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ANTED at once. ECONOMIC JOURNAL, the issues for March and June, 1919. All offers should be sent to EDW. G. ALLEN & SON, LTD., 12 & 14, Grape Street, London, W.C. 2.

Corpus Christi College, Cambridge

ALMERIC PAGET STUDENTSHIP

I. The Master and Fellows propose to elect in July next to the above Studentship, founded by Lord Queenborough for the post-graduate study of Political Science, Economics and kindred subjects.

2. The Studentship is tenable for one year, and is of the annual value of £150. Students will not usually be re-elected.

3. Candidates must be graduates of some University or must be about to graduate, and the successful candidate will be required to come into residence at Corpus Christi College for the academic year succeeding his election.

4. Candidates must forward evidence of their graduation or that they will have graduated before 1 October, 1920, three testimonials as to their suitability, and a signed statement as to their age and as to the course of study or research which they propose to undertake. They will further be required to sit for an examination.

5. The examination will begin Tuesday, July 13, and will consist of:
(a) Select subjects for an English Essay.

(6) Two papers containing questions on Political History, Political
Science and Economics.

A wide choice of questions will be given.

6. The Examination will be conducted by three examiners, one of whom will be external to the College.

7. Candidates should send their names and the required particulars to WILL SPENS, Esq. Tutor of Corpus Christi College, Cambridge, not later than July 1.

DISCOVERY

A MONTHLY POPULAR JOURNAL
OF KNOWLEDGE

Trustees-Sir J. J. THOMSON, O.M., P.R.S.

A

Sir F. G. KENYON, K.C.B., P.B.A.
Prof. A. C. SEWARD, Sc. D., F.R.S.
Prof. R. S. CONWAY, Litt.D., F.B.A.

60.

NET

Chairman of Committee-
The Rev. Canon W. TEMPLE, D.Litt.
Editor-A. S. RUSSELL, M.C., D.Sc.
Publisher-JOHN MURRAY, Albemarle Street, W...

new Monthly Journal that has for its aim a popular description of the advance made in the chief subjects in which investigations are being actively pursued.

The articles will deal with their subjects in such a way as to make clear the interesting features in the discoveries with which they deal, and will be written in plain, simple language by contributors who can speak with authority in their own branch of knowledge, so that the teacher or general reader who has no time to pursue specialised study-or, if he has, can do so only in one subject-will be able to obtain at first hand an account of the chief things which experts are doing or have done in all the chief branches of knowledge.

AMONG CONTRIBUTORS TO EARLY NUMBERS WILL BE

Prof. W. BLAIR ANDERSON.
Prof. E. V. ARNOLD.
Prof. A. T. BAKER.

Prof. W. LAURENCE BRAGG.

Dr. RUDMOSE BROWN.

C. G. DARWIN.

C. GRANT ROBERTSON.

Prof. W. M. CALDER.

Prof. R. S. CONWAY.

J. W. HEADLAM-MORLEY.
Prof. Sir SIDNEY LEE.

A. G. LITTLE.

Prof. EDMUND G. GARDNER.

Dr. J. KENNER.

C. H. K. MARTEN.

Prof. GILBERT MURRAY.

Prof. J. L. MYRES.

Sir HENRY NEWBOLT.
Prof. T. H. PEAR.
Dr. T. S. PRICE.

Prof. J. G. ROBERTSON.
Prof. W. ROTHENSTEIN.
A. L. SMITH.
Prof. F. SODDY.

DISCOVERY may be ordered through all Newsagents and booksellers,
price 6d. net monthly. Annual Subscription, including postage, 78. 6d.

JOHN MURRAY

50a Albemarle Street, London, W.I

All communications respecting Advertisements to be sent to Messrs. MACMILLAN & Co., Ltd., St. Martin's Street, London, W.C. 2.

ii

ON ECONOMIC RESEARCH

Offers to business men its Statistical Service, including an Index of Business Conditions, for the year 1920. New methods of analysing and interpreting business statistics make this Service of special importance to all interested in following the trend of business during the next six months. Descriptive circulars on application. Subscription price $100. Address COMMITTEE ON ECONOMIC RESEARCH Harvard University, Cambridge, Mass.

Macmillan's New Books on Economics, etc.

PAPERS ON CURRENT FINANCE. By H. S. Foxwell, M.A., F.B.A., Professor of Political Economy in the University of London. 8vo. tos. net.

The Economist "In this book Professor Foxwell has put together various essays and lectures dealing with war finance, competition, the finance of trade, banking reserves, the crisis of 1907, inflation, monopoly and fixed exchange within the Empire. ... Professor Foxwell has a mind stored with the fruits of an industrious life, devoted to the pursuit of economic truth."

INDIAN FINANCE AND BANKING. By G. Findlay Shirras, Director of Statistics with the Government of India. With tables and charts. 8vo. 18s. net.

