basis of the expenditures of families differing either in income or in size of family. By these means we have thrown some light upon the theory of consumption. It appears that food requires an expenditure among the lower classes of more than one-half of the total income. Still further, that the demand for food is inelastic, the proportionate amount devoted to it decreasing with increasing income. Although inelastic, the demand for food is very pressing, increasing with the increasing number of children, and increasing faster than the

total income. The demand for clothing is both elastic and pressing, increasing with increasing income, and increasing with increased size of family, and very much faster than the total increased income. The demand for shelter is in elastic, and not pressing, decreasing with increasing income, and remaining nearly stationary even with increasing family. The same may be said to be true in regard to fuel and lighting.

The study of the relationships between expenditure, income, and size of family has been continued by the mathematical method of correlation. Ogburn (Analysis of the Standard of Living, Amer. Stat. Assn., June 1919) gives inter alia the following, which support the conclusions already reached :

The family is expressed in equivalent "men" by the method described above. + Negligible.

The 200 families he takes are limited to "normal" families, in which there is only one worker, but the coefficients are nearly the same when the effects of income and size of family are eliminated.

Bowley (Measurement of Social Phenomena, p. 121) takes all families, whatever the earning power, and finds that in Reading working-class households (1912) the correlation coefficients between rent and income and between rent and "men" were both positive, viz. 46 and 15, but that when (by the method of partial correlation) the effects of income and size of family were treated separately, the coefficient between rent and persons (given income) was 14, and between rent and income (given size of family) was 53. For another important study see Winslow ("Changes in Food Consumption," Economica, Oct. 1922).

Budget collections in the United States have been published from time to time by the Department of Labour. Budget collections during

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WORKMEN'S LIVRET. See LIVRET. WORKSHOP. This term first acquired a definite legal meaning on the passing of the Workshop Regulation Act 1867. A workshop is there defined to be "any room or place whatever, whether in the open air or under cover, in which any handicraft is carried on by any child, young person, or woman, and to which and over which the person by whom such child, young person, or woman is employed has the right of access and control"-factories and bakehouses being alone excepted (30 & 31 Vict., c. 146, §§ 4, 5). A later statute, Factory and Workshop Act 1878 (41 Vict., c. 16), distinguishes several kinds of workshops. These are domestic workshops, workshops in which neither children nor young persons are employed, where adult men only are employed, and where the labour is performed "in a private house or private room by the family dwelling therein," and "exercised at irregular intervals, and does not furnish the whole or principal means of living to such family" (sec. 98); concerning the conduct of which different regulations were made, further revised, and in some respects altered, by the Factory and Workshop Act 1891 (54 & 55 Vict., c. 75) and the Factory and Workshop Act 1895 (58 & 59 Vict. c. 87). This definition of a workshop is in some respects wider, in some narrower, than that of the cognate term factory. It is wider in respect of the extensive signification assigned to the term "handicraft," and of the circumstance that the definition of a factory requires that the process of production shall, with some named exceptions, be aided by mechanical motive power. In the words of the act, "Handicraft shall mean any manual labour exercised by way of trade or for purposes of gain in or incidental to the making any article or part of an article, or in or incidental to the altering, repairing, ornamenting, finishing, or otherwise adapting for sale any article"; the condition of producing for sale being a condition common to both categories. It is narrower by reason of the qualification that this handicraft must be carried on by a child, young person, or woman (not by men), and in a place "to which and over which the person by whom such child, young person, or woman is employed has the right of access and control."

The enforcement of the legal regulations as to workshops was at first vested in local authorities, but was transferred by the Factory and Workshop Act 1871 (34 & 35 Vict., c. 104) to the inspectors of factories. Some

Xenophon lived to a ripe old age, it is said upwards of ninety years, but the date of his death is unknown.

