SIR THOMAS HENRY ELLIOTT, K.C.B., one of the honorary secretaries of the Royal Economic Society since its original foundation, has been appointed Deputy-Master and Comptroller of the Royal Mint. Sir Thomas Elliott, who is fifty-eight years of age, had been secretary of the Board of Agriculture since 1892. The very important extensions of the work of this office in recent years have all been carried out under his general direction, and the development of the Board of Agriculture into an important Department of State has chiefly taken place during his long reign there. The best wishes of members of the Royal Economic Society will follow Sir Thomas Elliott to his new position of greater ease and dignity; and apart from their personal feeling in regard to one who has so long served them, they will greatly welcome the fact that regard has been had to economic and administrative experience in appointing to an important office in relation to our currency, which has been used too often in the past as a reward for claims primarily political.

MR. A. L. BOWLEY has received the degree of Sc.D., and Mr. G. U. Yule the degree of M.A. honoris causâ, in the University of Cambridge.

It has been decided to establish a Faculty of Commerce in the University of Durham, with degrees of Bachelor and Master of Commerce.

RECENT PERIODICALS AND NEW BOOKS.

The Economic Review. JANUARY, 1913. The Economic Basis of Universal Peace-Cosmo

politan or International ? ARCHDEACON CUNNINGHAM. Read before the Economic Section of the British Association, 1912. Juvenile Labour in Germany. ERNEST LESSER. Copartnership and Labour Unrest. H. SANDERSON FURNISS.

Statistical Journal. DECEMBER, 1912. Still Births in Relation to Infantile Mortality.

REGINALD DUDFIELD. A discussion of the report on this subject prepared by a Special Committee of the Society. The report is reprinted in this number. Presidential Address to the Economic Science and Statisticul Section of the British Associition, 1912. Sir H. H. CUNYNGHAME. An attempt to justify economics as a "positive" science. The Nation's Food Supply. R. H. REW. An estimate of the proportion produced at home.

Scottish Agricultural Changes. MAJOR P. G. CRAIGIE, JANUARY, 1913. On the use of the Theory of Probabilities in Statistics

relating to Society. É. Y. EDGEWORTH. The Presidential Address. The Rate of Interest on British and Foreign Investments. R. A. LENFELDT. An important contribution, to be followed by others, based on the study of a considerable mass of evidence. The Consumption of Alcoholic Liquors in the United Kingdom. A. D. WEBB.

Bankers' Magazine.
DECEMBER, 1912. Bankers' Congress at Berlin. W. C. DREHER.

An account of the proceedings at the important congress held
at Munich in September. Presidential Address to Institute of
Bankers. LORD GOSCIEN. British Gold Reserves and the Gold
Question in India. Sir EDWARD HOLDEN. An address delivered

to the Manchester Statistical Society. JANUARY, 1913. Indian Currency and Finance. R. MURRAY. Denies

the existence of the alleged clamour for a gold currency. The Price of Consols. A. H. Gibson. Mr. Gibson brings up to date his empirical studies of this subject. Stock Exchange

Values for the past Month and Year. FEBRUARY, 1913. Crcdit and Trade. Statistics, compiled by Mr.

Seyd and Kemp's Mercantile Gazette, of Commercial Failures in 1912. London Bankers' Clearings in 1912. Full statistics from 1868 to 1912.

Journal of the Institute of Bankers. JANUARY, 1913. The Foreign Exchanges. Lectures I. and II.

HARTLEY WITHERS. To be published shortly in book form. The Indian Financial Management. W. F. SPALDING. A defence of the policy of the India Office against Mr. Webb's criticisms.

The Sociological Review. JANUARY, 1913. Fatigue and Efficiency. B. L. HUTCHINS. A review

of the facts in the light of some recent works.

The Women's Industrial News. JANUARY, 1913. Truck Fines and Deductions. B. L. HUTCHINS.

An historical study.

