* The Monetary Condition of India 455 Barlow, Montague, Tithe and its Rating .. Bastable, Prof. C. F., Note on the Budget of 1900 Bosanquet, Helen, People and Houses Chapman, S. J., Some Policies of the Cotton Spinners' Trade Unions Edgeworth, Prof. F. Y., The Incidence of Urban Rates... Flux, Prof. A. W., Internal Migration in England and Wales, 1881-91 111 Gisfen, Sir R., F.R.S., Our Trade Prosperity and the Outlook... Some Economic Aspects of the War Hewart, Beatrice, The Cloth Trade in the North of England in the Sixteenth and Seventeenth Centuries • Kershaw, Jolin B, C., An Investigation of the Cause of Trade Fluctuations... 474 McLean, Prof. S. J., Federal Regulation of Railways in the United States 151 State Regulation of Railways in the United States 349 Price, L. L., Some Economic Consequences of the South African War 323 1 308 20 Adams, Brooks, America's Economic Supremacy. By S. J. Chapman Bastable, Prof. C. F., La Théorie du Commere? In'ernational. By Prof. The Theory of International Trade, with some of its Aiplications to Economic Policy. By Prof. F. Y. Eig:worth Bawerk, Prof. E. von Böhm-, Einige Strillige Fragen der Capitalstheorie. 399 REVIEWS (continued)- PAGE Bonar, James, and Hollander, J. H., Letters of David Ricardo to Hutches, 221 73 216 223 85 534 215 529 75 377 72 83 374 387 538 370 523 385 78 lichen 01 ation der Arbeiter und der Arbeitgeber aller Länder. 218 518 88 529 375 ... REVIEWS (continued)- PACE ... Mackay, Thomas, .4 History of the English Puor Law, Vol. III., from 1834 to the Present Time, bring a supplementary volume to “A History of the English Poor Law,” by Sir George Nicholls, K.C.B. By Rev. L. R. Phelps 80 372 87 526 372 531 67 538 60 214 . 372 532 529 82 75 ... ... ... ... NOTES AND MEMORANDA : Barlow, Montague, The Economic Legislation of the Year 1899 The Regulation of Wages by Guilds and Town Authorities England ... 91 90 572 زان NOTES AND MEMORANDA (continued)— .. Osborn, Christabel, Bulletin of the United States Department of Labour PAGE RECENT OFFICIAL PAPERS 108-113, 264-274, 430-131, 577- 558 RECENT PERIODICALS AND NEW BOOKS... 128-139, 283-291, 146-451, 603-614 THE ECONOMIC JOURNAL MARCH, 1900 THE PROMOTION OF COMPANIES AND THE GERMAN LAW.1 a 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 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)3712 companies limited by shares with a total paid-up capital of over £340,000,000, and with reserve funds amounting altogether to £58,000,000; the annual net earnings of 3249 companies amounted to about 32,400,000, or about 10 per cent. of the paid-up capital. It is safe 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 1895 (7779) a letter is quoted from Mr. Gerb of the British Consulate General at Berlin estimating the total paidup capital at £200,000,000, (see p. 29). I showed at the time (see p. 30) 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. B |
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