The Economic Journal/Volume 1/BEA

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The Economic Journal
Vol. 1 (1891)



The Right Hon. G.J. GOSCHEN, M.P., President.

The Right Hon. A. J. BALFOUR, M.P. Vice-Presidents.
The Right Hon. H. C. E. CHILDERS, M.P.
The Right Hon. JOHN MORLEY, M.P.

68 Lombard Street, E.C.

Professor C. Bastable.

Mr. James Bonar.

Mr. Charles Booth.

Mr. John Burnett.

Mr. Thomas Burt, M.P.

Rev. Dr. Cunningham.


(Hon. Secretary.)

Sir Thomas Farrer, Bart.

Professor H. S. FOXWELL.

(Hon. Secretary.)

Mr. Charles Gairdner.

Dr. Giffen.

Professor E. C. K. Gonner.

Professor J. K. Ingram.

Mr. J. N. Keynes.

Professor Alfred Marshall.

Professor J. E. C. Munro.

Professor J. S. Nicholson.

Mr. R. H. Inglis Palgrave,


Rev. L. R. Phelps.

Mr. L. L. Price.

(Hon. Secretary.)

Sir Rawson Rawson, K.C.M.G.


Mr. Frederick Seebohm.

Professor Henry Sidgwick.

Mr. H. Llewellyn Smith.

Rev. Philip Wicksteed.

Professor F. Y. EDGEWORTH, M.A., D.C.L., Editor and Secretary.


The British Economic Association was founded at a Meeting held at University College, London, on November 20th, 1890, the Chancellor of the Exchequer being in the chair. The object of the Association is the advancement of economic knowledge by the issue of a Journal and other printed publications, and by such other means as the Association may from time to time agree to adopt.

It is intended that the Journal should represent all shades of economic opinion, and be the organ not of one school of economists, but ot all schools; and it has been thought that this end will be best attained by the publication of the Journal under the authority of an Economic Association.

The Association may gradually enlarge the scope of its action. It may supply a common meeting-place for English economists, and bring them together from time to time. It may increase its issues of economic publications, such as translations of foreign works, reprints of old and rare economic classics, &c. And lastly, if its funds suffice for the purpose, it may do good service by promoting economic investigations, especially such as cannot well be undertaken by Government departments, and yet involve considerable expense.

The Annual Subscription is a Guinea. There is at present no entrance fee. Any member may at any time compound for his future yearly payments by paying at once the sum of Ten Guineas. The Journal will be supplied to Members without charge. They will also receive gratis some of the other publications which the Association may, from time to time, issue.

Any person desirous of becoming a Member of the Association is requested to send his name to Professor F. Y. EDGEWORTH, Office of the Royal Statistical Society, 9 Adelphi Terrace, London, W.C., who will submit it to the Council for approval at their next Meeting.

Editorial communications should be addressed to Professor F. Y. Edgeworth, Balliol College, Oxford.

The Journal will, at first at least, be issued quarterly. Among the writers who have undertaken to contribute to the Journal are the following:—

Mr. Ernest Aves.

Professor C. Bastable

(Taxation through Monopoly).

Dr. Stephan Bauer.

Dr. Bohm-Bawerk.

Mr. James Bonar.

Mr. Charles Booth.

Dr. L. Brentano

(The German National System of


Mr. John Burnett.

Mr. Edwin Cannan.

Miss Clara Collet

(Women's Work in Leeds).

Mr. Leonard Courtney.

Major Craigie.

Rev. Dr. Cunningham.

Professor Charles F. Dunbar.

Professor F. Y. Edgeworth.

Mr. T. H. Elliott.

Mr. Arthur Ellis.

Sir Thomas Farrer, Bart.


Mrs. Fawcett.

Mr. Ernest Foxwell.

Professor H. S. FOXWELL.

Mr. Charles Gairdner

(Monetary Laws in the United States).

Mr. Henry Hucks Gibbs.

Professor C. Gide.

Dr. Robert Giffen.

Professor E. C. K. Gonner.

Professor Arthur Hadley.

Mr. Frederick Harrison.

Professor Hasbach

(The Progress of the Historical School

in Germany).

Professor Haslam

(The Recent Strike in New Zealand).

Mr. Henry Higgs

(Mirabeau's "Système Politique").

Mr. Wynnard Hooper.

Mr. Dana Horton.

