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The article offers information on the scheme for abstracting publications on the British Empire Vegetation. The proposed plan is to invite authors of papers and books dealing with vegetation and ecology to send to the Secretary of the Committee abstracts of their publications. It is noted that the abstracts will be collected and edited by a number of collaborators, and will then be published by arrangement with the British Ecological Society in the form of supplements to "The Journal of Ecology."

The article discusses the British view regarding safety issues in nuclear power plants, based from the paper presented to the Norwegian Atomic Energy Society. According to the author, all activities involve some risk of harm to people either through direct participation or indirectly. However, it is hoped that the risks will be minimized and more than compensated for by attendant advantages. Thus, minimum performance requirements for a large range of plant used may be able to reduce accident frequencies to levels below a pre-set target. Moreover, the British Atomic Energy Authority is sponsoring and developing techniques for the better understanding of reactor accidents and their consequences.

The article comments on the paper "The Landscape and the Machine: Technical Interrelatedness, Land Tenure and the Mechanization of the Corn Harvest in Victorian Britain," by Paul A. David, that appeared in the book "Essays on a Mature Economy: Britain After 1840," edited by Donald N. McCloskey. David contends that the slowness with which mechanical reapers were adopted by British farmers is to be explained by physical features of the farm landscape in Britain which made their adoption relatively unattractive. David's evidence for the index of the harvest differential turns out on inspection to be based on rates of pay of women workers on one farm in Northumberland. Whether this is an adequate basis for estimating the movement of the differential for (predominantly) male workers in all the corn-growing regions of England, might be questioned. Given that the critical factors determining the profitability of mechanization-cum-improvement were the incremental cereal yield and the cost of improvement, it is proper to ask whether any doubt attaches to the values David posits for the other parameters and variables composing these expressions.

This paper shows that suicides increase immediately after a suicide story has been publicized in the news papers in Britain and in the United States, 1947-1968. The more publicity devoted to a suicide story, the larger the rise in suicides thereafter. The rise in suicides after a story is restricted mainly to the area in which the story was publicized. Alternative explanations of these findings are examined; the evidence indicates that the rise in suicides is due to the influence of suggestion on suicide, an influence not previously demonstrated on the national level of suicides. The substantive, theoretical, and methodological implications of these findings are examined. [ABSTRACT FROM AUTHOR]

The article focuses on the task and prestige of supervisors on industries in Great Britain. There have been major changes in the tasks and prestige of the supervisor in industry in the past twenty years. These changes can be attributed to a number of different processes resulting from different causes. These processes include advancing technology and automation, increasing trade unionism of the shop floor, changes in top management philosophy, increasing standards of education of manual workers, increasing supply of college graduates into industry etc. This paper contains the results of empirical studies in a number of industries which were used to develop a method of identifying specific processes of change rather than vague directions of change. This will provide a more realistic and pragmatic approach to the problem than has been achieved previously. The material used in this paper which is presented is drawn from intensive interview programs of supervisory staff which were conducted in five factories in the period October 1969 to January 1972. The results of the study indicate that the supervisors were not involved in areas such as decision-making and planning which they had traditionally regarded as part of their job.

Information about the annual general meeting of the British Ecological Society held at the University College in London on January 6-7, 1949 and its thirty-fourth annual meeting held at Bristol University in London on January 9, 1948 are presented. Various woods and rare plants in Great Britain were discussed in the 1949 event accompanied by exhibits of various photographs of species while the 1948 meeting was about hydrography and ecology.

The article focuses on John English who was a member of a family of needle manufacturer in Feckenham village. English was the most remarkable member of a family whose needle-making business survived at Feckenham, a village near Redditch, Worcestershire, for over 170 years. English had personal charge of it for more than half a century until his death on January 31, 1876 at the age of 88. The article is based on the original, unpublished source material in the English Collection at Redditch Public Library and the Gutch Archives, at Worcester Record Office. Together these form a vast collection of personal papers, deeds, business ledgers, correspondence, bills and many other items. Job English founded the business about 1750, at a time when the Needle District of East Worcestershire and West Warwickshire was becoming the most important centre of production in Great Britain for needles and fishhooks. London, England and subsequently Long Crendon in Buckinghamshire had been the important centres of needle making in earlier times.

