cheaper than ocean telegraphy, but has nothing to say concerning the relations between the cable companies and the wireless telegraph companies. To the economist who is interested primarily in the regulation of public service corporations, the book will be a disappointment. The student of international law will find nothing in it of interest to him. The book is not designed for the engineering profession. It does supply a convenient, though limited, collection of information upon the history of commercial cables. A. N. HOLCOMBE.

Harvard University.

NEW BOOKS

ALCINDOR, L. L'autonomie financière des postes, télégraphes et téléphones. (Paris: M. Giard et E. Brière. 1911. 1 fr.)

DEFRANCE, P. Les chemins de fer de la Grande-Bretagne et de l'Irlande. Etude au point de vue commercial et financier. (Brussels: Vromant et Cie. 1911. Pp. 292. 10 fr.)

FISHER, J. A. Railway accounts and finance, an exposition of the principles and practice of railway accounting in all its branches. Third edition, revised. (London: P. S. King. 1911. 10s. 6d.) GOETZ, A. 25 Jahre hamburgische Seeschiffahrtspolitik. (Hamburg: Verlagsanstalt und Druckerei-Gesellschaft. 1911. Pp. iv, 381. 8.50 m.)

HAMMOND, M. B. Railway rate theories of the Interstate Commerce Commission. (Cambridge, Mass.: Harvard University. 1911. Pp. 200. $1.00.)

Reprint of articles published in the Quarterly Journal of Eco

nomics.

HOPKINS, E. L., editor. Universal railway manual; containing valuations of the principal British, American and foreign railway stocks. (New York: Macmillan. 1911. Pp. vii, 596, maps. $2.50.) KECH, E. Geschichte der deutschen Eisenbahnpolitik. (Leipzig: G. J. Göschen. 1911. Pp. 145. 0.80 m.)

To be reviewed.

LABOULAYE, E. de. Robert de Caix. chart. 6 fr.)

Les chemins de fer de Chine. Preface by M. (Paris: E. Larose. 1911. Pp. ii, 340, map,

MAHAUT, A. La navigation intérieure et les transports. (Paris: Librairie Nationale. Pp. 380. 5 fr.)

MAIHOLZER, C. Die Rentabilität der bayerischen Staatseisenbahnen. (Leipzig: Deichert. 1911. Pp. viii, 120. 2.80 m.)

NELLIS, A. J. The law of street railroads; a complete treatise on the law relating to the organization of street railroads, the acquisi

tion of their franchise and property, their regulation by statute and ordinance, etc. Second edition. (Albany, N. Y.: M. Bender & Co. 1911. Two volumes. $13.00.)

PEREIRE, G. Essai sur une méthode de compatibilité des chemins de fer. (Paris: Gauthier-Villars. Pp. xii, 132, diagram. 6 fr.) POPPE, F. Die finanziellen Beziehungen zwischen Post und Eisenbahnen in Deutschland, mit vergleichender Heranziehung der Verhältnisse im Ausland. (Berlin: Puttkammer & Mühlbrecht. 1911. Pp. 200. 4 m.)

WINDS, H. Eisen- oder Wasser-Strassen. Ein Beitrag zur Wasserstrassenfrage. (Vienna: Franz Deuticke. 1911. Pp. v, 103. 1.80 m.)

Royal Commission on Canals and Waterways. Vol. XI. Final report on Ireland. (London: P. S. King. 10d.) Treats of expenditures, and presents conclusions and recommenda

tions.

Trade, Commerce and Commercial Crises.

Le Petit Commerce Français. Sa Lutte pour la Vie. By MARTIN SAINT-LEON. (Paris: Librairie Victor Lecoffre. 1911. Pp. xii, 289. 2 fr.)

This is a sympathetic study of the struggle of local and specialized retail merchants against the competition of department stores, local branches of large mercantile companies, establishments selling on installment plans, coöperative societies, and lesser rivals. The author recognizes the function and claims of these rival institutions; but he believes not only that the preservation and prosperity of "le petit commerce" are desirable from the social, moral and economic points of view, but that its progress is possible,—indeed that it has already "ceased to beat a retreat."

A brief historical introduction is followed by a survey of present conditions based largely upon the results of questionnaires and interviews with competent trade representatives. The summary of findings in Paris is especially noteworthy, as it sets forth succinctly the organization, competitive conditions, hours of labor, credit systems, etc., obtaining in each of some forty lines of retail trade. The general subject of methods and progress of defense, to which by far the greater part of the volume is devoted, is taken up under two main heads, the appeal to the state, and the exercise of free initiative. Under the former is introduced a resumé and criticisms of recent legislative enactments and proposals of special interest to small dealers, including not only laws designed

to protect them against unequal and fraudulent competition, but also laws safeguarding workers in commercial establishments.

The author's main emphasis is not, however, upon state action but upon the initiative of the small and middle-class merchants themselves. About one third of the volume is concerned with the progress and possibilities of organized effort on their part. Prominence is given to the promotion of commercial education, coöperative credit schemes, and joint arrangements for the extension and regulation of sales on credit; in short, to coöperation of small dealers under strong leadership, with a view to meeting their stronger rivals, coöperative or capitalistic, more nearly on their own ground. As to political policy, these dealers are warned against enlisting under the banner of a party, especially of the socialist party whose aim embraces the destruction of capitalistic trade, great and small. They are advised to seek the realization of their economic program through appeal to candidates and representatives of any and all parties.