Mr. George Howell, M.P.

(Provident Side of Trades-Unionism).

Professor J. K. Ingram.

Professor John.

Mr. Benjamin Jones.

Mr. J. N. Keynes.

Mr. Stanley Leathes.

Mr. J. H. Levy.

Mr. C. S. Loch.

Mr. Richard Lodge.

Mr. G. B. Longstaff.

Mr. John Macdonell

(Railway Rates).

Professor F. Maitland.

Professor Alfred Marshall.

Mr. J. Biddulph Martin.

Professor Mavor.

Professor J. C. Mumron

(Reduction of Hours in Mines).

Mr. Vaughan Nash.

Professor J. S. Nicholson.

Mr. R. H. Inglis Palgrave, F.R.S.

Signor Pantaleoni.

Rev. L. R. Phelps.

Miss Beatrice Potter.

Mr. L. L. Price.

Mr. John Rae.

Sir Rawson Rawson, K.C.M.G.

Mr. A. Sauerbeck.

Professor Edwin Seligman.

Dr. F. Seebohm.

Professor Henry Sidgwick.

Mr. Llewellyn Smith

(The New Unionism).

Professor Richmond Mayo Smith.

Professor F. W. Taussig

(The McKinley Tariff).

Professor F. A. Walker.

Mr. Sidney Webb

(Difficulties of Individualism).

Professor F. Wieser.

Rev. Philip Wicksteed.

The Articles named will probably appear in the second or third number.

List of Members

Abbot, Mrs. R. Mary.

Acland, Arthur Herbert Dyke, M.A., M.P.

Addiscott. Francis, F.I.A.

Adie, R. H.

Adler, Marcus Nathan, M.A.

Agnew, W. Lockett, B.A.

Agnis, E. D.

Anderson, J. A., B.A.

Andras, Henry Walsingham.

Argyll, Her Grace the Duchess of.

Armstrong, Professor G. F., M.A.

Ashley, Professor W. T.

Atkinson, Edward, B.A.

Atkinson, Henry J., M.P., F.S.A.

Austin, William.

Aveling, F. W., M.A.

Aves, Ernest, M.A.

Baden-Powell, Sir George, K.C.M.G.,

M.P., M.A.

Ball, Sydney, M.A.

Baldwin, Alfred.

Baldwin, Stanley.

Balfour, The Right Hon. A. J., M.P.,

M.A. Camb., LL.D. St. Andrew.

Barfoot-Saunt, W. H.

Barham, F. F.

Barr, Andrew W.

Bastable, Professor C. F., M.A.

Bateman, Alfred Edmund.

Bauer, Dr. Stephan.

Bawidgh, Henry.

Beadle, Charles.

Beaufort, Morris.

Beeton, Henry Ramic.

Bell, Hugh.

Bell, James T.

Bell, Sir Lowthian, Bart., F.R.S.

Bellars, William B.

Bcnce-Jones, Archibald, M.A.

Benny, James.

Benson, Charles J.

Benson, G. R., M.A.

Benson, William Arthur Smith, M.A.

Bent, Thomas.

Benton, Philip.

Berry, A., M.A.

Bickerton, J. J.

Black, W. F.

Blackie, W. W.

Blackwood, James.

Blagden, William George.

Blain, W., M.A.

Blundell, Colonel H., M.P., C.B., B.A.

Blunden, G. H.

Blunt, H. W., M.A.

Blyth, Edmund Kell.

Bolas, Thomas, F.C.S., F.I.C.

Bonar, James, M.A., LL.D.

Bond, Edward, M.A.

Bonham, Missm.

Booth, Charles.

Borchardt, Miss H. M.

Borchardt, Miss M.

Boulton, Samuel B.

Bourne, Stephen.

Boyveau, Vve. J.

Bradby, Rev. E. H., D.D.

Bramwell, The Right Hon. Lord, F.R.S.

Brassey, Lord, K.C.B., M.A., D.C.L.

Brentano, Professor L.

Brett, John.

Bridgeman, Colonel the Hon. Francis C.,


Brooks, John Graham.

Bros, William Law.

Brown, E. A.

Brown, F. Foster.

Brown, Hugh H.

Bruce, William Wallace.

Brunner, John T., M.P.

Bryant, Mrs. Sophie, D.Sc.

Bryce, James, D.C.L., M.P.

