalj.• ' The first "Hand.::~ ·~Laborer'' : " Mechanic" : r • -, "Serv.~pt '-:'~:" " .. W~ge.-~lave," r 1' The idea seems a desperate ~ne ; but it proves quite easy to caWy our. The te'nal'lt ~tiltivat(}rSI'of the land have not strengthenl:>ugll or t1m'e•enougtr t>O •ekh-.ius the productive tapacity of their nold~ngs. 1 If they could tb(J!y men~in ,'the market for less than the ~'tlm that these men's''lal!6r w~uld add •to the produce, then their ptll'cnase would be sheeriJgai•i. •ll Nevef in the history of buying at1d !Stllibg was tHere so· 'splendid' a •ba.rgtlih' for ·buyers as this. ccordfng1y tl\e proletarian not•sdoner 'effers hfrnself for sale than he finds a ru'sh df' bidders for him, each str'lvln~ to get the better of the others by offering tb give him more•and more of the produce of his labor, and to content tberi)selves wiih less and less of the surplus. But even the highest bidder must have some surplus or he will not buy. The proletariah, in accepting the highest bid, sells himself openly into bondage. He is not the fi'rst man who has done so ; for it is evident that his forerunners, the purchasers of tenant right, had l'leen 'enslaved by the proprietors whb lived on the rents paid by thetn. But now all the disguise falls1off: the proletarian renounces not only the fruit of his labor, but also the right to think for himself ahd to direct his industry as he pleases. The economic change is merely formal : the moral change is enormous. PART H.-VALUE. It is evident that in our imaginary colony labor power is now in the market on the same footing as any other ware exposed for sa!e : it t:an be pmchased as men purchase a horse or a steam engine, a b~ttle of wine or a ,P£rm 1;the ;firmament Jinlj> ·Y~~~ back g;arden, Jt.lH: auratGii·b.f al museum:w~ldi g~ve ,you•.a oons~id~raJ:l[e swn. ,'A •li~tl~ re·fiec~iou. wi:l:l ..showlthat this..dl.ep_f,ridsll.upgn· therrfq.ptthat fresh a1r 1s plentiful and meteori6~ton,es !i'i\rce... -!/·,;: • ; ,odJuct ·• '· · '• Scar.ci~ ValuC-Jr, H • :.:n .~ !;dT If by any means th~ suppl'9'or fre'sll'lli' 'd'bti!Cl be steadily diminished, ai6 me~eor~c ston.e.s wJmlchg~'il.liJ:Ja~y01fa;i,l,,~~t!~r9.t l~st !1'4Sh.:M~ WG•Iil!d1b!Ol ,S~Jpphed, through U!H.nu~tMNaP.Pl~hiJ.r.g_.~ f~r-ltlj.e 1g,;~,-s,.il!l14 met~n~~r s.tonehwould~rlll~~ Pt~,ck, though marked Iss., would be in the position ,?f Sj'!COO,dr.ulllbr~l).a~, only worth 8s. 6d. It may very likely occur to the reader that if he was the ·seller of'utnbrellas, he '~ould charge."tt$s. all round and put away,·:hal·f·,his stock ur.Jtil -the number•of1urhbreHas .a¢t~kL-y.:,and ironrediately .necessary to' his··fellqw 'townsmen :was,.soJd)s d3'tH,,.il mo.memt'& reflection wiJl,J'fjlll1lnd thian ltbatitb,teJie; wilL be,othe•J: rtr;a~es.men in •the ,town who .sel!.umbr,elilas;: ;.In tth~ next street'.will .,b_e a shop where ·umbrellas can be..punthased for 1 !'OS. 6d.,, and nea.'!ic.byanother.where they can, be had for 7s. 6d. 1 so that, gra~J.red. all -tl)eumbrellas are of the same quality, t'he customers..will go t0 the shgpwhere they are to be had for 7s. 6d., and my reader's ·1 0s. ones ·will remain on his hands unsold.':' The only l·imit .to this" competition'' is obviously the actual cost of the ' manufactuFe of the· u•Qil.brella. One more illustration 6f a different kind. ·You-. want to get and: sell * 'There is indeed anoth~r way. ThJ reaC!er might'buy up all the umbrellas 'in the town and arrange that none should be brought in fro'ffi anywhere else.-'This·-Is to "corner" the market_.but tha~·is another story. J. ' · ' ' • · ,,J • 8 coal. You begin by going to the point where coal is on the surface -where you can shovel it up with ease. But when that supply is exhausted, you must sink a shaft ; you must burrow under ground, eviscerate mountains, tunnel ben~ath f)1e sea, at an enormous cost in machinery and labor. Yet 'when you have made your greatesteffort, another, man may still be in possession of a mine near the surface where he gets his coal for half, a quarter, a tithe of the labor you expend upon yours. In spit!;! ,of.this! when you both bring yourcoal tp ma1k~t and offer your.. ~upphes for sale, you cannot say ''I have , been at great exp,ense to get mine and I will charge zos. a ton." · Your rival is offering his for 15s. a ton, and you must sell at the same price or you will get no customers. Let us suppose that it has cost you I 8s. per top to get your coal, and that it has cost him 5s. ,per: ton to get his, the whole difference between the ss. and the 18s. is economic rent gained by him, not by superior' industry or ability (for it is y6u who have had these), but by the fact of his privately owned coal mine being in a more advantageous situation than yours. In this manner the exchange value of the least useful and least costly part of the supply fixes the exchange value of -all the rest. The Law of Indifference.-Final Utility (Marginal Utility). Technically this is called the Law of Indifference. And since the least useful unit of the supply is generally that which is last pro· duced, its utility is called the final tdilz'ty of the commodity. Total Utility. The utility of the first and most useful unit is called the fQtal utihty of the commodity.