extreme national feeling which antagonizes individualism, a reaction against the political and social doctrines of liberalism, the increase of one-man power and an accompanying development of aristocratic ideas in the philosophy of the time. In Part II the author attacks the real subject of his work, "The Opening of China." He states, as the general conclusion of those familiar with Chinese affairs, that "the coal and mineral wealth of China, taken in connection with the vast and highly trained, frugal and capable population, will, during the coming century, make China the industrial centre of the world, and the Pacific the chief theatre of commerce." After a more or less detailed study of the " concessions" and "spheres " acquired by foreign countries in China, Part II concludes with a summary of the existing internal conditions and a prophecy as to the impending industrial revolution in China. Parts III and IV contain an interesting and suggestive discussion of the influence of the Chinese situation upon the policy of Russia and other European countries. Professor Reinsch traces three stages of Russian expansion having for their objective points Constantinople, Afghanistan and China; the Russian system of expansion, furthermore, differs from the English in that England merely superimposes her civilization upon the native races while Russia assimilates them bodily. The author believes that it will be impossible to impose Western civilization upon the Chinese because of their great powers of resistance, but he thinks that they will gladly adopt practical Western methods unless native hostility is aroused by forcible interference with time-honored customs and traditions. Unfortunately, since the work was written, this possibility has been fully realized and the national hatred for foreigners has blazed up in such a way as to prevent the slow, peaceful spread of Western ideas which otherwise might have occurred. Part V sketches very briefly the position of the United States in the East. The author believes that we should refrain from any further territorial acquisitions because of the more profitable opportunity for the development of our resources at home. He concludes with some interesting observations on the increase in the power of the Executive caused by a colonial or imperialistic policy. The general style and arrangement of the work are popular and, in places, a trifle sketchy, but the timeliness of the book atones for much that might otherwise be criticized. THE RUSSIAN JOURNAL OF FINANCIAL STATISTICS,' the first regular number of which appears in September of the present year, is 1 Edited by Charles GoodLET. Published quarterly by G. Barbet de Vaux, Milionaia 23, St. Petersburg. intended to supply much needed information upon the financial, administrative and internal economic conditions of Russia for the benefit of English and American readers. Such a publication is assured a hearty welcome from economists and publicists who have felt the lack of reliable data upon Russian conditions. Doubtless the Russians themselves have felt the need of a more adequate representation of their interests among the periodical publications of the day than they have hitherto possessed; the specimen numbers which have been distributed are semi-official in tone and very creditable in appearance and general composition. PROFESSOR BENJAMIN F. SHAMBAUGH1 has collected the more important newspaper articles and comments upon the Constitutional Conventions of 1844 and 1846 in Iowa, and has attempted to give some description of the proceedings of the conventions from these sources. The result is a very interesting compilation, which will be of great assistance to those engaged in the study of state constitutions. The notes are edited in such a way as to bring out the salient points of the constitution. There are appendices containing valuable data relative to the members of the convention, giving their native states, ages, occupations, and the number of years of residence in Iowa. In the absence of complete records of the convention's proceedings, Professor Shambaugh's compilation will be very useful. WITH THE periodical recurrence of socialistic agitation one is ever reminded of the confusion in the average mind in the use of the terms socialist and anarchist. Mr. E. V. Zenker, in his "Anarchism: A Criticism and History of the Anarchist Theory" has given us the first complete statement in the English language of the theories of the leading anarchists. It is a most readable discussion of the social question by one who, while opposed to the theories of the anarchists, nevertheless makes every effort to state their position fairly and sympathetically, because he is interested above all things in interpreting accurately the thoughts and ambitions of the common people. Most of the material relating to Proudhon, including copious extracts from his works should interest a wide range of English readers in a writer of great power, who was little understood outside his own country. The chapter on Stirner is for the most part new ground. The Russian doctrine and Prince Kropotkin are better known. There is 1 Fragments of the Debates of the Iowa Constitutional Conventions of 1844 and 1846. Compiled and edited by Benjamin F. Shambaugh. Published by the State Historical Society of Iowa. 1900. Pp. xiii, 323. New York: G. P. Putnam's Sons, 1897. room to quibble somewhat over Zenker's concept of anarchism and over what he says about Spencer and Professor Ferri's classification of Spencer as an anarchist. Spencer and others have been in a certain justifiable sense classified as scientific anarchists. Mr. Zenker does not appear to be familiar with the thought underlying this classsification, and he makes no allowance for it in his interesting and valuable book. REVIEWS. Builders of Nova Scotia. BOURINOT, K. C. M. G. Canada, 1899.) Pp. 197. In these pages the scholarly chief clerk of the House of Commons offers a popular account of the men and events famous in the formation of the maritime province of Nova Scotia. His historical works, antiquarian learning, long public experience, and services as a writer on the constitutional institutions of Canada, fit him eminently for such a task. The story of the beginnings of civilized life in the Acadian peninsula