Bullough, John.

Burbidge, Arthur Arnold.

Burdett-Comtts, W. L. Ashmead-Bartlett,

M.A., M.P.

Burdett, Henry Charles.

Burnett, John, M.A.

Burroughs, S. M.

Burt, Thomas, M.P.

Burton, A. A., B.A.

Butcher, F. J.

Buxton, Sydney Charles, M.P.

Caird, Professor Edward, M.A., LL. D.

Calder, H. A.

Campbell, James Alexander.

Campbell, Sr George, K.C.S.I., M.P.


Campion, Rev. W. J. H., M.A.

Cannan, Edwin, M.A.

Carlyll, John.

Carmichael, Andrew.

Carnegie, A. St. Clair.

Carter, Eric M.

Carter, Henry Bonham.

Carter, M.

Carter, Rev. John, M.A.

Cartright, Henry.

Casson, William A.

Cecil, Lord Sackville.

Chadwick, David.

Chapman, S., B.A.

Chater, W. A.

Chattaway, C.

Chevassus, Henri.

Cheysson, Emile.

Childers, Rt. Hon. Hugh Culling Eardley,

M.A., M.P.

Cleghorn, J.

Clyde, James Avon.

Cochrane, Kenneth.

Cohen, Nathaniel Lewis.

Colclough, W.

Collet, Miss Clara E., M.A.

Collier, W. F.

Collins, W. J.

Colman, J. J., M.P.

Colquhoun, Ernest, M.A.

Conder, Alfred, M.A.

Connell, Arthur Knatchbull, M.A.

Connolly, Thomas.

Cooper, Alfred S. P. White.

Corbett, John.

Courtney, the Right Hon. Leonard Henry,

M.A., M.P.

Cranborne, Lord.

Crawshaw, Edward, F.R.G.S., F.R.M.S.

Craigie, Major Patrick George.

Cree, Thomas S.

Crocker, Ariel H.

Crookenden, Isaac Adolphus.

Cross, H. Shepherd, M.P.

Crump, Arthur.

Cunningham, Rev. William, D. Sc., D.D.

Czarnikow, Caesar.

Dale, David.

Daniell, Clarmont J.

Danson, J.

Dare, Joseph, B.A.

Davey, Robert.

Davey, William.

Davidson, Mark.

Dawson, Rankine, M.A., M.D., C.M.

Deane, Rev. Prebendary Arthur Macreth,


Del Mar, Alexander.

Denslow, Van Buren.

Denyer, C. H., B.A.

Derby, the Right Hon. the Earl of, K.G.,

F.R.S., D.C.L.

Devas, Charles G., M.A.

Devonshire, Robert Llewellyn.

Dewey, Melvil.

Donaldson, William A.

Doulton, Sir Henry.

Doyle, John A., M.A.

Dick, George Handasyde.

Dickie, James.

Dickinson, A. Lowes.

Dixon, George.

Dixon, Joseph.

Drew, Frederic.

Dunbar, Professor Charles F.

Dun, John.

Durham, the Lord Bishop of, D.D.

Durham, F. R.

Dymes, Thomas Jamieson, B.A.

Edgeworth, Antonio Eroles, J.P., D.L.

Edjgeworth, Professor Francis Y., M.A.


Edlmann, Charles Elliot.

Egerton of Tatton, Lord, M.A.

Elliott, Thomas Henry.

Ellis, Arthur E., M.A.

Ellis, Sir John Whittaker, Bart., M.P.

Ernsthausen, O. Von.

Evershed, F., B.A.

Fahey, J. J.

Farrer, Sir Thomas Henry, Bart., B.A.

Farrer, T. C., M.A.

Fawcett, Mrs. Millicent G.

Fells, J. M.

Field, Lord, P.C.

Figgis, J. Neville, B.A.

Fitch, J. G., M.A.

Flux, A. W., M.A.

Foldes, Professor Bela.

Foley, Miss Caroline A., M.A.

Forbes, J. Macbeth.

Forster, William C.

Fowler, W., B.A.

Fox, Stephen Newcome, B.A.

Foxwell, Ernest, M.A.

Foxwell, Professor Herbert Somerton,


Francis, George Edward.

Franklin, Arthur E.

Fraser, D.C., M.A.

Frazer, J. L.

Fream, Professor William, B.Sc. Lond.