Xenophon was a man of action and of letters, but in no sense a man of science. His surviving works are numerous and range over a wide field. The Cyropaedia is a historical novel; but Book viii. 2 (see Bonar, Philos. and Pol. Econ., p. 31) "shows us a more 'modern' Division of Labour and Separation of Trades in full operation"; the Hellenica is a set history; the Anabasis an account of the expedition of Cyrus, including the retreat of the Greeks; the Memorabilia a collection of reminiscences of Socrates. Two of his works can be said to relate to economics, though in an indirect way. The Oeconomicus is not, as its title might suggest to English readers, a treatise on political economy. Economics (Gk. olkovoμký) signified simply the art of housekeeping. The Oeconomicus is a Socratic dialogue designed to show that there is such an art, and to illustrate its character, partly by conversations between an

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Athenian husband and his wife. It contains much good sense and sound morals, and gives a conception of Greek domestic life, but little or nothing that is economic in the technical sense. The treatise on the revenues of Athens is equally practical in its character. It contains suggestions for improving the revenue which the state derived from resident aliens under its protection, and for increasing the returns from the famous silver mines at Laurium, which were public property. It is interesting to the student of Greek history, and also to students of the history of public finance.

[See Smith, Dictionary of Classical Biography and Mythology, art. "Xenophon." The editions of Xenophon's writings are numerous. The treatise on the revenues of Athens has been illustrated by Hildebrand, Xenophontis et Aristotelis de oeconomia publica doctrinae illustrantur.-Boeckh, Public Economy of the Athenians. Schömann, Athenian Constitutional History.— Gilbert, Greek Constitutional Antiquities, etc.]

F. C. M.

YARRANTON, ANDREW (? 1616-1685) He gives a sketch of his own life. "I was apprentice to a linen draper when this king was born [Chas. II., 1630], and continued at it some years but the shop was too narrow for me I took leave of my master . . . lived a country life some years was a soldier, and sometimes had the honour and misfortune to lodge and dislodge an army. In 1652 I entered on iron works for several years... surveyed the three great rivers of England and some small ones, and made two navigable and a third almost completed . . . next, studied ryelands . . . and wrote two books (on clover), on which the country-men fell pell-mell, and in great part of five shires it doubled the value of the land, and I served the countries with the seed for many years."

Some time before 1660 Yarranton was commissioned by eleven gentlemen to travel through Germany and the Netherlands to make observations on husbandry and trade. He went on a second commission about 1663, to discover the mode of manufacturing tin-plates in Bohemia, and was also at Dresden in 1667, when the news came of the Dutch attack on Chatham. This

suggested to him the idea of his second book. His first work was published 1661. Its second edition in 1663 was called The Improvement Improved, or the great Improvement of Land by Clover. It claims that 6 acres in clover are worth 30 in natural grass; gives rules for sowing it, for choice of soils, for feeding cattle on it, and a list of twenty-nine places, all in the West Midlands, where good seed may be had cheap. Incidentally he reviews the four obstacles to husbandry; they are ignorance, custom, "penny-wise, pound-foolish," and taking more land than one can manage. His second book, 1677, bore a title which, as he said himself, reads like a romance, and might stamp him as a projector and a hot-brain. England's Improvement by Sea and Land, to outdo the Dutch without fighting, to pay Debts without Moneys, to set at work all the Poor of England with the Growth of our own Lands, to prevent unnecessary Suits in Law, with the Benefit of a Voluntary Register; Directions where vast Quantities of Timber are to be had for the Building of Ships, with the Advantage of making the great Rivers of England navigable; Rules to prevent Fires in London and other great Cities, with Directions how the several Companies of Handicraftsmen in London may always have cheap Bread and Drink, by Andrew Yarranton, Gentleman, London, printed for the author 1677.

In the three and half years before the second part of this book was issued (1681), he somewhat altered the scheme he had laid down for it in 1677. The second part as it stands is a little less irregular in plan than the first part. It is divided into chapters, and has a table of contents, and more elaborate plates. There are

several dialogues inserted, to bring out the secrets of the timber-trade, the iron manufacture, and even a lengthy outburst of poetry in praise of a land register. The pamphlets against him 1679-81 sprang out of the Popish plot agitation. Yarranton, as a Presbyterian and old commonwealth soldier, had himself been imprisoned 1661 on a "Presbyterian sham-plot," which he describes with some spirit in his tract of 1680 bearing that title. But for all the odium theologicum as well as odium politicum that inspired them, the pamphleteers can find little serious to attack in him. They are reduced to jeering at him, on the ground that his navigation projects had to be abandoned; his land-register bill was "kicked out" by the Commons; his club of threescore gentlemen, "the improvers of England," which met twice a week, had been broken up. His title page was parodied; "to make the streets navigable rivers, to harbour ships on a hill," and so on. All this, according to a sturdy champion on the other side, betrays "the Popish pettifogger," and "only made Yarranton's deserts more public, and England's improvements more honoured."

