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question-is gold really needed for currency, or would it not be better simply to reserve it for financing foreign trade?

In the afternoon "Co-operative Societies " was the subject for consideration. Able papers were presented by Mr. J. A. Madan, I.C.S. Registrar, Co-operative Societies, Bombay Presidency, on Non-Credit Agricultural Co-operation in India; and by Prof. H. L. Kaji, Sydenham College of Commerce and Economics, Bombay, on Distributive Co-operative Societies in India. In the discussion which followed Dr. John Matthai of Madras contributed a fine speech from the view-point of the experiences of the Department in the Madras Presidency, and Prof. Miles called attention to excellent work at Lahore, especially in connection with redistribution of land holdings.

Prof. C. J. Hamilton, of Patna University, opened the proceedings on the third day with a well-thought-out study of The Population Problem in India. He sees a very close relationship between poverty and India's vast and growing population. Indian opinion as expressed at the Conference in the discussion which followed is not inclined to that view. Prof. R. M. Joshi of the Sydenham College of Commerce, Bombay, followed with a paper on Agricultural versus Industrial Development in India. This paper occasioned a very interesting debate. A paper which was highly commended was Agricultural Improvements in India, by P. Basu, of Holkar College, Indore.

The papers on the last day of the Conference were: Excise Policy in South India, by Dr. John Matthai of Madras; Indigenous Banking in the Madras Presidency, by T. K. Duraiswami Aiyar also of Madras, and India's Real Balance of Trade in 1922-23, by G. Findlay Shirras, Director, Labour Office, Bombay. It is needless to say that these papers were well received, and resulted in a helpful discussion. Mr. Shirras' study created great interest not only in the Conference, but also among many of the leading business men in Bombay.

A number of very interesting and much appreciated social functions were organised in connection with the Conference by the Reception Committee. Visits of inspection were made to the Sir Currimbhoy Ebrahim Workmen's Institute, and the Bombay Workingmen's Institute, under the direction of the Social Service League. There was an At Home at the Sydenham College of Commerce and Economics. And a trip was made down the Harbour and a visit to the Cotton Green, Sewri, by steam launch from the Ballard Pier.

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RECENT PERIODICALS AND NEW BOOKS

Economica.

FEBRUARY, 1924. Mr. Keynes' Evidence for Over-population. SIR WILLIAM BEVERIDGE. There is no positive evidence at all to support Mr. Keynes' views . . . there is strong, if not conclusive, evidence negating them; so far as can be seen, material progress in Europe continued to the eve of war at a hardly diminished rate." "Total Utility" and "Consumer's Surplus." Marshall's conception of "Consumer's Surplus" is severely criticised. It does not apply to satisfactions afforded by compliance with fashion; nor to the use of substitutes, as of a neighbouring bridge which dispenses with the necessity of recourse to one at a distance-" if the further bridge falls down the total utility of the nearer bridge and the consumer's surplus of satisfaction which he derives from it must suddenly rise. People have been confused by misleading " space representations.' The Entrepreneur Myth. M. H. DOBB. Referring to Usher's Industrial History of England and to the Cambridge "NeoClassicists," the writer argues that "the entrepreneur of the pure theory. . . is merely an algebraic symbol." There is no reason to suppose that the needs of a differentiated society for an integrating force could not be satisfied in other ways, were social conditions different.

Journal of the Royal Statistical Society.

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JANUARY, 1924. The International Statistical Institute and its Fifteenth Session. SIR J. A. BAINES. Agricultural Production in Denmark. HARALD FABER. The production of food is set forth under several heads, milk, eggs, wheat, etc.; the number of persons fed on 100 acres of cultivated land in Denmark is calculated to be 54; and an estimate is made of the proportion of the production due to the importation of food for live-stock. Sir Henry Rew remarked that the main causes of Denmark's success were an enlightened system of education and organisation for export trade. Some Experiments on the Goodness of Fit. J. BROWNLEE, M.D., D.Sc.

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Edinburgh Review.

APRIL, 1924. Food Resources of the World. SIR HENRY REID. “A small collection of disjointed facts and a large collection of more or less plausible fancies" having been lucidly exhibited, it is concluded that a calm survey of the facts and probabilities is reassuring to the present generation for such time as immediately concerns it. The exhaustion of the world's resources is very distant."

