PRINOIPLE$ OF FINANOE allowed, ?nd stated ?bove. that the science of of ?11 the monetary business firms, ?nd finance transactions of of all corporate We may say, therefore, investigates and treats individuals and bodies whether public, such as the State and mnnicipalities, or pri- vate, such as companies and charitable associations. Banking and insurance form special sections of finance, the monetary transactions being the principal part of such businesses; finance statistical but I exclude investigations from the science of of currency eircn- lation and of prices, which belong to th? theory of prices and are part of the theory of exchange. For many purposes it is convenient to distinguish between ?rivate and business finance; and business finance may be dn'ided into partnersh.?p and joint-stock. finance. Then the transactions endowments, and district itself in its central governments. we have charitable sities, associations, the municipal- and of the State provincial and conveniently be of nonprofit-making or societies and clubs, nniver- so forth; and the finance of councils ' and boards, and separate divisions of the The former may i.e., central is properly called public finance. called association. finance; the latter, government, provincial and local finance, The is here monetary sireable principles to transactions, recognize beause it appears to me de- the essential identity of the which such operations are by corporations, or guide financial operations whether carried out by private individuals, by the State.' The underlying principles and powers operations. of the body It is only in controlling working out German authors have used the word Finan? to mean exclusively tlmw. ce, .and. a few &merleart authors have followed them, notably Adams, ?n his book The Science of Finance. ?0 *' the their remain the same whatever the constitution financial applica- public H.?, scope of both the art and science of finance extended equally to botl? private and public