Yarranton's originality lies in his faculty of popularising and making practical the ideas current at the time. It was not he but (as he says himself), Sir R. Weston who brought in clover "about thirteen years ago," from Brabant; but it was Yarranton who by five years' careful experiment detected the causes of its failure at first-bad and dear seed, sowing too thin, choice of unsuitable soils, etc. His scheme of land registration was not new, it was often proposed in the projects of landlaw reform encouraged by the great act of 1660; and in a debate in the Lords 1669 the decay of rents was traced to the want of a register. Indeed the same object had been aimed at in the statute of enrolments 1536, and only defeated by the later device of lease and release, which reintroduced secrecy of conveyance, a practice repugnant to the whole course of our law in ancient and in medieval times (see LAND Registration).

As the advocate of a state bank, he was only one of many writers, beginning with Heath in 1622, who wanted a bank of credit on the Venetian model, rather than a bank chiefly of deposit on the Dutch model, proposed by LAMBE in 1659. The further idea that the fund of this bank might be the land itself, had already been urged by POTTER 1659 in The Tradesman's Jewel, and CRADOCKE 1660, who promised by this means to lend landowners nearly the full value of their land, to make these land bills pass as current money, and thus to increase trade, to raise a revenue without taxes, and yet to incur no hazard.

When he guaranteed "to set all the poor of England on work," he was equally following in the steps of other writers. His panacea was the development of the manufactures of linen and iron. The others had prescribed a similar development either of fishing (Goffe, 1625), or of spinning (Taylor, 1652), or of crown lands (CHAMBERLEN, 1649), or of enclosures, or even the identical things Yarranton was recommending—iron, Dudley, 1661; linen, HAINES, 1649.

His proposals for making rivers navigable had been often anticipated, as in a bill 1635 to deal with the Bristol Avon, and in other cases which he himself describes to

us.

The study of foreign countries had been already illustrated by Sir W. TEMPLE, Observations on the Netherlands (1672). The very title of Yarranton's book, England's Improvement, was a common formula, and had been appropriated by more than one of his predecessors; e.g. John SMITA, England's Improvement Reviv'd, 1673, to oust the Dutch from the fishing trade, and Blith's book, The English Improver Improved, a new survey of husbandry, 1652.

In fact, Yarranton was eminently a man of his time; an adapter rather than an originator; a man of practical insight rather than a theorist; a projector" within

"

sound business limits. What makes him attractive is his own character. He had exceptional versatility; he could turn his hand to anything, and in everything he had some success. He had a healthy curiosity and keen observation. He was eager and alert for the material welfare of his country. He had an affectionate zeal for his "children," as he calls them, "all poor men in England that labour in mechanic arts." His manifold interests, his resourcefulness, his optimism, his zeal for material progress, his readiness to learn from the foreigner, his belief in England's future, his combination of shrewd practice with imperfect theory, his half-vision of great principles, all are characteristic marks of the 17th century.

He has no literary pretensions. His writing is full of tautologies and repetitions; his argument is extraordinarily discursive; he is always going off at a tangent as soon as he sights one of his favourite topics. But what he has to say is said in a clear and unaffected way; and he is not cursed with the ambition to write in the tedious "high style" of the time. He is no scientific economist, and very far from being "the genuine founder of political economy in England" (DOVE); but he has an unrivalled eye for detail, and a great skill in vivid presentation of it.

