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viduals of Kensington, Philadelphia. (Philadelphia: Univ. Penn.

1920. Pp. 273.) LORIA, A. Le peripezie monetarie della guerra. (Milano: Fratelli

Treves. 1920. Pp. 159.) MAJOR, M. B. F. Currency. Its bearing on national reconstruction

and imperial development. (Manchester, Eng.: Manchester Sta

tistical Society. 1919.) Moll, B. Die modernene Geldtheorien und die Politik der Reichs

bank. (Stuttgart: Enke. 1919. 2.80 M.) Prion, M. Inflation und Geldentwertung. (Berlin: Springer. 1919.

Pp. 126.) ROBERTS, G. E. Production as a remedy for inflation. (New York:

Nat. City Bank. 1920. Pp. 8.) Rovensky, J. E. The acceptance as the basis of the American dis

count market. (New York: Am. Acceptance Council. Pp. 12.) Sachs, M. Teuerung und Geldentwertung. (Dresden: Kaden. 1920.

Pp. 46.) SILVER, F. Commercial banking and credits, bank and trade accep

tances. (New York: Commercial & Financial Inst. of Am. 1920.

Pp. 448.)
STEAD, F. R. Banker's advances. (London: Pitman. 1920.

6s.) SUMNER, W. G. The English bank restriction and the bullion report

of June 8, 1810. Reprinted from Sumner's History of American

Currency. (New York: Holt. 1920. Pp. 391. 50c.) TERHALLE, F. Währung und Valuta. (Jena: Fischer.

(Jena: Fischer. 1919. Pp. 64.) TREMAN, R. H. Trade acceptances; what they are and how they are

used. (New York: Am. Acceptance Council. 1920. Pp. 53.) Wallace, H. A. Agricultural prices. (Des Moines, Ia.: Wallace Pub. Co. 1920. Pp. 224.)

The author is frankly seeking to promote the prosperity of the producers of farm products, the study being from the farmers' point of view. About half the book is devoted to tables and charts of statistical material by which he would establish a principle of price determination.

To the student of economic theory, the book is interesting because of its implications. While concerned with agricultural phenomena alone, the author develops a theory of price of general application. Underlying the whole discussion is the ideal of a normal or a just price which is not the outcome of consumers' competition but is a sum of costs of production. While at any given time in a free market, price will be determined by the interplay of supply and demand, in the long run and in a free market the tendency will be for this supply-and-demand price to conform to cost. However, it is possible by manipulation to prevent this conformity to cost with advantage to the dealer as distinguished from the producer. Therefore, producers should organize for price control that would neutralize the effect of the control which works now to their disadvantage.

To this point the argument is not new. The novelty appears in the method of determining costs of production which are applicable to the fixing of price. To ascertain the normal price of hogs, for example, it would be very difficult to sum up accurately the various elements of cost. Such a task is particularly difficult under the conditions which prevail on the farm as distinguished from the factory. But such accounting is not necessary. The chief component of the cost of hogs is the price of corn; and a definite ratio of corn to hogs, by weight, is technically established by feeding practice. By the use of this ratio the price of corn furnishes a ready test at all times of the equity or propriety of the current price of hogs. Likewise, the price of corn is in turn subjected to a test indicated by the ratio of a day's labor to bushels of output. In like manner all over the domain of agriculture these ratios can be worked out by experience and tests established. It then becomes the duty of farmers so to organize their selling methods that the actual prices will accord with the ideal.

It would not do to judge this book by the standards which one would apply to a text on the theory of value. The defects from such a point of view are quite obvious. For example, the interest charge on the price of land is one of the elements of cost of corn. The author admits a doubt as to the permanency of such prices as prevail today and he also doubts whether sound public policy would permit an indefinite rise in land prices. But the theoretical relation of land rent to corn prices does not concern him in so far as the reviewer is able to see.

MURRAY S. WILDMAN. WARBURG, P. M. Inflation as a world problem and our relation there

to. (New York: Acad. Pol. Sci. 1920. Pp. 16.) WARBURG, P. M. Acceptances in our domestic and international com

(New York: Am. Acceptance Council. 1920. Pp. 38.) WOODRUFF, G. The banker and trade acceptances. (New York: Am. Acceptance Council.

