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REVIEWS (continued)-

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Bonar, James, and Hollander, J. H., Letters of David Ricardo to Hutchcs,

Trouver and others, 1811---1823. By Prof. F. Y. Edgeworth ... ... 221
Bowley, Arthur L., Wages in the United Kingdom in the Ninctcenth Century.

Notes for the use of Students. By George Henry Wood ... ... ...
Brentano, Prof. Lujo, and Kuczynski Dr. Robert, Dic heutige Grundlage

der Deutschen Wehrkraft. By Adelaide Blomefield ... ... ... 216
Chapman, S. J., M.A., History of Trade between the United Kingdom and
the United States. By Prof. A. W. Flux ... ... ...

223
Local Government and State Aid. By Laurence
Gomme ..
('lark, John Bates, The Distribution of Wealth. A Theory of Wages and

Interest. By Prof. F. Y. Edgeworth ... ... . ... ... ...
Daniels, Prof. W. M., The Elements of Public Finance. By Prof. C. F.
Bastable ... ... ... ... ...

215
Dechesne, Laurent, L'Erolution Economique ct Sociale de l'Industrie de la
Lainc on Angleterre. By Prof. W.J. Ashley ... ...

529
Ely, Prof. Richard T., Monopolies and Trusts. By Prof. F. C. Montague ...
Flynt, Josiah, Tramping with Tramps. Studies and Sketches of Vagabond

Life. By Prof. F. W. Taussig ... ... ... ... ... ... 75
Giddings, Prof. F. H., Democracy and Empire. By Prof. F. C.
Montague

... ... ... ... ... ... ... ... ...
Gilman, Nicholas Paide, A Dividend to Labour : A Study of Employers'

. Welfare Institutions. By David F. Schloss ... ... ... ...
Gonner, Prof. E. C. K., The Social Philosophy of Rodbertus. By J. Bonar... 64
Graham, Prof. William, English Political Philosophy from Hobbes to Maine,

By Carveth Read
Tauser, Prof. H., Ouvricrs du Temps Passé (xv* - xvie siècles). By Prof.

W. J. Ashley ...
llil, Joseph A., The English Income Tax; with special reference to Ad-

ministrution and Methods of Assessment. By G. H. Blunden ... ... 387
Hobson, John A., The Economics of Distribution. By Prof. A. W. Flux ... 380
Hollander, J., Studies in State Taxation, with particular reference to the

Southern States. By Prof. F. Y. Edgeworth ... ... ... .... 538
Junter, Sir William Wilson, &c., A History of British India. By Prof.
W. J. Ashley ... ... ... ... ... ... ... ... ...

370
Jones, Prof. Edward D., Economic Crises. By A. C. Pigou . ... ...
Kinder, Francis S., The Effect of the Recent Changes in Monetary Standards

upon the Distribution of Wealth. By L. Darwin... ... ... ... 385
Kley, Dr. W., Bci Krupp, Eine Socialpolitische Reiseskizze. By Adelaide

Blomefield ... ... ... ... ... ... ... ... ... • 78
Kulemann, W., Die Gewerkschaftsbewegung : Darstellung der gewerkschaft.

lichen Organisation der Arbeiter und der Arbeitgeber aller Länder.

By Margaret Robinson ... ... ... ... ... ... ... 218
Leonard, E. M., The Early History of English Poor Relief. By Rev. L. R.

Phelps ...
Liesse, André, Lc Trarail aux Points de Vue Scientifique, Industriel et Social.

By Henry Higgs
Lohmann, Dr. Friedrich, Die staatliche Regelung der englischen Wollindustrie

von xv. bis zum xviii Jahrhundert. By Prof. W. J. Ashley ... ...
Macdonald, Prof. William, Select Charters and other Documents illustrative of

American History, 1606—1775. By Prof. W. J. Ashley...

REVIEWS (continued)

PACE

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Mackay, Thomas, A History of the English Puor Law, Vol. III., from 1834

to the Present Time, being a supplementary volume to "A History of the

English Poor Law," by Sir George Nicholls, K.C.B. By Rev. L. R. Phelps 80
Niebohr, Dr. H. J., Slavery as an Industrial System. By Christabel Osborn 527
Page, Thomas Walter, The End of Villainage in England. By Prof. W. J.
Ashley ...

... 372
Palgrave, R. H. Inglis, F.R.S., Dictionary of Political Economy. By Henry
Higgs ... ... ... ... ... ... ...

87
Phipson, Cecil Balfour, The Science of Civilization. By A. C. Pigou
Powell, Edgar, and Trerelyan, G. M., The Pcasants' Rising and the Lollards.

By Prof. W. J. Ashley ... ... ... ... ... ... ...
Rafalovich, Arthur, Le Marché Financier en 1897—1893. By E. Castelot...
Sieghart, Dr. Rudolf, Dic öffentlichen Glickspi:le. By C. P. Sanger... ...
Smart, Prof. W., The Distribution of Income. By J. Bonar ... ... ...
Smart, Prof. W., Taxation of Land Values and the Single Tax. By Prof.

