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Correspondents:

Prof. C. R. Fay for CANADA

| Prof. CHARLES GIDE for FRANCE (University of Toronto).

(University of Paris) Prof. H. STANLEY JEvons for INDIA

Prof. A. ANDRÉADÈS , GREECE (University of Allahabad).

(University of Athons). Mr. A. DUCKWORTH for New South WALES Prof. G. W. J. Bruins for HOLLAND (Australian Mutual Provident Society, Sydney).

(Rotterdam School of Commerce). Prof. JAMES HIght for New ZEALAND Prof. A. Loria for ITALY (Canterbury College).

(University of Turin). Prof. R. A. LEHFELDT for SOUTH AFRICA Mr. Jiuchi SoyEDA for JAPAN (School of Mines and Technology, Johannesburg).

(Industrial Bank of Japan, Tokyo). Prof. SCHUMPETER for AUSTRIA

Prof. F. BERNIS for SPAIN (University of Vienna).

(University of Salamanca). Prof. E. MAHAIM , BELGIUM

Prof. G. CASSELL » SWEDEN (University of Liége).

(University of Stockholm). Prof. H. WESTERGAARD for DENMARK Prof. E. R. A. SELIGMAN for UNITED STATES (University of Copenhagen).

(Columbia University, New York).

THE ROYAL ECONOMIC SOCIETY (incorporated by Royal Charter, 1902) was founded, under the name of the BRITISH ECONOMIC ASSOCIATION, at a meeting held at University College, London, on November 20th, 1890, the Right Hon. G. J. Goschen, M.P. (the late Viscount Goschen), in the Chair.

The Society has for its object the general advancement of economic knowledge.

The Journal of the Society, published quarterly by Messrs. Macmillan and Co., Ltd., London, and sent post free to Fellows, is intended to represent the various shades of economic opinion, and to be the organ, not of one school of economists, but of all. The Journal numbers among its contributors the leading economists of all countries. Fellows are entitled in addition to the Journal, to copies of sundry other publications issued by the Society from time to time.

Apart from the Annual Meeting a Congress of the Society has been periodically convened for the discussion of social and economic questions and opportunity has thus been afforded for the reunion of Fellows.

By arrangement with the London School of Economics, Fellows of the Royal Economic Society may obtain from the Secretary a card entitling them to the use of the valuable library of that institution.

Patron–HIS MAJESTY THE KING.

Council:
The Right Hon. VISCOUNT HALDANE OF CLOAN, O.M., F.R.S., President.
THE Right Hon. THE EARL OF BALFOUR, K.G., 1
O.M., F.R.S.

\ Vice-Presidents.
PROFESSOR F. Y. EDGEWORTH, F.B.A.

THE RIGHT Hon. VISCOUNT MILNER, G.C.B. Sir WILLIAM M. ACWORTH, K.C.S.I.

Dr. T. E. GREGORY. Sir CHARLES ADDIS, K.C.M.G.

Mr. R. G. HAWTREY. Professor Sir WILLIAM ASHLEY.

Mr. HENRY Higgs, C.B. Professor C. F. BASTABLE, F.B.A.

Professor LILIAN KNOWLES. Sir WILLIAM BEVERIDGE, K.C.B.

Mr. W. T. LAYTON, C.H., C.B.E. Dr. JAMES BONAR.

Professor D. H. MACGREGOR. Professor A. L. BOWLEY, Sc.D., F.B.A.

Professor H. O. MEREDITH. The Hon. R. H. BRAND.

Professor J. S. NICHOLSON, F.B. A. Professor EDWIN CANNAN (Hon. Secretary).

Professor A. C. Pigou. Sir SYDNEY CHAPMAN, K.O.B., C.B.E.

Mr. L. L. PRICE (Hon. Secretary). Dr. J. H. CLAPHAM, Č.B.E.

Professor W. R. Scott, Litt.D., Professor H. CLAY.

F.B.A. Miss C. E. COLLET.

Sir H. LLEWELLYN SMITH, G.C.B. Mr. 0. T. Falk, C.B.E.

Sir J. C. Stamp, K.B.E., Sc.D. Mr. A. W. Flux, C.B.

The Right Hon. SIDNEY WEBB.
Professor H. S. FOXWELL, F.B.A.