1920. Pp. 13.) WIPRUD, A. C. The federal farm loan system. (St. Paul: Author.

1920. Pp. 30.) ZWIESELE, H. Der bargeldlose Zahlungsverkehr. (Stuttgart: Moritz.

1919. Pp. 78.) Acceptances including regulations and rulings of the Federal Reserve

Board. (New York: National City Co. 1920. Pp. 68.) Compte rendu de l'Assemblée générale des actionnaires du 29 janvier,

1920. (Paris: Banque de France. 1920. Pp. 80.)

merce.

Das schweizerische Bankwesen im Jahre 1918. (Berlin: Stämpfli.

1920. Pp. 73.) The farm loan primer. (Washington: U. S. Federal Farm Loan

Bureau. 1920. Pp. 13.) The gold supply of the world, in relation to credit, banking, and

prices. (St. Louis: First Nat. Bank. 1920. Pp. 6.) International comparisons of prices of cotton cloth, January, 1919

March, 1920. Bureau of Business Research, bulletin no. 17. (Cam

bridge: Harvard Univ. Press. 1920. Pp. 23. $1.) Our vanishing gold reserve. (Washington: Am. Mining Congress.

1920. Pp. 27.) A standard of value. Transactions of the Commonwealth Club of

California, vol. XV, no. 1. (San. Francisco: Secretary of the Club, 153 Kearny St. 1920. Pp. 75.)

Contains: “The economic and political aspects of plans for a compensated dollar," by E. R. A. Seligman; "A commodity unit to supplement money as a standard of value," by C. E. Grunsky; “The Fisher plan for stabilizing the dollar,” by Norman Lombard.

Public Finance, Taxation, and Tariff

NEW BOOKS

BATARDON, L. Les taxes sur les paiements et sur les depenses de luxe; leur conséquences au point de vue commercial et comptable

commentaire des articles 18 à 28 de la loi du 31 décembere 1917. (Paris: Dunod & Pinat. 1918. Pp. vii, 112.) BERNHARD, G. Probleme der Finanzreform.

Probleme der Finanzreform. (Berlin: Walter de Grunter & Co. 1920. Pp. 63.) Black, H. C. Supplement to Black on federal taxes, January, 1920.

Fourth edition. (Kansas City, Mo.: Vernon Law Bk. Co. 1920.

Pp. 157.) Buck, L. and Lucas, R. Kommentar zur Vermögens- und Mehrein

kommensteuer. I. Vermögenszuwachs und Mehreinkommen (Mehrgewinn-) steuer. (Berlin: Vereinigungwissenschaftlicher Ver

lager. 1920. Pp. 384.) CLEVELAND, F. A. and Buck, A. E. The budget and responsible gou

ernment. (New York: Macmillan. 1920. Pp. 406. $3.) Cossa, L. Premiers éléments de la science des finances. Translated

from the Italian. (Paris: Giard & Brière. 1920. 7 fr.) Fisk, H. E. English public finance: from the revolution of 1688.

With chapters on the Bank of England. (New York: Bankers Trust Co. 1920. Pp. 241.)

HAENEL, H. G. Eine Kapitalrentensteuer im Rahmen der Neuord

nung der Reichsfinansen. (Jena: Fischer. 1920. Pp. 76.) Haines, C. G. The movement for the reorganization of state administration. (Austin: Univ. Texas. 1920. Pp. 80.)

Contains brief summary of movements for economy and efficiency in different states and a three-page list of references. Holmes, G. E. Federal income tax, war-profits and excess-profits

taxes, including stamp taxes, capital stock tax, tax on employment

of child labor. (Indianapolis: Bobbs-Merrill, 1920. Pp. 1151.) JACOBI, E. Steuerflucht und Kapitalflucht. (Berlin: Dahlen. 1920.

