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REVIEWS (continued)-

PAGE

Arendt, Charles, Economie Politique Scientifique ; Définitions et Methodes.
By E. Castelot

236
Ashley, Prof. W. J., Translated and Edited by, Reflections on the Formation
and Distribution of Riches, by Turgot. By Henry Higgs...

78
Bernstein, Eduard, Die Voraussctzungen des Sozialismus und die Aufgaben
der Sozialdemocratie. By J. Bonar

551
Brentano, Prof. Lujo, Gesammelte Aufsätze. By Ernest Schuster

248
Brough, William, Open Mints and Free Banking. By L. Darwin

70
Brown, Mary Willcox, The Development of Thrift. By Helen Bosanquet 229
Census, The Federal, Edited by a Special Committee. By A. L. Bowley 428
Chance, W., M.A., Our Treatment of the Poor. By Helen Bosanquet

563
Children's Labour Question, reprinted from The Daily News. By Helen
Bosanquet

228
Cohn, Prof. Gustav, System der Nationalökonomie. By Prof. W. J. Ashley... 256
Davidson, Prof. John, The Bargain Theory of Wages. By Prof. F. Y.
Edgeworth

229
Devine, Edward Thomas. Ph.D., Economics. By Edwin Cannan

560
Diehl, Prof. Dr. Karl, Veber das Verhältnis von Wert und Preis im ökonomis-
chen System von Karl Marx. By F. M. Butlin

73
German Coal Miner, A, How the English Workman Lires. By Prof. F. Y.
Edgeworth

440
Giddings, Franklin Henry, The Elements of Sociology. By Prof. H. Sidgwick 411
Hall, Fred. S., Sympathetic Strikes and Sympathetic Lockouts. By Ernest
Aves

424
Howard, E., To-morrow : A Peaceful Path to Real Reform. By F. M. Butlin
Hull, Charles Henry, The Economic Writings of Sir Willian Petty, together

with the Observations upon the Bills of Mortality, more probably by Captain
John Graunt. By Henry Higgs

564
Inama-Sternegg, Dr. Karl Theodor von, Deutsche W'irtschaftsgeschichte. By
Prof. W. J. Ashley

416
Knapp, Georg Friederich, Grundherrschall und Rittergut. By Prof. W.J.
Ashley

253
Koren, John, Economic Aspects of the Liquor Problem. By Sidney Peel 565
Lawrence, F. W., Local l'ariations in Wages. By C. P. Sanger

421
Loria, Prof. Achille, La Costituzione Economica (dicrna. By J. Bonar 243
Mabilleau, Léopold, Rayneri, Charles, and Count de Rocquigny, La Prévoyance
Sociale en Italie. By E. Castelot

236
Macfarlane, C. W., Value and Distribution: an Historical, Critical, and

Constructive Study in Economic Theory. By Prof. F. Y. Edgeworth 233
Mantovani, Felice, Bilanci di Trenta Famiglia di Contailini in Provincir di
Treviso. By Henry Higgs

79
Marco, Prof. A. de Viti de, Saggi di Economia e Firuna. By Prof. C. F. Bastable 242
Marx, Karl, Value, Price, and Profit. By F. M. Butlin

72
Masè-Dari, E., Sul Bilancio dello Stato. By Prof. C. F. Bastable

562
Massart, Jean, et Emile Vandervelde, Parasitisme organique et parisitismo
Social. By Ernest Mahaim

75
Mayo-Smith, Richmond, Statistics and Economics. By L. L. Price

557
Menger, Dr. Anton, The Right to the Whole Producc of Labour; the Origin

and Development of the Theory of Labour Claim to the Whole Product of
Industry. By J. Bonar

246
Micheli, M. Horace, State Purchase of Railways in Switzerland. By W. M.
Acworth ...

69

...

REVIEWS (continued)-

PAOE

By Prof.

Neymarck, Alfred, Vocabulaire Manuel d'Economie 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.
W. J. Asley

417
Philippovich, Prof. E. von, Grundriss der Politischen Oekonomie. By J.
Bonar

442
Richmond, Vary E., Friendly Visiting among the Poor ; A Handbook for
Charity Workers. By Helen Bosanquet

226
Rodbertus, Karl, Overproduction and Crises. By Prof. E. C. K. Gonner 77
Romanes, J. H., Betterment and Municipal Improrements.

