he said "he should like to see this new journal a model of all that was impartial, and that, as Mr. Marshall had suggested, scope should be given for the expression of all economical views, and that it should be made the receptacle of all worthy intellectual efforts by men who had devoted themselves to what he believed to be as noble and useful a science as any to which men had given their attention." To be a model of impartiality, and to be the receptacle of the products of high intellectual effort-these characteristics, it may be confidently hoped, will continue to distinguish the ECONOMIC JOURNAL. These essential attributes will endure; though forms of administration and personnel of officers may change. A REARRANGEMENT of the kind which does not imply a change of policy is just now being effected. Mr. J. M. Keynes will assume the editorial reins at the beginning of next year. The retiring editor takes a seat on the newly created Editorial Board. The functions of the Board are thus defined by the Council. Members of the Board "shall be expected to advise the Editor, so far as they conveniently can, on matters which he refers to them, and to make to him from time to time any suggestions which they think may be helpful to him." The Board is to consist of four members, one to act as chairman. One member is to retire each year; not eligible for re-election until after the expiration of one year, unless in the opinion of the Council there are special grounds which make his retirement inexpedient. The following have been appointed members of the Board: Professor F. Y. Edgeworth (chairman), Professor W. J. Ashley, Professor Edwin Cannan, Professor S. J. Chapman. MR. J. M. KEYNES, the new editor, is the son of the wellknown Dr. J. N. Keynes, author of the Scope and Method of Political Economy. Mr. J. M. Keynes was educated at Eton and King's College, Cambridge. Having passed second in the open Civil Service Competition, he was appointed to the India Office in 1906. After resigning this office in 1908, he was elected Fellow of King's College, Cambridge, in 1909. He obtained the Adam Smith Prize the same year. He was appointed Girdlers' University Lecturer in Economics early in the present year (1911). Our readers will not require to be reminded of the important article dealing with Indian currency problems which Mr. Keynes contributed to the ECONOMIC JOURNAL (March, 1909). In other numbers of the Journal we have have had occasion to allude to his prowess as a statistician (Vol. xxi., p. 172 and p. 174). His original paper on The Principal Averages and the Laws of Error which lead to Them, in the Journal of the Statistical Society for February, 1911, is a forecast of what may be expected from his forthcoming treatise on Probabilities. AT the meeting of the Council (October 4th, 1911) which resulted in the new editorial arrangements, the following resolution, proposed by Mr. L. L. Price, was carried unanimously : "That the resignation by Professor Edgeworth of the Editorship of the ECONOMIC JOURNAL, to take effect from the 31st of December next, be accepted with regret. The Council desire to place on record their warm and grateful appreciation of the great service he has rendered to the Council and the Society generally by his conduct of the Editorial functions during the twenty-one years which have passed since the Society was founded and the Journal issued. They feel that his scrupulous impartiality, his unremitting zeal, and his wide knowledge have been in an especial measure responsible for securing for the Journal the high place which it has taken throughout the economic world, and that the Royal Economic Society has been placed under a deep and lasting obligation by the courtesy and prudence which he has known so well how to combine." THE Council also expressed their sincere thanks to Mr. H. B. Lees Smith, M.P., for his aid during past years in the work of editing the ECONOMIC JOURNAL. THE fair prospects of the Royal Economic Society have been suddenly clouded over by the unexpected death in November of Mr. Francis William Buxton, who had acted for several years as Treasurer for the Society. He was born in the year 1847. Like so many of the able and distinguished family to which he belonged, Mr. Buxton held a variety of public offices: Public Works Loan Commissioner, Justice of the Peace, and, at an earlier period, Member of Parliament and Member of the London School Board. The memory of a most courteous as well an efficient colleague is gratefully cherished by those whom he assisted in the work of the Economic Society. RECENT PERIODICALS AND NEW BOOKS. The Economic Review. OCTOBER, 1911. The Future of Interest. REV. L. R. PHELPS. The increase of capital in England, America, and new countries makes a fall of interest almost inevitable. Query if it is an evil. Factory Labour in India. D. A. BARKER. The Alien Act. A reply by N. B. DEARLE, and rejoinder by A. E. ZIMMERN. An Inquiry into Trade Principles. H. C. DANIEL. Japanese Match Trade. REV. J. C. PRINGLE. A précis of and comment on a very candid Japanese work. The Nineteenth Century. OCTOBER, 1911. Financial Difficulties of Home Rule. E. CRAMMOND. The Contemporary Review. OCTOBER. The Industrial Unrest. B. SEEBOHM ROWNTREE. The Case for Reciprocity. C. E. MALLET. The National Insurance Bill. REV. J. FROME WILKINSON. The Socialist Review. NOVEMBER. The Sympathetic Strike. J. RAMSAY MACDONALD. This useful weapon should not be used incautiously. "Charges of Light Brigades only happen under generals that do not know their business. .. An eighty-ton hammer ought not to be used