is briefly but entertainingly told,—the original settlement by French peasants (1604), the foundation of Halifax (1749), the migration from New England (1760), the influx of loyalists (1783), the coming of the Scotch and the Irish. No colony along the Atlantic coast offers so varied a catalogue of racial elements as Nova Scotia. "French Catholics and Huguenots, Puritans and cavaliers of the days of the Stuarts, German Lutherans from the old kingdom of Hanover, Protestants from Montbéliard between the Rhine and the Rhone, Scots from the Highlands, the Hebrides and Lowlands, Scotch-Irish Presbyterians from the north and Catholic Celts from the south of Ireland, Englishmen from the hop-gardens of Kent and meadows of Devon, from all parts of the ancient kingdoms where Celt, Saxon and Norman have blended in the course of centuries-all these have contributed to form the people who have made the Acadian peninsula and the island of Cape Breton such prosperous and influential sections of the Dominion" (p. 61). A Historical Review. By SIR JOHN G. (Transactions of the Royal Society of Toronto: The Copp-Clark Co., 1900. Religion has always exercised a notable influence on the Nova Scotians, hence a series of succinct but accurate retrospects of the chief events in the development of those churches that claim the allegiance of large bodies of citizens-the Roman Catholic, Church of England, Baptist, Methodist, Presbyterian and Lutheran, to rank them according to membership. Dr. Bourinot has been so long identified with the public life of Nova Scotia, being himself from Cape Breton and a historian of the island, that his reminiscences of the statesmen and political characters of the peninsula are of more than ordinary value. Especially praiseworthy is his account of the Hon. Joseph Howe, orator, poet and popular tribune, the creator of responsible government at Halifax, a man, it seems, who only wanted the broader stage of our own republic to have attained the fame of a Webster or a Calhoun. We shall not all agree with Dr. Bourinot as to the "stern military necessity" (p. 25) of the dispersion of the Acadians. May we not also take exception to the positive assertion (p. 15) about the "treachery" of Le Loutre in the unhappy incident of How's assassination? Parkman himself became convinced that the complicity of Le Loutre could not be proved. Indeed, Richard has shown (Acadia, I, pp. 269–291) that the sources of this accusation are deeply tainted by anonymousness, prejudice, and the unreliability that attaches to the charges of such a traitor as Pichon. Among the rare and useful documents of the appendix is the (1867) Bannatyne Club text of the original Latin charter (with English translation) granted by King James I. to Sir William Alexander in 1621, by which he was made Lord and Baron of Nova Scotia,-a kingly act that gave its permanent name to the province, but failed to establish the feudal vice-royalty of New Scotland that the Scotch Stuart contemplated. It is to be regretted that a bibliography of Nova Scotia and some account of the literature it has produced, and is now producing, were not added to this work; with these improvements it might serve as a reference-manual for the history of a territory whose interest is second to none in the New World. Catholic University, Washington, D. C. THOMAS J. SHAHAN. Monopolies and Trusts. By PROFESSOR R. T. ELY. Pages viii, 278. Price, $1.25. New York: The Macmillan Company, 1900. This admirable volume is the first of a new and very promising series of works to be known as the Citizens' Library of Economics, Politics and Sociology, which the Macmillan Company will publish under the editorial supervision of Professor R. T. Ely. It is also a portion of a large work on "The Distribution of Wealth," which the editor is writing. Chapter I unfolds the author's idea of monopoly as closely akin to its etymological meaning of the single seller. Substantial and controlling unity of action in any line of business is with apparent justice held to be the essential of monopoly. A sufficient percentage of a business must be united in one management to give some control of prices. These prices may not always be raised by a monopoly, since there may be such economies of combination as to permit of more than competitive profits by reducing prices in order to extend the market. Usually, however, the monopoly keeps prices higher than they would otherwise be. Competition need not be legally or altogether excluded. Monopoly may be more or less complete. Land, although it gives differential gains, is not held to be a monopoly, because its ownership is not concentrated in a few hands. In his second chapter, on the classification and causes of monopolies, the author holds that monopoly arises when there is a profit in combination, and the classification is evidently presented to show in what cases there is this profit. These cases are almost always those where from the nature of things, there can be but few competitors and where in consequence combination is easier than elsewhere. The following is his classification : A. SOCIAL MONOPOLIES. I. General Welfare Monopolies. 1. Patents. 2. Copyrights. 3. Public Consumption Monopolies. 5. Fiscal Monopolies. II. Special Privilege Monopolies. I. Those based on Public Favoritism. 2. Those based on Private Favoritism. B. NATURAL MONOPOLIES. I. Those Arising from a Limited Supply of the Raw Material. Professor Ely explains his meaning of the term Social Monopoly, as "a monopoly which arises out of social arrangements and is an expression of the will of society as a whole, through government, or of a section of society strong enough to impose its will on society." A Natural Monopoly, on the other hand, is a monopoly which rests back on natural arrangements as distinguished from social arrangements. The term social monopoly, however, is so new, and its meaning is so liable to misunderstanding without the accompanying explanation, that it is doubtful whether it is the best possible term. The expression natural monopoly, also, is rather elastic. Some confine it to railroads, street railways, lighting and other such monopolies of situation. Professor Ely holds that monopolies arising from secret processes or the use of such raw material as oil or copper, are natural |