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INDEX TO THE ECONOMIC JOURNAL
ORIGINAL ARTICLES :-
The Monetary Condition of India
Hewart, Beatrice, The Cloth Trade in the North of England in the Sixteenth
Price, L. L., Some Economic Consequences of the South African War
according to German Law
Bawerk, Prof. E. von Böhm-, Einige Strittige Fragen der Capitalstheorie.
By J. Bonar
Bonar, James, and Hollander, J. H., Letters of David Ricardo to Hutches,
lichen Organisation der Arbeiter und der Arbeitgeber aller Länder.
REVIEWS (continued) —
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
NOTES AND MEMORANDA :-
Barlow, Montague, The Economic Legislation of the Year 1899
The Regulation of Wages by Guilds and Town Authorities
THE ECONOMIC JOURNAL
THE PROMOTION OF COMPANIES AND THE
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.