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This article talks about international trade in the period between 1862-1879, or the greenback period. F.W. Taussig, a professor, concluded in 1917 that with the U.S., which was using inconvertible paper money as monetary standard, borrowing heavily and continuously from Great Britain, which was using gold as basis, there will be increased sterling supply in New York and lowered cost, in U.S. paper, of imported commodities. The author noted that when both countries are on a gold basis, there will be an influx of gold from Great Britain in the U.S. and general prices will rise, while they fall in Great Britain. He concluded that the large borrowing operations of the U.S. in the 1860s was an important factor in the disturbance of the normal course of trade.

Presents various econometric models of different countries. Problem of stabilization policy in underdeveloped countries; Productivity and comparative costs of Great Britain and the U.S. in international trade.

There has been an ever-growing stream of books, pamphlets and articles on how to achieve and maintain employment, as of September 1944. It has become quite impossible for economists to read all these recipes, mainly because they all say more or less the same thing. They nearly all agree that the way to keep up the level of national employment is to keep up the level of national expenditure. In one way and another, national expenditure was permitted to increase in a number of countries, and some measure of recovery was achieved in the process. The reason for the recovery was not always understood, it was attributed to cheap money, an unbalanced budget, raising of tariffs, devaluation of the currency, increasing the general price level and so on, by the countries adopting these various measures. It was not realized that it was only in so far as the measures taken involved an increase in the total volume of spending in the country concerned that they could raise its level of employment at all and that in itself a rise in prices, far from promoting recovery, diminished the effect in stimulating employment of a given increase in spending. The article talks about the recent British government report on employment policy. There is nothing particularly novel about any of the measures recommended in the policy, nor do they involve any revolutionary change in economic practice or organization. What is new is, first, that the government there accept as one of their primary aims and responsibilities the maintenance of a high and stable level of employment and second, that the various measures proposed are commended as part of a single coherent plan.

The article focuses on developments relevant to education in Great Britain as of October 1973. Nigel Grant, reader in education at the University of Edinburgh, joined the Editorial Board of "Comparative Education" magazine. The eight session of the Standing Conference of European Ministers of Education was held in June 1973, which focused on "The Educational Needs of the 16-19 Age Group." UNESCO released its latest publication "Present Problems in the Democratization of Secondary and Higher Education." The Schools Council and the Standing Conference on University Entrance published the Working Paper 46, entitled "16-19: Growth and Response, 2. Examination Structure" and Working Paper 47, "Preparation for Degree Courses."

This article discusses the tax credit scheme published in Great Britain in October 1972. Unlike some of the so-called negative income tax schemes in the U.S., the British scheme depends on using the normal income tax structure both to pay out cash and to collect revenue. Moreover, initial public and professional reaction has been favorable. The tax credit scheme has a double intention. It would give automatic help, through the tax system, to those with low incomes, and it would simplify the tax structure. Essentially, the scheme proposes to end the family allowance and family income supplement programs and to replace the various tax exemptions by a tax credit for nearly all taxpayers. A tax exemption for a child is of no value to a family if its income is already too low to pay a tax. This plan would give the family below the tax limit the cash equivalent of the exemption. The scheme would include: all employees who were earning more than £8 a week; all pensioners and widows receiving a widow's benefit; and all other recipients of the main national insurance benefits--sickness and unemployment. Altogether, they and their dependents would comprise over 90 percent of the population. Those in the scheme would be issued a credit card by the tax authorities, and they would present this card to their employer who would credit them. If the individual was a pensioner or on sick pay or unemployment benefits for longer than six weeks, the credit card would be transferred to the Social Security Department who would credit the individual with the appropriate amount in addition to his pension or benefit. All National Insurance benefits would be taxed at the same 30 percent rate, and all beneficiaries would receive the credit. At present, sickness and unemployment benefits are not taxed; pensions for the aged are.