The book is thoroughly readable, and shows familiarity with a wide range of literature on this and related subjects. The study of conditions in France is enriched by parallelisms and suggestions from other European countries.

State University of Iowa.

PAUL S. PEIRCE.

NEW BOOKS

COLSON, C. Statistique des transports et du commerce international en France et à l'étranger. (Paris: Gauthier-Villars. Pp. 48. 1 fr.) FRICK, J. Die wirtschaftlichen Verhältnisse des Weinbaues und Weinhandels im Elsass seit 1871. (Strassburg: Herder. 1911. Pp. xvi, 255. 3.60 m.)

GERLACH, K. A. Dänemarks Stellung in der Weltwirtschaft. Unter besonderer Berücksichtigung der Handelbeziehungen zu Deutschland, England, und Skandinavien. Probleme der Weltwirtschaft, Vol. III. Schriften des Instituts für Seeverkehr und Weltwirtschaft an der Universität Kiel. (Jena: Gustav Fischer. 1911. Pp. xviii, 381, map. 12 m.)

HELLAUER, J. System der Welthandelslehre. Ein Lehr- und Handbuch des internationalen Handels. Allgemeine Welthandelslehre, Part I, Vol. I. (Berlin: Puttkammer & Mühlbrecht. 1911.)

To be reviewed.

HULDERMANN, B. Seeschriffahrt und Welthandel. (Berlin: E. S. Mittler & Sohn. 1911. Pp. 22. 0.50 m.)

LYON-CAEN, C. and others. Les lois commerciales de l'univers, recueil comprenant l'ensemble des textes relatifs au droit commercial, avec des références au droit civil, aux lois d'organisation judiciaire et à la procédure. (Paris: Pichon et Duran-Auzias. volumes. 45 fr.)

1911.

40

POLLAK, R. Uber das Wirtschaftsproblem der österreichischen Konkursrechtsreform. (Vienna: Export-Akademie des k. k. österreich. Handelsmuseums. 1911. Pp.36..60 m.)

PRINCE, A. Notre marine marchande et notre commerce extérieur de Paris port de mer. (Paris: Société des études coloniales et maritimes. 1911. 3.50 fr.)

VIVANTE, C. Les sociétés commerciales. Traité de droit commercial, Vol. II. Translated from Italian into French by JEAN ESCARRA. (Paris: M. Giard et E. Brière. 1911. 4 vol. 112 fr.)

The complete work will comprise four volumes, volumes three and four being now in press.

WOLF, J. C. Die Weinkrisis in Frankreich zu Anfang des 20. Jahrhundert, ihre Entstehung und Lösung. (Berlin: P. Parey. 1911. Pp. x, 122. 3.50 m.)

Bibliographie der Handelswissenschaften. Third Issue, April, 1910, to March, 1911. (Leipzig: C. E. Poeschel. 1911. Pp. .75 m.)

83.

A helpful list of books on commerce and trade, compiled from the reviews of books published in Zeitschrift für Handelswissenschaft und Handelspraxis. The titles are entered under topical headings. A few pages give reference to articles in periodicals.

Accounting, Business Methods, Investments and the Exchanges

The Principles of Scientific Management. By FREDERICK W. TAYLOR. (New York: Harper and Brothers. 1911. Pp. 144. $1.50.)

The Principles of Industrial Management. By JOHN C. DUNCAN. (New York: D. Appleton and Company. 1911. Pp. xviii, 323. $2.00.)

Scientific Management and Railroads: Being Part of a Brief Submitted to the Interstate Commerce Commission. By LOUIS D. BRANDEIS. New York: The Engineering Magazine. 1911. Pp. 92. $1.50).

Mr. Taylor's book is a persuasive little volume by the man who has done most to bring into existence the system of scientific shop management. It is written in a friendly, informal style and eluci

dates the principles laid down by means of illustrations drawn from an experience of 30 years in industrial research and experimentation. The problem attacked is no less than to convert productive industry into applied science by developing a science of management which shall coördinate with the physical sciences. Throughout industry, as it is at present carried on, traditional and haphazard methods are employed by laborers who receive little guidance from their employers. This condition permits "soldiering" which everywhere, under the wage system, is an enormous source of waste. The remedy for this is to create in each establishment a department of research (planning department) which shall not only investigate each element involved in a task, but shall prescribe the best method and shall exact obedience. By this means the most perfect method may be made the standard or generally employed method; the amount of work a first-class man should do in a day can be fixed with certainty; the fittest man for each task may be selected with accuracy; and finally, a fitting bonus above the ordinary wages may be paid to those workmen who cooperate with the management in maintaining the standards thus scientifically set.

The point to which the author gives the most attention is that the best method is one which the individual laborer cannot discover for himself and hence it is the function of the management to discover and apply it. This point is thoroughly proved by a brief description of the author's investigations in time studies and pace-making and in the mechanics of metal cutting. From these descriptions it can easily be seen that the choice of the best method may rest upon years of continuous investigation involving the coöperation of many persons and the use of elaborate records.

There is one point, upon which the interest of the labor unions centers, which is not proven; namely, Does scientific management afford a means for determining the proportion in which the profits, resulting from the introduction of this system, shall be shared between labor and capital? Upon this point Mr. Taylor very interestingly says (p. 138): "The 60 per cent increase in pay which he (the pig-iron handler) received was not the result of an arbitrary judgment of a foreman or superintendent; it was the result of a long series of careful experiments impartially made to determine what compensation is really for the man's true and best interest when all things are considered." These experiments are not described, however.