THE

ECONOMIC JOURNAL

THE JOURNAL OF

The Royal Economic Society

EDITED BY

JOHN MAYNARD KEYNES

STANFORD LIBRARY

VOLUME XXVI

London

MACMILLAN AND CO., LIMITED

NEW YORK: THE MACMILLAN COMPANY

1916

་་

GIVALOBD [BKYKA

940112

THE ROYAL ECONOMIC SOCIETY (incorporated by Royal Charter, 1902) was founded, under the name of the BRITISH ECONOMIC ASSOCIATION, at a meeting held at University College, London, on November 20th, 1890, the Right Hon. G. J. Goschen, M.P. (the late Viscount Goschen), in the Chair.

The Society has for its object the general advancement of economic knowledge.

The Journal of the Society, published quarterly by Messrs. Macmillan and Co., Ltd., London, and sent post free to Fellows, is intended to represent the various shades of economic opinion, and to be the organ, not of one school of economists, but of all. The Journal numbers among its contributors the leading economists of all countries. Fellows are entitled, in addition to the Journal, to copies of sundry other publications issued by the Society from time to time.

Apart from the Annual Meeting, a Congress of the Society has been periodically convened for the discussion of social and economic questions, and opportunity has thus been afforded for the reunion of Fellows.

By arrangements with the Royal Statistical Society and the London School of Economics, Fellows of the Royal Economic Society may obtain from the Secretary a card entitling them to the use of the valuable libraries of those institutions.

Libraries of a public or semi-public character are admitted to subscribing membership on special terms, which can be obtained on application to the Secretary.

Patron-HIS MAJESTY THE KING.

Council:

THE RIGHT HON. VISCOUNT HALDANE OF CLOAN, O.M., F.R.S., President.

THE RIGHT HON. A. J. BALFOUR, M.P., O. M., F.R.S.
THE RIGHT HON. VISCOUNT BRYCE, O.M., F.R.S.
THE RIGHT HON. LORD COURTNEY OF PENWITH.
DR. ALFRED MARSHALL, F.B.A.

THE RIGHT HON. VISCOUNT MILNER, G. C.B.
THE RIGHT HON. VISCOUNT MORLEY OF BLACKBURN,
O.M., F.R.S.

Vice-Presidents.

Mr. HENRY HIGGS, C.B.

Mrs. KNOWLES.

Sir CHARLES S. LOCH.

Sir J. MACDONELL, C.B.

Sir BERNARD MALLET, K.C.B.
Professor J. S. NICHOLSON, F.B.A.
(Member of Editorial Board).

Sir R. H. INGLIS PALGRAVE, F.R.S.
The Rev. L. R. PHELPS.
Professor A. C. PIGOU.

Mr. L. L. PRICE (Hon. Secretary).

The Right Hon. HERBERT L. SAMUEL,
M.P.

Sir FELIX SCHUSTER, Bart.

Professor W. R. SCOTT, Litt. D.
Mr. H. B. LEES SMITH, M.P.

Sir H. LLEWELLYN SMITH, K.C.B.
Mr. SIDNEY WEBB.

Mr. HARTLEY WITHERS.

Mr. ALFRED HOARE, Hon. Treasurer.

Mr. J. M. KEYNES, Editor and Secretary.

Mr. E. J. HICKS, Asst. Secretary.

Applications for Fellowship should be addressed to the
SECRETARY, Royal Economic Society, 9, Adelphi Terrace, London,
W.C. The Annual Subscription is a Guinea. Any Fellow may
compound for his future yearly payments by a Life Subscription of Ten
Guineas. There is at present no entrance fee. For the objects of the
Society and the privileges of Fellows see the Inside of this Cover.

Editorial Communications should be addressed to J. M. KEYNES,
Esq., King's College, Cambridge.

All communications respecting Advertisements to be sent to
Messrs. MACMILLAN & Co., Ltd., St. Martin's Street, London, W.C.