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DANNEBERG, K. Karl Marx, the man and his work; constructive elements in socialism. (New York: Radical Rev. Pub. Assoc. 1919. Pp. 122.)

DERS. Zur Vertiefung des Sozialismus. (Leipzig: Der neue Geist Verlag. 1919. Pp. xv, 253. 8 M.)

DESLINIÈRES, L. Comment se réalisera le socialisme. (Paris: Humanité. 1919. Pp. 72. 1.25 fr.)

Dorchester, D., JR. Bolshevism and social revolt. (New York: Abingdon Press. 1919.)

DUMAS, C. La vérité sur les Bolchéviki. (Paris: Riarchovski. 1919. Pp. 144.)

EROSHKIN, M. K. Soviets in Russia. (New York: Russian Information Bureau. 1919. 35c.)

FORSTER, H. W. Coöperation with employees. (Philadelphia: Independence Bureau. 1919. Pp. 15.)

GLAISER, J. B. The meaning of socialism. (London: Nat. Labour Party. 1919. Pp. 245. 3s. 6d.)

GOLDSTEIN, D. Bolshevism: its cure.

(Boston: Boston School of Po

litical Economy, 468 Mass. Ave. 1919. Pp. 414.)

KEELING, H. V. Bolshevism: Mr. Keeling's five years in Russia. (London: Hodder & Stoughton. 1919.)

LAIDLER, H. W. Socialism in thought and action. (New York: Macmillan. 1919.)

LLOYD, J. W. Is coöperative marketing of horticultural products applicable to Illinois conditions? (Urbana: Univ. Ill. Agri. Ex. Sta. 1919. Pp. 238.)

NAST, A. Le régime juridique des coöpératives: principes coöpératifs et exposé synthétique de la législation. (Paris: Rivière. 1919.) NATROWSKI, M. Individual-Sozialismus. (Leipzig: Der Neue Geist Verlag. 1919. Pp. 113. 5 M.)

OPPENHEIMER, F. Die soziale Frage und der Sozialismus.

Fischer. 1919. Pp. 192.)

(Jena:

POHLE, L. Kapitalismus und Sozialismus. (Leipzig: Teubner. 1919. 4 M.)

POWER, R. Under the Bolshevik reign of terror. (New York: Rob

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SONNICHSEN, A.

Coöperation in many lands.

1919. Pp. 272. 5s.)

1919. Pp. xix, 223.

Consumers' coöperation. Introduction by JOHN

GRAHAM BROOKS. (New York: Macmillan. $1.75.)

"Beyond doubt," says Mr. Sonnichsen, "consumers' coöperation is an anti-capitalistic, revolutionary movement, aiming at radical social reconstruction based upon an all-inclusive collectivism." It has nothing in common with the self-governing workshop or the farmers' marketing organization nor any scheme which includes private profit, nor does it keep step with socialism when it comes to seeking political favor and advocating state administration of industry. It is this sharply limited coöperation of which Mr. Sonnichsen's book traces the early beginnings, the successful launching at Rochdale, England, in 1844, and the development in Great Britain, the continent, and America.

The warfare with capitalistic interests on the one hand, and on the other, the long contest with the Christian Socialists bent upon grafting on to the movement the self-governing workshop idea, make an interesting story. An account is given of the varying fortunes of coöperation during the war in different countries.

Of the second part of the book, Coöperation as a Factor in the Social Revolution, with chapter on Coöperation and Socialism and another on Coöperation and Labor, I can give no better idea than by presenting a few significant quotations. Based upon "the gradual development of consumers' coöperation from its nebulous beginnings a hundred years ago to its present status of a worldwide organization of over fifty million souls," he avers that "even those who may regard it with prejudiced eyes cannot deny that it is destined to be a big factor in the industrial and social reconstruction which must follow the war."

"In the economic arena it feels itself irresistible, competent to meet all attacks. Coöperation has no need to appeal to political action to establish itself." Its limits are recognized, "When coöperation has spread just so far as it can benefit human beings, it will stop, and be perfectly content to stop."

The author admits that, so far as labor is concerned, there will remain the question of relative wages to go to those of different occupations, but "under coöperation human society will be like one person laboring to supply its own needs, whether these needs are purely material, like bread and meat, or of a spiritual nature like art and music"; that since there is no private profit the worker will, as consumer, get the whole product of his labor.

