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REVIEWS (continued)-

PAGE

...

Bonar, James, and Hollander, J. H., Letters of David Ricardo to Hutches,
Trower and others, 1811--1823. By Prof. F. Y. Edgeworth

221
Bowley, Arthur L., Wages in the United Kingdom in the Nineteenth Century.
Notes for the use of Students. By George Henry Wood

73
Brentano, Prof. Lujo, and Kuczynski Dr. Robert, Die heutige Grundlage
der Deutschen Wehrkraft. By Adelaide Bloinefield

216
Chapman, S. J., M.A., History of Trade between the United Kingdom and
the United States. By Prof. A. W. Flux

223
Local Government and State Aid. By Laurence
Gomme

85
Clark, John Bates, The Distribution of Wealth. A Theory of Wages and
Interest. By Prof. F. Y. Edgeworth

534
Daniels, Prof. W. M., The Elements of Public Finance. By Prof. C. F.
Bastable ...

215
Dechesne, Laurent, L'Evolution Economique ct Sociale de l'Industrie de la
Lainc en Angleterre. By Prof. W. J. Ashley

529
Ely, Prof. Richard T., Monopolies and Trusts. By Prof. F. C. Montague 519
Flynt, Josiah, Tramping with Tramps. Studies and Sketches of Vagabond
Life. By Prof. F. W. Taussig

75
Giddings, Prof. F. H., Democracy and Empire. By Prof. F. C.
Montague

377
Gilman, Nicholas Paine, A Dividend to Labour : A Study of Employers'
Welfare Institutions. By David F. Schloss

72
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
llauser, Prof. H., Ouvriers du Temps Passé (xv* - Xvie siècles). By Prof.
W. J. Ashley

374
llil, Joseph A., The English Income Tax; with special reference to Ad-
ministrution and Methods of Assessment. By G. H. Blunden

387
Hobson, John A., The Economics of Distribution. By Prof. A. W. Flux 380
Hollander, J., Studies in State Taxation, with particular reference to the
Southern States. By Prof. F. Y. Edgeworth

538
JIunter, 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., Bci Krupp, Einc 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.

518
Liesse, André, Lc Trarail aux Points de Vue Scientifique, Industriel et Social.
By Henry Higgs

88
Lohmann, Dr. Friedrich, Die staatliche Regelung der englischen Wollindustrie
von xv. bis zum xxiii Jahrhundert. By Prof. W. J. Ashley

529
Macdonald, Prof. William, Select Charters and other Documents illustrative of
American History, 1606—1775. By Prof. W. J. Ashley...

375

Phelps

REVIEWS (continued) —

PACE

90

Mackay, Thomas, .4 History of the English Puor 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 80
Niebohr, Dr. H. J., Slavery as an Industrial System. By Christabel Osborn 527
Page, Thomas Walter, The End of Villainage in England. By Prof. W. J.
Ashley

372
Palgrave, R. H. Inglis, F.R.S., Dictionary of Political Economy. By Henry
Higgs

87
Phipson, Cecil Balfour, The Science of Civilization. By A. C. Pigou

526
Powell, Edgar, and Trerelyan, G. M., The Peasants' Rising and the Lollards.
By Prof. W. 1. Ashley

372
Rafalovich, Arthur, Le Marché Financier en 1897–1893. By E. Castelot...
Sieghart, Dr. Rudolf, Dic öffentlichen Glicksp,i:le. By C. P. Sanger... 531
Smart, Prof. W., The Distribution of Income. By J. Bonar ...

67
Smart, Prof. W., Taxation of Land Values and the Single Tax. By Prof.
F. Y. Edgeworth

538
Smith, E. J., The New Trades Combination Morement : its Principles,
Methods, and Progress. By Edwin Cannan...

60
Sonndorfer, Dr. Rudolf, Die Technik des IVelthandels. By Prof. A. W.
Flux

214
Trevelyan, George Macaulay, England in the Age of Wycliffe. By Prof.
W. J. Ashley

372
Tugan-Baranowsky, M., Geschichte der russischen Fabrik. By David F.
Schloss

532
Vincent, James Edmund, John Nixon, Pioneer of the Steam Coal Trade in
South Wales. By Prof. W. J. Ashley

529
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

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NOTES AND MEMORANDA :-

Barlow, Montague, The Economic Legislation of the Year 1899
Brocklehurst, F., Municipal Telephones ...
Carlyle, R. W., Famine Administration in a Bengal District in 1896—7
Charity Organisation Conference ...
Flux, Prof. A. W., The Berlin Produce Exchange
Fox, Stephen N., Factories and Workshops Bill
Foxwell, Ernest, The Gold Standard in Japan
Harrison, John, Municipal Trading
Hirst, F. W., The War Budget
Hobhouse, Emily, Dust-Women
Hutchins, B. L , Notes towards the History of London Wages

The Regulation of Wages by Guilds and Town Authorities
International Socialist Congress (J. R. M.)
Johnson, Arthur H., Professor Ashley on the Commercial Legislation of

England ...
Macdonald, J. R., The Trades Union Congresses...
Oakeshott, Grace, Women in the Cigar Trade in London

91
552
421
575
245
258
232
251
105
411
103
404
574

90

572
562

[graphic]

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. Some of the new

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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