Page:Indian Journal of Economics Volume 2.djvu/719

 B OMBA Y 699 five credit societies, and maintained that thrifi and savings were the basis of co-operative credit and that if they were turned in any other direction, societies must fail. He thought that Mr. Antia's interesting remarks about fodder and the unemployment question fell rather outside the scope of his paper. In ho absence of Mr. E. A. Molony I.C.8., (Commissioner, Agra Division) his pape on ho Ecoog  tl Us of Water for Irrigation (for Summary, se p. 520) was-road by ho Honorary 8serosry, Professor Sevens. There was brief discussion. D. HROD MAs sid h ho author's suggestion of pssing he waor directly iao ho sub-soil hrough porous pipes had already passed hs experimental sags and widely iao uss in Western America. The pipes required o be very earsfully laid and could be used only for valu- able erepa. He entirely endorsed ho author's remarks as to the need of economy in the use of csnal PBOFESSOB JEVONS remarked that it was that the system of sub-soil irrigation could waer. very unlikely be applied in India except for lands near towns and where water is searce,-or cosly to raise, because of the considerable capital cost of laying the pipes, which work must be closely super- vised by a skilled surveyor, as the least error in grading would soon cause a stoppage and involve relaying the pipes. An ingenious suggestion had laely been made hat he same system of sub-soil pipes conld be arranged to serve alternately for 'irrigation and for drainage to remove any surplus water and assist aeration of the soil. TUESDAY, DECEMBER 81s, 1918. Morning Session. A 'P. was road by Professor H. Stanley Jevons (of Allahabad) on Tk Iinance of. Ecowric Dewlopmet (see page 564). N oo.s of the Discussion were not kept. - DISCUSSION of paper by Professor C D. Thompson Allahabad) on lodzrn Mzrcatilisr in India (page 507). (of PROFESSOR J:VONS .said that Professor Thompson had opened up an imporan liue o! sudy. More explanation was however, necessary on two points: () was there not some justification for the importance which the Mereantilists attached to the accluisition of gold by the balance of ired. e?