Mr. HARTLEY WITHERS.
(Hon. Secretary).
Mr. ALFRED HOARE, Hon Treasurer.
Prof. F. Y. EDGEWORTH, F.B.A. Time Plane
Mr. J. M. KEYNES, C.B. S
Mr. J. M. KEYNES, C.B., Secretary.
Mr. S. J. BUTTRESS, Asst. Secretary.

Applications for Fellowship should be addressed by letter to the SECRETARY, Royal Economic Society, 9, Adelphi Terrace, London, W.C. 2. The Annual Subscription is a Guinea. Any Fellow may compound for his future yearly payments by a Life Subscription of Ten Guineas. There is at present no entrance fee. Libraries of a public or semi-public character are admitted to subscribing membership on special terms, which can be obtained on application to the Secretary.

Books and Periodicals for Review should be addressed to the Editor, Royal Economic Society, 9, Adelphi Terrace, London, W.C. 2.

Editorial Communications should be addressed to J. M. KEYNES, Esq., C.B., King's College, Cambridge.

All communications respecting Advertisements to be sent to
WALTER JUDD, Ltd., 97, Gresham Street, London, E.C. 2

VOLUME XXXIV

ARTICLES :

PAGE Armstrong, W. E., Rossel Island Money: A Unique Monetary System 423 Ashley, Prof. Sir William, A Retrospect of Free-trade Doctrine ... 501 Bellerby, J. R., The Monetary Policy of the Future ... ... ... 177 Bickerdike, C. F., Individual and Social Interests in Relation to Saving 408 Bowley, Prof. A. L., Births and Population in Great Britain ... ... 188 Buckley, H., Sir Thomas Gresham and the Foreign Exchanges ... 589 Cannan, Prof. E., Limitation of Currency or Limitation of Credit? ... 52 Caryer, Prof. T. N., The Incidence of Costs ... ... ... ... 576 Clay, Prof. H., The Post-War Wages Problem ... ... ...

1 Copland, Prof. D. B., The Economic Situation in Australia, 1918–23... 32 Copland, Prof. D. B., Some Problems of Taxation in Australia, ... 387 Discussion on Monetary Reform at Annual Meeting, Prof. Cannan,

Mr. R. G. Hawtrey, Sir Charles Addis, Mr. J. M. Keynes, Lord
Milner ... ... ... ... ...

155 Fay, Prof. C. R., The Sale of Corn in the 19th Century

211 Grant, Miss I. F., The Income from a Scotch Farm in the 18th Century Guillebaud, C. W., The Economics of the Dawes Report

540 Heaton, H., An Experiment in the Teaching of Economics ... 219 Keynes, J. M., A Comment on Prof. Cannan's Article ... ... Keynes, J.M., Alfred Marshall, 1842–1924 ... ...

311 Lindsay, A. D., Organisation of Labour in the Army during the War 69 Richardson, J. H., The Family Allowance System ... Robertson, D. H., Those Empty Boxes ... ... ... ... ... 16 Rowe, J. W. F., Wages in the Cotton Industry, 1914–1920

200 Tocker, A. H., The Monetary Standards of New Zealand and Australia 556 Venn, J. A., The Report of the Agricultural Tribunal ... .

398 Wadia, Prof. P. A., True Basis of Protection for India

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REVIEWS :

Andréadès, A., La Population Anglaise. By Prof. A. L. Bowley ... Angas, L. L. B., Germany and her Debts. By T. E. Gregory ... ... 101 Bellerby, J. R., Control of Credit as a Remedy for Unemployment. By

R. G. Hawtrey ... ... ... ... ... ... ... ... 440 Belloc, H., Economics for Helen. By Helène Reynard ... ... 620 Berridge, W. A., Cycles of Unemployment in the United States. By Sir

W. Beveridge ... ... ... ... ... ... ... ... 93 Beveridge, Sir W. H., Insurance for All and Everything. By N. B.

Dearle ... ... ... ... ... ... ... ... ... 441 Blanc, E. T., Co-operative Movement in Russia. By Henry Vivian ... 463 Bowley, A. L., The Mathematical Groundwork of Economics. By Prof.

F. Y. Edgeworth ... ... ... ... ... ... ... 430 Broughton, G. M., Labour in Indian Industries. By Clara E. Collet... 457 Bücher, K., Beiträge zur Wirtschaftsgeschichte. By Prof. E. Schwied.

land ... ... ... ... ... ... ... ... ... Business Cycles and Unemployment. By Sir W. Beveridge ... ... 93 Campbell, P. C., Chinese Coolie Emigration. By Francis E. Lawloy ... 254 Cannan, E., Money : its Connexion with Rising and Falling Prices.

