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 Statistical Society. 1919.)

MOLL, B. Die modernene Geldtheorien und die Politik der Reichsbank. (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 discount 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 acceptances. (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. 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 thereto. (New York: Acad. Pol. Sci. 1920. Pp. 16.)

WARBURG, P. M. Acceptances in our domestic and international commerce. (New York: Am. Acceptance Council. 1920. Pp. 33.)

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.)

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, 1919March, 1920. Bureau of Business Research, bulletin no. 17. (Cambridge: 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.

Grunter & Co. 1920. Pp. 63.)

(Berlin: Walter de

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 Mehreinkommensteuer. I. Vermögenszuwachs und Mehreinkommen (Mehrgewinn-) steuer. (Berlin: Vereinigungwissenschaftlicher Verlager. 1920. Pp. 334.)

CLEVELAND, F. A. and BUCK, A. E. The budget and responsible government. (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 Neuordnung der Reichsfinanzen. (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, principalement en consideration de la situation financière et économique en Suisse. (Vevey: Klausfedler. 1920. Pp. 403.)

PARKER, W. The Paris bourse and French finance. With reference to organized 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 EtatsUnis. (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). THUм, 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. 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 Service Employees Publishing Co. 1920. Pp. 332. $1.50.) L'impôt successoral. (Bruxelles: Lebèque & Cie. L'impôt sur les bénéfices de guerre. 1919. Pp. 158.)

1919. Pp. 78.)

(Bruxelles:

Lebèque & Cie.

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 evidence, 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 results of demoralization in customs service. (New York: Merchants Assoc. of N. Y. 1920. Pp. 15.)