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THE

ECONOMIC JOURNAL

VOLUME XXIII

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THE

ECONOMIC JOURNAL

THE JOURNAL OF

The Royal Economic Society

EDITED BY

J. M. KEYNES

VOLUME XXIII

London

MACMILLAN AND CO., LIMITED

NEW YORK: THE MACMILLAN COMPANY

1913

Patron-HIS MAJESTY THE KING.

Council:

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

THE RIGHT HON. A. J. BALFOUR, M.P., F.R.S.
THE RIGHT HON. CHARLES BOOTH, F.R.S.

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Applications for Fellowship should be addressed to the SECRETARY, Royal Economic Society, 9, Adelphi Terrace, London, W.C. The Annual Subscription is a Guinea (26 francs). Any Fellow may compound for his future yearly payments by a Life Subscription of Ten Guineas (265 francs). There is at present no entrance fee.

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

INDEX TO THE ECONOMIC JOURNAL

ORIGINAL ARTICLES :-

PAGE

165

62

514

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