for cracking nuts. The Clare Market Review. NOVEMBER. The Early Development of the Linen Trade in Ulster. W. L. RADCLIFFE. Quarterly Journal of Economics (Boston). AUGUST, 1911. Street-Railway Rates, with especial reference to differentiation. G. P. WATKINS. An interesting study in and exemplification of the principles governing railway rates. The Paper Industry in its Relation to Conservatism and the Tariff. R. R. HESS. The effects of the tariff on combination in the paper industry, price of paper, waste of forests, are analysed. The German Imperial Tax on the Unearned Increment. ROBERT C. BROOKS. A lucid exposition of the law of February, 1911 (with a translation appended). Tenancy in the North Central States. B. H. HIBBARD. The Check-off System and the Closed Shop among the United Mine Workers. F. A. KING. The American Economic Review (Boston). SEPTEMBER, 1911. Labour's Attitude towards Efficiency. J. R. COMMONS. Rates for Public Utilities. J. MAURICE CLARK. General principles are illustrated by a study of the charges for the supply of electricity. Recent Developments in Taxation in England. J. WATSON GRICE. Recent Tax Reforms in Ohio. E. L. BOGART. Taxation in Illinois. J. A. FAIRLIE. By the writer of the recent report on the "Taxation and Revenue System of Illinois." OCTOBER. The Journal of Political Economy (Chicago). Women in Industry: The Chicago Stockyards. EDITH ABBOTT and S. P. BRECKINRIDGE. The work seems to be most undesirable-ugly and offensive surroundings, irregularity, low wages, lack of skilled occupation, no industrial future. The Measure of Income for Taxation. T. BEALE. NOVEMBER. The Economics of John Stuart Mill. JAMES BONAR. A critical appreciation apropos of recent publications relating to Mill. Canada's Rejection of Reciprocity. O. D. SKELTON. Political rather than economic considerations decided the issue. Journal des Économistes (Paris). AUGUST. L'œuvre de M. Levasseur. Y. GUYOT. Les principaux clients de la France. E. LEVASSEUR. A continuation of the article in the July number, published posthumously. L'École autrichienne. (II.). FEILBOGEN. Sur les physiocrates. G. SCHELLE. SEPTEMBER. La Grève des Chemins de Fer dans la Grande Bretagne. Y. GUYOT. L'École autrichienne. FEILBOGEN. La Politique protectionniste. G. SCHELLE. L'Industrie cotonnière de Twente. J. PIERSON. OCTOBER. La Cherté et le Protectionnisme. Y. GUYOT. L'antitrust Law aux États-Unis. G. N. TRICOCHE. La Session de l'Institut International de Statistique. A. RAFFALOVICH. l'Institut_International NOVEMBER. La Production de l'Or et les Prix. Y. GUYOT. The production of gold is a small affair, and has had no effect on the rise of prices. La Dépopulation des Campagnes. F. BERNARD. Le nouveau Bassin minier de la Basse-Normandie. A. PAWLOWSKY. Revue d'Économie Politique (Paris). AUGUST SEPTEMBER. Les Forestiers et le Fisc. A. DUGARÇON. Le Revue Économique Internationale (Brussels). AUGUST, 1911. L'Activité féminine en France. MADAME PAUL JUILLERAT. SEPTEMBER. Préférence impériale britannique et Réciprocité canadienne. A. R. COLQUOUN. OCTOBER. Le Mouvement international des Capitaux. F. FAURE. Revue Internationale du Chomage (Paris). This new periodical is the organ of the International Association against Unemployment (pour la Lutte contre le Chomage). M. MAX LAZARD is the editor. The first number deals with Insurance against Unemployment. Jahrbücher für Nationalökonomie (Jena). AUGUST. Bodenpolitik in Neuseeland. A. GOLDSCHMIDT. SEPTEMBER. Zur Geschichte des Zinsfusses von 1800. P. WALLICH. Die Erfassung der Hausindustrie durch die gewerbliche Betriebstatistik. R. MEERWARTH. OCTOBER. Fremdenverkehr und Volkswirtschaft. H. von SCHULLern. Archiv für Socialwissenschaft (Tübingen). SEPTEMBER. Technik und Kultur. WERNER SOMBART. Mach und Marx. DR. MAX ADLER. Ueber den Ruckgang der Geburten und Sterbeziffern. PROF. KARL OLDENBERG. Mindesteinkommen, Lebensmittelpreise und Lebenshaltung. FÜRTH. HENRIETTE Finanz-Archiv (Stuttgart), 1911, Vol. 2. This number is distinguished by an immense article on the taxation of unearned increment in Germany. Der Wertzuwachs im Reichszuwachssteuergesetz. DR. STRUTZ. In the Swedish Ekonomisk Tidskrift for the current year, one of the articles of most general interest is that contributed by Professor Wicksell to the February number, criticising sharply but sympathetically Böhm Bawerk's doctrine of capital. In the same number the relations of a central note-issuing bank to other banks are discussed by three writers. Dr. Heckscher deals with the yield of joint-stock capital in the March number, and in the May number the proposed reforms in the Swedish official statistics are discussed by Hr. Billberg, who puts forward a plan for a much smaller degree of centralisation than is proposed in the recent report of the Commission on the subject. The small holdings question forms the principal subject in the numbers for August, September, and October. La Riforma Sociale (Turin). OCTOBER-NOVEMBER, 1911. A proposito della Tripolitania. EINAUDI. The eminent Italian Professor describes the military enterprise in which his country is engaged as affording certain present sacrifices and possible future benefits to coming generations of colonists. NEW BOOKS. ALLIN (CEPHAS D.) and JONES (GEORGE M.). Annexation, Preferential Trade, and Reciprocity. Toronto Musson Book Co. 1911. Pp. 398. [Reviewed above.] ATKINSON (MABEL) and MCKILLOP (MARGARET). Economics: Descriptive and Theoretical. With an introduction by Professor E. J. Urwick. London: Allman. 1911. BANERJEA (P.). A Study of Indian Economics. London: Macmillan. 1911. Pp. 221. |