HOLLANDER (J. H.). The Financial History of Baltimore. Baltimore: Johns Hopkins Press. 8vo. $1.50.

[These volumes in the Johns Hopkins Studies are important additions to the literature on local finance and taxation in the United States. Six States are considered in the second volume.]

MAC FARLANE (C. W.). Value, Price, Distribution. An Historical, Critical, and Constructive Study in Economic Theory. Philadelphia: J. B. Lippincott Co. 8vo, pp. 300. $2.50.

[The cost and utility theories of value, value and price, distribution, with special regard to interest and wages, are the subjects of this volume. Parts have already been printed in the Annals of the American Academy of Political and Social Science.]

MILLER (H. A.). Money and Bimetallism . . . . with a critical Analysis of the Theories of Bimetallism and Symmetallism. New York: G. P. Putnam's Sons. 8vo. pp. 308. $1.25.

[The author rejects the quantity theory, maintains that intrinsic value alone determines the exchange value of specie, criticises bimetallism, symmetallism, and the tabular theory of value, and argues for the maintenance of a simple gold standard.]

NEWCOMB (H. T.). World Publishing Co.

Railway Economics. Philadelphia Railway 12mo. pp. 152. $1.00.

[Reprint of a series of brief but judicious articles, originally published in the Railway World, on topics relating to railway experience in the United States,rates, discrimination, construction, and such like.]

PATTEN (S. N.). The Development of English Thought. A Study in the Economic Interpretation of History. New York: Macmillan.

[The well-known professor in the University of Pennsylvania proposes in this volume to follow English thought on economics and philosophy from Locke to the present century, with special regard to the interaction of social and economic conditions and of speculation and theory.]

SELIGMAN (E. R. A.). The Shifting and Incidence of Taxation. Second revised and enlarged edition. New York: Macmillan. 1899. [A second edition of the well-known monograph originally published in 1892 by the American Economic Association. "The whole work has been so completely revised that scarcely a single line will be found the same as in the first edition."]

VEBLEN (T. B.). The Theory of the Leisure Class. An Economic Study in the Evolution of Institutions. New York: Macmillan.

1899.

[Announced for publication in the early months of 1899. The author, professor m the University of Chicago, will consider the leisure class as an economic factor, with regard to the accumulation and consumption of wealth, and the direction given to social and economic activity.]

WOODS (ROBERT A.). Editor. The City Wilderness. A Settlement Study by Residents and Associates of the South End House [in Boston]. Boston: Houghton, Mifflin and Co. 12mo. pp. 318. $1.50.

[A careful account of the mode of life in the "South End," a large working class quarter in Boston, illustrated with maps. The whole is somewhat after the model of Mr. Booth's volumes. The editor is head of the South End Settlement.]

WYCKOFF (W. A.). The Workers: An Experiment in Reality. The West. New York: Scribners. 8vo. pp. 384. $1.50.

[Another volume detailing the experiences of an economist living the life of the workers. The slums of Chicago, the anarchists, wheat farms, mines in the west, and cattle ranches are touched on.]

BURTON (F. G.). Commercial Management of Engineering Works. Scientific Publishing Co. 1899. Pp. 310. 12s. 6d.

CROKER (G. J. O'B.). Retrospective Lessons on Railway Strikes : United Kingdom. London: Simpkin. 8vo, pp. 212. 2s. 6d.

John Ruskin, Social Reformer.

HOBSON (J. A.). London: Nesbit and Co. Boston: D. Estes and Co. 12mo, pp. 357. $1.50. KROPOTKIN (P. Fields, Factories, and Workshops. Hutchinson. 12s. PILING (WILLIAM). Old Age Pensions. London: Chapman and Hall.

SARGENT (A. J.). Economic Policy of Colbert. London: Longmans, Green and Co. 1899.

USSHER (R.).

pp. 328.

Neo-Malthusianism. London: Gibbings. 8vo,

MENGER (ANTON). The Right to the whole Produce of Labour. Translated by M. E. Tanner, with a preface by Prof. H. S. Foxwell. London: Macmillan. 8vo.

COSSA (L.). Histoire des Doctrines Économiques [translated from the Italian, with preface by A. Deschampes]. Brière. 8vo, pp. 574. 10 fr.

Paris Giard and

:

Dictionnaire du Commerce, de l'Industrie et de la Banque. Edited by Yves Guyot and A. Raffalovich. Paris: Guillaumin et Cie.

[Fifth instalment from Brevet d'Invention to Chanore.]

PAKETO (V.). La Liberté Économique et les Événements d'Italie. Lausanne T. Rouge. 8vo, pp. 126.

SAYOUS (ANDRÉ E.). Étude Économique et Juridique sur les Bourses Allemandes de Valeurs et de Commerce. Paris: Rousseau. 1898. Pp. 654. 12 fr. 50.

[A detailed account of the financial and agrarian difficulties in Germany which led to the legislation of 1896, with a history of the development of the German Exchanges and a full description of their present constitution. The author considers that the effect of the law of June 22, 1896, has been more harmful than advantageous, and believes that it must ultimately be repealed.]

AMBROZOVICS (BÉLA). Das Verhältniss zwischen Preis und Consumtion beziehentlich Production. Vienna: Spielhagen and Schurich. 1898.

BIEDERMANN (E.). Die Statistik der edlen Metalle . . . unter Anlehnung an die Soetbeerschen" Materialen " fortgeführt bis ende 1895. Berlin W. Ernst u. Sohn. 4to, pp. 84.

