INDEX TO THE ECONOMIC JOURNAL ORIGINAL ARTICLES : PAOK 541 Ashley, Prof. W. J., American Trusts Bastable, Prof. C. F., The New Budget and the Principles of Financial The Distribution of Revenue between the Central Government and Local Authorities Booth, Charles, Poor Law Statistics as used in connection with the Old Age British Economic Association, Annual Meeting ('annan, Edwin, Ought Municipal Enterprises to be allowed to yield a Profit ? Donald, Robert, Municipal Trading and Profits ... Emery, Henry Crosby, Futures in the Grain Market Flux, Prof. A. W., The Commercial Supremacy of Great Britain Giffen, Sir R., F.R.S., Consols in a Great War Higgs, Henry, Some Remarks on Consumption ... Hirst, F. W., Municipal Finance Pownall, George H., Bank Reserves Reeves, W. P., Protective Tariffs in Australia and New Zealand Renton, Dongal, The Investment of Surplus Revenue and the Savings Banks Row-Fogo, J. A., Local Finance in Scotland Sanger, C. P., Is the English System of Taxation Fair ? Westlake, Prof. J., The Theory of Taxation with reference to Nationality, 243 Adams, Prof. 11. (.., The Science of Finance, an Investigation of Public' Ex- penditures and Public Revenues. By Prof. C. F. Bastable Agnelli, Arnaldo, Libero Scambio. By Prof. C. F. Bastable Étrangers. By A, H. Blomefield A postol, Paul, L'Artile et la Co-opération en Russie, son histoire et son état 70 REVIEWS (continued)- PAGE ... Arendt, Charles, Economie Politique Scientifique, Définitions et ethodcs. 236 78 551 248 70 563 228 229 560 73 440 424 with the Observations upon the Bills of Mortality, more probably by Caplain 564 416 253 421 236 Constructive Study in Economic Theory. By Prof. F. Y. Edgeworth 233 79 72 562 75 557 246 69 ... REVIEWS (continucd)— PAOE By J. ... Neymarek, Alfred, Vocabulaire Manuel d'Economic Politique. By E. Castelot 236 224 74 417 442 226 260 240 566 567 Acworth duction, de la Circulation, de la Distribution ct de la Consommation de la Richesse. By E. Castelot 553 560 558 426 555 68 236 By J. 92 NOTES AND MEMORANDA :- Acworth, W. M., Professor Cohn and State Railway Ownership in England... Acts The Regulation of Wages loy Lists in the Spinning In. dustry in Prussia 261 633 592 93 PAGE NOTES AND MEMORANDA (continued) - Dawson, William Harbutt, The Housing of the Working Classes in Germany 415 266 322 Professor Seligman on the Mathematical Method in 286 455 699 605 625 129 462 469, 651 611 315 585 101 85. RECENT OFFICIAL PAPERS 662-664 RECENT PARLIAMENTARY PAPERS 328-330, 477-489 RECENT PERIODICALS AND NEW BOOKS... 150-160, 342-352, 494-501, 674-687 THE ECONOMIC JOURNAL MARCH, 1899 OUGHT MUNICIPAL ENTERPRISES TO BE ALLOWED TO YIELD A PROFIT?1 WHATEVER views he may hold as to the remote future, I do not suppose any one will be inclined to deny that just at present in this country the economic work—the purely and obviously economicwork—of municipalities and similar local governments is increasing in importance, not only absolutely, but also in proportion to the whole of human economic activity. So if an English economist holds that economics ought to be useful to the population of this particular planet, not merely as an intellectual exercise affording food for thought and speculation, as Adam Smith says of religion, but also as affording some guidance in practical affairs, he is bound to endeavour to give some general answers to the important questions to which the extension of municipal economic activity gives rise. One of the most important of these questions is: Should municipal enterprises pay, or should they be worked at cost price ?—should they bring in where possible something in aid of the general rates of the locality, or should all such aid be foregone by the general body of ratepayers ? Recently a Minister of the Crown, who had considerable municipal experience many years ago, likened a municipality to a joint-stock company. If the parallel were exact, there would be an end to the question which I have propounded, for no one supposes that joint-stock company enterprise could be carried on if dividends were disallowed. But the parallel is not at all exact. It is a useful comparison, however, and we cannot do better than approach the question with a brief review of the 1 Read before Section F of the British Association, 1898. No. 33.– VOL. IX. B |