The Clare Market Review.
FEBRUARY, 1913. Some Branches of the British Library of Political

Science. V. The W. M. Acworth Collection of Transport
Literature. E. CLEVELAND STEVENS.

The Socialist Review. FEBRUARY, 1913. The Nationalisation of Coal Mines. F. BROOKS

BANK. "A valuation of the coal pits having been made (on a 9 per cent. basis), the coal owners must be compelled to exchange their share-script for Government bonds bearing interest at 3 per cent." This would leave a profit balance to the State of £10,500,000 annually for sinking fund, etc.

Quarterly Journal of Economics (Boston). NOVEMBER, 1912. Agricultural Development in the United States,

1900–1910. J. L. COULTER. Ethical and Economic Elements in Public Service Valuation. J. E. ALLISON. A discussion of the principles on which the relations can be regulated between the owners of a public utility and the consumers of its product. Social Denmark. P. Schou. On Co-operation, Trade Unions, Insurance, etc., prepared in the Danish Legation at Washington. Specialisation in the Woollen and Worsted Industry. L. D. H. WELD.

A general discussion, not merely with reference to U.S.A. Fisher's Theory of Crises : A Criticism. M. T. ENGLAND. Criticises Professor Fisher's theory that crises are due to the interest rate (measured in money) not rising fast enough in comparison with the rise of prices. The Origin of the National Customs-Revenue of England. N. S. B. GRAS. Based on original authorities. Frankfort-on-the-Main: A Study in Prussian Commercial Finance, I. ANNA YOUNGMAN. An account of the very interesting experiments made there.

Political Science Quarterly (New York). DECEMBER, 1912. Recent Tax Reforms Abroad. 11. E. R. A.

SELIGMAN. Deals with Germany and Australasia. Marxism versus Socialism. VII. V. G. ŠINKHOVITCH. A continuation of articles which have been appearing since 1908. RussianAmerican Commercial Relations. J. V. HOGAN.

Annals of American Academy (Philadelphia).
NOVEMBER, 1912. The Outlook for Industrial Peace. A series of

articles by economists and business men.

The Journal of Political Economy (Chicago).
NOVEMBER, 1912. The Banking Question in Congress. H. PARKER
WILLIS. What is the Future of American Cotton ?

J. V.
HOGAN. The Economic Basis of the Fight for the Closed Shop.
H. T. LEWIS. A discussion of the grounds of the claim for

the exclusion of non-union labour. DECEMBER, 1912. The Economic Theory of a Legal Minimum Wage.

SIDNEY WEBB. "The economist has to point out to the states-
man that the adoption of a legal Minimum Wage would in no
way increase the amount of maintenance which has to be
provided by the community, in one form or another, for persons
incapable of producing their own keep. It would, on the con-
trary, tend steadily to reduce it. . Minimum Wage Laws.

FLORENCE KELLEY. In the United States.
JANUARY, 1913. The Aim and Content of the Undergraduate

Economics Curriculum. A. B. WOLFE. How are the aims of
culture and formal discipline and of vocational training to be
reconciled ? Some Economic Aspects of Immigration before
1870. II. T. W. PAGE. Continued from the December number.
Early Canal Traffic and Railroad Competition in Ohio. E. L.
BOGART.

Bulletin de la Statistique Générale de la France (Paris).
OCTOBER, 1912. L'émigration des peuples jaunes. Pp. 34. H.
BUNLE.

Revue d'Economie Politique (Paris).
NOVEMBER DECEMBER, 1912. Le Bassin de Briey et la politique de

ses entreprises sidérurgiques ou minières. M. VIGNES. Con-
tinued in the next number. Le Brésil et l'industrie du Caout-
chouc. R. PICARD. Le Crédit ouvrier par l'assurance. P.
NABHOLZ. A theoretical study. Rclation entre les variations
annuelles du chômage, des grèves et des prix. C. Rist. With
reforence to a recent contribution by M. Lucien March to the
Bulletin de la statistique générale de la France. Prof. Rist
concludes that “le chômage volontaire est d'autant plus fort que
le chômage involontaire est plus faible, et réciproquement.
Between prices on the one hand and strikes and unemployment
on the other he can discover no marked statistical connection.