The article presents a view of the postwar trade. In the paper titled "A British View of Postwar Trade," the author presents one personal set of reflection on a problem that must concern all economists who think about the postwar. Differences in degree of importance attaching to international trade in affecting the level of employment and the productivity of the factors of production, variables, which determine the size of the national income, do exist between countries. While it may not be true to say that "trade, to others a thing apart, is England's whole existence," yet England is high in the list of countries whose welfare is bound up with prosperous, free-flowing and expanding world trade. The degree of Great Britain's dependence on world trade is significant for the readiness; with which enlightened self-interest will dawn and efforts be made to play a part in restoring world trade. It would be superfluous to argue about the economic merits of the territorial division of labor in conformity with the principle of comparative advantage. Instances, in which British and American economists have fallen from grace by thoughtlessly, even irresponsibly, depredating the virtues of international trade in the modem age are rare; and no good purpose would be served by indulging in recriminations.

The article presents a list of documents on the economic history of Great Britain and Ireland. Some of the documents listed are: "Survey of Documents in Private Keeping," by J. Ainsworth; "Clyde Company Papers," edited by P. L. Brown; "Report to the General Board of Health on Darlington, 1850," edited by H. J. Smith; "Calendar of the Irish Council Book, 1 March 1581 to 1 July 1586," edited by D. B. Quinn; "The Minutes of the Edinburgh Trades Council, 1859--1873," edited by D. F. McKenzie; "Seventeenth-Century Hearth Money Rolls With Full Transcript Relating to Co. Sligo," edited by E. MacLysaght.

This article paper is concerned with the similarity of the growth performance of the British economy during the nineteen-twenties and nineteen-thirties and with the usefulness of the "new-old" industry dichotomy in illuminating the trends of the inter-war period. The inter-war years emerge as a period of growth almost as rapid as any of comparable length in British measured history. The exact rating of the performance naturally varies slightly with the growth criterion adopted and the termini used for the other periods; the simplest way to establish the validity of the conclusion and at the same time leave it open to the reader's judgment is to draw in the inter-war trends on the Matthews graph. The similarity of the growth performance in the nineteen-twenties and nineteen-thirties is largely maintained even when activity is divided into Goods production and Service production. Services get their unity partly from their physical intangibility as final products, partly from supposed differences in income demand elasticities or productivity improvement possibilities, partly, and increasingly, from the statistical difficulties of arriving at satisfactory real output series.

This article presents various papers related to economic and industrial history, published in previous issues of different journals. In the paper "Overseas: Lending and Internal Fluctuations, 1870-1914," A.G. Ford discusses, within a theoretical framework, the mechanism of the transfer of resources overseas, and concludes that overseas lending itself largely generated the requisite balance of payments surplus on current account, by damping down home consumption and hence imports, and by stimulating exports. Rising overseas issues therefore meant rising unemployment and falling imports, and vice versa. H.W. Richardson has a go at the same field with the paper "Retardation in Britain's Industrial Growth, 1870-1913." He argues that the slowing down in the rate of growth was caused by an abnormally low rate of structural change within industry, because there was a dearth of new activities capable of taking over as leading sectors which could create whole new growth industries that could more than cancel out the stagnation of the old staples.

This paper analyzes the empirical utility of consensual and conflictual theories in explaining the social cohesion of the liberal democracies of Britain and the United States. After clarifying conceptual problems of value consensus theory and Marxist theory, it examines the forms and extent of value-commitment in these countries. The conclusion is that both theories grossly overstate the amount of both value consensus between individuals and value consistency within individuals that actually exists. Cohesion in liberal democracy depends rather on the lack of consistent commitment to general values of any sort and on the "pragmatic acceptance" by subordinate classes of their limited roles in society. Suggestive evidence is also found for the existence of some "false consciousness" among subordinate classes. [ABSTRACT FROM AUTHOR]