By Edwin
Cannan

260
Seligman, Prof. Edwin, The Shifting Incidence of Taxation. By Prof. C. F.
Bastable

240
Sites, Çlement M Lacey, Centralised Administration of Liquor Laus in the
American Commonwealths. By Sidney Peel

566
Souchon, Prof. A., La Propriété Paysanne, Étuile il' Economie Rurale. By
E. Castelot

567
Stetson, Charlotte Perkins, Women and Economics. By Frances M. Butlin ... 439
Swain, Henry H., Economic Aspects of Railway Receiverships. By W. M.
Acworth

68
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

236
Villey, Prof. Edmond, L'Euvre Économique de Charles Dunoyer. By J.
Bonar

553
Virgilii, F., e Garibaldi, C., Introduzione alla Economia Mathematica. By
Prof. F. Y. Edgeworth...

560
Waxweiler, Émile, La Participation aux Bénéfices. By Prof. Ch. Gide 238
Weber, Adda Ferrin, The Growth of Cities in the Nineteenth Century. A
Study in Statistics. By Prof. F. Y. Edgeworth

558
Woods, Robert A., The City Wilderness. By J. Carter

426
Wright, Carroll D., Outline of Practical Sociology. By A. L. Bowley

555

...

NOTES AND MEMORANDA:-

92
569
277
136

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

Acts
Brooks, John Graham, Organised Labour in the United States
Burlumi, Theodore A., The Overproduction of Currants
Butlin, Frances M., International Congress of Women...
Chappan, S. J., The Trades Union Congress and Federation

The Regulation of Wages by Lists in the Spinning In.

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

in Prussia

261

88
633
450
80

592

...

93

PAG

101

NOTES AND MEMORANDA (continued)-

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

322
Edgeworth, Prof. F. Y., On a Point is the Theory of International Trade 125

Professor Seligman on the Mathematical Method in
Political Economy ...

286
Flux, Prof. A. W., The Danish Lock-Out

455
Hutchins, B. L., Notes towards the History of London Wages

599
Ilbert, Lettice, Labourers' Dwellings

605
Jastrow, Henriette, Domestic Servants in Germany

625
Kiaer, A. Th., The Norwegian System of Regulating the Drink Traffic
Muhaim, Ernest Prof. (Translated by C. A. Foley), Political Economy in
Belgium

129
Oncken, August, New Tendencies in German Economics

462
Parker, E. H., The Chinese Salt Trade. An Opening for British Enterprise 116
Seligman, Prof. E., on the Mathematical Method in Political Economy 286
Soyeda, J., Letter from Japan

469, 651
Trüdinger, Otto (Transiated by C. A. Foley), State Protection of Industry
and Commerce in Württemberg

611
Westergaard, Prof. Harald, Mortality in Extreme Old Age

315
Wood, George Hy., The Course of Average Wages between 1790 and 1860 583
Z., Compulsory Arbitration...

85
Z., Successful Profit-Sharing

595

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RECENT PARLIAMENTARY PAPERS

328-330, 477-189

RECENT PERIODICALS AND NEW BOOKS... 150-150, 312-332, 194-504, 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 a! exact. It is a useful comparison, however, and we cannot do better than approach the question with a brief review of the at this very

1 Read before Section F of the British Association, 1898. No. 33.-VOL. IX.

points of resemblance and difference between a municipality or other local government, and a public joint-stock company.

Probably the first thing to strike the casual observer will be the similarity of the government of the two institutions. Just as the government of the joint-stock company is entrusted to certain elected representatives called the directors, so the government of the locality is entrusted to certain elected representatives called the town or district council. Neither the electors of the directors nor the electors of the council often interfere directly in the management, and both in the company and the locality their powers of direct interference are almost entirely limited to placing a veto on the raising of new capital. There is, of course, nothing surprising in the similarity, for the municipal corporation and the jointstock company are only two kinds of corporation, and in America, indeed, every company is called a “corporation moment. So far as their government is concerned, the chief difference between the municipal corporation and the business corporation lies in the fact that in the municipal corporation the electors exercise their right of election, at any rate to the extent of taking their choice between the nominees of two political caucuses, whereas in the other corporation the electors seldom do more than acquiesce in the election of directors nominated by the directors themselves. The shareholders of an ordinary public company are a widely scattered body, knowing nothing at first hand either about each other or about the business of the company; whereas the electors in a locality are each other's neighbours and have the results of the working of the municipality immediately before their eyes every day of their lives. Consequently the electors in a locality are able and willing to exercise far more influence than the shareholders in a company.

Secondly, it will be observed that the municipal corporation and the business corporation resemble each other in the fact that the bond of union between the members of the corporation is not a directly personal one, but one founded on the connection between persons and certain property. Just as you become a proprietor or shareholder in a public company by purchasing certain stock or shares, so you become a citizen, burgess, or parochial elector in a place by owning or occupying in a certain way for a certain period a particular kind of fixed property within the area of the city, borough or district. In neither case is there any power to reject a new member or expel an old one. Neither the proprietors of the G. W. R. nor the citizens of Bristol can refuse you admittance to their register because you have cheated at cards or married

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