M. March replies briefly in the next number.
JANUARY FEBRUARY, 1913. La verrerie ouvrière d'Albi. B.

LAVERGNE. Le renouvellement de la convention de Bruxelles
et les conditions actuelles de la production sucrière. J. HITIER.
L'institut international d'agriculture. E. Bourgin.

Journal des Économistes (Paris).
DECEMBER, 1912. La Réglementation du travail des employés.

Yves Guyot. Frédéric List et la polémique autour de ses idées
en 1912.

ARTHUR RAFFALOVICH. Le Rapport de M. Dalimier

et la discussion à la Chambre sur le budget des Postes et des

Télégraphes. CH. MACLÈRE. JANUARY, 1913. Le Marché financier en 1912. ARTHUR RAFFALOVICII.

L'Ecole autrichienne d'économie politique. FEILBOGEN. Eighth article.

L'Économiste Français (Paris). JANUARY 11, 18 AND 25, 1913. Les Placements financiers. PAUL

LEROY-BEAULIEU. A study, in three articles, of the change in prices of the leading French securities during 1912.

Revue Économique Internationale (Brussels). NOVEMBER, 1912. L'Albanie économique et politique à la veille de la guerre.

A. BALDACCI. Évolution des Chemins de 'Fer américains. F. W. POWELL. Le Commerce extéricur des Etats-Unis. P. E. SMETS. Chiefly a discussion of the balance

of trade. Les Emprunts chinois. E. CAMMAERTS. DECEMBER, 1912. La Bourse d'Alexandrie et le marché des cotons

égyptiens. L. POLIER. La Culture du coton dans L'Asie Centrale Russe. M. LAMINCK. Le Coton oriental et médi

terranéen. Y. M. GOBLET. JANUARY, 1913. Articles on the Panama Canal of considerable

interest by three distinguished American writers. Histoire du Canal de Panama. WILLIAM H. BURR. Le Canal de Panama au point de vue économique. EMORY R. JOHNSON. Le Canal de Panama au point de vue militaire. ADMIRAL MAHAN.

Archiv für Sozialwissenschaft und Sozialpolitik (Tübingen). NOVEMBER, 1912. Alte und neue Einwände gegen den historischen

Materialismus. ACHILLE LORIA. Verschmelzung und gegenseitige Penetration der Rassen und Nationalitäten: Statistiche Untersuchungen. F. SAVORGNAN. An attempt to determine a coefficient of "homogamy" between races, colours, nationalities, etc. The illustrative statistics are mainly drawn from the Argentine, Budapest, and Boston. Die Arbeitsteilung im geistigen Leben: Eine Untersuchung ihrer hauptsächlichen Formen, Gesetze und Triebkräfte. W. HELLPACH.This study of the principle of division of labour is to be continued. Soziale Probleme des Dienstvertrages. Der Dienstvertrag im Bürgerlichen Gesetzbuch für das Deutsche Reich_und im neuen schweizerischen Obligationenrecht. Pp. 74. E. ADLER. Die gegenwärtige Lage der Arbeiter in Japan und das Fabrikgesetz. K. KUWATA.

neue

Jahrbücher für Nationökonomie und Statistik (Jena). JANUARY, 1913. Zur Theorie der Statistik. HELLMUTH WOLFF. A

review of various schools of thought on the philosophy of statistical theory.

Annalen für Soziale Politik und Gesetzgebung (Berlin). PARTS III. AND IV., 1912. Der Ausbau der Erbschaftssteuer als

Besitzsteuer für das Reich. H. WEISSENBORN. Geburten