The role of the taxation of economic rents in classical economics continues to hold the interest of scholars. One lacuna in the study of classical theory concerns the development of classical rent theory, which evolved from the emigration-colonization remedy that was advocated for abating the economic ills of Great Britain of the classical era. The concern of this paper is with the specific aspect of this classical discussion of emigration and colonization, which concerned the theory, and the taxation of economic rent as the classical theory was applied to colonial conditions. For here classical thought underwent a change in emphasis, a transformation often missed by contemporaries who claimed that a substantive aspect of Ricardian theory was at issue. This change in emphasis is clearly brought out in economist Edward Gibbon Wakefield's plan of Systematic Colonization and is forcefully reflected in economist J.S. Mill's great restatement of Ricardian economics some years later. In tracing this development in Ricardian economics, this paper shall consider first the relevant aspects of Wakefield's colonization plan which concerns location rents, the fiscal importance of such rents to his scheme, and the influence this had on classical economics. The concluding section sets out to explain the failure of Ricardo to develop this aspect of his theory since it was general enough to cope with location rents in lieu of differentials in soil fertility as the most important determinant of rent.

The article provides information about a paper that discusses the status of bank deposits in Great Britain from 1870 to 1914. Thorough examination of every single bank in Great Britain revealed that the statistics of the British money supply during the fourth quarter of the nineteenth century are very defective. The basic contentions of this paper was the statistical coverage of the British banking system, very incomplete at first, became progressively more complete during the period under study, so that a systematic upward bias is imparted to the trend of deposits as shown by the statistics. The study also consists of several charts and tables that present the estimates of deposits in all banks, including the Bank of England. The article states that if the series of total bank money shows a relatively constant rate of growth quite unaffected by price movements, then this is not due to those component series, which can be ascertained or easily estimated. It is due to the dubious banking statistics of England and Wales.

Examines the financial and monetary policy of Great Britain during its wars against France in 1793-1815. Circumstances attending the Bank Restriction; Deviations in exchange rates and specie; Walter Boyd's statement of a depreciation theory; Henry Thornton and the purchasing-power-parity theory; Confusion between convertible and inconvertible conditions.

The article analyzes the existence of an eight-year generating cycle in the U.S. agricultural system. According to the author, the eight-year cycle in the crops have persisted from 1760 to 1918, which have induced derived cycles of prices which are reflected and verified in the century of Sauerbeck index numbers of general wholesale prices. Pieces of evidence presented by the author include the analysis of a century of prices and a paper on "A Comparison of the Fluctuations in the Price of Wheat and in the Cotton and Silk Imports Into Great Britain," by J. H. Poynting.

The paper draws attention to the profound changes that are taking place in the proportions of the population of Great Britain that are single, married and widowed at various ages. These changes are the net result of a number of demographic, economic and sociological developments, such as the decrease in mortality rates and the changing balance of the sexes. After discussing an abortive attempt to forecast the future progress of the proportions, based on changes that have taken place in the recent past, the paper describes a method of estimating the pro- portions of each sex that are likely to be found in each marital status at the various attained ages in future years if the experience of the years 1950-52 in Great Britain as regards rates of marriage, divorce, widowhood and re-marriage continue indefinitely, subject to minor modifications to ensure that the numbers of marriages, etc., for the two sexes are consistent, and that the total number of married men equals that of married women. The variations in the proportions in each marital status in Great Britain during the past thirty years and those to be expected during the next thirty years, and ultimately, if the experience of the years 1950-52 persists, are set out and analysed. It is shown that, whereas the proportion of men never marrying has up to the present been about half the proportion of women never marrying, the continuance of present trends would result in the proportion of men never marrying becoming double that for women. This notable change is to be attributed, in the main, to the effect of improved vitality in childhood in replacing the excess of women at the younger adult ages by an excess of men. It is pointed out that, in the event, this change may not be fully realised, because a net emigration of men or a net immigration of women may mitigate the relative dearth of potential brides in future; but the proportions never marrying set out in the paper show the directions towards which current conditions are tending. The consequential changes for other marital statuses are also set out and discussed. [ABSTRACT FROM AUTHOR]

