BOOKS RECEIVED American Association of Collegiate Schools of Business. Faculty Personnel. (Bloomington, 1930.) Barnes, Irston R. Public Utility Control in Massachusetts. (New Haven: Yale University Press, 1930.) Bell, Spurgeon, and Watkins, Ralph J. Industrial and Commercial Ohio, Vol. II. (Columbus: Bureau of Business Research, Ohio State University, 1928.) Boninsegni, P. Manuel élémentaire d'économie politique. (Lausanne: F. Rouge & Co., S.A., 1930.) Burnstan, Arthur Rowland. Special Assessment Procedure. Special Report of the State Tax Commission of New York. (Albany, 1929.) Condliffe, J. B. New Zealand in the Making. (Chicago: University of Davie, Maurice R. The Evolution of War. (New Haven: Yale University Press, 1929.) Douglas, Paul H. Real Wages in the United States, 1890-1926. (Boston: Houghton Mifflin Co., 1930.) Fairchild, Fred Rogers; Furniss, Edgar Stevenson; Buck, Norman Sydney. Elementary Economics. Vols. I and II (rev. ed.). (New York: Macmillan Co., 1930.) Fisher, Irving. The Stock Market Crash-and After. (New York: Macmillan Co., 1930.) Fisher, Irving. The Theory of Interest. (New York: Macmillan Co., 1930.) Fovel, N. Massimo. Economia e corporativismo. (Ferrara: S.A.T.E., 1929.) Gangemi, Lello. Lineamenti di lettera tura finanziaria. (Milano: Fratelli Treves Editori, 1929.) Gras, Norman S. B., and Gras, Ethel C. The Economic and Social History of an English Village (Crawley, Hampshire) 909–1928. (Cambridge: Harvard University Press, 1930.) Heer, Clarence. Income and Wages in the South. (Chapel Hill: Institute for Research in Social Science at the University of North Carolina, 1930.) Heichelheim, Fr. Wirtschaftliche Schwankungen der Zeit von Alex ander bis Augustus. (Jena: Gustav Fischer, 1930.) Howard, Stanley Edwin. The ABC of Accounting. (Princeton: Princeton University Press, 1929.) Kuznets, Simon S. Secular Movements in Production and Prices. (Boston: Houghton Mifflin Co., 1930.) Lenin, V. I. The Imperialist War (Collected Works, Vol. XVIII). (New York: International Publishers Co., Inc., 1930.) Michelbacher, G. F. Casualty Insur ance Principles. (New York: McGraw-Hill Book Co., Inc., 1930.) Mortara, Giorgio. Prospettive Economiche, Anna Decimo-VIII. (Milano: Della Universitá Bocconi, 1930.) Moulton, Harold G. The Financial Organization of Society. (3d ed.). (Chicago: University of Chicago Press, 1930.) Puckett, Hugh Wiley. Germany's Women Go Forward. (New York: Columbia University Press, 1930.) République Turque, Office Central de Statistique. Recensement général de la population au 28 octobre, 1927. (Angora, 1929.) République Turque, Office Central de Statistique. Annuaire statistique, deuxième volume, 1929. (Angora, 1929.) Setnitzky, N. A. Manchuria and the World Market for Soya Beans. [In Russian.] Also English summary of same, translated by A. Skerst. (Harbin, Manchuria: Economic Bureau of the C. E. Ry., 1930.) Sombart, Werner. Die drei Nationalökonomien. (München: Duncker & The Incident and its Morrison Beall Giffen The first attempt at an exposition of the Fashoda crisis since the recent publication of documents by the British and German foreign offices. $3.00 MEXICAN IMMIGRATION to the United States By Manuel Gamio An explanation of the Mexican immigrant and a solution of the immigration problem. $3.00 in the Making By J. B. Condliffe In which a ninety-year experiment in democracy is explained in detail. Each factor in success or failure is evaluated by this New Zealand economist from a thorough knowledge of the situation. $5.00 THE INTERNATIONAL RELATIONS OF By C. Walter Young A digest and analysis of treaties, agreements and negotiations concerning the Three Eastern Provinces of China. MANDATES UNDER THE LEAGUE OF NATIONS By Quincy Wright An examination of the mandates system from all points of view-historical, administrative, juristic and practical. $6.00 THE UNITED STATES AND THE CARIBBEAN By Chester Lloyd Jones, Henry Kittredge Norton and Parker Thomas Moon Here is a sound, historical statement followed by two points of view concerning vital, international relations. $1.50 $3.50 POPULATION The Harris Foundation By Corrado