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recipient's budget were to rise in price . . . and that this is possible in the case of food is clear-an absolute rise in efficiency might be a relative fall in efficiency, measured by command over means of living.

Another policy is to make the labour programme international, which may be possible within the Empire :-

"the recognition of the Empire as our economic unit for the struggle of the future; the extinction of protective tariffs within the Empire, even at some cost to ourselves-e.g., in the assumption of a part of the financial burdens of such of our colonies as can give adequate guarantees of their financial good behaviour in the future."

The disquisitions, on "absolute" and "relative" advantage, or efficiency, which support these suggestions do not admit of abridgement. I. Saving and Spending. Prof. A. FLUX.

A vindication of classical doctrines against the teaching that " underconsumption" is the cause of industrial depression. II. A Reply. J. A. HOBSON.

The Foreign Policy of Collectivism. L. T. HOBHOUSE.

Jingoism is a monstrous inconsistency in the apostles of social equality. It supports commercial competition and diverts, for the benefit of the investor, funds that collectivism needs for social reform. The Workmen's Side of the New Trades Combination Scheme. E. J. SMITH.

Six substantial benefits accrue to the workmen, who in return have only to refuse working for those who transgress the compact.

The National Review.
February, 1899.

The New Zealand Old-age Pension Act. Hon. W. P. REEVES.

Any New Zealander who has come to the age of sixty-five after living not less than twenty-five years in New Zealand shall be entitled to 6s. 11d. a week or £18 a year, if his income from any source is less than £34 a year. Otherwise £1 is deducted from the pension for every £1 of income in excess of £34. There are also some moral disqualifications, e.g., "If any pensioner misspends, wastes, or lessens his estate or greatly injures his health, or endangers and interrupts the peace of his family."

March.

The Aged Poor. JOHN HUTTON, M.P.

May.

The Moral of Indian Countervailing Duties. M. M. BEETON.

The Quarterly Journal of Economics (Boston).

April, 1899.

The Theory of Savers' Rent, and some of its Applications. C. W. MIXTER. The Study of Practical Labour Problems in France. WILLIAM F. WILLOUGHBY. The Gas Supply of Boston. III. JOHN H. GRAY.

Can we keep a Gold Currency? CHARLES F. DUNBAR.

That considerable

There is no danger of the gold currency failing. amounts are liable to be drawn away is due to bad legislation, that they are soon recovered is due to natural advantages.

Political Science Quarterly (New York).

March, 1899.

The Sugar Situation in Europe.

Securities. Prof. F. W. TAUSSIG.

J. F. CROWELL. Taxation

American Academy of Political and Social Science (Philadelphia).

March.

Nationalization of the Swiss Railways. I. H. DIETLER. Wealth and Welfare. III. H. A. POWERS.

May.

Nationalization of the Swiss Railways. II. H. DIETLER. A Function of the Social Settlement. J. ADDAMS. Tendencies in Primary Legislation. W. J. BRANSON.

Supplement to May No.

The Foreign Policy of the United States. Political and Commercial.

The Journal of Political Economy (Chicago).

March, 1899.

The Charge for Railway Mail Carriage.

GEORGE G. TUNELL. The Development of Credit. CHARLES A. CONANT. Industrial Democracy. CHARLES ZUEBLIN.

Some Social Applications of the Doctrine of Probability. OTTO AMMON.

The form of the curve which represents the frequency of different degrees of ability is not that of a pyramid, but rather of [a vertical section of]" a somewhat flat turnip" :-genius and talent at one tapering extremity, at the other the extreme degrees of incompetence. Even income statistics, correspond to this distribution of ability [?]

Yale Review (Newhaven).
February, 1899.

The Dynamic Law of Wages. JOHN B. CLARK.

"Competition is forcing all values toward this level of minimum, no-profit prices. In the absence of movements that we term dynamic, all prices would reach that level and hold it." . . . . "The profit that an improvement at first secures for an entrepreneur, competition wrests from him, and gives to labourers and capitalists."-Not so soon, however, but that the entrepreneur should have some inducement to make improvements. The movement of the standard of wages will be one of the chief studies of the political economy of the future. Value and its Measurement. D. I. GREEN. The Coin Shilling of Massachusetts Bay, II. WILLIAM G. SUMNER. Workmen's Compensation Acts. MORRIS F. TYLER. Denmark and its Aged Poor. A.W. FLUX.

Journal des Économistes (Paris).

March, 1899.

Du Taux actual de l'Intérêt et de ses Rapports avec la Production des Métaux précieux et les autres Phénomènes économiques. R. G. LÉVY. Mouvement scientifique et industriel. DANIEL BELLET. Revue de l'Académie des Sciences Morales et Politiques (du 15 Novembre 1898, au 25 Févrer 1899). M. JOSEPH LEFORT. Les dépenses militares de la France et de l'Allemagne. M. G. MOCH.

April.

Quelle est la véritable Définition de l'Individualisme? HENRY LÉON. Du Taux de l'Intérêt et de ses Rapports avec la Production des Métaux précieux et les autres Phénomènes économiques. M. R. G. Lévy. Mouvement financiel et commercial. M. MAURICE ZABLET. des principales Publications économiques de l'Étranger. MAURICE BLOCK. Les Finances italiennes. Le Marché à Terme en Grains à Londres. M. A. SAYOUS. Le Problème des Monopoles.