Presents several labor research papers of the Royal Commission on Trade Unions and Employers' Associations in Great Britain. "The Role of Shop Stewards in British Industrial Relations"; "Disputes Procedures in British Industry"; "Industrial Sociology and Industrial Relations"; "Productivity Bargaining and Restrictive Labour Practices"; "Trade Union Structure and Government"; "Overtime Working in Britain."

The article outlines recommendations relating to the accurate use of the taxonomic aspects of ecological investigations, which are approved by the Council of the British Ecological Society. The Council hopes that the Flora and Edition which has been used in determining the taxonomic concepts and nomenclature followed in the paper should be stated by contributors to the "Journal of Ecology." The Council also encourages the preservation of material of all the taxonomic units, from each plant community described. Finally, the Council calls on contributors to state the herbarium or herbaria in which his specimens have been deposited.

According to a 1958 report by the Central Office of Information, the British public buys more newspapers per person than does the public of any other country in the world. In that year the 16 million families in Great Britain bought over 16 million national morning newspapers, about 2½ million London evening papers, about 27 million national Sunday papers, as well as huge quantities of weekly and monthly publications and over 9 million provincial morning and evening newspapers. There was then, and there is now, an enormous circulation of newspapers and magazines. Even so, the circulation figures for the national publications have, for several years, declined, as of September 1, 1961. By newspaper standards that decline is serious. It is serious because it means much more than a loss in revenue from sales or a declining service to readers. It means a loss in advertising revenue at a time when production costs are extremely high. It is understandable that the press should look for a cause. One of the things that pressmen and others have seen is that this period of decline coincided with a period in which the proportion of homes with television sets in them was still rapidly growing. This comparison constitutes part of the case for a fairly widespread view that television is responsible for declining circulation figures. This case has the support of an appealing argument that if people are spending their time watching television they will have less time for reading papers and that if papers go unread for a long period they will cease to be bought. This is, in fact, a large part of the case for suggesting that television is responsible.

The article reports on issues related to the decision to produce hydrogen weapon and the recently issued Statement on Defense which have sparked a series of parliamentary debates on atomic weapons and their social effects in Great Britain. The Statement on Defense in 1955, which was published as White Paper, has laid out the government's views and policy on nuclear and conventional forces. The said Defense White Paper has brought the differences in the Labour party. A large minority, led by Aneurin Bevan, insists that hydrogen bomb should be used only as a last resource, and objects to the implications in the White Paper. The rest of the party are seen to have split among extreme pacifists. The Conservative party, on the other hand, accept the hydrogen bomb as a deterrent.

The article focuses on the press and public opinion in Great Britain, discussed at the Conference of the British Sociological Association in 1955. The first influence on the policy of a paper will be its tradition, which is a vital part of its goodwill as a business. Next important factor is the readership's character and the circulation. A paper that is read standing in the train, giving special attention to the interests of women, punters and filmgoers, will not have space to inform its readers adequately about foreign affairs. Third in the list of influences in a newspaper office comes the experience, educational background, sense of responsibility of the editor and his editorial staff. Whatever the policy of the paper, their special interests and bias will be reflected in it. The next factor to consider is contact with readers. The newspaper can influence the reader by a multitude of stories, ideas, recommendations and services. The reader can only refuse his pennies. Circulation is, of course, very important. Without it advertising dies, and the paper dies with it. But generally speaking, the paper's attitude in foreign affairs will be a secondary factor in the reader's choice of reading.

The article focuses on crew lists, agreements and official logs of the British empire from 1863 to 1913. As a result of negotiations during the last five years, the Memorial University has now acquired a collection of some 22, 500 boxes of shipping records which were previously stored at Hayes, Middlesex, England, under the custody of the Registrar General of Shipping and Seamen. These records are of two types, the Crew Lists and Agreements submitted by the masters of all merchant ships registered under the British Flag, and the Official Log Books of British Vessels. The Crew Lists, which form by far the greatest part of the collection, are basically the descendants of the ancient Muster Rolles submitted after 1730 by merchant captains. However, as a result of various pieces of legislation passed between 1835 and 1854, the method of recording and maintaining the agreements made between the captain and the crew was modified and improved, above all by the establishment of a registrar to supervise and have custody of the agreements once they had been signed. In 1854 the Merchant Shipping Act greatly improved the system of registering merchant vessels by allotting a distinct official number for every British merchant ship.

