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The Bureau of Immigration: Its History, Activities, and Organization. By DARRELL HEVENOR SMITH and H. GUY HERRING. Institute for Government Research, Service Monographs of the United States Government, No. 30. Baltimore: Johns Hopkins Press, 1924. Pp. xii+247. $1.50.

The Deportations Delirium of Nineteen-Twenty: A Personal Narrative of an Historic Official Experience. By Louis F. POST, Assistant Secretary of Labor of the United States from 1913 to 1921. Chicago: Charles H. Kerr & Co., 1923. Pp. xiv+338. $1.50.

No student of immigration problems who examines the first of these volumes can afford to neglect the second. The monograph by Mr. Smith and Mr. Herring is one of a series dealing with the organization and operations of different bureaus of the federal government. In this study of the Bureau of Immigration the plan of the other volumes in the series has been followed, giving the history of the bureau, an account of its organization, activities, and its expenditures and appropriations. The monograph is descriptive and informational rather than critical, and some of the information seems to be unnecessarily detailed. It is not particularly important, for example, to know whether the act of 1895 provided for a messenger and assistant messenger or not. Neither does it seem important to know the salaries of the janitor, messenger, and pilot engineer in the Porto Rico service, nor the salary of the one clerk and one charwoman employed in Tia Juana, California. Moreover, if salaries of minor employees are to be published, these might be summarized in paragraph form instead of being set forth in a spacious tabular statement.

Ex-Secretary Post, on the other hand, has prepared a most illuminating account of certain aspects of the administration of the federal immigration laws. In spite of the rather sensational title which he has chosen for his book, Mr. Post writes with lawyer-like logic and precision. On the basis of his experience as one of the highest administrative officials of the two Wilson administrations, he furnished unimpeachable testimony concerning the unlawful practices that have been used in administering the immigration laws. It has been well said that "the life of a law is in its enforcement," and Mr. Post's account of the gigantic and cruel hoax known as the "Red Crusade" throws much new light on the laws which are outlined in the Service Monograph. Students of administrative law will find much that is interesting in Mr. Post's book. EDITH ABBOTT

UNIVERSITY OF CHICAGO

Early Economic Thought. Edited by A. E. MONROE. Cambridge: Harvard University Press, 1924. Pp. viii+400. $3.50.

Students of the history of economic thought will welcome Professor Monroe's volume of selections as an aid to that process of sampling to which he must trust to give him an understanding of the economic thinking of past centuries. The volume presents, in English, extracts from Aristotle, Xenophon, Aquinas, Oresme, Molinaeus, Bodin, Serra, Mun, Petty, von Hornick, Cantillon, Galiani, Hume, Quesnay, Turgot, and von Justi. Many of the translations are the editor's own, though in some cases he has made use of existing English versions; and he has succeeded admirably in preserving the atmosphere of the original.

Since no two students of these writers would pick out quite the same samples, one wonders whether the usefulness of the work would not have been increased by the inclusion of complete tables of contents of those books from which chapters are selected. The editor contents himself with putting in the actual numbers of chapters from which extracts are taken, and does not always do this much, for the extracts from Cantillon's essay are numbered from i to viii, whereas the chapters from which they are taken are ix, x, xi, and xiii, of Part I, and ii, vi, vii, and ix of Part II, Part III being wholly unrepresented. Some indication of the scope of the matter omitted would make the reader less dependent upon the editor's choice and should encourage him to further sampling. One must admit that there are real difficulties in the way of furnishing such a supplementary guide, especially in the case of an essay like Cantillon's, where the headings of the omitted chapters tell so little about their subject-matter. Still, the system employed in the Ashley "Economic Classics" would be very useful here.

Be that as it may, Professor Monroe has rendered a service which should benefit the harassed American graduate student. Where an inadequate historical background is such a besetting weakness, a book such as Monroe's should help to fill in many weak spots, and might even perceptibly raise the average.