Fremantle, Hon. Sir Chas., K.C.B.

Frewen, Moreton.

Fry, Lewis, M.P.

Gairdner, Charles.

Galton, Captain Sir Douglas, K.C.B.,


Gardner, Samuel, B.A.

Garnett, Frederick Brooksbank, C.B.

Gask, John.

Gedge, Sydney, M.P., M.A.

Geddes, Professor Patrick, M.A.

Gell, P. Lyttleton, M.A.

Gibb, George S.

Gibb, T. E.

Gibbins, H. de B., M.A.

Gibbs, Henry Hucks, M.A.

Giffen, Robert, LL.D.

Gigliucci, Conte Giovanni.

Gilby, Sir Henry D. M., Bart.

Glen, J. Barber.

Godard, J. G.

Gonner, Professor Edward C. K., M.A.

Goodrich, Harry St. Aubyn.

Goschen, the Right Hon. George Joachim,

M.P., M.A., D.C.L.

Gourlay, Robert.

Graham, Donald.

Graham, Professor W., M.A.

Grant, J. Lyall (President of the Aberdeen

{gap}}Chamber of Commerce).

Gray, Matthew.

Green, G. E., M.A.

Grenfell, H. R.

Grey, Albert, M.A., M.P.

Grey, Earl, M.A.

Griffin, Josiah, F.S.S.

Grigsby, William Ebenezer, M.A., LL.D.

Grubb, Edward, M.A. Lond.

Guide, M. A.

Gwyther, J. Howard.

Hadley, Professor Arthur T.

Haggard, F. T.

Haliburton, Sir Arthur.

Hall, A. W.

Hamilton, Rowland.

Hamilton, T. F.

Hankin, Alfred.

Hannen, Henry.

Hansard, Luke.

Harrison, T.

Hart, James.

Hart, L.

Harvey, Alfred Spalding , B.A.

Harvey, George Alexander.

Hassal, John S.

Haworth, Abraham, J.P.

Hazard, Rowland Gibson.

Heather-Bigg, Miss Ada.

Heatley, David Playfair.

Heberden, W. B.

Helm, Elijah.

Hendriks, Frederiek, F.I.A.

Hewins, W. A. S., B.A.

Hiern, W. P., M.A., J.P.

Higgs, Henry, LL.B.

Hill, Frederic.

Hill, Pearson.

Hill, Rowland, B.A.

Hill, R. T., B.A.

Hill, Samuel.

Hill, J. Spencer.

Hill, W. E. and Sons.

Hirch, Charles.

Hirst, T. Julius.

Hoare, Alfred, M.A.

Hoare, E. Brodie.

Hoare, Hon. H.

Hoare, H. N. Hamilton.

Hobhouse, Henry, M.P., M.A.

Hodgson, Professor James M., M.A.,

D. Sc., D.D.

Hoffmann, G., J.P.

Hole, James.

Hooper, F.

Hollond, John Robert.

Holmes, Robert William Arbuthnot, C.B.

Houldsworth, Sir William Henry, Bart.,


Howell, George, M.P.

Hoyle, Isaac, M.P.

Hughes, Chas.

Humphreys-Owen, A. C., M.A.

Inama-Sternegg, Dr. Karl Th. von.

Ingram, Professor John K., LL.D.

James, Edmund J.

James, G. F.

Jamieson, G. T.

Jeans, J. Stephen.

Jeffray, R. J.

Jevons, F. B.

Jex-Blake, Rev. Canon T. W., D.D.

John, Professor Vincent.

Johnson, E. Mayott, M.A.

Johnson, John G.

Johnston, H. H.

Jones, Benjamin.

Jones, Edward.

Jones, H.

Jones, Herbert, F.S.S.

Jones, J. Mortimer, M.A.

Jones, William Henry, B.A., M.A.

Jones, Miss E. E. Constance.

Jones, W.

Jones, W. Brittain, C.S.I., B.A.

Jones, W. Henry.

Jones, W. H.

Jordan, William Leighton, F.R.G.S.

Juraschek, Dr. Franz Ritter von.

Karslake, W. W., Q.C.

Keator, Charles E.

Keen, William B.

Keltie, J. Scott.

Kenny, Courthey, LL.D., J.P.

Keynes, John Neville, M.A., D.Se.

Knowles, Lees, Esq., M.P., M.A., LL.M.

