Page:Indian Journal of Economics Volume 2.djvu/442

 REF'IEW$ OF BOOKS shortage of labor-supply for industrial purpose and the great wastage of labor power now prevalent. The succeeding chapter deals with "The Par of Capital", its investment in improved implements, the hoarding habit, the conditions of saving, and the 'mobilization of capital by bnks and comicnice. The tatter point is taken up more fully in the sixth chapter which is devoted to the organization of produc- tion both industrial and agricultural. In the next ellapter the population question is considered from various aspects, and in the eighth chapter we hve the economic revolution traced through all its stages, due to the growth of foreign trade and extension of railways. Subsequent chapters are devoted to "Commercial Policy" ..... i.e., whether freedom of trade or protection will be most beneficial to India, to "The Currency System", and to the discussion of the "Foreign Exchange", including Gold Exchange Standard. Then follows discussion of indigenous banking and f the modern growth of Exchange Banks and Joint Stock Banks: and the co-operative movement is then described. The later chapters are devoted to the economic aspects of certain brod social questions. We have first of all an admirable discussion o! the relation of the State with htnd-lords and tenants involving a summary and critical examination of the various Tenancy Acts of the different Provinces. Then, in Chapter XV we have a description of the rehttions of htbor to the growth of the fctory system, and the necessity of State reg.ulation. In Chapter XVI is a description o! Taxation which touches on the nature of hind-taxation and' on the Pernmnent Settlement, on the income tax, and various other questions. The last chapter begins with a description of price levels and the Quantity Theory of Money, and passes on to the description of the effects of high prices and of speculation, and to a description of the standard of living and the relations between consumption and prosperity. On the whole the book is remarkably ccurate, consider- ing the number and variety of Frther inquiry and research the author to present some omitted, and to arrive st the subjects it deals with. might, we think, have led important fcts which are different conclusions on certain important questions; but on the httter he has faithfully reflected the prevailing opinions, anti it could hardly be expected that he could personally test 11 accepted theories,