"In organisms of all kinds the young are launched upon their careers endowed with a certain amount of biological capital derived from their parents. This varies enormously in amount in different species, but, in all, there has been, before the offspring is able to lead an independent existence, a certain expenditure of nutriment in addition, almost universally, to some expenditure of time or activity, which the parents are induced by their instincts to make for the advantage of their young. Let us consider the reproductive value of these offspring at the moment when this parental expenditure on their behalf has just ceased. If we consider the aggregate of an entire generation of such offspring it is clear that the total reproductive value of the males in this group is exactly equal to the total value of all the females, because each sex must supply half the ancestry of all future generations of the species. From this it follows that the sex ratio will so adjust itself, under the influence of Natural Selection, that the total parental expenditure incurred in respect of children of each sex, shall be equal; for if this were not so and the total expenditure incurred in producing males, for instance, were less than the total expenditure incurred in producing females, then since the total reproductive value of the males is equal to that of the females, it would follow that those parents, the innate tendencies of which caused them to produce males in excess, would, for the same expenditure, produce a greater amount of reproductive value; and in consequence would be the progenitors of a larger fraction of future generations than would parents having a congenital bias towards the production of females. Selection would thus raise the sex-ratio until the expenditure upon males became equal to that upon females."