The Times.-"Mr. Shirras has had to face the difficulty inseparable from composing a book upon a technical subject which shal' be a once acceptable as a lucid and entertaining exposition to the general reader and as a storehouse of statistical reference to the specialized student. He has succeeded well, and will certainly earn the gratitude of the latter."

MACMILLAN & CO., LTD., LONDON, W.C. 2.

OF THE

REVIEW OF

FOREIGN PRESS.

"We need at the present moment in this country some source.. as to what is going on

of accurate information

in all the countries of the world."--Sir AUCKLAND GEDDES,

President of the Board of Trade, November 1st.

NOW READY.

The ECONOMIC REVIEW

PRICE 1s. WEEKLY.

A Complete Survey of Financial, Industrial, and
Commercial Conditions generally in Foreign Countries.

"It is difficult to imagine how any bank or firm doing business abroad can afford to be without it."-The Morning Post, November 17th, 1919.

The POLITICAL REVIEW

PRICE 1s. WEEKLY.

A Complete Account of the Progress of Affairs in
Foreign Countries, and a Survey of International Relations.

Copies and Subscription Rates from the Publisher

GREYCOAT BUILDINGS,

REVIEW OF THE FOREIGN PRESS, LTD., WESTMINSTER, LONDON, S.W.I

All communications respecting Advertisements to be sent to

Messrs. MAOMILLAN & Co., Ltd., St. Martin's Street, London, W.C. 2.

iii

BOOKS ON ECONOMICS, &c.

SECOND EDITION.

Industry and Trade: A Study of Industrial Technique and

Business Organization; and of their Influences on the Conditions of Various
Classes and Nations. By Alfred Marshall, Emeritus Professor of Political
Economy in the University of Cambridge. 8vo. 18s. net.

The Economist.-"The eminence which Professor Marshall has won as an exponent of theoretical
political economy, and the fact that, until quite recently, the majority of the actual teachers of economics
in British Universities were his personal students, combine to give this long-promised volume unusual
interest, quite apart from the valuable contribution it makes to positive knowledge."

The Economics of Welfare.

By A. C. Pigou, M.A., Professor of

Political Economy in the University of Cambridge. 8vo.

SEVENTEENTH THOUSAND.

[Shortly.

By John

The Economic Consequences of the Peace.
Maynard Keynes, C.B. 8vo. 8s. 6d. net.
International Economic and Financial Problems. By Dr. G.

Vissering, President of "The Netherlands Bank." 4to. Sewed. 4s. net. India at the Death of Akbar: An Economic Study. By W. H. Moreland, C.S.I., C.I.E., late of the Indian Civil Service, author of "Economics for Indian Students," etc. 8vo. 12s. net. MACMILLAN AND CO., LTD., LONDON, W.C. 2.

THE ECONOMIST

(ESTABLISHED 1843),

Weekly Commercial Times,

Bankers' Gazette, and Railway Monitor.

A Political, Literary, Financial and General Newspaper. Price, 8d. By Post, 8ld. Annual Subscription for the United Kingdom, £2. Colonies and Abroad, $2 4s.

In

An established authority on all Financial and Commercial subjects. addition to a large high-class general circulation, the ECONOMIST is subscribed to by Banking Houses, Chambers of Commerce, Mercantile Firms, and Railway Insurance, and other Companies throughout the United Kingdom, the Colonies and abroad; and, as its columns from week to week show, it is the recognised organ for the announcements of some of the most important trades in the Kingdom.

Published every Saturday in time for the morning mails.

OFFICES

GRANVILLE HOUSE, ARUNDEL STREET, STRAND, W.C.2

And of all Booksellers and Newsagents.

All communications respecting Advertisements to be sent to
Messrs. MACMILLAN & Co., Ltd., St. Martin's Street, London, W.C. 2.

iv

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THE ROYAL ECONOMIC SOCIETY (incorporated by Royal Charter, 1902) was founded, under the name of the BRITISH ECONOMIC ASSOCIATION, at a meeting held at University College, London, on November 20th, 1890, the Right Hon. G. J. Goschen, M.P. (the late Viscount Goschen), in the Chair.

The Society has for its object the general advancement of economic knowledge.

The Journal of the Society, published quarterly by Messrs. Macmillan and Co., Ltd., London, and sent post free to Fellows, is intended to represent the various shades of economic opinion, and to be the organ, not of one school of economists, but of all. The Journal numbers among its contributors the leading economists of all countries. Fellows are entitled, in addition to the Journal, to copies of sundry other publications issued by the Society from time to time.

Apart from the Annual Meeting, a Congress of the Society has been periodically convened for the discussion of social and economic questions, and opportunity has thus been afforded for the reunion of Fellows.

By arrangement with the London School of Economics, Fellows of the Royal Economic Society may obtain from the Secretary a card entitling them to the use of the valuable library of that institution.

Libraries of a public or semi-public character are admitted to subscribing membership on special terms, which can be obtained on application to the Secretary.

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