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The commission appointed by the parliament of the province of Saskatchewan to investigate the problem of agricultural credit has recently made an extensive report, which is published in a large volume. The Saskatchewan commission was associated with the general commission from the United States and Canada, which has recently been. investigating the problem of agricultural credit in Europe. The report of the commission is carefully prepared, and will probably be of value to students of the question of agricultural credits in the United States. It contains a careful summary of European methods of coöperative credit. In addition to this there are specific suggestions for a system of local coöperative mortgage societies under the general supervision of provincial authorities, and with provincial guarantees of local credit. As a result of this report the legislative assembly has passed a bill providing for coöperative mortgage credit. (Report of the Agricultural Credit Commission of the Province of Saskatchewan 1913, Regina, J. W. Reid, Government Printer, 1913, pp. 224, iii.)

The Proceedings of the 21st Annual Meeting of the United States League of Local Building and Loan Associations, held in Milwaukee, August 7-8, 1918 (H. F. Cellarius, secretary, Cincinnati, Ohio, 1913, pp. 279), contains several papers of general economic interest. Among these are to be noted "Farm Loans and the Land Bank," by K. V. Haymaker; "Central Organization, called Land Banks," by E. F. Howell; "A Typical English Building Society-Its History, Achievements and Methods," by Enoch Hill of Halifax, England; and "What Progress the Modern Land Registration System has made in the United States," by M. H. Stutzbach.

There has also been received a copy of Proceedings of the Michigan Building and Loan Association League, Twenty-Sixth Annual Meeting, Lansing, Michigan, September, 1913 (Irving B. Rich, secretary, Jackson, Mich., pp. 97).

The full report of the proceedings of the international congress on Bills of Exchange, held at the Hague in 1912, has been published as a senate document (No. 162, 63 Cong., 1 Sess., 1913, pp. 465).

Among the addresses delivered in regard to recent currency legislation is A Plea for Intellectual Freedom in Currency Legislation, by F. A. Vanderlip. This address was delivered before the Economic Club, New York, November 10, 1913 (pp. 13).

The Amendments to the General Banking Law of Michigan which became effective August 15, 1913, have been printed in pamphlet form

(Lansing, State Banking Department, pp. 16). There has been issued a new printing of the Kansas Banking Law, 1913. This includes the bank depositors' guarantee law and a summary of Kansas corporation laws (Topeka, Charles M. Sawyer, bank commissioner, 1913, pp. 63). The Laws of the State of Illinois Governing Corporations with Bank Powers and Trust Companies, Auditor's Edition, 1913 (James J. Brady, auditor of public accounts, Springfield, Ill., pp. 14) has also been issued.

Recent reports of state bankers' conventions have been received: Proceedings of the Twenty-Second Annual Convention of the Illinois Bankers' Convention, 1912 (Richard L. Compton, secretary, 1030 The Rookery, Chicago, pp. 309), in which there is an address by J. N. Dolley, on “blue sky" legislation in Kansas;

Proceedings of Arizona Bankers' Convention, Ninth Annual Session, 1912 (M. Goldwater, secretary, Prescott, Arizona, pp. 188);

Proceedings of the Nineteenth Annual Convention of the Wisconsin Bankers' Convention, 1913 (Geo. D. Bartlett, Milwaukee, pp. 184); Twenty-Sixth Annual Convention of the Michigan Bankers' Association, 1912 (H. M. Brown, secretary, Ford Bldg., Detroit, pp. 243); Proceedings of the Tenth Annual Convention of the New Jersey Bankers' Association, 1913 (William J. Field, secretary, Jersey City, pp. 227);

Proceedings of the Twentieth Annual Convention of the Virginia Bankers' Association, 1918 (Walter Scott, secretary, Farmville, Va., pp. 404), in which there is a brief address by Senator Owen on the proposed currency legislation with informal discussion by members;

Proceedings of the Twentieth Annual Convention of the South Carolina Bankers' Association, 1913 (Lee G. G. Holleman, secretary, Anderson, S. C., pp. 187), in which is to be noted an address on "Rural Banks and Currency Reform," by C. H. Davis.

The Agricultural Commission of the American Bankers' Association has begun the publication of a monthly, entitled The Banker and Farmer, "reviewing the bankers' activities for a better agricultural and rural life." The first issue, December, 1913, contains brief articles on agricultural credit, by B. F. Harris, and a lesson from the Ohio Building Association, by K. V. Haymaker (First National Bank Building, Champaign, Ill.).

The British Board of Trade has published Report of an Inquiry into Working-Class Rents and Retail Prices, together with the Rates of

Wages in certain Occupations in Industrial Towns of the United Kingdom in 1912 (London, Wyman, 1913, pp. lxiii, 398). This represents the results of an inquiry into rents, retail prices, and rates of wages in 93 principal towns. As far as possible the results are made comparable with those obtained by a similar inquiry made in 1905. The comparisons of prices in 1905 and 1912 are supplemented by tables showing retail prices of food in London for (a) 9 articles, 1877-1903; (b) 23 articles, 1892-1912; retail prices of food in provincial towns, 1907-1912; retail prices of coal in London, 1892-1912; prices of clothing, 1905-1912 wholesale prices in the United Kingdom, 1871-1912. A most valuable contribution in this report is 75 pages in the appendix relating to the course of prices in foreign countries. This compilation will bring to the student a large amount of source material brought down to a recent date.