King, Bolton, M.A., J.P.

Knight, Geo. T.

Kursheedt, Manuel, A.

Lakeman, H. G.

Laurie, Alexander.

Lawrence, W. E.

Laxton, G. H.

Leaf, Alfred E.

Leathes, Stanley M., M.A.

Lee, William.

Legge, Hon. and Rev. Canon, M.A.

Leigh, Louis.

Leonhardt, Gustav Ritter von.

Levy, J. H.

Lewis, H., B.A.

Lindsay, Archd. R.

Loch, C. S., M.A. (Secretary Charity

Organisation Society).

Lodge, Richard.

Longstaff, George Blundell, M.A., M.D.

Loscher & Co.

Luard, H.

Lubbock, The Right Hon. Sir John, Bart.,

M.P., F.R.S., D.C.L., LL.D.

Lyle, Alexander P.

Lynch, Messrs., Bros.

Lyman, Arthur T.

Lyttelton, Hon. and Rev. A. T., M.A.

MacDermot, T. Brian, LL.D.

Macdonald, Alexander.

Macdonald, John Matheson, B.A.

Macdonald, J. W.

Macdonell, George P.

Macdonell, John.

Mackay, R. J.

Mackay, Thomas.

Mackenzie, John S., M.A.

Mallet, Bernard.

Mann, James Saumarez, M.A.

Manson, Frederick W.

Marshall, Professor Alfred, M.A.

Marshall, Mrs. Alfred.

Martineau, Rev. James, LL.D., D.D.

Martin, John Biddulph, M.A.

Marvin, F. S.

Matheson, P. E., M.A.

Mathieson, Thomas C.

Maude, T. J.

Mavor, Professor.

McCankie, James.

McCantire, J.

McDonnell, James.

McDonnell, Wfiliam D.

McNiel, Henry.

Meade, R. H.

Medley, George Webb.

Menger, Professor Carl.

Messedaglia, Professor.

Michie, H. S.

Millington, F. H.

Milner, A.

Milnes, Alfred, M.A.

Milne, Harold B.

Minto, Professor William, M.A.

Mitchell, W. D.

Moenich, Oscar.

Moffet, President T. W.

Molteno, Percy Alport.

Monck, W. H. S.

Montague, F. C., M.A.

Montagu, Samuel, M.P.

Moodie, John, B.A.

Moring, Alexander.

Morley, the Right Hon. John, M.P., M.A.

Morrison, J.

Morrison, Rev. W. Douglas.

Mouat, Frederic John, M.D., F.R.C.S.,


Moulton, John Fletcher, Q.C., F. R.S., M. A.

Mozley, John Rickards.

Mugliston, Rev. John, M.A.

Mummery. A. F., F.R.G.S.

Munro, Professor J.E.C., LL.D.

Murray, George H., B.A.

Murray, G. C. A., B.A.

Naoroji, Dadabhai.

Neever, Richard.

Neill, Tom.

Nelson, Francis G. P., F.I.A.

Nelson, N. O.

Nicholson, Professor Joseph Shield, M.A.,


Nicholson, Sir Arthur, K.C.I.E., K.C.M.G.

Nisbet, Edward T.

Oakeshott, J. F.

O'Connor, D.

O'Conor, J. E., C.I.E.

Oliver, Roderic, M.A.

Palgrave, Robert Harry Inglis, F.R.S.

Palliser, Arthur, Junr.

Patrich, Rev. William, D.D.

Paul, John D., F.G.S.

Peace, J. B., M.A.

Peto, Sir Henry, B.A.

Phear, Sir J. B.

Phelps, Rev. Lancelot Ridley, M.A.

Herson, Dr. N. G.

Pike, A. W.

Pilcher, Giles Theodore, M.A.

Pittar, Thomas J.

Playfair, Right Hon. Sir Lyon, K.C.B.,

F.R.S., M.P.

Pochin, Henry D.

Pocock, Charles W.

Porter, Rev. James, D.D.

Powell, Francis Sharp, M.P.

Power, J. Danvers.

Power, J. H.

Pownall, George H.

Price, L. L., M.A.

Proctor, W.

Provand, A.

Provand, Andrew Dryburgh, M.P.

Puller, C. Cholmeley, M.A.

Pulling, Professor F. S., M.A.

Pulsalhy, Augustus.