For what now seem to us to be obvious reasons associated with the difficulties of data collection there has been no published study of the operation in Britain of agreements which provide for the automatic adjustment of wages to changes in the official prices index. The purpose of this paper is to fill a gap in the literature on collective bargaining by examining the extent, characteristics and some of the effects of such agreements in post-war Britain. This seems particularly appropriate given the recent increase in interest in indexation associated with the T.U.C.'s advocacy of a variant of the traditional form, namely cost of living 'threshold' agreements. Threshold agreements are a conditional form of indexation, somewhat akin to another variant, the 're-opening clause'. The latter makes provision for further negotiations within the period of an agreement in the event of specified changes in the prices index, but leaves the degree of compensation to be negotiated. However, our concern here is with the traditional type, that is, collective agreements which provide for the automatic adjustment of wages on a pre-arranged sliding scale basis in accordance with changes in the official Index of Retail Prices. Our survey is restricted to multi-employer agreements covering manual workers, i.e., agreements which could claim to be 'industry-wide' in a loose sense. We have not considered salaried employees or single employer agreements. The paper is arranged in the following way. The first section examines the arguments which have been advanced, largely on economic grounds, supporting and criticizing such agreements. Secondly the incidence and coverage of indexation agreements in post-war Britain is established by applying a number of measures, and the reasons for their rapid decline in in the late 1960s are considered. The third main section examines the characteristics of the agreements in a number of industries. The fourth section reports a survey of the opinions of the parties based on their experience with indexation agreements. This is followed by an assessment of their effect on real wages and wage movements in the industries concerned. The final section summarizes the major findings and presents some conclusions. [ABSTRACT FROM AUTHOR]

It has long been recognized that the British unemployment figures presented monthly by the Department of Employment are biased downwards when compared with, say, the official U.S. data which are collected by a regular sample survey,[1] but in the 1966 Sample Census the unemployed in Britain were divided into those who registered at the exchanges, those who were sick and did not register, and those who did not register for other reasons. It is suggested here that the implication of the Census figures is that the dispersion of unemployment between different occupational, age and regional groups was, and almost certainly remains, less than is often believed. This paper will briefly examine the occupational, age and regional patterns in turn. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to assess the adequacy of the British unemployment data in the light of these criteria, looking mainly at the period 1966-1970. It attempts both to define the main gaps and shortcomings in the evidence, and to present the record of change where the evidence is stronger.
The main weaknesses of the statistics are as follows: They have seriously underestimated the downturn in the labor market since 1966. They give a misleading picture of the industrial incidence of the fall in the demand for labor since 1966. Finally they do not give us information on unemployment rates by skill level, information needed because other evidence clearly shows that the specific unemployment rate for the unskilled is much higher than the general rate. After looking at other areas in which the data are stronger the paper closes with some suggestions for improving the statistics. [ABSTRACT FROM AUTHOR]

Economic historians have long been interested in the determinants of firm replacement policy under conditions of rapid technological development. This paper develops two models of replacement behavior--one with neutral and one with labor-saving technical change--under conditions of embodiment. Expressions for the optimal life of capital equipment are derived assuming environmental conditions consistent with the British and American textile sectors from the 1820s to the 1850s. The paper explores the influence of technical progress parameters, wages, interest rates, capital goods prices and output prices on the replacement decision. The paper concludes that tariff policy has had a significant impact on replacement and, further, that it helps shed considerable light on the divergent experience of these economies with the growth of industrial productivity. This paper takes some modest steps in exploring these effects by focusing on AngloAmerican replacement policy in a framework of firm optimization. Our purpose is to derive the optimal useful life of capital goods and to examine its sensitivity to the rate of technical progress, the money rate of interest, the price of unskilled labor's services, and the price of new investment goods relative to output price. In the process, we may be in a position to explain the difference in attitudes toward replacement over time in early nineteenth-century American and British textiles. Finally, in section 3 we explore the impact of American tariff policy on replacement behavior in the textile sector and indicate its potential importance in explaining American growth. [ABSTRACT FROM AUTHOR]

This section presents abstracts of articles on trade and transportation published in the May 1965 issue of the journal Bulletin of Economics and Statistics. The article The Malawi-Rhodesia Trade Agreement, by Arthur Hazlewood argues that the agreement provides for too small a fiscal payment because it reflects fallacious reasoning about the likely effect of the imposition of customs duties. Moreover, the paper titled The Long and the Short of Transport, by A. A. Walters discusses that although welfare theory, on the usual assumptions, requires a nationalised industry to charge prices which are equal to short run marginal cost, most practical work has been done in terms of some long run concept. On the other hand, the article Some Notes on Road Transport Costs, by A. J. Harrison presents data on the structure of road haulage costs in Great Britain, trends over the last 15 years in total costs and in individual cost items and on the incidence of taxation. The data is presented for light, medium and heavy vehicles and for both rigid and articulated units. The data on cost trends are compared with observed trends in the composition of the vehicle fleet, and the question of the projection of future cost levels is briefly considered.