By T. E. Gregory ... ... ... ... ... ... ... 99 Cassel, G., The Theory of Social Economy. By H. Phillips ... ... 235 Chen, Ta, Chinese Migrations. By Francis E. Lawley

264 Clark, G. N., The Dutch Alliance and the War against French Trade,

1689–1697. By George Edmundson

121

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PAGE Comish, N. H., The Standard of Living. By Helène Reynard

452 Dibblee, G. B., The Psychological Theory of Value. By D. H. Robertson 606 Fahlbeck, P. E., Die Klassen und die Gesellschaft. By Prof. E.

Schwiedland ... ... ... ... ... ... ... ... 120 Finer, H., Representative Government and a Parliament of Industry. By

Graham Wallas ... ... ...
Fisher, Mrs. H. A. L., The Economic Position of the Married Woman.

By Prof. F. Y. Edgeworth ... ... ... ... ... ... 446 Flux, A. W., Economic Principles (Second Edition). By J. Lemberger 437 French, C. E., The Shop Committee in the United States. By. H. W.

Macrosty
Gide, Charles, Fourier, précurseur de la Coopération. By L. Smith-

Gordon ... ... ... ... ... ... ... ... ... 614 Hainisch, M., Die Landflucht. By Prof. E. Schwiedland ... ... 468 Hardy, C. O., Risk and Risk-bearing. By D. H. Robertson ... 608 Hastings, H. B., Costs and Profits : their Relation to Business Cycles.

By C. F. Bickerdike ... ... ...
Hearnshaw, F. C. J. Democracy and Labour. By L. L. Price
Herkner, H., Die Arbeiterfrage. By Prof. E. Schwiedland ...
Is Unemployment Inevitable ? By N. B. Dearle ... ...
Jones, Eliot, The Trust Problem in the United States. By H. W.

Macrosty ... ... ... ... ... ... ...
Joseph, H. W. B., The Labour Theory of Value in Karl Marx. By

James Bonar ... ... ... ... ... ... ...
Kennedy, W. P. M., Edited by, Social and Economic Conditions in

Canada. By Prof. H. E. Egerton ... ... ... ... ... 108 Keynes, J. M., Monetary Reform. By R. G. Hawtrey ... ... Kötzschke, R., Algemeine Wirthschaftsgeschichte des Mittelalters. By

J. H. Clapham ... ... ... ... ... ... ... Kuske, B., Die Bedeutung Europas für die Entwicklung der Weltwirt

schaft. By Prof. E. Schwiedland ... ... ... ... ... 474 Lavergne, B., Les coopératives de la consommation en France. By L.

Smith-Gordon ... ... Lawrence, F. W. Pethick, The National Debt. By Prof. Edwin Cannan 609 Lescure, J., Des crises générales et périodiques de surproduction. By

J. I. Craig ... ... ... ... ... ... ... ... 613 Levy, H., Die Vereinigten Staaten von Amerika als Wirtschaftsmachet.

By Prof. J. H. Hollander Lord, J., Capital and Steam-power, 1750-1800. By T. S. Ashton ... 617 Lotz, W., Valutafrage und öffentliche Finanzen in Deutschland. By

T. E. Gregory ... ... ... ... ... ... ... Lowenfeld, H., The Birthright of Man. By J. Lemberger ... ... 621 Maclaren, W. A., Rubber, Tea and Cacao. By E. Cleveland Stevens... Marriott, J. A. R., Economics and Ethics. By E. F. Jacobs ... ... 248 Menger, Carl, Grundsätze der Volkswirtschaftslehre. By J. Bonar ... 241 Miles, T. B., Industrial Unrest : its Cause and a Suggested Cure. By

J. Lemberger ... ... ... ... ... ... ... ... 621 Moreland, W. H., From Akbar to Aurangzeb. By Sir Theodore Morison 266 Munro, A. E., Monetary Theory before Adam Smith. By Prof. W. R.

Scott ... ... ... ... ... ... ... ... ... 264 Nippold, O., The Development of International Law after the World War.