International Labour Review (Geneva).

far

FEBRUARY, 1924. Family Allowances in French Industry. R. PICARD. A description of the constitution and working of

the compensation funds from which family allowances are paid. The private system may lead to a national system of social insurance. Social Insurance in Sweden. DR. E. LIEDSTRAND. An account of existing legislation and proposed schemes. MARCH. The International Conference of Labour Statisticians. The fifty experts of thirty different nationalities who met for the first time last October passed a series of resolutions on industrial accidents, statistics of wages, etc. Labour Organisations in Roumania. N. GHIULEA. The Professor of Social Economics in Clug University traces the ups and downs of the Trade Union Movement and the spread of Socialist ideas.

Journal of the Institute of Bankers.

FEBRUARY, 1924. British Government Finance. HENRY HIGGS. In his fourth lecture Mr. Higgs as usual tempers severe truth and sharp criticism with apt anecdotes and humorous remarks.

The Quarterly Journal of Economics (Cambridge, Mass.). FEBRUARY, 1924. The Agricultural Depression. G. F. WARREN. Agriculture is injured by declining prices more than are urban industries. The depression in America may last for a decade; by which time perhaps the pre-war level of prices will be reached. Financial and Monetary Policy of Great Britain during the Napoleonic Wars. N. J. SILBERLING. A contribution to economic history, as to the great value of which see Clapham, ECONOMIC JOURNAL. Denominations of the Currency in Relation to the Gold Problem. O. C. LOCKHART. The withdrawal of the $10 and $20 reserve notes is advocated as securing a broader basis of gold currency, like that of England before the war. Family Allowances and Clearing Funds in France. PAUL H. DOUGLAS. A detailed description of various forms of subvention for the support of children. The allowances are mostly paid to the male head of the family. The motive of the employers is generally to obviate the increase of wages. Earlier Theories of Crises and Cycles in the United States. H. E. MILLER.

The American Economic Review (Cambridge, Mass.).

MARCH, 1924. Income as Recurrent Consumable Receipts. C. C. PLEHN. Demand in Relation to the Business Cycle. A. H. HANSEN. The Emancipation of Economics. L. K. FRANK. Inquiring "where in the scale of scientific evolution economics at present stands," the writer finds that "economics is in that speculative stage which precedes the development of a science, when men are engaged in explaining or accounting for events by verbal symbols.' "In developing a science experiments are essential. . . . There are numerous experiments on group behaviour now under way." "Business cycles also present unrivalled sequence of price behaviour." Economics is the study of price behaviour. A Recommendatory Minimum Wage Law. A. F. LUCAS. The Massachusetts State, 1912, which does not enforce the established minimum rates by fines or imprisonment has yet effected an improvement in the condition of unskilled, unorganised female labour. British Preferential Export Taxes. GORDON JAMES. 'The facts, that for sixty years Great Britain

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has followed a free-trade policy, that international trade has grown up founded on that policy, that the British Empire comprises over a quarter of all the land area of the world, and that all nations are to-day dependent on the products of the Empire, make this new policy [of preferential taxes] of enormous potential consequence to other nations. Supplement: Papers and Proceedings of the Thirty-sixth Annual Meeting of the American Economic Association. Among the subjects discussed were European Commercial Policy, Railway Consolidation, Quantitative Methods in Psychological Economics, The Socialisation of Industries.

Political Science Quarterly (New York).

MARCH, 1924. The Agrarian Phase of the Mexican Revolution, 1911-20. HELEN PHIPPS. The revolution was an attempt to redress grievances of long standing. Adam Smith and Benjamin Franklin. THOMAS D. ELIOT. Franklin's influence on Adam Smith was not so great as Patten and others have supposed. Wage Policies and National Productivity. S. A. LEWISOHN. Comparative Tax Burdens. E. R. A. SELIGMAN. An elaborate comparison of the burdens borne by the United Kingdom, France, Germany and the United States from the beginning of the century up to the War, during the War and in the post-bellum period.

Journal of Political Economy (Chicago).