This article presents abstracts of several papers about economics published in the September 1964 issue of the journal the Manchester School. The paper Special Deposits As an Instrument of Monetary Policy, N. J. Gibson assessed the effectiveness of special deposits as an instrument of monetary policy and how they fit into the context of post-war monetary policy in Great Britain. While in the article A Reconsideration of Investment and Pricing Criteria in the Nationalised Industries, A. J. Merrett examined alternative investment and pricing policies for nationalized industries in the light of the proposition that since the costs of welfare maximization may be considerable and these costs enter into the function to be maximized.

Presents information related to several articles related to economics and statistics. Statistical discrepancies in the Great Britain national income estimates; Issues related to postal finance in the United States; Problems of time-stream evaluation.

In this paper we examine the effects of the policies of wage and price restraint that have at various times been employed in Britain since 1945. We have taken the two-equation model that has been studied extensively in the context of data for both the United Kingdom and the United States,[2] and have assumed that, although far from perfect, this model will be a good enough statistical description of wage and price inflation to allow it to catch any major influence of wage and price restraints. In order to see how the potential effects of incomes policies should be specified in this two-equation model, we are forced to examine the derivation of the equations in some detail. In this process we discover that shift dummies which have been used by other investigators[3] to catch the effects of incomes policies are inappropriate and that their use can give rise to misleading results. After conducting tests more satisfactory than those employing shift dummies, we conclude that the data are not inconsistent with the view that wage and price restraints have usually been ineffective in restraining inflation, and also that the restraints have sometimes actually had the effect of raising the rate of inflation above what it would otherwise have been. This perverse effect is very noticeable in the most recent periods of "restraint" since 1966. [ABSTRACT FROM AUTHOR]

Since 1955 the Board of Trade has collected annual data on the investment intentions for the following year of private manufacturing firms in the United Kingdom; and it has recently made these statistics generally available.[2] This paper investigates the determinants of these investment intentions in the manufacturing sector and evaluates their usefulness in forecasting actual investment compared with that of techniques not using anticipatory data.[3]. [ABSTRACT FROM AUTHOR]

Statistical data which may be useful to students of economic change are presented in this paper. It interprets long-run statistical series on the growth of educational employment in the United States, Great Britain, and Germany, and provides information on the changes in the relative importance of employment in public schools to total governmental employment and to total employment over the long run. Finally, an analysis of the statistical record indicates that some potentially interesting interrelationships exist between the different proportions of school-age population attending public school, teacher-student ratios, and different ratios of school-age populations to total employment in these countries. [ABSTRACT FROM AUTHOR]

The article presents a report on Henry George's Remedies for Britain's Land Problems. When Henry George sailed for Great Britain in 1881, no one could have prophesied the far reaching consequences of his act. Within two yean both he and his book "Progress and Poverty," were to become household words in Great Britain. It is also true that George's arrest by the Irish constabulary in August, 1882, while he was observing conditions in the west of Ireland, and the questions subsequently asked in the House of Commons about this affair, gave him a publicity far beyond the effect of his book or speeches at this date. In his speeches George presented two main points: The social and economic condition of the British working man, and the remedy for his ills. In defining George's message to the British the author may leave out of consideration for the present the first of these points. Most British papers acknowledged the plight of the working man in the Eighteen Eighties; what George contributed in this respect was a description of conditions in unusually specific and moving terms.

This section presents the highlights of a discussion on race relations during the conference of the British Sociological Association in 1957. Three main papers were read by A. H. Richmond on Theoretical Orientations in Studies of Ethnic Group Relations in Britain, by H. S. Deighton on History and the Study of Race Relations and by H. S. Morris on The Plural Society. The convenor made an opening statement on his views of the nature and possible scope of race relations studies, while professor Pear wound up the second session with a brief outline of the study of speech as a social device for classifying, identifying, and characterizing national and ethnic groups. The programme had been designed to bring a wide range of academic interests to bear up on the field, and in the event there was an interesting interplay of views from sociologists, social anthropologists, historians, and social psychologists. Among the points raised in discussion the following seem to have been of major importance. The definition of prejudice and its measurement are more difficult questions than is often realized, and any simple-minded treatment of racial attitudes can be very misleading. There was emphasis on the need for structural analysis of race relations with special reference to changes in access to political power afforded to minorities.