This article studies the image of the United States in the British Press. The author says that if the British press is accused of sensationalism or degeneration it is said to have been Americanized by a process of both good and bad general imitation. In a recent survey it was revealed that of some 520 representative and influential Britons, 410 relied upon the British press to keep them informed about the U.S. British school children's primary source was the cinema, which was apparently six times more effective than the next source, British newspapers. Student opinion was evenly divided on the statement, "British newspapers should print more news about the United States." America is more strongly represented in news-gathering agencies in Great Britain than Great Britain is in the United States. There are ten or more American papers and seven news services with offices in London, England. American crime receives more space than all the crime of all the rest of the world, and so does American sex-life.

This article focuses on parliamentary records in the custody of the House of Lords Record Office, which are relevant to the study of economic history of Great Britain. The records which are in the care of the Lords Record Office are the following: the archives of the House of Lords from 1497 onwards; a few, post-medieval House of Commons documents which survived in the fire of 1834 and a large proportion of the Commons records which have accumulated since that time. The sources for economic history which are to be found among these records fall into three main groups. First, those which related to the public business of both Houses and to proceedings on public Bills; second, the private Bill records of both Houses and lastly, a varied accumulation of papers laid on the Table of the House of Lords.

The purpose of Part I of this paper is to place the contribution of Guttentag-Lindsay in historical perspective and in particular to relate the entire controversy concerning the uniqueness of commercial banks to the nineteenth century dispute regarding the uniqueness of the Bank of England. My objective will be accomplished primarily by showing how closely the Guttentag-Lindsay model parallels the framework used by Bagehot. Bagehot's objectives in Lombard Street (1873) were to disabuse the politicians and the financial community of the view that the Bank of England was not unique (i.e., that it was "like any other bank"), to show in what ways the Bank was unique, and to draw the implications of the Bank's uniqueness for Bank policies. [ABSTRACT FROM AUTHOR]

The basic hypothesis of this paper is that occupational group ties are stronger in Britain than in the United States. A number of test implications are inferred from this hypothesis and the relevant evidence on each of these, to be found in existing comparative studies, is presented. Occupations in the two countries are first compared as independent collectivities with respect to their autonomy, socialization, colleague relationships, deviance, and occupational identity. They are then considered within their normal organizational environment, and the differences between the two countries in the relationship between these occupational groups and the administration of the organization are compared. Three types of organization are distinguished: where one group forms a large majority, where two groups are approximately equal, and where one or more groups form a small minority. Some proposals are made for future research. [ABSTRACT FROM AUTHOR]

This article focuses on the British Press Inquiry. The importance of the media of mass communication for the successful functioning of democratic government has perhaps been more discussed in the U.S. than in Great Britain. The fact is that newspapers are bigger business in England than in any other country. The inter-relationship of the basic elements, circulation, advertising and revenue, is not essentially different from that in the press of the U.S., but certain conditions not existing in equal degree elsewhere have facilitated a concentration and grouping of ownership quite without precedent. The press of a nation of newspaper readers is evidently in for a thorough going-over. Between parliamentary sessions the Cabinet decided to leave the motion for an inquiry to open vote of the House of Commons. This, under the circumstances, assured an investigation, though it kept the Government skirts free in theory of the charge of interference with the press.

Focuses on a meeting on freshwater ecology held at the Exeter, England-based University of Exeter from 3-7 July, 1964 and a meeting of the Tropical Group on patterns in dry tropical vegetation held in London, England-based Linnean Society on November 4, 1964. Series of papers presented at the meetings; Discussions on each paper; Participants of the meetings.

