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REVIEWS (continued)—

PAGE

...

221

Bonar, James, and Hollander, J. H., Letters of David Ricardo to Hutches,
Trower and others, 1811-1823. By Prof. F. Y. Edgeworth
Bowley, Arthur L., Wages in the United Kingdom in the Nineteenth Century.
Notes for the use of Students. By George Henry Wood

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Brentano, Prof. Lujo, and Kuczynski Dr. Robert, Die heutige Grundlage
der Deutschen Wehrkraft. By Adelaide Blomefield
Chapman, S. J., M.A., History of Trade between the United Kingdom and
the United States. By Prof. A. W. Flux

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Gomme
Clark, John Bates, The Distribution of Wealth. A Theory of Wages and
Interest. By Prof. F. Y. Edgeworth

Daniels, Prof. W. M., The Elements of Public Finance. By Prof. C. F.
Bastable ...

...

Dechesne, Laurent, L'Evolution Economique et Sociale de l'Industrie de la
Laine en Angleterre. By Prof. W. J. Ashley

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215

529

519

75

By Prof. F. C.

377

72

Ely, Prof. Richard T., Monopolies and Trusts. By Prof. F. C. Montague
Flynt, Josiah, Tramping with Tramps. Studies and Sketches of Vagabond
Life. By Prof. F. W. Taussig

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Gilman, Nicholas Paine, A Dividend to Labour: A Study of Employers'
Welfare Institutions. By David F. Schloss
Gonner, Prof. E. C. K., The Social Philosophy of Rodbertus. By J. Bonar... 64
Graham, Prof. William, English Political Philosophy from Hobbes to Maine.
By Carveth Read

83

Hauser, Prof. H., Ouvriers du Temps Passé (xve-xvie siècles). By Prof.
W. J. Ashley

374

Hi 1, Joseph A., The English Income Tax; with special reference to Ad-
ministration and Methods of Assessment. By G. H. Blunden

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Hobson, John A., The Economics of Distribution. By Prof. A. W. Flux
Hollander, J., Studies in State Taxation, with particular reference to the
Southern States. By Prof. F. Y. Edgeworth

380

538

...

...

Hunter, Sir William Wilson, &c., A History of British India. By Prof..
W. J. Ashley

370

Jones, Prof. Edward D., Economic Crises. By A. C. Pigou

523

Kinder, Francis S., The Effect of the Recent Changes in Monetary Standards
upon the Distribution of Wealth. By L. Darwin...

385

...

Kley, Dr. W., Bei Krupp, Eine Socialpolitische Reiseskizze. By Adelaide
Blomefield

78

Kulemann, W., Die Gewerkschaftsbewegung: Darstellung der gewerkschaft-
lichen Organisation der Arbeiter und der Arbeitgeber aller Länder.
By Margaret Robinson

218

Leonard, E. M., The Early History of English Poor Relief. By Rev. L. R.
Phelps

518

Liesse, André, Le Travail aux Points de Vue Scientifique, Industriel et Social.
By Henry Higgs

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Lohmann, Dr. Friedrich, Die staatliche Regelung der englischen Wollindustrie
von xv. bis zum xxiii Jahrhundert. By Prof. W. J. Ashley
Macdonald, Prof. William, Select Charters and other Documents illustrative of
American History, 1606-1775. By Prof. W. J. Ashley...

529

375

REVIEWS (continued) —

Mackay, Thomas, 4 History of the English Poor Law, Vol. III., from 1834
to the Present Time, being a supplementary volume to "A History of the
English Poor Law," by Sir George Nicholls, K.C.B. By Rev. L. R. Phelps
Niebohr, Dr. H. J., Slavery as an Industrial System. By Christabel Osborn
Page, Thomas Walter, The End of Villainage in England. By Prof. W. J.
Ashley

...

...

Palgrave, R. H. Inglis, F.R.S., Dictionary of Political Economy. By Henry
Higgs
Phipson, Cecil Balfour, The Science of Civilization. By A. C. Pigou
Powell, Edgar, and Trevelyan, G. M., The Peasants' Rising and the Lollards.
By Prof. W. J. Ashley

PACE

80

527

372

87

...