The article provides management science related news from Europe. British members of The Institute of Management Science should note that application has been made to the Chief Inspector of Taxes for full exemption of membership dues as a tax deductible item. A symposium on simulation will be held at Brunel College on May 10-11, 1966. Symposium details are presented. An operations research conference is scheduled for April 12-14, 1966 at the University of Lancaster.

In August 1965, the Home Office of Great Britain presented Parliament with a White Paper or provisional government proposal implementing its promise to make more effective the means of sustaining the family and of preventing and treating delinquency. The paper deals with "children and young persons in need of care, protection, and control." Two separate sets of proposals are involved: one affecting children below sixteen and the other, those between sixteen and twenty-one. In each, the government has suggested reforms in the judicial structure and procedures. The present responsibilities of the juvenile and adult courts are so be assumed by a combination of family councils, family courts, and young offenders' courts. In addition, major organizational changes have been recommended in the correctional system of remand and observation centers and borstal and approved schools. The proposals in the White Paper are part of a larger series of reforms planned for the family services generally.

The article offers information on the symposia concerning various plant viruses and virus diseases. It mentions that the symposia about plant viruses and diseases have at least 10 and a half days of discussions and activities and most of the topics were focused on viruses and virus diseases and its adverse effects in plants, including the diseases that are considered by others to be caused by mycoplasma and other related organisms that scourged the plants. Moreover, the papers which were presented during the discussion covered almost all the aspects of viruses in plants.

This article focuses on the new proposed changes in the conditions of awarding the Scottish Leaving Certificate in the filed of education. According to the author, the proposed changes in the conditions of award of the Scottish Leaving Certificate would at once bring it more closely into line with the recommendations of the Advisory Council on Education in Scotland and with the General Certificate of Education in England. The changes, reportedly, involve the issue of a certificate to pupils who leave school around the age of sixteen after completing four years of secondary education, by the institution of papers at a lower level than those taken usually in the fifth year. Scotland, like England, is faced with the problem of early leaving. Recent figures published by the Secretary of State show that 56% of pupils leaving five-year courses of senior secondary education do so before reaching the age of sixteen, without completing even four years of the course. It is proposed to institute advanced level papers designed for pupils who have completed the university requirements in their fifth year, and who remain for a sixth year at school. The effect of the new proposals would, supposedly, be to encourage the extension of Sixth Form work, which has never flowered so freely in Scotland and England.

This article presents the highlights of a discussion on criminology during the conference of the British Sociological Association in 1957. Attendance at the three meetings of the section ranged between fifty and thirty members. The opening paper by W. Cordon Rose, reviewed the development of criminology in Britain over the last half-century in terms of its relationship to the Penal Reform movement and the growth of social studies in British Universities. In the second paper, J. C. Spencer, director of the Bristol Social Project, dealt more specifically with sociological studies in the field of criminology. Apart from a more effective articulation of studies of delinquent sub-cultures and the socialization process in the delinquent family, he underlined the need for research into the field of white-collar crime. A final paper by L. T. Wilkins, social statistician at the Home Office, dealt with the philosophy of prediction methods, a most important development in the penological field, especially in relation to the use of indeterminate sentences. Although the group contained only a minority of members actively concerned in the criminological field, the presence, of persons from other disciplines may be regarded as an encouraging sign of interest by other sociologists in the association.

Empirical estimates of marginal tax rates have frequently been made in the U.S., but much less commonly in Great Britain. The need for such information would seem to be just as great and so it may be the complications of British tax arrangements, the form in which the British data are presented or the relatively greater frequency of tax rate changes in that country which have deterred investigators in the past. This paper presents the first results of some investigations into the marginal rate of personal income tax, including surtax. It is hoped to follow up these results with those for other taxes at a later date, but personal income tax is a sufficiently important element in the Great Britain's tax structure for the conclusions to stand on their own. The method is to make estimates of marginal tax rates on the basis of time series and to check these by their predictive power. Subsequently cross-section data are analyzed and the possibilities of using the U.S. methods with the data of Great Britain or of using quarterly data are explored.

