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Cournot then proceeds to the effect of a tax on articles produced under monopoly, treating of the loss to consumers on account of the tax, that falling on producers, and the gross profit to the state treasury. He carries this analysis through the various forms of taxation-specific, ad valorem, and "in kind"-and of bounties, which are treated in his equations as a negative tax.

Then is taken up the effect of competition in production, and a formal proof is given that two proprietors of similar springs, in the endeavor to gain maximum net incomes, will inevitably reduce the price to consumers. Also that for a given price, or for the same total production, the costs will be always greater for competing producers than under a monopoly.

When the competition becomes unlimited, the partial productions, D2, D2, etc. (each of which is supposed to be inappreciable in comparison with the total), of the several producers are added to form the total supply.

Thus D, +1, +...+Dm F(P) the demand.

Now D1, D2, etc., are in the same manner as before functions of Þ, and so the first member of this equation may be denoted by 12(e). This equation now is: ()— F()=, and 1() is proven always to increase with p. Cournot plots the loci of these functions, and shows the market price as represented by the co-ordinates of the intersection of the curves, thus anticipating Fleeming Jenkin. In this case of unlimited competition the effect of an increase in cost is to raise the price, but to a less extent than the increase in cost.

There are some interesting remarks on the mutual relations of producers, when the product of one becomes the material of the next producer, as distinguished from competition between producers of the same article. Cournot supposes, for instance, that copper and zinc are each controlled by monopolists, and have no other use than to be made into brass,-and costs of production are for the moment neglected. He then shows that the price of brass will be higher if the copper and zinc monopolists remain separate than if they pool their interests in one monopoly.

The remainder of the work is taken up with a discussion of the communication of markets, of the social income, and of the influence of the communication of markets on that income. These chapters contain material too complicated to be reproduced here, dealing largely with the costs of transportation and the effects of tariff. They are much less valuable than what precedes, the sub

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ject being more difficult, and Cournot's means of treating it much less adequate.

There is a considerable quantity of mathematical analysis in the book, and readers will need to be familiar with the elements of the differential calculus, particularly the use of Taylor's theorem. In many places in the original work there were errors in the mathematical work and in the numerical examples used as illustrations. Many of these were obviously due to the printer, though some affected the accuracy of the subsequent reasoning, but it is thought that all have been either corrected or indicated.

The value of the volume has been greatly added to by the thorough bibliography of those works on economics which employ mathematical reasoning. They are divided into periods of 127, 33, 19 and 8 years, headed naturally by Ceva, Cournot, Jevons and Marshall respectively. It is interesting to note that though the intervals grow shorter the number of titles increase with each succeeding period. The earlier works are more in the nature of general treatises, and the later special investigations.

JOHN MARSHALL GAINES. Yale University.

The Story of Japan. By R. Van Bergen.

By R. Van Bergen. New York, American Book Co., 1897—12mo, 6 + 294 pp. and index.

Taken as story rather than history, this little volume may be of interest to older readers than those for whom it is obviously intended. It might well serve as an introduction to more serious reading for those intending to travel in Japan.

Its strongest point is its appreciation of the loyalty of the Japanese samurai under the feudal system, his devotion to the clan rather than to a personal leader. This stanch loyalty to the state, as then understood, was largely what stood in the way of the opening of the country to foreigners. The story of this opening and the conversion of the Japanese to the advantages of European civilization is well told. The great strides made recently by the Japanese are not accidental or spasmodic, but are rather some of the more obvious results of this patient, self-sacrificing spirit, turned into new channels and modes of working itself out.

The volume is illustrated with a number of prints from Japanese sources, and contains some of the heroic tales which have kept alive this spirit of loyalty and which show it in action.

J. M. GAINES. Yale University.

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