526

372

Raffalovich, Arthur, Le Marché Financier en 1897-1898.
Sieghart, Dr. Rudolf, Die öffentlichen Glückspiele. By C. P. Sanger...
Smart, Prof. W., The Distribution of Income. By J. Bonar
Smart, Prof. W., Taxation of Land Values and the Single Tax. By Prof.
F. Y. Edgeworth

By E. Castelot...

90

531

...

67

538

...

Smith, E. J., The New Trades Combination Movement: its Principles,
Methods, and Progress. By Edwin Cannan...
Sonndorfer, Dr. Rudolf, Die Technik des Welthandels. By Prof. A. W.
Flux

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Trevelyan, George Macaulay, England in the Age of Wycliffe. By Prof.
W. J. Ashley
Tugan-Baranowsky, M., Geschichte der russischen Fabrik. By David F.

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Vincent, James Edmund, John Nixon, Pioneer of the Steam Coal Trade in
South Wales. By Prof. W. J. Ashley

60

...

214

372

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Warner, George Townshend, Landmarks in Industrial History. By H. A. L.
Fisher

82

Wyckoff, -
The Workers: an Experiment in Reality. Vol. I., The East;
Vol. II., The West. By F. W. Taussig

75

NOTES AND MEMORANDA:-

Barlow, Montague, The Economic Legislation of the Year 1899
Brocklehurst, F., Municipal Telephones

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Carlyle, R. W., Famine Administration in a Bengal District in 1896-7
Charity Organisation Conference

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Hutchins, B. L, Notes towards the History of London Wages

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Johnson, Arthur H., Professor Ashley on the Commercial Legislation of

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NOTES AND MEMORANDA (continued)—

Osborn, Christabel, Bulletin of the United States Department of Labour
Philippovich, Prof. E., The Strike of the Bohemian Coal Miners
Taussig, Prof. F. W., The United States Currency Acts of 1900
The Canadian Preferential Tariff

Unwin, G, A Seventeenth Century Trade Union

OBITUARY:-

Droz, Numa

Dunbar, Prof. Charles Franklin

Feriara, Prof. Francesco
Ruskin, John...

Sidgwick, Prof. Heary

NOTES ON CURRENT TOPICS

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117-127, 275-284, 432-145, 592-602

108-113, 264-274, 430-431, 577-558

RECENT PERIODICALS AND NEW BOOKS... 128-139, 283-291, 146-451, 603-611

THE ECONOMIC JOURNAL

MARCH, 1900

THE PROMOTION OF COMPANIES AND THE
VALUATION OF ASSETS ACCORDING TO
GERMAN LAW.1

GERMAN Company Law was entirely changed and recast by a statute passed in 1884, which introduced a number of checks and restrictions of an entirely novel character. Many fears were expressed at the time. All enterprise was to be hampered in the future and driven to foreign countries. No persons of means and standing were to be found who would incur the liabilities. and risks to which directors and promoters were to be subject under the new state of things. Sufficient time has now elapsed to show that the forecast of these prophets of evil was based on misapprehension. The statistics prove conclusively that the formation of new companies, far from being arrested by the greater stringency of the law, has been progressing in a most remarkable manner, and that the career of German companies has, on the whole, been most prosperous.2 Some of the new

1 See Ring, Aktiengesetz 2nd. ed. Berlin, 1892; Pinner, Das Deutsche Aktienrecht; Berlin 1899; Esser, Die Aktiengesellschaft, Berlin, 1899; Riesser, Die Neuerungen im Deutschen Aktienrecht, Berlin, 1899.

2 There were in Germany in 1896 according to Professor R. van der Borght's estimate (Conrad's Handwörterbuch, Vol. I., 2nd. edition, pp. 192-194) 3712 companies limited by shares with a total paid-up capital of over £340,000,000, and with reserve funds amounting altogether to £58,000,000; the annual net earnings of 3249 companies amounted to about 32,400,000, or about 10 per cent, of the paid-up capital. It is safe to assume from the figures given that not less than one-half of the total number of these companies were formed after the Act of 1884. In the blue book published by the departmental committee of the Board of Trade in 1895 (7779) a letter is quoted from Mr. Gerb of the British Consulate General at Berlin estimating the total paidup capital at £200,000,000, (see p. 29). I showed at the time (see p. 30) that the capital must be at least £300,000,000, and the statistics given in the text prove conclusively that Mr. Gerb's estimate was still further from the truth than I suspected. No. 37.-vOL X. B

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