Most of the existing studies on the international capital market are based on a segmented market approach. This approach treats the different national capital markets as separated entities, hardly related to each other. For this reason (under the assumption of market segmentation), comparable capital assets may differ in their return on different national markets. Although market segmentation enjoys a surprisingly large following, it is not the only possible interpretation of the international capital market. The alternative hypothesis, i.e., that prices of capital assets in the international capital market behave as if there is one multinational perfect capital market, should be considered. The one market hypothesis has the advantage of being consistent with much of the accepted economic theory. Also the one market hypothesis is unambiguous where market segmentation can stand for any number of specific imperfect market formations. Market segmentation is widely accepted as the only possible structure of the international capital market. Different currency areas, separated political organizations and trade barriers have been given as a priori evidence for the segmentation of the international capital market. This, however, is not necessarily the case. An examination of the behavior of capital asset prices reveals that the price behavior is consistent with the one market hypothesis. It should be noted, however, that a certain body of data can be consistent with both the one market hypothesis and any one of several specific forms of market segmentation. But as the main theme of this study is to show the validity of the one market approach to the multinational equity market, it is sufficient to show that one cannot reject the one market hypothesis with regard to this market. [ABSTRACT FROM AUTHOR]

The article focuses on a hypothesis that resource endowment influences the composition of industries of long-term foreign investments. It examines Great Britain, which doesn't have much in the way of natural resources, and the United States, which is less dependent on importing raw materials from abroad, and examines how companies in these nations differ in their investment strategies. It states that there is a positive relationship between portfolio and direct investment in Great Britain, and a degree of domestic capacity utilization, while in the United States portfolio and direct investments are negatively related to domestic capacity utilization.

The article discusses the use of capital levy as a fiscal policy towards war debt in Great Britain from 1815 to 1840. Recent use of the levy to cope with postwar debt elsewhere has revived academic interest in the policy. After the Napoleonic wars British debt was around twice the national income. David Ricardo first suggested the idea of a levy on capital, yet it was not adopted. Among the opponents was David Hume, who believed it unfairly penalized the propertied class and that it would be difficult to administer.

The article discusses the use readership studies in the development of comic books for children. The author notes that at the time of publication, the stories and illustrations contained in comic books have remained the same for 30 or 40 years. The case of the periodical "Eagle," a weekly magazine for boys published by Hulton Press, is discussed. Because the publisher ran a risk by breaking the mold of the traditional comic formula, Hulton conducted a study to reduce the risk of the periodical failing.

The article discusses issues concerning the agreement on the cessation of nuclear tests. The cessation of nuclear weapons tests has attracted wide public attention around the world. Negotiations on test cessation between the U.S. and Great Britain has started in autumn of 1959. At the course of the negotiations, it is cited that the representatives of the Western powers systematically procrastinating the negotiations and trying to divert them from the real purpose of the conference. It is believed that the proposals of the U.S. government to stop test explosions on the surface of the ground and in the atmosphere, are meant to avoid agreement on nuclear test cessation.

The article focuses on the changes in the British defense policy that would include nuclear weapons such as hydrogen bomb in its policy. Prime Minister Sir Winston Churchill was the main proponents of the changes of the policy. Churchill has expressed his concern about the dominance of Soviet Union and its communist satellites in the nuclear warfare. He has suggested a universal agreement of disarmament of nuclear weapons as a solution to the problem. The agreement on cessation of nuclear bomb test would decrease the threat from radioactive contamination.

This article focuses on the issue of trade union wage policy in postwar Britain. It was learned that Sir William Beveridge pointed out the responsibilities which would confront trade unions in an environment of full employment. Based on a theoretical point of view, for full employment to be adopted as a major governmental policy in time of peace, Beveridge reasoned that a change in the economic order would require other institutional adjustments. On the issue of collective bargaining, he pointed out that there is a danger that sectional wage bargaining pursued without regard to its effects upon prices, may lead to a vicious spiral of inflation. The relative stabilization of the price level through subsidies and price control helped to the success of the policy of wage restraint. The presence of the Labour Government also contributed to the success of the policy.