May.

La Conférence de La Haye. G. DE MOLINARI. La Réforme de l'Enseignement dans nos Écoles de Droit et la Tradition du Droit romain. M. E. MARTINEAU. Le Féminisme au point de vue économique. H. BOUËT. Revue des principales Publications économiques en Langue française. M. ROUXEL. La Mine et les Mineurs. M. ED. RACOIN.

Revue d'Économie Politique (Paris).

February, 1899.

L'Assurance ouvrière obligatoire. RAOUL JAY.

Premiers Effets de la Loi Anglaise sur les Accidents du Travail. HY. WOLFF. "Les Banques allemandes en cas de Crise ou de Guerre. A. E. SAYOUS.

March.

Les Associations professionelles de l'Avenir. E. DE GIRARD. La Théorie de la Rente foncière du Karl Marx. N. SLEPZOFF. Variations du Taux de l'Escompte. F. S. NITTI.

April.

Essai sur les

Les Villes tentaculaires. E. VANDERVELDE. [The effects of crowding into cities are discussed with special reference to Belgium.] La genèse de l'argent. CH. FAIRE. Les Groupements féministes en France. CHARLES TURGON. [A piquant classification of the Amazon hosts by which the supremacy of man is threatened.] La Productivité du Travail et les salaires. L. DECHESNE.

Jahrbücher für Nationaloekonomie und Statistik (Jena).
February, 1899.

Zur Geschichte der lehre von der Gravitation der Löhne nach gewissen Kostenbeträgen. F. J. NEUMANN. Die Abgabenfreiheit der deutschen Ströme und die deutsche Landwirthschaft. VICTOR KURS. Die erkenntnistheoretischen Grundlagen der Wahrscheinlichkeitsrechnung. L. v. BORTKIEWICZ. [A discussion of the first principles of Probabilities, with special reference to Goldschmidt's book.]

March.

Die chinesischen Vertragshafen. . . H. SCHUMACHER. Der begriff "Sozial politik." v. BORTKIEWIEZ.

In the Miscellanies, statistics of the numbers of students in German Universities, from 1831 on, show a great increase in the proportion of students to population, a decline in the proportion of theologians.

April.

Die Grundrententheorie im ökonomischen System von Karl Marx. KARL DIEHL. Zur Erkenntnislehre der Volkswirtschaflichen Phänomene. STAN. GRABSKI.

Statistics of births, deaths, and marriages for the different people of the world in recent decennia are presented in the Miscellanies.

May.

Die Entwickelung der Kindersterblichkeit in der europaischen Staaten. DR. F. PRINZIG.

A copious compilation of statistics seems to show that in many lands, France, Russia, Great Britain, Denmark, there has been a slight increase in child mortality during the last few years.

Die Entwickelung des Preis niveaus in den letzten Decennien. J. CONRAD. Referring to former papers on the subject-beginning with that of Laspeyeres in 1864-Dr. Conrad tests the change in the level of prices by a variety of methods.

Bemerkung zur Wahrscheinlichkeitslehre. C. STUMPF. A reply to Dr. Bortkevitch.

Zeitschrift für Volkswirtschaft Socialpolitik und Verwaltung. Bd. VII. Heft II. E. BÖHM-BAWERK.

Professor Böhm-Bawerk maintains his thesis as to the greater productivity of longer circuits of production (Productionsumwege) against Professor Lexis and other critics.

De Economist (The Hague) for April, 1899, presents a comparison between the prices of several articles in Holland and Germany on the strength of which certain employees of the Dutch State Railway Company serving at a place on the German side of the frontier have petitioned for an increase of pay. Some of the contrasts between the free trading and the protected country are very striking. 5 cents per pound for wheat bread in Holland, 27 cents in Germany; for rye bread 5 cents in Holland, 48 in Germany.

The March number contains an article on obligatory insurance of workman against invalidity and old age by M. BOISSEVAIN.

In the Nordisk tidskritt for 1898 (Stockholm), Professor Harald Westergaard has an article on "Monopoly in the Science of Finance," with special reference to Professor Knut Wick sell's Finanztheoretische Untersuchungen. Among other peculiarities of taxation in a régime of monopoly there is adduced the theorem propounded in the ECONOMIC JOURNAL, 1897, p. 231, that a tax on first-class railway tickets might conceivably lower the fares both for the first class and also for the other class or classes.

We take this opportunity of calling attention to an article by Professor Westergaard in the Nationalokonomisk Forenings Festschrift (Copenhagen) 1897, on the "Basis of Taxation"; in which he examines various theories as to the just apportionment of the burden of taxation, with the conceptions of the relation between the state and the individual on which they more or less definitely rest. There is much that is arbitrary in all proposals, whether based on value of services rendered by the state, or on taxation according to ability, or that interpretation which demands equality of sacrifice. So far as a principle of apportionment is concerned, Sax is quoted with greatest approval, and equality of sacrifice

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