This paper reports on a study of the scientific output of British University chemists. The relationships between three different aspects of scientists' work (quantity, quality and industrial orientation) were examined, and whilst quantity and quality were highly correlated, industrial orientation appeared to represent a different dimension of research performance. Quality of output was the best Predictor of the recognition received by a chemist from the scientific community (in terms of medals, appointment to advisory committees, etc), his industrial involvement much the least good. It appears that a minority of British university chemists are oriented towards the industrial, rather than the basic research community in terms of their contributions and of their rewards. The influence of institutional affiliation upon recognition, for a given level of output, was examined. As in studies of American scientists, but in contrast to earlier work on British ones, institutional affiliation did appear to influence the recognition received. [ABSTRACT FROM AUTHOR]

This article presents abstracts of several papers published in the February 1965 issue of the journal Bulletin of Economics and Statistics. In the paper Notes on Public Investment Criteria in the United Kingdom, P. D. Henderson discussed the problem of devising a reasonable set of criteria for appraising public investment projects in Great Britain. While in the article The Absorption of Manpower by the Urban and Rural sectors of Brazil, Raouf Kahil examined the available data concerning urban and rural populations in Brazil and argues that the basis of a valid judgment of the job opportunities offered by the urban and rural sectors were cannot be seen.

Presents several periodical and books related to economic development in Great Britain. "Annual Report and Accounts 1966—7"; "Introduction of Shift Working"; "Royal Commission on Trade Unions and Employers' Associations Research Papers 7," by Munns V G. and McCarthy W. E. J.; "Eighteenth Annual Report and Accounts 1966—67."

Information about several papers discussed at the exhibits sponsored by the British Ecological Society is presented. Topics include the purpose of land use mapping first as a record on maps of the actual and existing land use, and the Human Settlement and land use in Snowdonia against the background of vegetation ecology in the area. The meeting featured several speakers including Dr Woodhead, Dr Reynoldson, and Mr Le Cren.

The article presents the author's response to the comments made on his paper "A.F. Leach on the Reformation." According to the author, his own approach was that of one interested in sixteenth and seventeenth century schooling who found that Leach's interpretation of events at the Reformation did not tally with the later evidence. This led to a detailed examination of the case argued in English Schools at the Reformation; then, since this case depended directly on a reading of earlier ecclesiastical and educational history, it was necessary to look further back. According to the author, it was the main object of his paper to suggest a reassessment of developments at the Reformation, in the interests of clarifying the course of educational history. According to the author, he suggested that there was a prima facie case for questioning Leach's assessment of the Chantries Act because it is at variance with the general views of medieval historians and with the later evidence, dealing mainly with the latter.

This article focuses on the impact of press on British diplomacy. Never does diplomats scoff too long at the latent mischievousness of the press, nor can they always be free from the atmosphere created by newspaper polemics; but their professionalism is something of a shield. British diplomatic mind when dealing with European politics, has no love for the press and very little respect. A distinction is made between the press and public opinion, and without denying the mischief of the former, does not identify it with the latter. The press may influence people, but it does not generally influence governments or officials. The press will usually follow the governments. Constant effort must be expended to ascertain which papers have an official "taint." So many apparent trivialities are reported that one feels diplomats watch the foreign press more than their domestic papers, which generally do not move them. But they must remember foreign diplomats may be angered by them. Cosmic forces, not the press, must be the main factor.`

