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REVIEWS (continued) —

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

Ashley, Prof. W. J., Translated and Edited by, Reflections on the Formation
and Distribution of Riches, by Turgot. By Henry Higgs...
Bernstein, Eduard, Die Voraussetzungen des Sozialismus und die Aufgaben
der Sozialdemocratie. By J. Bonar
Brentano, Prof. Lujo, Gesammelte Aufsätze. By
Brough, William, Open Mints and Free Banking.
Brown, Mary Willcox, The Development of Thrift.
Census, The Federal, Edited by a Special Committee. By A. L. Bowley
Chance, W., M.A., Our Treatment of the Poor. By Helen Bosanquet
Children's Labour Question, reprinted from The Daily News.

Bosanquet

Ernest Schuster
By L. Darwin

PAGE

236

78

551

248

70

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

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Devine, Edward Thomas. Ph. D., Economics. By Edwin Cannan
Diehl, Prof. Dr. Karl, Ueber das Verhältnis von Wert und Preis im ökonomis-
chen System von Karl Marx. By F. M. Butlin

560

73

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

...

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

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

Inama-Sternegg, Dr. Karl Theodor von, Deutsche Wirtschaftsgeschichte. By
Prof. W. J. Ashley

440

411

424
71

564

416

...

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

253

Koren, John, Economic Aspects of the Liquor Problem. By Sidney Peel
Lawrence, F. W., Local Variations in Wages. By C. P. Sanger
Loria, Prof. Achille, La Costituzione Economica Odierna. By J. Bonar
Mabilleau, Léopold, Rayneri, Charles, and Count de Rocquigny, La Prévoyance

565

421

243

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
Mantovani, Felice, Bilanci di Trenta Famiglie di Contadini in Provincia di
Treviso. By Henry Higgs

233

79

Marco, Prof. A. de Viti de, Saggi di Economia e Finanza. By Prof. C. F. Bastable 242
Marx, Karl, Value, Price, and Propt. 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 parasitisme
Social. By Ernest Mahaim

75

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

557

246

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

By W. M.

Acworth ...

69

REVIEWS (continued) —

PAGE

Neymarck, Alfred, Vocabulaire Manuel d'Economie Politique. By E. Castelot 236
Odgers, William Blake, Local Government. By F. W. Hirst.....
Ogilvy, A. J., The Third Factor of Production, and other Essays.
Bonar

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224

74

By J.
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 Oekonomie. By J.
Bonar

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

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

77

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

566

...

Souchon, Prof. A., La Propriété Paysanne, Étude d'Economie Rurale. By
E. Castelot

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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

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

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Bonar
Vigilii, F., e Garibaldi, C., Introduzione alla Economia Mathematica. By
Prof. F. Y. Edgeworth...

439

68

560

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

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

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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

261

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

592

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

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
Political Economy ...

322

125

286

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

455

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

599

605

625

101

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

Belgium...

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Oncken, August, New Tendencies in German Economies

Parker, E. H., The Chinese Salt Trade.

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

Trüdinger, Otto (Transiated by C. A. Foley), State Protection of Industry

and Commerce in Württemberg

129

462

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Westergaard, Prof. Harald, Mortality in Extreme Old Age

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

Z., Compulsory Arbitration...

Z., Successful Profit-Sharing

OBITUARY:-
:-

Farrer, Lord

Knies, Prof. Karl

Meyer, Dr. Rudolph

Rawson, Sir Rawson, K.C.M.G.

664

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RECENT PERIODICALS AND NEW BOOKS... 150-150, 342-352, 191-504, 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.

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 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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