* The main point to be grasped is, that however useful any commodity may be, its exchange value can be run down to nothing by increasing the supply until there is more of it than is wanted. The excess, being useless and valueless, is to be had for nothing ; and nobody will pay anything for a commodity so long as plenty of it is to be had for nothing. This is why air and other indispensable things have no exchange value, whilst scarce gewgaws fetch immense prices. These, then, are the conditions which confront man as a producer and exchanger. If he produces a useless thing, his labor will be wholly in vain : he will get nothing for it. If he produces a useful thing, the price he will get for it will depend on how much of it there is for sale already. This holds good of the whole mass of manufactured commodities. Those which are scarce, and therefore relatively high in value, tempt men to produce them until the increase of the supply reduces their value to a point at which there is no more profit to be made out of them than out of other commodities. And this process, unless deliberately interfered with, goes on until the price of all commodities is brought down to their cost of production. * Some economists, transferring from cultivation to utility our old met' ph or of the spreading pool, call final utility " marginal " utility. 9 Cost of Production. But here is a new question. What does th~ cost of product!.'onmean? We have seen that, owing to the differences · in fertility and advantage of situ'ation between drie piece of land and another; co~t of production' varies from district; to district, being nighest at 'the margin of cultivation. But w,e have also seen how the· landldrd skims off as (economic) rent all the adv'antage gained by the tqltivators of superior sites and soils: · -Consequently, the additron oflhe landlord's rent to the expenses of production brings those expenses up even on the best land to the' level of those incurred·on the worst. Cost of production, then, means co;;t of production at the margin of cultivation, and is equalized to all. producers, since what they may save in labor in favorable situations is 'counterbalanced 'by the greater amount of rent they have to pay in those situations: So far from commodities exchanging, or tending to exchange (as some economists allege that they do), acc'ording to the labor exper\.d.ed in their production, commodities produced in the most' fa.Yorab'le situations, well inside the margin of cultivatlbn, with the minimum of labor, will fetch as high a price as commodities produced at the margin with the maximum of labor. And all the di.fferem;e between the two goes to the landlord. So man's control over the value of commod1ties consists solely in his power of regulating their supply. Individuals are constantly trying to decrease supply for their owh advantage. Gigantic conspiracies have been entered into to forestall the world's wheat and cotton harvests, in order to force their Yalue to the highest possible point. Cargoes of East Indian spices have been destroyed by the Putch as cargoes of fish are now destroyedin the Thames, to maintain prices by limiting supply. All rings, trusts, corners, combinations, monopolies, and trade secrets have the same object. The Vital Point. I, Now we have come to the most important part of this pap~r: the part which will explain why we Socialists are attacking this private monopoly system-this capitalist system-this laissez jairesystem-with all our strength and ingenuity. Go back to our; proletarian. We found that he had come to our colony when. all l'he land, from the sea to the snow line was occupied and owned ; when the utmost rent of ability had been screwed out of it ; and when its scarcity value had been exploited to the last penny. It was therefore impossible for him to produce any of the commodities by the sale (or exchange) of which men live. But we found that he had one commodity the sale of which he could effect with ease-the sale of himself. We found that men(" laborerst" hands,"" mechanics," "working men," "servants "-how expressive w0rds are!) were in the market, and traffic in them could be carried on precisely on the same terms as traffic in any other commodity. Now reflect for a moment upon the laws we have been examiningwhich regulate the exchange of commodities. We fo~nd that" if 10 the supply continues to pour in, the demand ceases altogether, and what is left of the supply is valueless." We also found that, by the Law of Indifference, "the exchange value of the least useful part of the supply fixes the exchange Yalue of all the rest.'' What will be the result of the action of these laws upon the human commodity we have called a proletarian? The commodity he deals in is one over the supply of which he himself has practically no control. True, at first there is only one of him in our colony ; but others pour in, population increases by leaps and bounds, soon there are twenty, one hundred, one thousand, five thousand, and men continue so to multiply that their exchange value falls slowly and surelyuntil it disappears altogether. This is the condition of our Englishlaborers to-day : they are no longer even dirt cheap: they are valueless. The proof of this is the existence of the unemployed, who can be had for nothing. You will immediately say "no labor can be had for nothing": you will very likely add that you "wish it could," and instance the high wages given to "hands" and "servants." The answer is deplorably simple. Suppose horses multiplied in England in such quantities that they were to be had for the asking, like kittens condemned to the bucket. You would still have to feed