This paper is concerned with the estimation of an econometric model designed to test the Modigliani-Miller (henceforth MM) hypothesis. The primary interest is not in the theoretical validity of the hypothesis. The major sources of theoretical disagreement with Modigliani and Miller arise from the key role they impute to the arbitrage process and the effect of leverage on the expected value of the returns to equity through the increased probability of bankruptcy. These issues have occasioned a number of important contributions in recent years (see especially [2] and [23]). The first section of the paper provides a skeletal outline of the MM hypothesis and discusses the problems of formulating an appropriate econometric model. In the second section an econometric model is developed, which, while drawing on the ideas of several
1 This study is part of a continuing program of research into company financial behavior financed by a grant from the Social Science Research Council. I am indebted to Mrs. Eileen Sutcliffe of the Institute of Social and Economic Research, University of York, and Milton Chen of New York University for assistance with data collection and computer processing, and to the personnel of the SRC Atlas Computer, Chilton, the University of York Computer Center and the New York University School of Commerce Computer Center.
2 References in square brackets are listed on pp. 161-2, below.
3 In terms of the implicit aggregation procedures, the old Liquidity-Preference/ Loanable-Funds controversy has yet to be satisfactorily resolved.
different writers, has certain elements of originality in the way it seeks to incorporate growth and leverage. Finally, in the third section the results of the econometric tests are evaluated. [ABSTRACT FROM AUTHOR]

This article compares the efficiency of the coal-fired steam-generated electricity in Great Britain, the U.S. and France in 1970. The authors selected this industry for close examination because it had experienced rapid technological progress, its output is homogeneous and the data available are comparatively good. They found that the average level and rate of growth of fuel productivity in Great Britain industry were less than in France and in the U.S. The authors were careful to state, however, that technological backwardness was not the only interpretation of this result. They were aware that partial productivity measures could be very misleading because the contribution of other inputs, particularly capital, is ignored. Furthermore, this paper shows that the percentage increase in output in Great Britain from 1949-63 was higher than that in France and in the U.S., while the percentage increase in capital, measured by generating capacity, was much lower than in France or the US. This difference could be interpreted as implying that the productivity of capital in Great Britain industry was rising relatively to that in France and in the U.S. and thus that the industry in Great Britain was technologically forward. However, there are other interpretations, because capital productivity is also a partial measure of productivity. Thus, this paper suggests that there is a need a measure of productivity which reflects the simultaneous influence of all inputs and output and a production function provides such a measure. This article also estimates production functions for this industry.

The discussion of issues in labor economics has been characterized in the recent past by a re-introduction of economic analysis.[1] There remains, of course, among many labor economists a reluctance to apply the traditional tools of economic analysis to the labor market--either on the grounds that it is repugnant to consider labor as a commodity or that the notion of a market for labor is inappropriate.
It is the aim of this paper to examine the role of one particular economic institution viz. the fee charging employment agency. The role of fee charging agencies in the organization of the labor market is a subject which has received little rigorous analysis from economists. In one of the few papers dealing with this subject Jack W. Skeels has correctly observed that whereas 'few forms of business have evoked as much persistent controversy as the private employment agency and the literature explaining private agencies is scant and treatment by authors without strong bias is even more difficult to find. [ABSTRACT FROM AUTHOR]

The article presents news updates from the field of sociology. Raymond E. Bassett, professor and chairman of the Department of Sociology at the University of New Hampshire, died on December 5, 1956. Charles Spurgeon Johnson was born in Bristol, Virginia, on July 24, 1893 and died in Louisville, Kentucky, on October 27, 1956. After receiving his bachelor's degree from the University of Chicago in 1918, he pursued graduate studies in sociology under Robert E. Park, Albion W. Small, W.I. Thomas, and later Ellsworth Fans. M.W. Hodges, of the Department of Scientific and Industrial Research in Great Britain, has been appointed for two years to Great Britain's Scientific Mission in Washington for liaison duties in the field of industrial management and social science research. The Fourth Interamerican Congress of Psychology by the Interarnerican Society of Psychology was held at the University of Puerto Rico, Rio Piedras, from December 26-30, 1956. Luigi Sturzo Institute is holding a contest and offering a prize for a paper on sociology which the judges consider an effective contribution to this field of study both from the point of view of serious research and maturity of thought.