Pycroft, Miss.

Quelch, Robert James, M. Inst. C.E.

Radcliffe, F. M.

Rae, John. M.A.

Raffalovitch, Arthur.

Ramsay, Grant.

Ramson, Arthur.

Rathbone, W., M.P., B.A.

Rawson, Sir Rawson W., K.C.M.G., C.B.

Reay, the Right Hon. Lord, LL.D.

Revis, G. W.

Reshid Bey.

Rew, R. Henry.

Rhodes, John G., L.C.C.

Rhodes, Dr. John Wilson.

Rhodes, Miss E.

Richards, H., M.A.

Ritchie, David

Roberts, R. D., D.Sc.

Robertson, J. M.

Robinson, Alfred, M.A.

Robinson, W. E. C.

Roger, Hugh.

Rollit, Sir Albert Kaye, M.P., LL.D.,


Roscoe, H. W. K.

Ross, Gordon.

Rossiter, J. J.

Rotton, John Francis, M.A., LL.D.

Ruscoe, John.

Rusher, Edward A.

Russell, R. James.

Sadler, M. E., M.A.

Sams, Rev. G. F., M.A.

Samuelson, Sir Bernhard, Bart., M.P.,


Sandeman, Albert G.

Sanger, Charles Percy.

Sargant, C. H., M.A.

Saxton, Major-General G. H.

Scherzer, Dr. Karl Ritter von.

Schloss, David Frederick, M.A.

Schmidt, Hermann.

Schmoller, Professor Gustav.

Scholes, Councillor.

Soholes, Thomas Aldcroft.

Schwab, J. C., M.A., Ph.D.

Seebohm, Frederic.

Selby, Prideaux.

Seyd, Ernest.

Sharp, Charles.

Shaw, G. Bernard.

Shepheard, Wallwyn Poyer B., M.A.

Sheppard, W. F., M.A.

Sidgwick, Professor Henry, Litt. D.

Siegismund, Karl.

Simpson, James H.

Sinclair, Captain John.

Skelton, H. I.

Slade, Fras. W.

Slattery, James W.

Smart, William, M.A.

Smith, Alfred Charles.

Smith, George Armitage, M.A. Lond.

Smith, H. Llewellyn, M.A. Oxon., D. Sc.


Smith, H. Wells, F.S.S., A.C.A.

Smith, J. Rigby.

Smith, Richmond Mayo.

Smith, W. G., M.A.

Smith, Rt. Hon. W. H., M.P.

Smitton, William.

Sonnenschein, William Swan.

Sorley, Profesor W. R., M.A.

Sotheran, H. C.

Spackman, J. Woolsey.

Spicer, Albert.

Sqirrell , Manning P.

Stafford, Z. W.

Stanley, Dowager Lady of Alderney.

Stebbing, William, M.A.

Stephen, Leslie, M.A., LL.D.

Sterne, Simon.

Stevens, Marshall.

Stewart, W.

Stokes, Durham.

Strachan-Davidson, J. L., M.A.

Stule, J.

Sturdy, W.

Summers, A. W.

Swanzy, F.

Symonds, Captain F. C. Loder.

Tanner, J. R., M.A.

Tanschul, Tran.

Tattersall, William.

Tatton R. G., M.A.

Taussig, Professor F. W.

Taylor, F., B.A.

Taylor, George.

Taylor, John T.

Tedder, Henry R.

Temple, Rev. Robert.

Thompson, Edward Seymer, M.A.

Thompson, George Carslake, M.A.

Thompson, Herbert M., M.A.

Thompson, S., B.A.

Thursfield, James Richard, M.A.

Tottie, William Harold.

Touch, Georg Alexander.

Toynbee, Mrs. G. M.

Trenchard, Henry.

Tritton, Joseph Herbert.

Tyler, George.

University College Library (A. Wheeler


Veevers, Richard.

Wade, R. B., F.R.G.S.

Wain, Carruthers.

Walker, Professor F. A., LL.D.

Walker, Henry Bird.

Wallace, Robert, M.P.

Walrus, Professor Leon.

Ward, Colonel T. Methuen.

Ward, Sidney.

Watanabe, Senjino.

Watherson, E. J.

Waterhouse, Edwin, B.A.

Watney, Daniell.

Watson, R. Spence, LL.D.