Public Finance

In addition to legal treatises on the new income tax law referred to in the department of reviews, various banking houses have issued pamphlets of explanations and instructions which serve a useful purpose for the student of finance. Among these are to be noted, Brief Digest and Reprints of the Internal Revenue Regulations relating to Deduction of Income at the Source, published by the Bankers' Trust Company of New York; also a pamphlet, How to Comply with the Income Tax Law, by Stewart H. Patterson (New York Trust Company's Magazine, 1 Liberty Street, pp. 25, 50 cents); Income Tax Law, Analysis and History, issued by N. W. Harris (Boston, 35 Federal Street, pp. 39); the Federal Income Tax Law, by the Old Colony Trust Company (Boston, 17 Court St., pp. 50), which has also issued other pamphlets, entitled Coupons and the Income Tax Law (pp. 41); Salaries, Accounts, etc. and the Income Tax (pp. 17); Fiduciaries, Prices, etc. and the Income Tax (pp. 88). Other publications are Federal Income Tax, Digest, Law and Record of Income, by Hodenpyl, Hardy & Co. (14 Wall St., N. Y., pp. 43); and A Brief Analysis of the Federal Income Tax Law, prepared by H. M. Teets, for the Fifth Avenue Bank of New York (pp. 63).

A pamphlet of 132 pages, with the title The Income Tax Law of the United States of America, Analyzed and Clarified, written and published by Albert H. Walker (Park Row Bldg., N. Y.), contains the text of the law, an analysis of the provisions as interpreted by the author, and a criticism of the interpretation contained in the pamphlet

entitled The Federal Income Tax Law, written by Luther F. Speer (the official in direct charge of the administration of the law), and published by the Corporation Trust Company of New York, in October last.

The Treasury Department has issued a reprint of The Tariff Act of October 3, 1913, with Index (Washington, pp. 152).

Senate Document 163 (63 Cong., 1 Sess., August 13, pp. 64) is devoted to information relating to the Taxing of Government Property in the Leading Countries of the World. The report is made up of a series of letters from diplomatic and consular officers of our government. Especially to be noted are translations of German laws, covering some 45 pages.

The Annual Report of the Secretary of the Treasury for the Fiscal Year 1918 (Washington, pp. vi, 195) devotes two pages to the operations of the Treasury Department in making deposits for crop-moving in 1913, when commercial paper for the first time was accepted as security for deposits in national banks.

The Proceedings of the Eighth Annual Convention of the National Association of Comptrollers and Accounting Officers, held at Chattanooga, Tennessee, June 5-7, 1913 (George M. Rex, secretary, Providence, pp. xix, 79), contains an address by C. F. Gettemy, of Massachusetts, on "New Legislation for the Regulation of Municipal Indebtedness in the State of Massachusetts," and an address by W. A. Prendergast on "The Collection of Arrears of Taxes and AssessmentsNew York's New Law and How it Operates."

The Insurance Department of New York has published a 1914 edition, Fees and Taxes Charged New York Insurance Companies by Insurance Departments of other States (Albany, 1913, pp. 49).

In the note on "The National Tax Conference" in the December REVIEW the statement is made that in the new tax law of Ohio, which provides for central appointment and supervision of assessors, the appointments were not put under civil service regulation. In reference to this, Professor O. C. Lockhart writes as follows:

"It is true that the tax act did not itself make this provision but it is also true that the Friebolin bill, passed about the same time, put all state and county employees under civil service rules. The original appointment of district assessors was not indeed under the civil service law, which was not yet in force; but under the terms of the civil ser

vice law they will be subject to a non-competitive examination and new appointments will be under the full regulations. Moreover, the appointment of subordinates of the district assessors and boards of complaint will be under civil service rules." ROY G. BLAKEY.

Tangible property in Minnesota is now arranged for taxation in four classes (Laws 1913, ch. 483, effective Jan. 1, 1914). Class I covers iron ore to be taxed at 50 per cent of its true and full value. In class II come household goods, furniture, wearing apparel of family, etc., which are to be taxed at 25 per cent of their value. Livestock, poultry, agricultural products, merchandise, business fixtures, manufacturer's materials, tools, machinery, manufactured articles, and unplotted real estate, except mining land, are included in Class III and are taxable at one third of their value. All of the tangible property is covered in Class IV, taxable at 40 per cent of its value.

There has been received from the secretary of the North Dakota State Tax Associations a series of bulletins dealing with the subjects of the preparation of appropriation bills and public accounting.

The Second Biennial Report of the Board of State Tax Commissioners of Oregon, 1913 (Salem, 1913, pp. 95) is largely made up of statistical tables.

During the last two years the Committee on Publicity of the Board of Estimate and Apportionment of New York City has issued in the month of October a series of Budget News bulletins which contain a large amount of detailed statistical data relating to departmental estimates, budget allowances and expenditures, covering a period of seven or eight years, in more accessible form than in the files of the "City Record." Copies of the bulletin are sent to taxpayers' associations and other civic organizations, inviting their assistance and coöperation in preparing a tentative budget. C. C. W.


The Department of Commerce has issued a pamphlet descriptive of its Origin and Organization (Washington, July 1, 1913, pp. 63). Some 8 pages are given to a history of the Bureau of the Census.

Two completed volumes of the Thirteenth Census of the United States have appeared: Vol. III, Population, Reports by States, Nebraska-Wyoming (Washington, Bureau of the Census, pp. 1225); and Vol. V, Agriculture, General Report and Analysis (Oct. 31, 1913, pp. 927).

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