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 THE ECONOMIC JOURNAL public works. The railways do not pay very well at present. because they 'are constructed to open up new countries, not to satisfy the needs of populated districts.' But they are serving their purpose most effectually. The material progress of the colonies is exceedingly rapid, and they can borrow in the London money market at 4 per cent. Foreign Pauper Immigration. By S. H. JE,ES. Aims at proving that the immigration of foreign paupers, especially Jews, is again increasing rapidlly. Points out that they are greatly disliked by the labouring class, who regard them as responsible for the 'sweating system,' and that they do not supply any useful element to the population. Proposes to turn back at the ports all immigrants without visible means of subsistence, and to send them away in the vessel which attempts to land them. August. The Labour M'orement in Australia. By FR,cts A)AMs. A description of the different types of Australian working man, and of the favoured classes who have been called the 'wealthy lower orders'; with some account of the circumstances which led to the great strike of 1890. The Old Economy and the New. By Professor W. SMART. Aims at showing that the seeming contradiction between the Old Ec. onomy and the New is natural and inevitable in the progress of a science of which the subject-matter is always in process of develop- ment. As society and economic phenomena are always in process of change, so must the science which interprets these phenomena undergo change. Illustrations from economic facts and theories in Greece, in the Middle Ages, and in the modern world. The Old Political Economy was the science of Wealth in the abstract; the New Political Economy is the science of Man in relation to Wealth. Hence a revision of the propositions formerly accepted respecting Self- Interest, Free Competition, Mobility of Labour. The New Political Economy is subordinated to moral and political ideals, and its aim is to attain the best organization of labour, not the greatest accumu- lation of wealth. Nineteenth Century, 1891. Julie. The McKinley Bill. By ANDREW CARNEGIE. Explains that the McKinley Bill effects a reduction in the duties payable upon various imported articles as momentous as the augmen- tation made in the duties on other articles, ad that it altogether abolishes duties upon a third list of articles which produced 13,000,000 of annum revenue. Calls attention to Section 25, which enables the American manufacturer for exportation to obtain raw materiM of every kind virtually free of duty; and to the'Reciprocity Clause,' enabling the President to withhold the benefit of the Act from countries which levy duty upon products of the United States. Considers that the McKinley Act will render Cuba valueless to Spain, and Canada to Britain, and prophesies the approaching annexation of Canada by the United States.