Introduction, 567. — Drifting during strict neutrality, 569. — The free registry law of 1914, 569. — A period of uncertainty, 571. — The Shipping Act of 1916, 571. — Organization of the United States Shipping Board, 573. — Formation of the Emergency Fleet Corporation, 577. — Accomplishments during the war emergency, 579. — Reorganization under the Urgent Deficiencies Appropriation Act, 579. — The shipbuilding program, 581. — Accessions of tonnage from other sources, 584. — Government control of merchant shipping, 588. — Problems since the signing of the armistice, 592. — Liquidating the government's war program, 592. — Formulating the government's peace-time policy, 596. — Underlying factors of the present shipping situation, 598. — The immediate future an experiment in government administration, 605.

I. Introduction: review of 1916–17, 313. — II. The events of 1918–19, 314. — Federal Trade Commission's award, 315. — Commission's supplemental award, approved by Circuit Court, 316. — III. Character of evidence, 317. — IV. Cost of manufacture, 318. — V. Investment, 322. — VI. Rate of profit on investment, 325. — VII. Results of Price Fixing, 326. — Difference in the awards of the Commission and Circuit Judges, 327. — Victory for Manufacturers, 328. — Conclusion, 328.

Note.--This number of the Journal of Political Economy is given over to the leading papers and discussions of the first meeting of the Association of Collegiate Schools of Business which was held at Harvard University, November 13, 14, and 15, 1919. It is a matter of regret that illness prevented Dean Herman Schneider, of the University of Cincinnati, from preparing for publication his paper on "The Coordination of Business and Engineering Courses."