This article discusses various papers on monetary policy, that were published in the May 1, 1953 issue of the journal "American Economic Review." Economist Harry G. Johnson has outlined very well the postwar monetary measures that have been taken by the government of Great Britain, particularly since the advent of the Conservative Government. The unpegging of the Treasury bill rate and the raising of Bank rate are clearly in accord with lime-established procedures. It is his belief that the qualitative controls which have been retained and in some instances strengthened, have been more effective in preventing an expansion of bank advances than have the quantitative measures. One of the economist comments on the idea of neutrality in monetary policy, as presented by economist Henry C. Wallich in one of his paper. The policy of pegged interest rates was obviously a policy of intervention or interference in the money market. There are a great many people to whom the idea of government intervention, even intervention by the monetary authority in the money market, is repulsive. So it must have seemed attractive and useful to describe the alternative policy as one of nonintervention, of allowing natural forces to work in the market-in short, as a policy of neutrality.

Examines insects infected sacks used for the storage and packing of foods in Great Britain. Details of species of insects found in sacks; Reasons for occurrence of the insect Oryzaephilus surinamensis in flour sacks; Insects found in food sacks used for the storage of waste paper.

In general, it is also a fact that the existence of the effect has important real world policy implications only if its magnitude is sufficiently large. Partly in the same context, certain questions might be asked of the proper "identification'' of the wealth effect in past empirical studies. Most important, there is the matter of the proper liquid assets to be studied if one wishes to identify and, hence, measure correctly the workings of this influence and to avoid picking up some other mechanism. In fact, the existing studies are highly overaggregated and likely to misstate the empirical wealth effect; further, they use constructs which do not appear to correspond to the accepted theoretical versions. Even so, little comment has been induced in the literature; even Patinkin (1965), perhaps in a state of euphoria, only serves passing notice on these untidy efforts. There is one final area which this paper will undertake to fill. To date, there is no British test of the wealth effect. Accordingly, the data used to illuminate the more theoretical comments of the first parts of the paper will be British. The principal finding is that there is a significant--but small--observable short-run wealth effect in Britain. [ABSTRACT FROM AUTHOR]

This article presents comments on the research paper by Joseph Aschheim entitled "Supplementary Security-Reserve Requirements Reconsidered." Presented are comments on how the volume of bank deposits is regulated in Great Britain. The author states that Aschheim's analysis is "limited to supplementary security-reserve requirements with the objective of insulating bank-held government debt, in whole or in part, from the impact of restrictive monetary policies on the private credit market." Comments on the liquidity ratio in Great Britain are also provided.

The article presents the author's comparison of the patterns of publicity, privacy, and secrecy between the U.S. and Great Britain. In Great Britain, the equilibrium of publicity, privacy, and secrecy is more stable, and its deviations from the normal state are smaller than they are in the U.S. The British governmental papers which are not published at the time as part of government policy, are opened to scholarly inspection only after a very long lapse of time and even then with restrictions. On the other hand, in the U.S., government documents are made available to historians without long delay.

The article presents a list of research papers on foreign economic history. Some of the research papers are "The Influence of the Manufacturers Upon the Early Policies of William Pitt," by W. Bowden, "The Huterian Communities," by B.W. Clark, "The Rise of the Rural Standard of Living in the Punjab," by M. Darling, "Notes Sur Let Russie: Faits et Obsercations Économiques," by B. Ellacheff, "The Sale of Corn in the Nineteenth Century," by C.R. Fay, "China in Transition," by D. Torrance, "The Economic Function of the Rhine," by J. Levainville, "Propaganda Argentina en AmÉrica," by I.R. Moreno, "The Agrarian Phase of the Mexican Revolution of 1910-1920," by H. Phipps. "The Economic Activities of the Falkiand Islands," by C.F. Jones, "Our English Villages," by L. Ernle, "The English Workingmen and the American Civil War," by J.H. Park, "Financial and Monetary Policy of Great Britain During the Napoleonic Wars," by N.J. Silberling, "The Maritime and Rural Life of Norway," by C. Vallaux.