Not a few of Yarranton's contemporaries surpassed him in grasp of economic truth. He cannot claim to have seized the true function of money like CHILD, the need of statistics like DAVENANT, or the grounds of free trade like Dudley NORTH. There is in him none of the penetrating analysis which led PETTY to the true nature of value and of rent, or which enabled BARBON to lay down the essential definitions of wealth, price, and exchange. Yet guided solely by native wit and by business experience, Yarranton often comes near to the

light. Our climate and soil, the character of our people, and our constitution should, he says, make us great beyond any nation in the world. The prosperity of our neighbours is a gain to us and need not be a cause of envy. The lands of England ought to rise to thirty years' purchase. The use of a bank is to facilitate credit, not so much to hold deposits. The great obstacle to improvement in husbandry is obstinate custom. Honour, honesty, riches, strength, and trade are five sisters. The way to deal with the poor is by increasing employments. To secure this and to provide cheap food for the people, are the two things to study. "I appeal to every unprejudiced man if cheap corn, beef, wool, and candles will not make cheap cloth." Patents, as now granted, drive trade out of the kingdom. Most pamphlets miss the mark because their authors are not practical men and have never travelled. The Turk has failed because he never got the power of the seas. "It is the navy that must, under God, save this nation." His criticism of the working of corn-bounties, and of the Irish cattle acts, is almost worthy of Adam SMITH.

In Saxony he saw not a single beggar; so much employment was there, by the linen-tape, thread, and tin. plate trades. In Holland he saw that we could never beat the Dutch in fighting; their sands defend them, and enable them to use ships which draw five feet less than ours. Trade is their mistress, whom we never woo away for long; she loves "that dull and flegmatick air." The reasons are that their land is registered, their banks make paper as good as money, they have "lumber houses" attached which lend money on goods at easy interest, they have "cut rivers" to aid traffic, and merchants' courts to determine cases. When he says, every acre of Dutch land is as good as ready money,' "land registered will equal cash, and will do in trade what ready money does," we can scent the land bank fallacy 1693-96. But when he goes on, "if here a man of £1000 a year wants a loan of £4000 he can hardly get it," and traces this to the difficulty of proof of title, he is right. Not for nothing had he been commissioner (probably 1653-54) for settlement of estates in Worcestershire. He would have had all the houses in London registered as they were rebuilt after the fire, and three or four similar registers in different parts of England. Then London would have as great a bank as Amster dam, fishing would revive at Bristol and Hull, cloth trade at Lynn, wool at Exeter, and interest would sink from six to four per cent. Lawyers and debtors will oppose the scheme, but the register will be voluntary. There is such registration in Scotland, and land there is at twenty-four years' purchase; and in some copyhold manors as Taunton, and there it is twenty-three; but not in England generally, and land therefore goes for only sixteen.

Next in importance comes the linen trade; he would have flax grown in the counties of Oxford, Warwick, Leicester, Northampton; on an acre there would be 3 cwts. flax, which would make 400 ells of cloth at 3s. "I and my wife to employ the poor did promote the making of much fine linen." We might save the £2,000,000 a year now spent on foreign linen. Spinners, bleachers, weavers, fullers, should be brought over from Friburg, Harlem, Dort, Dresden. Children can hardly begin too young. Similar measures should be taken for the iron manufacture; the neighbouring commons should be enclosed and planted to supply fuel. There are 100,000 poor now costing 4d. a day who might instead be earning 8d.

The new manufactures should be protected for seven years by import duties on Dutch and German linen, and on Swedish, Flemish, and Spanish iron. They should be further aided by establishing, on the Saxon model, bank granaries for corn, at the head of rivers, e.g. Banbury, Witney, Radcot, Stratford. This would give the manufacturing populations and all the London handicraftsmen plenty of cheap food and drink, which should be prepared in public bakehouses and brew. houses at each populous centre. The rivers must be made navigable, particularly Trent, Thames, Cherwell, Stour, Avon, Wye, Dee. He had surveyed these rivers, and himself experimented with the Avon and the Stour successfully. His plans seem to be in a transition stage to the later age of canals; he is sanguine that the rivers only want some dredging and a few lock.