Watt, Thomas M., M.A., L.R.C.P.,


Watt, William.

Webb, Sidney, LL. B.

Welby, Sir Reginald Earle, K.C.B.

Welles, Francis R.

Welton, J.

Welton, M. R.

West, Leonard H.

Westlake, Professor John, M.A., Q.C.

Whately, A. P.

Whitehead, Alderman Sir James, Bart.

Wicksteed, Rev. Philip, M. A.

Willert, P. F., M.A.

Wilkie, Walter H.

Wilkinson, C.

Wilkinson, Rev. T. Frome, M.A.

Wilkinson, T. R.

Willans, John W.

Williams, John, B.A.

Williams, R., B.A.

Wilson, C. B.

Wilson, George, B.A.

Wilson, James.

Wilson, Robert Dobie, M.A.

Wilson, R. H.

Wintle, Cyril.

Wood, Stuart.

Wood, T. McKinnon, B.A.

Woollcombe, Robert Lloyd.

Worthington, T. K., Ph.D.

Wren, Walter, M.A.

Wright, Carroll D.

Wylie, Alexander C.

Wyndham, G., M.P.

Wyndhman, Hon. George, M.P.

Yates, Rev. S. A. Thompson.

Yorke, Harriot.

Young, E. J.

Young, Sir George, Bart, M.A., J.P.

Younger, George.


Objects of the Association.

1. The object of the British Economic Association shall be the advancement of economic knowledge by the issue of a Journal and other printed publications, and by such other means as the Association may from time to time agree to adopt.

Constitution of the Association.

2. The Association shall consist of Members and Honorary Members, who shall be admitted as is hereinafter provided.

Number of Members and Honorary Members.

3. The number of Members shall be unlimited. Foreigners or British Subjects of distinction. residing out of the United Kingdom, may be admitted as Honorary Members, but the number of such Honorary Members shall not exceed fifty at any one time.

Admission of Members.

4. Any person who desires to further the aims of the Association, and shall be approved by the Council, shall be admitted as a Member of the Association.

Admission of Honorary Members.

5. At any meeting of the Council any Member thereof may propose, for admission as an Honorary Member, a Foreigner or British Subject of distinction, residing out of the United Kingdom, delivering at the same time a written statement of the qualifications of the person proposed. Ten days' notice at least shall be given to every Member of the Council of the day on which the Council will vote by ballot on the question whether they will recommend to the Association the admission of the person proposed. The Council shall not make any such recommendation to the Association unless at least three-fourths of the Members present at the Meeting of the Council vote in favour thereof.

Any such recommendation shall be submitted to the next Annual General Meeting of the Association, and no person shall be admitted an Honorary Member unless at least sixteen Members vote and three-fourths of the votes be in his favour.

No Honorary Member may be admitted except as hereinbefore provided.

Payments by Members.

6. Every Member shall pay an Annual Subscription of One Guinea, due in advance on the 1st of January in each year. If any Member shall not have paid his Subscription before the 1st of July, a written application shall be addressed to him by the Honorary Secretaries, and if the Subscription be not paid before the 1st of January of the second year, a second application shall be made, and the Member in arrear shall cease to be entitled to any of the privileges of the Association until the Subscription be paid.

Any Member may at any time compound for his future Annual Subscriptions by paying at once the sum of Ten Guineas.

Privileges of Members and Honorary Members.

7. Members and Honorary Members shall be entitled to attend the meetings of the Association, to receive gratis copies of the current numbers of the Journal, and to enjoy such other privileges as it may from time to time be determined to grant.

Expulsion of Members.

8. If any Member or Honorary Member so demean himself as that it would be for the dishonour of the Association that he longer continue to be a Member or Honorary Member thereof, the Council shall take the matter into consideration at a Meeting convened for the purpose. Due notice of such Meeting shall be given to every Member of the Council, and to the Member or Honorary Member whose conduct is to be taken into consideration. If at least two-thirds of the Members of the Council present at the Meeting so decide by ballot, such Member or Honorary Member shall thereupon cease to be of the Association.


9. There shall be three Trustees, to be elected by the Association at a General Meeting, in whom the property of the Association shall be vested. The Trustees are eligible to any other offices in the Association.

Officers of the Association.

10. The officers of the Association shall be a President, three or more Vice-Presidents, a Treasurer, and three Honorary Secretaries.