Pp. 23.) KENYON, B. C. Documentary state revenue stamps of the United

States. (Long Beach, Calif.: Author. 1920. Pp. 100. $4.) KOEPPE, H. Finanzwissenschaft. (Jena: Fischer. 1919. Pp. viii,

487.) LINDAHL, E. Die Gerechtigkeit der Besteuerung. (Lùnd: Gleerupsk

Universitets Bokhandeln. 1920. Pp. 224.) Marin, L. Rapport général sur le budget ordinaire des services civils

de l'exercice 1919. (Paris: Chambre des Députés. 1919. Pp. 456.) MONTGOMERY, B. G. Politique financière d'aujourd'hui, principale

ment en consideration de la situation financière et économique en

Suisse. (Vevey: Klaus fedler. 1920. Pp. 403.) PARKER, W. The Paris bourse and French finance. With reference

to organised speculation in New York. Columbia University studies in history, economics, and public law, vol. LXXXIX, no. 3. (New

York: Longmans. 1920. Pp. 116. $1.) ROTHMAN, M. H. A synopsis of the New York state income tax law.

Second edition. (New York: Author, 802 Broadway. 1920. Pp.

12.) St. Clair, L. The story of the liberty loans. (Washington: Bryan

Press. 1919. Pp. 186. $5.) Seligman, E. R. A. La liquidation financière de la guerre aux Etats

Unis. (Paris: Giard & Briere. 1920. 3.50 fr.) Seligman, E. R. A. La coût de la guerre et la manière dont on y a

pourvu. (Paris: Giard & Briere. 1920. Pp. 44.) STRUTZ, G. Das Gesetz gegen die Steuerflucht vom 26. Juli, 1918.

(Berlin: Heymanns. 1919. Pp. 210. 8 M.) Taussig, F. W. Free trade, the tariff, and reciprocity. (New York: Macmillan. 1920. Pp. 219. $2.)

Comprises: The present position of the doctrine of free trade, presidential address before the American Economic Association, December, 1904; Abraham Lincoln on the tariff (Quarterly Journal of Economics, Aug., 1904); How the tariff affects wages (Atlantic Monthly, Sept., 1919); Wages and prices in relation to international trade (Quart. Journ. Econ., Aug., 1906); How to promote foreign trade, address delivered before the Chamber of Commerce of the United States at Chicago, Apr. 11, 1918; Reciprocity (Quart. Journ. Econ., Oct., 1892); Cost of production and the tariff (Atlantic, Dec., 1910); An inquiry on the costs of wool and woolens (American Economic Review, June, 1912); How tariffs should not be made, (Am. Econ. Rev., Mar., 1911); The proposal for a tariff commission (North American Review, Feb., 1916); Tariff problems after the

war (American Problems of Reconstruction, Dutton, 1919). Thum, W. The coming land policy. The antithesis of the single tax

policy. Supplement to "untaxing the consumer.(Pasadena, Calif.:

Author. 1920. Pp. 66.) TIVARONI, J. I monopoli governativi del commercio e le finanze dello stato. (Bari: Gius. Laterza & Figli. 1920. Pp. 74.

Pp. 74. 3.50 1.) Annual report of financial transactions of municipalities and counties,

for the year 1919. (Sacramento, Calif.: Controller. 1920. Pp.

241.) The corporation trust company's 1913-1920 income tax service. (New

York: Corporation Trust Co. 1920. Pp. 433.) The customs service; complete course of instruction for first and third

grade clerks; covers all examinations for clerkships in the federal service, with questions and answers. (New York: N. Y. Civil Ser

vice Employees Publishing Co. 1920. Pp. 332. $1.50.) L'impôt successoral. (Bruxelles: Lebèque & Cie. 1919. Pp. 78.) L'impôt sur les bénéfices de guerre. (Bruxelles : Lebèque & Cie.

1919. Pp. 158.) Income and excess profits taxes for 1919; a digest of the law and a

comprehensive survey of the new features affecting 1919 income.

(New York: Standard Statistics Co. 1919. Pp. 71, 63.) Income tax. Report of Royal Commission. Seventh instalment of evi

dence, with appendices. (London: H. M. Stationery Office. 1920.) La situation économique et financière de la Suisse. (Bâle: Société

de Banque Suisse. 1920. Pp. 162.) New York state personal income tax law; summary and text of law;

list of securities with values as of January 1, 1919; 1919 law. (New

York: Harris, Forbes & Co. 1920. Pp. 102.) Proceedings of the twelfth annual conference on taxation under the

auspices of the National Tax Association. (New York: Nat. Tax

Assoc. 1920. Pp. xi, 554.) Proposed relief to manufacturers, exporters and importers from re

sults of demoralization in customs service. (New York: Merchants Assọc. of N. Y. 1920. Pp. 15.)

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