MACMILLAN AND CO., LIMITED
LONDON · BOMBAY · CALCUTTA

MADRAS. MELBOURNE

THE MACMILLAN COMPANY NEW YORK • BOSTON • CHICAGO • DALLAS

BAN FRANCI800

THE MACMILLAN CO. OF CANADA, LTD.

TORONTO

THE

ECONOMIC JOURNAL

THE JOURNAL OF

The Royal Economic Society

EDITED BY
F. Y. EDGEWORTH and J. M. KEYNES

VOLUME XXXIV

London
MACMILLAN AND CO., LIMITED

NEW YORK : THE MACMILLAN COMPANY

1924

PRINTED IN GREAT BRITAIN BY RICHARD CLAY & Sons, LIMITED,

BUNGAY, SUFFOLK.