Gini, Shi- Immigration, birth con- these and other factors affecting population are discussed. $3.00 THE CHINA YEAR BOOK 1929-30 Edited by H. G. W. Woodhead An authoritative work of reference containing much carefully selected information. $12.50 THE UNIVERSITY OF CHICAGO PRESS THE INCREASING USE OF THE TELEPHONE REQUIRES THE EXPENDITURE OF HUNDREDS OF MILLIONS ANNUALLY FOR EXTENSIONS AND IMPROVEMENTS It keeps faith with your needs An Advertisement of the American Telephone and Telegraph Company You have found a constantly growing use for the telephone. You have learned its value in business. You have found it helpful in keeping contact with family and friends. Its increasing use has given the telephone its humanly important place in modern life and requires the expenditure of hundreds of millions annually for extensions and improvements. In 1929 the Bell System's additions, betterments and replacements, with new manufacturing facilities, meant an expenditure of 633 million dollars. During 1930 this total will be more than 700 millions. Definite improvements in your service result from a program of this size and kind. They start with the average time required to put in your telephone-which in five years has been cut nearly in half. They range through the other TELEPHON MERICAN TELERD A BELL SYSTEM ASSOCIATED branches of your service, even to calls for distant points-so that all but a very few of them are now completed while you remain at the telephone. In order to give the most effective, as well as the most economical service, the operation of the Bell System is carried on by 24 Associated Companies, each attuned to the part of the country it serves. The Bell Laboratories are stantly engaged in telephone research. The Western Electric Company is manufacturing the precision equipment needed by the System. The staff of the American Telephone and Telegraph Company is developing better methods for the use of the operating companies. LITLEGRANT COMPANIES It is the aim of the Bell System continually to furnish a better telephone service for the nation. Jacob Viner 404 English Theories of Foreign Trade before Adam Smith (Con cluded) The Elasticity of Bank Notes L. W. Mints 458 Childs, Labor and Capital in National Politics (Witte), 483.-Anderson, Fixation of Wages in Australia (Millis), 484.-Kuczynski, The Balance of Births and Deaths. Vol. I, Western and Northern Europe (Woodbury), 486.-Pasvolsky, Economic Nationalism of the Danubian States (Handman), 488.—Halm, Die Konkurrenz (Burns), 490.—Harms, Strukturwandlungen der Deutschen Volkswirtschaft. Vorlesungen gehalten in der Deutschen Vereinigung für Staatswissenschaftliche Fortbildung (Notz), 491.—Watkins, Bankers' Balances: A Study of the Effects of the Federal Reserve System on Banking Relationships (Brown), 493.-Tippetts, State Banks and the Federal Reserve System (Leffler), 495.-Hohman, The American Whaleman (Craven), 497.-Ware, The Labor Movement in the United States 1860-1895 (Keir), 498. Books Received $500 THE UNIVERSITY OF CHICAGO PRESS CHICAGO, ILLINOIS, U.S.A. August 1930 Volume XXXVIII, No. 4 THE JOURNAL OF POLITICAL ECONOMY EDITED BY JACOB VINER AND F. H. KNIGHT, WITH THE CO-OPERATION OF THE UNIVERSITY OF CHICAGO The Journal of Political Economy is published bi-monthly, by the University of Chicago at the University of Chicago Press, 5750 Ellis Avenue, Chicago, Illinois. The subscription price is $4.00 per year; the price of single copies is 75 cents. Orders for service of less than a half-year will be charged at the single-copy rate. 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Communications for the editors and manuscripts should be addressed to the Editors of THE JOURNAL OF POLITICAL ECONOMY, The University of Chicago, Chicago, Ill. The articles in this Journal are indexed in the Reader's Guide to Periodical Literature, New York, New York. Entered as second-class matter January 16, 1893, at the Post-office at Chicago, Illinois, under the Act of March 3, 1879. Acceptance for mailing at special rate of postage provided for in Section 1103, Act of October 3, 1917, authorized on July 15, 1918. |