Les Conventions Monétaires by A. JanssenReview by: P. A.Journal of the Royal Statistical Society, Vol. 75, No. 5 (Apr., 1912), pp. 561-562Published by: Wiley for the Royal Statistical SocietyStable URL: http://www.jstor.org/stable/2340121 .

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1912.] Reviews of Statistical and Econonmic Books. 561

perhaps, errs in the former direction and does not display any close acquaintance with modern methods of analysis, but his work will be of use to many students of the subject, and deserves com- mendation. M.G.

8.-Les conventions nJidtaires. Par A. Janssen, Professeur A l'Ecole des Sciences politiques de l'Universite de Louvain. iv + 569 pp., 8vo. Paris: F. Alcan et R. Lisburn; Brussels: Veuve Ferd. Larcier, 1911. Price iO frs.

M. Janssen has set himself to write a detailed and critical history of the three monetary unions of Europe-that of Germany, the Scandinavian Union and the Latin Union; to examine the results achieved by them; and to consider whether, in the light of the experience so gained, there is anything to be said in favour of further attempts at the establishment of international monetary conventions. The greater part of the narrative (260 pp.) is naturally occupied by an account of the formation and progress of the Latin Union, and, on the whole, M. Janssen has no very high opinion of its practical utility at the present day; in his view, " l'union latine se maintient actuellement, parce qu'on recule devant la liquidation d'un pass6 bim6talliste, et aussi par respect d'une tradition, A, laquelle l'int6ret politique des Etats contractants commande de ne pas porter atteinte." In the hundred pages allotted to the German monetary conventions (those within the Zollverein and later Empire, and the German-Austrian Convention of 1857), which have now little more than an historical interest, M. Janssen rightly emphasises the manner in which the attitudes of Prussia and Austria towards the question, as towards the whole problem of the economic relations between the Zollverein and the Austro-Hungarian Empire, were determined primarily by political considerations; on the side of Prussia, " no material advantage, however considerable it might be, could be allowed to affect Prussia's interest in maintaining her predominance in the Zollverein and in keeping Austria at a distance." In this connection attention is drawn to the action of Austria in bearing some part of the loss resulting from the demonstration in 1891 of the thalers current in Germany since the convention of 1857; there was no legal obligation upon her to do so, since the legal currency of the thalers had been confirmed by German imperial legislation in 1871 and 1874, but the fact that they bore the Austrian effigies was regarded by her as imposing some politico- moral obligation. The Scandinavian Union is discussed briefly: it is interesting, especially in respect of the arrangements between the banks of the three countries concerned, and it appears to have worked effectively; but it affords an insufficient test of the utility of such conventions, since the economic and financial conditions of the three States, the nature of the relations between them, the compara- tively limited extent of their commercial activity, and their aloofness from the great financial movements of the world, have prevented any severe strain upon the convention.

In general, M. Janssen is of opinion that the conventions have been of use in hastening the establisament of common metallic

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562 Other New Publications. [April,

standards, and securing the recognition of common units of account in Germany and the two unions. The third possible advantage- the inter-circulation of currenev-he regards as insignificant, and he attaches far more importance to a unification of the laws relating to bills of exchange and cheques. Though he regrets the policy adopted by the United Kingdom and the United States at the recent Hague Conference, he appears to recognise its reasonableness, and realises that the adoption of the proposed code by continental nations generally and by some others would mark a great advance. His final conclusion is that monetary union should follow, not precede, political union.

Whilst some of his conclusions are clearly of a debatable character, M. Janssen has produced an interesting and useful compendium; its value is enhanced by an appendix (97 pp.) of documents, and would have been still further increased by an index. P.A.

9.-Other New Publications.* [These notes do not preclude a fuller review in a later issue of the Journal.]

Bachelier (Louis). Calcul des Probabilites. 516 pp., 4to. Tome 1. Paris: Gauthier-Villars, 1912. Price 25 frs.

[The object of this work is not only to demonstrate the whole of the knowledge acquired in the past as to the theory of probability, but also to make known new methods and new results.]

Chiozza Money (L. G.), M.P. Things that matter. Papers upon subjects which are, or ought to be, under discussion. x + 299 pp., 8vo. London: Methuen and Co., 1912 Price 5s. net. [The author in this collection of essays desires to direct attention to certain

problems and dangers which, in his opinion, demand the grave attention of the nation. The essays cover a wide field, and include questions relating to wages and industry, prices and the cost of living, education, insurance, emigration, foreign investments, and women's dress. Though apparently so varied in character, the discerning reader will, the author hopes, find a certain definiteness of purpose.]

Gini (Corrado). I fattori demografici dell' evoluzione delle nazioni. 139 pp., 8vo. Rome: Fratelli Bocca, 1912. Price 4 lire.

[A statistical study of the influence of demographic factors on the evolution of different nations of ancient and modern times.]

Gomrnme (Sir Laurence). The Making of London. 255 pp., sm. 8vo. The Oxford University Press, 1912. Price 3S. 6d. net.

[This book does not claim to be a history of London, but is more a survey of the total facts which would lead up to such a history.]

Loria (Achille). La Synth6se dconomique. Etude sur les lois de revenu. Version fran9aise de Camille Monnet. 522 pp., 8vo. Paris: Giard and Bri6re, 191 1. Price I 2 frs.

[A. translation of the original work published in Italian in 1909. It is a sttudy in economics, based on incomies and their distribution.]

Mayr (Dr. Geo-g von). Statistik und Gesellschaftslehre. Dritter Band. Sozialstatistik. (Moralstatistik, Bildungstatistik. Wirt- schaftstatistik, Politische Statistik.) Erster Teil. Moralstatistik. Dritte Lieferung. (Aus Handbuch des Oeffentlicheii Rechts: Einleitungsband.) 449-576 pp., 8vo. Tubingen, J. C. B. Mohr, 1912.

* See also " Additions to the Library," page 574, sgq.

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