I n the previous two parts of this monograph I have dis cussed in some detail the biological and anthropological approach to our subject. I have been concerned with the nature of property interests in the animal world and have found that most animals tended to defend tenaciously their interests in food, nest or burrow, territory, in their mate and in their young. From the biological point of view I sug gested that these objects might be regarded as primitive property values. They were of supreme importance to the animal concerned, not because of the drive of some acquisi tive impulse, but because these objects served to satisfy the urge of fundamental needs. In this sense, each instinct is ‘acquisitive’ to a greater or less degree. ‘Hoarding’ behaviour in its distinctive sense, where it occurs at all, is found only among one or two orders of the animal world as a specialized development of an impulse to satisfy the need for food.