F. Y. Edgeworth ... ... ... ...
Smith, E. J., The New Trades Combination Morement: its Principles,

Methods, and Progress. By Edwin Cannan... ... ... ... ...
Sonndorfer, Dr. Rudolf, Die Technik des Welthandlels. By Prof. A. W.
Flux ... "

... ...
Trevelyan, George Macaulay, England in the Age of Wyclific. By Prof.
W. J. Ashley ...

... ... ... 372
Tugan-Baranowsky, M., Geschichte der russischen Fabrik. By David F.

Schloss ... ... ... ... ... ... ... .. ... ... 532
Vincent, James Ellmund, John Nixon, Pioneer of the Steam Coal Trade in

South Wales. By Prof. W. J. Ashley ... ... ... ... ...
Warner, George Townshend, Landmarks in Industrial History. By H. A. L.
Fisher ... ...

... ...
Wyckoff, —, The Workers : an Experiment in Heality. Vol. I., The East ;

Vol. II., The West. By F. W. Taussig ... ... ... ... ...

NOTES AND MEMORANDA :-

...

... 575

251

Barlow, Montague, The Economic Legislation of the Year 1899 ... ... 91
Brocklehurst, F., Municipal Telephones ... ...

552
Carlyle, R. W., Famine Administration in a Bengal District in 1896—7 121
Charity Organisation Conference ...
Flux, Prof. A. W., The Berlin Produce Exchange

245
Fox, Stephen N., Factories and Workshops Bill

258
Foxwell, Ernest, The Gold Standard in Japan...

232
Harrison, John, Municipal Trading
Hirst, F. W., The War Budget

105
Hobhouse, Emily, Dust-Women...

411
Hutchins, B. , Notes towards the History of London Wayes

103
The Regulation of Wages by Guilds and Town Authorities 404
International Socialist Congress (J. R. M.)

... ... 574
Johnson, Arthur H., Professor Ashley on the Commercial Legislation of

England ... ... ... ... ... ... ... ..
Macdonald, J. R., The Trades Union Congresses... ...

... 572
Oakeshott, Grace, Women in the Cigar Trade in London .. .. .. 362

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NOTES AND MEMORANDA (continued)-

Osborn, Christabel, Bulletin of the United States Department of Labour
Philippovich, Prof. E., The Strike of the Bohemian Coal Miners ..
Taussig, Prof. F. W., The United States Currency Acts of 1900 ...
The Canadian Preferential Tariff... ...
Unwin, G., A Seventeenth Century Trade Union

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RECENT PERIODICALS AND NEW BOOKS... 128-139, 283-291, 146-454, 603-614

THE ECONOMIC JOURNAL

MARCH, 1900

THE PROMOTION OF COMPANIES AND THE
VALUATION OF ASSETS ACCORDING TO

GERMAN LAW.1

GERMAN Company Law was entirely changed and recast by a statute passed in 1884, which introduced a number of checks and restrictions of an entirely novel character. Many fears were expressed at the time. All enterprise was to be hampered in the future and driven to foreign countries. No persons of means and standing were to be found who would incur the liabilities and risks to which directors and promoters were to be subject under the new state of things. Sufficient time has now elapsed to show that the forecast of these prophets of evil was based on misapprehension. The statistics prove conclusively that the formation of new companies, far from being arrested by the greater stringency of the law, has been progressing in a most remarkable manner, and that the career of German companies has, on the whole, been most prosperous. Some of the new

I See Ring, Aktiengesetz 2nd. ed. Berlin, 1892; Pinner, Das Deutsche Aktienrecht; Berlin 1899; Esser, Die Aktiengesellschaft, Berlin, 1899; Riesser, Die Neuerungen im Deutschen Aktienrecht, Berlin, 1899.

2 There were in Germany in 1896 according to Professor R. van der Borght's estimate (Conrad's Handwörterbuch, Vol. I., 2nd. edition, pp. 192-194) 8712 companies limited by shares with a total paid-up capital of over £340,000,000, and with reservo funds amounting altogether to £58,000,000; the annual net earnings of 8249 companies amounted to about 32,400,000, or about 10 per cent of the paid-up capital. It is made to assume from the figures given that not less than one-half of the total number of these companies were formed after the Act of 1884. In the blue book published by the departmental committee of the Board of Trade in 189517779) a letter im quoted from Mr. Gerb of the British Consulate General at Berlin estimating the total paid. up capital at £200,000,000, (see p. 29). I showed at the time (see p. 80) that the capital must be at least £300,000,000, and the statistics given in the text prove conclusively that Mr. Gerb's estimate was still further from the truth than I suspected,

No. 37.-VOL X.

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