Council of the Association.

11. The Council of the Association shall constist of its Officers and thirty Ordinary Members. Of the thirty Ordinary Members, ten shall retire annually in rotation, but be eligible for re-election. The Council shall appoint annually a Chairman from among its Members to preside at its own meetings; and shall make such other regulations as may be necessary for the transaction of its own business.

Nomination and Election of Officers and New Members of the Council of the Association.

12. Prior to the Annual General Meeting, the Council shall nominate the members whom they recommend for election as Officers of the Association or as Ordinary Members of the Council in the room of those whose places have become vacant. Any two members of the Association may also nominate any member for election either as an Officer of the Asociation, or as an Ordinary Member of the Council, provided that the nomination be made in writing and be delivered to one of the Honorary Secretaries not less than one month prior to the Annual General Meeting. A list of all nominations made as aforesaid shall be sent by post to every Member of the Association, at his last recorded address, not less than foreseen days prior to the Annual General Mccting. Any Member voting shall indicate for whom he votes by placing his initials against the name of any person whose name is included in the list, and may either return the list to one of the Honorary Secretaries, or deliver it to the scrutineers at the Annual General Meeting. The elections shall be made by a majority of the votes thus cast.

Extraordinary Vacancies.

13. On the occurrence of any extraordinary vacancy in the Office of President, or of any other Officer of the Association, the Council shall, at its next Meeting, choose by ballot, and by a majority of those present, a new President, or other Officer of the Association, to hold office until the next Annual General Meeting.


14. The Council shall have power to appoint Committees of Members and also an Executive Committee of their own body. Committees so appointed shall report their proceedings to the Council. No report shall be communicated to the Association except by the Council.


15. At each Annual General Meeting two Members, not being Members of the Council, shall be appointed Auditors, who, with one of the Council, chosen by the Council, shall audit the Treasurer's Accounts for the ensuing year, and report thereon to the Association, which report shall be presented at the next ensuing Annual General Meeting.

General Meeting.

16. The Annual General Meeting shall be held on such day in the month of June of each year as shall be appointed by the ouncil.

Business of Annual General Meeting.

17. The business of the Annual General Meeting shall be to elect the Officers of the Association, to discuss questions as to its rules and management, and to receive the Auditors' Report. No Member shall propose any alteration of the rules of the Association at the Annual General Meeting, unless at least three weeks' previous notice of such alteration shall have been given in writing to the Council, but amendments to any motion may be brought forward without notice, if they relate to the same subject as the motion. All questions of which notice shall have been received by the Council shall be notified by the Council to every Member of the Association at his last recorded address at least ten days prior to the Annual General Meeting.

Special General Meetings.

18. The Council may, at any time, call a Special General Meeting of the Association. Any thirty Members may require a Special General Meeting to be called, by notice in writing signed by them, delivered to one of the Honorary Secretaries, specifying the question or questions to be moved. The Council shall, within one month of such notice, appoint a day for such Special General Meeting, and shall give at least one week's notice of every Special General Meeting, and of the question or questions to be moved, to every Member of the Association at his last recorded address. No business shall be brought forward at any Special General Meeting other than that specified in the notice convening the same.

Duties of the President and Vice-Presidents.

19. The President shall preside at all General Meetings of the Association which he shall attend, and in case of equality of votes shall have a second or casting vote.

20. A Vice-President, in the chair, shall act with the power of the President in presiding and voting at any General Meeting of the Association. In the absence of the President and Vice-Presidents, any Member of the Council may be called upon by the Members then present to preside at a General Meeting, with the same power as a Vice-President.

Powers of the Council.

21. The Council shall have control over the funds and other property of the Association, and over any publications which may from time to time be issued by or on behalf of the Association.

22. The Council shall be empowered at any time to frame By-Laws not inconsistent with these Rules, which By-Laws shall be and remain in force until the next Annual General Meeting, at which they shall be either affirmed as rules, amended, or annulled; but no Council shall have power to renew By-Laws which have once been disapproved at an Annual General Meeting.

Payments to Members.

23. No Dividend, Gift, Division, or Bonus in money shall be made by the Association, unto or between any of the Members. Provided that nothing herein contained shall prevent the payment, in good faith, of remuneration to any Member of the Association, or to any other person, in return for any services actually rendered to the Association.

  1. Subject to revision at the first General Meeting.