your horse- feed him well if you used him as a smart hunter-feed him and lodge him wretchedly if you used him only as a drudge. But the cost of his keep would not mean that the horse had an exchangevalue. If you got him for nothing in the first instance, if no one would give you anything for him when you had done with him, he would be worth nothing, in spite of the cost of his keep. That is just the case of every member of the proletariat who could be replaced by one of the unemployed to-day. Their wage is not the price of themselves, for they are worth nothing; it is only their keep. If you have to give your footman a better allowance than your wretched hewer of wood, it is for the same reason that youhave to give your hunter oats and a clean stall instead of chopped straw and a sty. The Capitalist System Guilty. This, then, is the economic analysis which convicts private property of being unjust from the beginning, and utterly impossible as a final solution of the problem of the distribution of wealth. All attempts yet made to construct true societies upon it have failed : the nearest things to societies so achieved have been civilizations which have rotted into centres of vice and luxury, and eventuallybeen swept away by uncivilized races. It is sometimes said that during this grotesquely hideous march of civilization from bad to worse, wealth is increasing side by side with misery. Such a thingis eternally impossible ; wealth is steadily decreasing with the spread of poverty. But riches are increasing, which is quiteanother thing. The total of the exchange values produced in this country is mounting, perhaps, by lt:aps and bounds. But the accu· mulation of riches, and consequently of excessive purchasing power II in the hands of one class, soon satiates that class with socially useful wealth, and sets it offering· a pri~e for luxwies. · ·Luxuries are qot soci~l wealth: · ~be.. 'machinery 'for' producing' them is _not soci~l wealth :· labor skilled only to manutacture them 1~ not soCially us'eful labor: the men, women, 'and' clliidren who make a living by producing them are no·\ m'ore self-sup'p'6rting 'than the idle rich for whose amusement they 'are kept'at work. It is the habit of counfing as we.alth tlie''·exch~nge valties involved in these fransactiops that makes us faricf! t~at _t'he -~00~ ar~ starving_'in_ the midst 6f plevty. They are starvu1g m tlie m1dst of plenty 'of Jewels, velvets, laces, equipages, and ' rac~hdrses ·;',b't1t not; in the midst of plenty of foo_d.' In the thing.s that 'are 'Wanted for the we1fare of the peopleKn·glahd is abjectly poor. Yet private property, by its nature, must s,till heap tne purchas_i~g po~ver:ur10n t~e few rich an~ 'withho!d•it from the fuany poor'. 1. ' J • •• • • , • .Jil' ~. Conelusioo•. Now Socialism claims to have discovered in this private appropriation of land the source of those unjust privileges which the Socialists seek to abolish. They assert that public property in land and the means of production is . the basic economic conditio~ of Socialism. How the economic change from private to public ownership can be brought about with the least suffering to ind-ividuals does not come within the scope of this paper ; but if. we have got as far as an intelleCtual conviction that the source of our social misery is no eternal wellsprin•g of confusioh ·and evil, not the depravity of human nature or the' hardness of human hearts, but only an artificial system susceptible of almost infinite modifi_cation and readjustment-nay, of practical demolition artd rearrangement at the will of man, then a terrible weight will be lifted from the minds of all except those who are clinging to the present state of things from base motives. It is to economic science-once the dismal, now the hopeful-that we are indebted for the discoverythat though the evil is enormously worse than we knewr yet it is not eternal-not even very long lived, if we only bestir ourselves to make an end of it. ' l ' ' f,.J .... 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Cottage Plans and Common Sense. By RAYMOND UNWUL 76. Houses for the People. gg. Local Government in Ireland. 82. Workmen's Compensation Act. New edition for the Act of 1906. 62. Parish and District Councils. 54· The Humanizmg of the Poor Law. By J. F . OAKEBHOTT. LEAFLIIlTS.134 · Small Holdings. Allotments and Common Pastures: and how to getthem. FABIAN MUNICIPAL PROGRAM, FIRST SERIES (Nos. 32, 37). Municipalization of the Gas Supply. A Labor Policy for Public Authonties. SECOND SERIES (Nos. go to 97). Municipalization of Milk Supply. Municipal Pawnshops. Municipal Slaughterhouses. Women as Councillors. Municipal Bakeries. Municipal Hospitals. Municipal Steamboats.-Second Series in a red cover for ld. (9d. per doz.); separate leaflets, 1/-per 100. IV.-Books. 132. A Guide to Books for Socialists. 29. What to Read on social and economic subjects. 6d. net 129. More Books to Read. Supplement to October, 1906. V.-General Politics and Fabian Policy. 127. Socialism and Labor Policy. 116. Fabianism and the Fiscal Question: an alternative policy. 108. Twentieth Century Politics. BySIDNEY WEBB. 70. Report on Fabian Policy. 41. The Fabian Society: its Early History. By BERNARD SHAW. VI.-Question Leaflets. Questions for Candidates: 20, Poor Law Guardians. 28, County Councils, Rural. 102, Metropolitan Borough Councils. BooK BoXEs lent to Societies, Clubs, Trade Unions, for lOs. a Prlllted bv u.