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Micheli, M. Horace, State Purchase of Railways in Switzerland.
Acworth ...

By W. M.

69

REVIEWS (continued) —

PAGE

Neymarck, Alfred, Vocabulaire Manuel d'Economic Politique. By E. Castelot 236
Odgers, William Blake, Local Government. By F. W. Hirst...

224

Ogilvy, A. J., The Third Factor of Production, and other Essays. By J.
Bonar

74

Orueta, Clemente Vidaurre y, Economia Politica. By Prof. F. Y. Edgeworth 441
Patten, Prof. Simon N., The Development of English Thought. By Prof.
W. J. Asley

Philippovich, Prof. E. von, Grundriss der Politischen Oekonomic. By J.

Bonar
Richmond, Mary E., Friendly Visiting among the Poor; A Handbook for
Charity Workers. By Helen Bosanquet

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417

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442

...

226

Rodbertus, Karl, Overproduction and Crises. By Prof. E. C. K. Gonner
Romanes, J. H., Betterment and Municipal Improvements.

77

By Edwin

Cannan

260

Seligman, Prof. Edwin, The Shifting Incidence of Taxation. By Prof. C. F.
Bastable

240

...

...

...

Sites, Clement M Lacey, Centralised Administration of Liquor Laws in the
American Commonwealths. By Sidney Peel
Souchon, Prof. A., La Propriété Paysanne, Étude d'Economie Rurale. By
E. Castelot
Stetson, Charlotte Perkins, Women and Economics. By Frances M. Butlin ...
Swain, Henry H., Economic Aspects of Railway Receiverships
By W. M.
Acworth
Tessonneau, Marcel, Esquisse d'un Tableau Raisonné des Causes de la Pro-
duction, de la Circulation, de la Distribution et de la Consommation de la
Richesse. By E. Castelot

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Villey, Prof. Edmond, L'Euvre Économique de Charles Dunoyer. By J.
Bonar

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Virgilii, F., e Garibaldi, C., Introduzione alla Economia Mathematica.
Prof. F. Y. Edgeworth...
Waxweiler, Émile, La Participation aux Bénéfices. By Prof. Ch. Gide
Weber, Adna Ferrin, The Growth of Cities in the Nineteenth Century. A

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Study in Statistics. By Prof. F. Y. Edgeworth

558

426

Wright, Carroll D., Outline of Practical Sociology. By A. L. Bowley

555

Woods, Robert A., The City Wilderness. By J. Carter

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NOTES AND MEMORANDA :-

Acworth, W. M., Professor Cohn and State Railway Ownership in England...
An English Savings Bank Manager, The Problem of our National Savings
Bondfield, Margaret G., Conditions under which Shop Assistants Work
Bowley, A. L., Wages in the United States and Europe

92

569

277

136

Bradby, Barbara L., and Anne Black, Women Compositors and the Factory
Acts

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Brooks, John Graham, Organised Labour in the United States

88

Burlumi, Theodore A., The Overproduction of Currants

633

Butlin, Frances M., International Congress of Women...

450

Chapman, S. J., The Trades Union Congress and Federation

80

The Regulation of Wages by Lists in the Spinning In-
dustry

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Cohn, Gustav (Translated by C. A. Foley), State Railways and State Revenue

in Prussia

592

93

NOTES AND MEMORANDA (continued) —

PAGE

Dawson, William Harbutt, The Housing of the Working Classes in Germany 445
Deverell, Edith M., Slate Clubs

266

Duckworth, Arthur, The Economic Aspect of Australian Federation
Edgeworth, Prof. F. Y., On a Point in the Theory of International Trade
Professor Seligman on the Mathematical Method in

322

125

Political Economy

286

...

Flux, Prof. A. W., The Danish Lock-Out

455

599

605

625

101

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

Ilbert, Lettice, Labourers' Dwellings

Jastrow, Henriette, Domestic Servants in Germany

Kiaer, A. Th., The Norwegian System of Regulating the Drink Traffic
Mahaim, Ernest Prof. (Translated by C. A. Foley), Political Economy in

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Oncken, August, New Tendencies in German Economics
Parker, E. H., The Chinese Salt Trade.

Seligman, Prof. E., on the Mathematical Method in Political Economy
Soyeda, J., Letter from Japan

...

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An Opening for British Enterprise 116

286

469, 651

611

315

Wood, George Hy., The Course of Average Wages between 1790 and 1860
Z., Compulsory Arbitration...

588

...

85

Z., Successful Profit-Sharing

585

Trüdinger, Otto (Translated by C. A. Foley), State Protection of Industry
and Commerce in Württemberg

...

Westergaard, Prof. Harald, Mortality in Extreme Old Age

...

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RECENT PERIODICALS AND NEW BOOKS... 150-160, 342-352, 494-504, 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 economic work-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.

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