By J. L. Brierly .. ... ... .. ....... ...
Nussbaum, F. L., Commercial Policy in the French Revolution. By

Prof. Holland Rose ... ...
Ogata, K., The Co-operative Movement in Japan. By Prof. E.

Schwiedland ...
Pasvolsky, L., and Moulton, H. G., Russian Debts and Russian Recon.

struction. By L. Alston
Perlman, S., History of Trade Unionism in the United States. By

H. W. Macrosty ... ... ... ... ... ...

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PAGE Pigou, A. C., Essays in Applied Economics. By Henry Higgs

106 Rist, C., La déflation en pratique. By J. I. Craig ...

610 Robertson, D. H., The Ebb and Flow of Unemployment. By N. BiDearle 444 Rowe, J. W. F., Wages in the Coal Industry. By H. S. Furniss ... 112 Salzmann, L. F., English Industries in the Middle Ages. By J. H. Clapham ... ...

... ...

470 Schwiedland, E., Volkswirtschaftslehre. Vol. III. By M. Epstein ... 119 Sells, Dorothy, The British Trade Boards System. By R. Wilson ... 249 Shah, K. T., Trade, Tariffs, and Transport in India. By Sir. J. M.

Douie ... ... ... ... ... . ... ... ...
Shepherd, E. C., The Fixing of Wages in Government Employment. By

Prof. H. Clay ... .
Siberling, N. J., British Prices and Business Cycles, 1779-1850. By

J. H. Clapham ... ... ... ... ... ... ... 96
Thurnwald, R., Die Gestaltung der Wirtschaftsentwicklung. By Prof.
E. Schwiedland

269 Venn, J. A., Foundations of Agricultural Economics. By C. S. Orwin 243 Viallatė, A., L'Impérialisme économique (1870–1920). By F. E.

Lawley ... ... ... ... ... ... ... ... ... 123 Virgilii, F., Cooperazione, nella dottrina e nella legislazione. By L.

Smith-Gordon ... ... ... ... ... ... ... ... 614 Weber, M., Gesammelte Aufsätze zur Wissenschaftslehre. By Pro E. Schwiedland ... ... ... ... ... ... "

122
Weber, M., Wirtschaftsgeschichte. By Prof. E. Schwiedland ... .
Welfare. Vol. II. By Clara E. Collet ... ...
Williams, G., Social Aspects of Industrial Problems. By Barbara

Wootton ... ... ... ... ... ...
Withers, H., Bankers and Credit. By J. I. Craig ...
Wolf, J., Markkurs, Reparationen und russisches Geschäft. By T. E.

Gregory
Zizek, F., Grundriss der Statistik. By Prof. E. Schwiedland ... 475
Zizek, F., Hauptprobleme der statistischen Methodenlehre. By Prof.

E. Schwiedland ... ... ... ... ... ... ... 475 NOTES AND MEMORANDA :

Back, W. J., The Attack upon the Organiser Class ... ...
Dumbell, Stanley, The Beginnings of the Liverpool Cotton Trade

278 Fussell, G. E., The Agricultural Population and the Rental of Land ... 275 Hamilton, Prof. C. J., The Protection of the Indian Steel Industry ... 477 Hawtrey, R. G., The Report of the Federal Reserve Board, 1923

283 Keynes, J. M., Bibliographical List of the Writings of Alfred Marshall 627 Lehfeldt, Prof. R. A., Currency and Bank Credit ...

281 Leppington, C. H. d'E., The War's Influence upon Village Life ... 480 Macgregor, Prof. D. H., Sanctions for Discount Policy ... ... ... 638 Meredith, Prof. H. O., The Irish Fiscal Inquiry ... ... ... 135 Moreland, W. H., Economic Conditions in Mogul India

484 Robertson, D. H., Note on the Real Ratio of International Interchange 286 Soyeda, J., Japanese Affairs

645 Tocker, A. H., The Effects of the Trade Cycle in New Zealand ... ... 128 OFFICIAL PAPERS ... ... ... ... ... ... 138, 292, 655 OBITUARY :Barone, Enrico. By Prof. A. Loria

486 Ferraris, Carlo. By Prof. A. Loria

654 Marshall, Alfred. By J. M. Keynes

311 Pantaleoni, Maffeo. By P. S. and Prof. A. Loria

... 648 NOTES ON CURRENT TOPICS ...

140, 294, 486, 658 RECENT PERIODICALS AND NEW BOOKS ... ... 145, 300, 489, 662

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