FEBRUARY, 1924. Prime Costs in the Business Cycle. A. H. HANSEN. Central Co-operative Banking in Russia. E. M. KAYDEN. Ratemaking for Public Utility. C. O. RUGGLES. Socialisation in Germany. E. FRANKEL. Not much progress has been made by Socialisation in that drastic sense which means elimination of unearned incomes and of profit and control of the productive process by the manual workers. Coal, potash and the electrical industries alone have admitted some measure of Socialisation. The Most Favoured Nation Clause in Treaties. J. VINES. The incidents of the once prevalent, American interpretation of the clause are examined in the light of historical instances. APRIL. German Railways and Public Finances. R. R. KUCZYNSKI. The deficit might be reduced by certain measures, but it will be impossible for some years to obtain a surplus from the railways. The Single Tax Complex. H. GUNNISON BROWN. Arguments for greater land-value taxation are misapprehended or ignored by some contemporary economists. Discrimination in Public Utility Rates. C. O. RUGGLES. Discrimination which cannot be justified on economic or social grounds, of which there is much in existence, should be eliminated. Germany's Regulation of the Labour Market. E. FRANKEL. Post-war Local Burdens. L. R. GOTTLIEB. The British Coal Agreement. J. A. BOWIE. The coal treaty of 1921 substitutes measurement, publicity and facts for mere asseverations; and partly obliterates the cleavage between profit-takers and wage-earners.

Annals of the American Academy (Philadelphia). JANUARY, 1924. Coal is the subject of this number. The earnings. of coal-miners in the United States, their living conditions, the

fatal accidents, some 3 per thousand in 1920-21 against 9 for the United Kingdom, these and other aspects of the industry are discussed by several experts. Writing on the fuel resources of the world, Mr. Holbrook of the School of Mines, Pennsylvania, estimates that some seven and a half million million tons of coal "stand between the world and coal exhaustion." MARCH. Raw Materials and Foodstuffs in the Commercial Policies of Nations. WILLIAM CUTHBERTSON, who presided over the Conference which discussed this subject last Autumn, contributes chapters on Import and on Export duties, on Concessions to Foreign Capitalists for exploitation of raw material, on Population and Race Rivalry and other burning topics. A Supplement presents the views of more than twenty experts.

L'Égypte Contemporaine.

NOVEMBER, 1923. De l'extension en France du regime du risque professionel aux accidents agricoles. G. BLANCHARD. A Working Scheme on which the Co-operative Movement in Egypt could be Reorganised. DR. IBRAHIM RASHAD. A Brief Review of the Cotton Conditions in Egypt during the Past Five Years. G. C. DUDGEON.

DECEMBER. Le mouvement co-opératif au Japon. DR. I. G. LEVI. JANUARY, 1924. Notes on the National Income of Egypt. JAMES I. CRAIG. An able contribution to the controversy between Dr. Lévi and Mr. Baxter mentioned in Vol. XXXIII, p. 438 of the ECONOMIC JOURNAL. Mr. Craig arrives at an estimate of L.E. 270, compared with the 306 of Mr. Lévi and the 150 of Mr. Baxter.

Journal des Economistes (Paris).

La crise

FEBRUARY, 1924. La pression du change. La pression du change. YVES-GUYOT. politique en Grande-Bretagne. W. M. J. WILLIAMS. MARCH. Le Carburant National. YVES-GUYOT. The law of February '23 requiring importers of petrol to purchase a quantity of "alcool d'industrie" amounting to 10 per cent. of the petrol they import is severely criticised. A la recherche du "Juste prix." CH. TURGEON. A vigorous condemnation of communistic doctrines.

APRIL. À la recherche du " Juste prix" (fin.). CH. TURGEON.

Revue d'Économie Politique (Paris).

JANUARY-FEBRUARY, 1924. La réforme Agraire en Yougo-Slavie. M. NEDELKOVITCH. To abolish feudal oppression and to provide land for an agricultural proletariat, two requisites in several provinces of the New State, have been accomplished by a reform which has freed hundreds of thousands of agricultural families from serfdom and settled them in "expropriated" lands. La dépréciation monétaire et les valeurs mobiliéres Françaises. J. LAGRENÉE. Les causes des variations du taux de l'intérêt. BARON MOURRE. L'homme est il un capital? CH. TURGEON. Le blé français est il trop cher? M. LARIBÉ.

Jahrbücher für Nationalökonomie und Statistik (Jena).

FEBRUARY, 1924. Die geschichtlichen Entwicklungsbedingungen der schweizerischen Volkswirtschaft. H. BÄCHTOLD. Theodor Ludwic

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