1 Lumber houses, i.e., Lombard houses, where ad vances on goods were attainable.

gates; the only canal he names is one to join Severn at Welshpool to Thames at Lechlade. In this connec tion he draws out plans for harbours, e.g. at Kingstown and Newhaven, and for new and cheaper dockyards at Wexford and at Christchurch. Other projects sketched in this book are a plan to prevent fires in London by providing special watchmen and stations for the supply of water and a sort of rude fire engines; "a university to improve art by endowing travelling students, as is done in mechanics at Neuringburg" (Nuremberg); a factory and water wheel for the manufacture of pins; the establishment of "a sea city" at Blackwall to accommodate a fishing population; the encourageinent of the fisheries by improving the supply of cheap timber, iron, and salt, by registering and harbouring the fishing busses, by giving to the trade several years' exemption from taxes, by naturalising immigrants, by creating an old-age and pension fund; and, finally, two full descriptions of the proper way to cut out the foreign tin plate and linen-bleaching trades by superior materials and by the superior methods which had already been demonstrated by him in actual working.

[Eden, State of the Poor, p. 285.-M'Culloch, Literature of Pol. Econ., p. 350. Cunningham, The Growth of English Industry and Commerce, ed. 1892, vol. ii. pp. 190, 202, 229-255, 356.-Dove, P. E., Elements of Political Science (Edinburgh, 1854) has in an appendix a diffuse but readable account of Andrew Yarranton's chief book, and a eulogy of him as the "genuine founder of political economy in England."-Social England (Cassell and Co.) vol. iv. c. xv. pp. 439-60; c. xvi. pp. 517-31.] A. L. S.

YEARS, ESTATE for. See TERM OF YEARS. YEN. 1. A gold yen weighs 25·72 grains; purity 0.9.

2. A silver yen weighs 416 grains; purity 0.9.

3. A Nippon Ginko (Nippon, Japan; Ginko, Bank) yen bank-note, always exchangeable there for one silver yen.

4. A paper yen must be accepted by all government offices, and for all payments as one yen." Its redeemable value in silver or gold is not expressly stated.

In 1876 (at the time of a great excess of exportation) the paper yen was at a premium of 4 per cent above the silver yen; after the Satsuma rebellion, at a time of an increased issue of paper money, and a great excess of importation of paper money, it fell greatly in value below par; during the last few years, under favourable conditions, with a less amount of paper money in circulation, and after the intervention of the bank-notes of the Nippon Ginko, issued in consideration of the needs of the money market, the paper yen has been always at par with the silver yen. The fluctuations of the relations of the values of gold and silver naturally affect the value of the paper yen.

5. Silver yen2 silver florins, formerly always reckoned equal to about 4 marks, now in reality worth three marks only.

[P. Mayet, Agricultural Insurance, London, 1893.]

YEN. The money of account in Japan, and also gold and silver coins bearing the same

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(the standard of value).

Gold was the standard of value, and the gold coins were legal tender to any amount. Silver coin was limited in legal tender to ten yen in any one payment, and copper coin to one yen.

The issue of the trade dollar, or silver yen (coined either for Japanese or foreign applicants), was intended to facilitate the operations of foreign trade. So far as Japan itself was concerned, this silver coin was only legal tender for the payment of import and export duties, and of other taxes at the open ports. It could not be tendered in payment for any internal taxes, and was not current throughout the country. It was also ordered that "in payment of duties and taxes at the open ports, the relative value of the silver yen and the standard gold coin will be for the present at the rate of 100 silver yen for 101 gold yen."

On the 28th February 1876, the weight of the silver yen was altered to 420 grains, in order to conform with that of the United States trade dollar, a coin which at that time largely circulated throughout the coast towns of China, and at Hong-kong. Subsequently, however, by a notification of 26th November 1878, the coinage of yen of this increased weight was discontinued, and the original weight 416 grains, reverted to.

On the 27th May 1878, a notification was made by the prime minister of Japan to the effect that "the trade dollar which has hitherto been coined for the convenience of commerce at the open ports, will henceforth be made universally current, and may therefore be used in making and receiving payments of taxes, and in all other public and private transactions."

From the 12th September 1879 the silver yen became the standard of value, the text of the notification of this further change in the currency system of Japan being as follows:

"The Japanese silver yen of 416 grains weight and 900 fineness will henceforth be received at par with Mexican dollar by every department of the imperial government when tendered in payment of custom duties or on any other account opened, in Mexican dollars."

"On and after the 19th instant, aforesaid yen shall, when tendered in payment of any sum payable in Mexican dollars now due, or hereafter to become due, be received by all Japanese subjects in full payment thereof."