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REVIEWS (continued) -

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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 Voraussetzungen 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
German Coal Miner, A, How thc English l'orkman Lives. 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

Avesi .. ... ...
Howard, E., To-morrow : A Peaceful Path to Real Reform. By F. M. Butlin 71
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 Wirtschaftsgeschichte. By

Prof. W. J. Ashley ... ..
Knapp, Georg Friederich, Grundherrschaft und Killergui. By Prof. W. J.

Ashley ... ... ... ... ... ... ... ... ... ... 253
Koren, John, Economic Aspects of the Liquor Prolilem. By Sidney Peel ... 565
Lawrence, F. W., Local l'ariulions in W'ages. By C. P. Sanger ... ...

421
Loria, Prof. Achille, La Costituzione Economica Odicrna. By J. Bonar ...
Mabilleau, Léopold, Rayneri, Charles, and Count de Rocquigny, La Prévoyance

Socialc 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 Famiglie ni Contailini in Provincia di
Treviso. By Henry Higgs ... ... ... ...

... ... 79
Marco, Prof. A. de Viti de, Saggi di Economia e Finanza. By Prof. C. F. Bastable 242
Marx, Karl, Valiu, Price, and Profil, By F. M. Butlin ... ... ... 72
Mase-Dari, E., Sul Bilancio dello Stato. By Prof. C. F. Bastable ... ... 562
Massart, Jean, et Emile Vandervelde, Parasitisme organique et parazitismg

· Social. By Ernest Mahaim ...
Mayo-Smith, Richmond, Statistics and Economics. By L. L. Price... ... 557
Menger, Dr. Anton, The Right to the Whole Produce of Labour; the Origin

and Development of the Theory of Labour Claim to the Whole Product of

Industry. By J. Bonar ...
Micheli, M. Horace, Slate Purchase of Railways in Switzerland. By W. M.

Acworth ... ... .. ... ... .. . ... ... ... 69

243

75

REVIEWS (continued)-

PAOK

442

226

Neymarck, Alfred, Vocabulaire Manuel d' Economie Politique. By E. Castelot 238
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 ... ... ... ... ... ... ... ... ... 417
Philippovich, Prof. E. von, Grundriss der Politischen Oekonomie. By J.

Bonar ... ... .... ... ... ... ... ... ... ...
Richmond, Mary E., Friendly Visiting among the Poor ; A Handbook for

Charity Workers. By Helen Bosanquet ...
Rodbertus, Karl, Overproduction and Crises. By Prof. E. C. K. Gonner ....
Romanes, J. H., Betterment and Municipal Improrements. By Edwin
Cannan ... ... ... ... ... ... ...

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

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

566
Souchon, Prof. A., La Propriété Paysanne, Étuile d'Economie Rurale. By

E. Castelot ... ... ... ... ... ... ... ... ... 567
Stetson, Charlotte Perkins, Women and Economics. By Frances M. Butlin ...
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.
Prof. F. Y. Edgeworth... ... ... ... ... ... ...

560
Waxweiler, Émile, La Participation aux Bénéfices. By Prof. Ch. Gide
Weber, Adna 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 ...
Wright, Carroll D., Outline of Practical Sociology. By A. L. Bowley ... 555

439

238

426

569

277

136

NOTES AND MEMORANDA :-

Acworth, W. M., Professor Cohn and State Railway Ownership in England... 92
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 ... ... ... ... ... ... ...

. . 261
Brooks, John Graham, Organised Labour in the United States
Burlumi, Theodore A., The Overproduction of Currants
Butlin, Frances M., International Congress of Women... ...
Chapman, S. J., The Trades Union Congress and Federation ...

... ... 80
The Regulation of Wages by Lists in the Spinning In.

dustry ... ... ... ... ... ... ... 692
Cohn, Gustav (Translated by C. A. Foley), State Railways and State Revenuo

in Prussia ... ... ... ... ... ... ... ... ... 93

88

633

450

PAG

86

599
605

NOTES AND MEMORANDA (continued)—

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

266
Duckworth, Arthur, The Economic Aspect of Australian Federation .... 322
Edgeworth, Prof. F. Y., On a Point in the Theory of International Trade ... 125

Professor Seligman on the Mathematical Method in

Political Economy ... ... ... **
Flux, Prof. A. W., The Danish Lock-Out ..

455
Hutchins, B. L., Notes towards the History of London Wages
Ilbert, Lettice, Labourers' Dwellings ... ... ... ...
Jastrow, Henriette, Domestic Servants in Germany ...

625
Kiaer, A. Th., The Norwegian System of Regulating the Drink Traffic ... 101
Mihaim, Ernest Prof. (Translated by C. A. Foley), Political Economy in
Belgium ... ... ... .. ... ... .

... ... ... 129
Oncken, August, New Tendencies in German Economies ..
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 ...
Z., Compulsory Arbitration...
Z., Successful Profit-Sharing ... ... ... ... ... ... ... 595

... 462

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RECENT PERIODICALS AND NEW BOOKS... 150-160, 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 all exact. It is a useful comparison, however, and we cannot do better than approach the question with a brief review of the

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

B

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” at this very 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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