BÓDIKER (J.). Die Reichsversicherungsgesetzgebung. Leipzig.

1898.

BRENTANO (L.). Gesammelte Aussätze. 1 Band: Erbrechtspolitik, alte und neue Feudalität. Stuttgart: Cotta. 8vo, 14 m. [Announced]. LEWY (ALEXANDER). Zur Genesis der heutigen agrarischen Ideen in Preussen. Münchener Volkswirthschaftliche Studien. 27 Stuck. Stuttgart.

ROHRSCHEIDT (KURT). Vom Zunftzwange zur Gewerbefreiheit. Berlin. 1898.

SCHMOLLER (GUSTAV). Umrisse zur Verfassungs- und Wirthschaftsgeschichte im 17 und 18 Jahrhundt. Leipzig. 1898.

SCINKHOWITSCH (WLADIMIR GR.). Die Feldgemeinschaft in Russland. Jena G. Fischer. 1898. Pp. 399.

WIEDFELDT (OTTO). Statistische Studien zur Entwicklungsgeschichte der Berliner Industrie von 1720-1890. Leipzig. 1898.

31.

CONIGLIANI (C. A.). Gladstone e la finanza Inglese. Torino: Pp.

FLORA (FREDERICO). Il nostro sistema Tributario. Torino: Roux Frassati. 1898. Pp. 40.

GRAZIADEI. La produzione capitalistica. Torino: Bocca. 1898. [The author makes a brilliant endeavour to save the system of Marx by a slight modification.]

GRUPPALI. Saggi di Sociologia . . . Milano: Battistelli. 1899. [A defence of historic materialism.]

FERRARIS (C. F.). Teoria del di centramento amministrativo. Palermo: Saudron. 1899.

MASE-DARI. Sul Balancio dello Stato. Torino: Fratelli Bocca. 1899. Pp. 212.

SUPINO (CAMILLO). La domande di lavora e i disoccupati. Bocca. 1899. Pp. 19.

VITI DE MARCO (A. DE). Saggi di Economia e Finanza. Editi del Giornale degli Economisti Roma.

[Two essays on the economic theories of Antonio Serra and a contribution to the theory of public debt.]

VIDAURE Y ORUETA (D. CLEMENTE).

Economía Politica. Bilbao:

Casa de Misenconlie. 1898. Third edition.

[Substantially the same as former editions, but revised in form.]

THE ECONOMIC JOURNAL

JUNE, 1899

OUR ANNUAL MEETING.

THE ANNUAL GENERAL MEETING of the BRITISH ECONOMIC ASSOCIATION was held at 9, Adelphi Terrace, W.C., on Wednesday, the 22nd March, to elect the officers of the Association and to receive the Report of the Auditors.

The following Members of the Council who retired by rotation were re-elected: Mr. Ernest Aves, Prof. C. F. Bastable, Major P. G. Craigie, the Rev. Prof. Cunningham, Prof. F. Y. Edgeworth, Sir Robert Giffen, Mr. Henry Higgs, Prof. J. K. Ingram, the Rev. L. R. Phelps, and Mr. John Rae.

The dinner of the Association was held in the evening at the Westminster Palace Hotel. Sir Robert Giffen took the chair, and among those present were Lady Giffen, Prof. W. J. Ashley and Mrs. Ashley, Mr. W. M. Acworth, Mr. and Mrs. A. E. Bateman, Prof. Edgeworth, Miss M. A. Ellis, Prof. Foxwell, Mr. F. C. Harrison, Prof. Hewins, Mr. Higgs, Mrs. Birkbeck Hill, Mr. F. W. Lawrence, Mr. L. Magnus, Sir W. Markby, Mr. G. T. Pilcher, Mr. L. L. Price, Mr. L. C. Probyn, Mr. D. Renton, Mr. D. F. Schloss, Mr. P. Selby, Mr. W. T. Shaw, Prof. J. Westlake, and Mr. R. D. Wilson.

After dinner, Prof. Ashley delivered an address (see next page). A vote of thanks was moved to Prof. Ashley by Sir R. Giffen, seconded by Mr. Bateman, and carried by acclamation. The rest of the evening was given up to conversation.

No. 34.-VOL. IX.

M

AMERICAN TRUSTS.1

ALTHOUGH a subject of Her Britannic Majesty, I have, for the last few years, been entrusted with a share in the teaching work of a great American university; and, before that, I acted for some time in a like capacity in one of the universities of Canada, a country whose economic conditions present in some respects a close similarity to those of the neighbouring republic. It has accordingly been suggested that some American topic would not be inappropriate as my theme this evening; and it has even been intimated that some observations on the subject of "Trusts," which are now engaging so much attention on both sides of the Atlantic, would not be unwelcome to this assembly.

I cannot, indeed, profess to have myself investigated in any detail the actual working of any of the great organisations. known by that name. My sources of information are the books and articles accessible to any student of economics. But to have lived for ten years in the economic and psychological atmosphere of America may perhaps enable one, in some measure, to disentangle the larger and deeper forces which are at work from the merely superficial; and American phenomena may, perhaps, gain in significance when they are compared with like movements on this side of the Atlantic. I shall limit my field by omitting from consideration combinations or monopolies of a purely commercial or speculative character, like the recent Leiter corner in wheat, important as they are; and I shall confine myself to industrial combinations-combinations, that is, entered into by companies or individuals themselves engaged in production.

A dozen years ago the American public suddenly awoke to the fact that the supply of some of the commodities of com1 An address at the annual dinner of the British Economic Association, on March 22, 1899.