UNIVERSITY OF CHICAGO

J. M. CLARK

Although the concept of a national balance of trade was already common in the sixteenth century, the exact term itself seems to have first been coined in 1615, when it almost immediately passed into common usage.12 In that year two customs officials, Wolstenholme and Cranfield, were instructed to compute the exports and imports for the two preceding years, in order to ascertain the effect on foreign trade of "Alderman Cockayne's Project" restricting the export of undyed or undressed woolens. The results of their computations are still existent in manuscript, indorsed as follows: "A computation of all merchandises exported and imported into England one year by Mr. Wolstenholme 21 May 1615" and "Sir Lionell Cranfield his ballance of trade 21 May 1615." In the next year, Sir Francis Bacon, acquainted in his official capacity with these computations, in his "Advice to Sir George Villiers" wrote as follows:

This realm is much enriched, of late years, by the trade of merchandise which the English drive in foreign parts; and, if it be wisely managed, it must of necessity very much increase the wealth thereof; care being taken, that the exportation exceed in value the importation; for then the balance of trade must of necessity be returned in coin or bullion.14

The first appearance in print of the phrase appears to have been in the title and text of a pamphlet by Misselden published in 1623, The Circle of Commerce, or the Ballance of Trade, and it is to be found ad nauseam in the subsequent literature. The term was, of course, borrowed from the current terminology of bookkeeping, into which the word "balance" had apparently been incorporated from the Italian about 1600. Prior to 1615, such

"I owe some of the following references to the excellent account by W. H. Price, "The Origin of the Phrase 'Balance of Trade,'” Quarterly Journal of Economics, XX (1905), 157 ff.

"Astrid Friis, Alderman Cockayne's Project And The Cloth Trade (Copenhagen, London, 1927), p. 207, and W. H. Price, loc. cit. There were no value statistics of imports and exports at that time, but the customs rates on all goods were 5 per cent of the official values of the goods. The balance was computed, therefore, by multiplying the customs revenues by twenty.

"Works, Spedding ed. (Philadelphia, 1852), II, 385. (The essay was written in 1616, but first published in 1661.)

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GRADUATE SCHOOL, YALE UNIVERSITY

F

Strathcona Memorial Fellowships in Transportation

IVE Strathcona Memorial Fellowships in Transportation, of One Thousand Dollars each, are offered annually for advanced work in Transportation, with special reference to the construction, equipment, and operation of railroads, and other engineering problems connected with the efficient transportation of passengers and freight as well as the financial and legislative questions involved. Transportation by water, highways, or airways, and the appropriate apparatus involved, and also other general aspects of the broad field of transportation, embracing its legal and economic phases, will be included in the list of subjects which the Fellows may select for investigation and study. The holder of a Fellowship must be a man who has obtained his first degree from an institution of high standing. In making the award, preference is given in accordance with the will of Lord Strathcona, to such persons or to sons of such persons as have been, for at least two years, connected in some manner with the railways of the Northwest.

Applications for this Fellowship should be addressed to the Dean of the Graduate School of Yale University, New Haven, Connecticut, before May 1, on blanks which may be obtained from him.

Yale University has planned a survey of current investigations in various fields of transportation. Upon its completion it is expected that a stated program of courses of graduate instruction in certain phases of transportation will be regularly offered. Pending the determination of the character and content of such regular courses, the Strathcona Memorial Fellows will be entitled to follow such lines of investigation of those aspects of transportation in which the University in its graduate work now offers competent guidance and supervision.

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STEINER'S The Mechanism of Commercial Credit (Meech), 359-FAULKNER'S American Economic History (Comstock), 361-STURGIS' Investment a New Profession (Lagerquist), 362.-NASH'S Investment Banking in England (Lagerquist), 364.-PERSONS', FOSTER'S, and HETTINGER'S The Problem of Business Forecasting (Cox), 365.-PATON'S Accounting Theory (Yntema), 366.-COPELAND'S Principles of Merchandising (Palmer), 367.-COWDRICK'S Manpower in Industry (Wiese), 367.-MILLER'S Some Great Commodities (Rauber), 368.

359

THE UNIVERSITY OF CHICAGO PRESS
CHICAGO, ILLINOIS, U.S.A.

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THE MARUZEN-KABUSHIKI-KAISHA, TOKYO, OSAKA, KYOTO, FUKUOKA, Sendai
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