The Coinage Act, 1926 and the Currency Act, 1927 dissolve the currency union of Great Britain and the Irish Free State, 264. — The Free State pound, its new unit of value, made equal in weight and fineness to the pound sterling, 266. — A Currency Commission, created for the management of the currency, 267. — The circulating media are to be: (1) A token coinage preserving the British denominations, 264; (2) Consolidated bank-notes, with a maximum issue of (£6, 000, 000 for the present) 268; (3) Legal tender notes, to be issued by the Commission to purchasers who tender an equal nominal amount of British currency or London funds, 272. — The system is that of a gold exchange standard, with no alteration in control of banking and credit, 275.

I. Cost not to be identified with entrepreneur expenses, 531. — Classification of costs, 532. — The objective factor in cost, 534. — II. Cost of production does not govern value, 535. — The function of cost of production, 539. — III. Cost of acquisition underlies demand, 540. — IV. Two factors in decline of price-offers for additional units, 542. — Marshall's objection to the second, 544. — The derived demand schedule, 545. — V. Apparent circuity of the value system, 546. — Multiple valuation the escape, 547. — VI. The value of scarcity-products, 549. — Three cases, 550. — VII. The influence of variations in the objective factors, 554. — Marshall's cost curves, 555. — VIII. Efficiency cost in using labor, 556. — Land, 557. — Professor Bye's reasoning, 558. — Savings, 559. — IX. Special relation of the entrepreneur to market values, 561. — The r61e of profits, 562.

Provisions for Agricultural Credit prior to 1913. — I. Federal rural-credit legislation since 1913, 95. — State rural-credit legislation since 1913, 103. — II. Effect of the new institutions. — Mortgage credit, 108. — Short-term credit, 111. — Terms of loans and interest rates, 115. — III. Adequacy of mortgage credit facilities, 117. — Provisions for "low-grade" loans, 120. — Appraisal methods, 122. — Mortgage credit facilities in the South, 123. — IV. Short-term credit facilities are inadequate, 124. — Bank failures, 124. — Suggestions for improvement of the country banking situation, 127. — V. Intermediate credit. Production credit in the South, 129. — VI. Conclusion, 130.

I. Importance for Russia of relation between agricultural and industrial cycles. — Concepts and methods of the present paper, 565. — II. Characteristics of Russia's economic system, 574. — Succession of events, 1869–1914, 576. — Resemblances with other countries and differences, 579. — Examination of correlations between crops and cycles, 580. — Summary of conclusions for the pre-war period, 586. — III. Main events of 1913–26, 589. — Complex changes and a transition period, 591.

Journal Article Borrowed Reserves and Bank Expansion Get access Frederick A. Bradford Frederick A. Bradford Lehigh University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 43, Issue 1, November 1928, Pages 179–184, https://doi.org/10.2307/1883947 Published: 01 November 1928

BEFORE we consider the varying advances achieved by various classes of industry since I9I9, it is useful and interesting to review the broad economic aspects of the period through which we have been passing. From our study of the cyclical fluctuations during the past sixty years, we have learned that economic data for that time can not be analyzed as a homogeneous whole. We find that there are certain periods which have been characterized by cyclical swings of great amplitude and much irregularity. There are other periods in which the ups and downs of business have been moderate, but, nevertheless, well defined. This distinction is clearly apparent in the fluctuations of the rates on prime commercial paper from i866 to I9271. During the reconstruction period from i866 to I873, the far reaching after-effects of the Civil War brought about extreme fluctuations in the rates on commercial paper. After a period of relatively narrow fluctuations, there emerged between I890 and I899 another interval characterized by wider variations, when the usual cyclical movements were greatly intensified by the Sherman Silver Purchase Act, by the menace of the free silver episode, and by the outbreak of the Spanish-American War. On the other hand, there were two long intervals in the sixty years under examination when money rates were virtually free from such extreme movements. From I875 to I890 and again from I900 to I9I3, there were periods during which the economic mechanism, having outgrown the influence of the tremendous disturbing forces which immediately preceded, and not being subjected for any considerable interval to the pressure of unusual new elements, settled down to a more stable and regular type of oscillation. The outbreak of the war in I9I4, however, ushered in another period featured by wide movements. Indeed, the war years were so dominated by military demands that critical economic analysis of this period is hindered by many obstacles. It will be noted, however, that during the war ancl post-war years, money rates have not exhibited the same degree of irregular month to month fluctuation which had characterized previous comparable periods. This reflects the influence of the federal reserve system. During I9I9-27, there are new and important elements in the economic situation, for which allowance must be made before one applies the methods of analysis suitable for such a period as I903-I3. The business situation in the United States has been profoundly influenced by the march of post-war developments in Europe, which brought financial upheaval and demoralization of markets. It has become increasingly evident that the United States is not an isolated self-sufficient nation, but, on the contrary, is affected materially by international developments. The fact that our country now has the greatest accumulation of gold in modern times serves to explain certain unusual phases in postwar business conditions. Furthermore, there have been substantial changes in the standard of living in this country, as well as in buying habits. These changes in the standard of living have been of such order as to have important effects on the usefulness of indexes of prices. Available wholesale price indexes are heavily weighted with data for staple basic commodities, and fail to measure the price movements of many of those things which people want to buy. People will deprive themselves in a variety of ways so that they may have automobiles, radios, fur coats, ultra-modern apartments, and other goods of the luxury class. This, then, means that price indexes fail to register adequately the price changes for articles people most desire to buy. It would be possible to cite many additional reasons to show why the period I9I9-27 has been an unusual one, but such enumeration is unnecessary to indicate that the injection of new elements into the compound we call the business situation has necessitated a revised point of

Journal Article Pigou, Industrial Fluctuations Get access Warren M. Persons Warren M. Persons Harvard University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 42, Issue 4, August 1928, Pages 669–677, https://doi.org/10.2307/1882538 Published: 01 August 1928

Reviews the book "Industrial Engineering and Factory Management," by Arthur G. Anderson.

Abstract The journal entry is all important bookkeeping mechanism which serves as a means of converting a non-technical statement of a transaction into a species of technically-formed, intermediate statistical record. It is, moreover, particularly characteristic of double entry-more characteristic perhaps than the ledger-because it so clearly expresses the inevitable duality which is concealed in all transactions. For this reason, undoubtedly, journalizing has always been a very important element in the teaching of double entry book- keeping, and in some countries it is a legal requirement that all transactions pass through the journal. This last probably is due to the desire to have the facts conveniently assembled for authentication rather than to any wish to give further emphasis to the importance of the journal.

Abstract The use of financial and operating ratios as a means of rendering accounting statements more intelligible and significant is a matter which deserves the consideration it has been receiving of late. This device certainly represents an important angle from which the problem of statement presentation and analysis can be approached and is worthy of every encouragement. And it is a thoroughly natural and appropriate device for the accountant to emphasize. In fact any system of accounts may be conceived as a set-up of business data in terms of their underlying relations. It is clear, accordingly, that in presenting final statements and reports the accountant must not be satisfied that his work is complete with the compilation of masses of debits and credits. Through classification and arrangement, charts and graphs, oral and written explanations, or other means he must see to it that all important relationships are disclosed and this means of course that all significant financial and operating percentages must be calculated and exhibited. On the other hand, the enthusiasm for ratios as such seems at times to go beyond reasonable bounds. What one has here after all is a very commonplace feature of accounting work, long recognized and used and no great good can come from exaggerating its significance and scope.