The value of the book consists in its giving the most adequate exposition of consumers' coöperation yet given in this country,-a comprehensive story of the movement, the fullest in later years, and interesting suggestions as to future achievement.

EMERSON P. HARRIS.

SPARGO, J. The enemy of political and industrial democracy. (New York: Harper. 1919. Pp. 389. $1.50.)

TAYLOR, S. The guild state. (London: Allen & Unwin. 1919. 4s.

TOWLER, W. G. The nationalisation of British industry. (London: Municipal Society. 1919. Pp. 24. 3d.)

TROTZKI, L. Disziplin und Ordnung werden die sozialistische SovjetRepublikretten. (Berlin: Gesellschaft & Erziehung. 1919. Pp.

23.)

ULIANOV, V. J. The state revolution.

1919. 3s.)

(London: Allen & Unwin.

VAUCHER, R. L'enfer Bolchevik à Petrograd sous la commune et la terreur rouge. (Paris: Perrin. 1919.)

WILBRANDT, R. Sozialismus. (Jena: Diedrichs.

1919. 15 M.)

WILLIAMS, A. R. Lenin. The man and his work. (New York: Scott & Seltzer. 1919. Pp. 202. $1.50.)

Facts against socialism. A note book for speakers, writers and workers. (London: London Municipal Society. 1919. Pp. 16.)

The Labour Co-partnership Association, thirty-third report, 1918. (London: Office, 6 Bloomsbury Sq. 1919. Pp. 32.)

One hundred reasons why one hundred cities have changed from private to municipal ownership of their public utilities. (Kansas City, Mo.: Burns & McDonnell. 1919. Pp. 16.)

The people's yearbook and annual of the English and Scottish Wholesale Societies, 1919. (London: Methuen. 1919. Pp. 381.)

Teachable facts about bolshevism and sovietism. (New York: Institute for Public Service. 1919. Pp. 31.)

Que font les Bolcheviks. (Lausanne: Assoc. A. Herzen. 1919.) Société pour l'étude practique de la participation du personnel dans les bénéfices. (Paris: 1919. Pp. 48.)

Statistics and Its Methods

NEW BOOKS

FRANKEL, L. K. and DUBLIN, L. I. Influenza mortality among wageearners and their families. (New York: Metropolitan Life Ins. Co. 1919. Pp. 742.)

MUELLER, J. P. Financial statistics of the leading industrial and mining companies in the United States for the fiscal years 1911, 1912, 1913, (pre-war period) compared with the fiscal years 1914, 1915, 1916, 1917, 1918 (war period). (Washington: Federal Photolithograph Co. 1919. Pp. 175.)

SAVORGNAN, F. La mortalità infantile alle varie età durante il primo anno di vita. (Rome: Author, Piazza Barberini 12. 1919. Pp. 35.) VICINI, F. Sulla misura della concordanza tra caratteri quantitativi. (Rome: Athenaeum. 1919. Pp. 71.)

WARNE, F. J. Chartography in ten lessons. (Washington: Author, Southern Bldg. 1919. Pp. 159. $5.)

First annual report of the Dominion statistician for the fiscal year ended March 31, 1919. The Dominion Bureau of Statistics: its origin, purpose, and organization. (Ottawa: Bureau of Statistics. 1919. Pp. 51.)

Central electric stations in Canada. Census of industry, 1917. Part I, Statistics. (Ottawa: Dominion Bureau of Statistics. 1919. Pp. 70.)

Decennial census of Massachusetts, 1915. Part IV, Occupations. (Boston: Bureau of Statistics. 1918. Pp. 44.)

Financial statistics of states, 1918.
Census. 1918. Pp. 123.)

(Washington: Bureau of the

New Zealand official yearbook, 1918. (Wellington: Census & Statistics Office. 1919. Pp. 837.)

Official yearbook of the Commonwealth of Australia, containing authoritative statistics for the period 1901-1915 and corrected statistics for the period 1788 to 1900. (Melbourne: Bureau of Statistics. 1919. Pp. 1179.)

This yearbook contains well digested chapters on many phases of social and industrial life. The material is illustrated by graphs expressed with exceptional clearness.

Pocket compendium of Australian statistics. Fifth issue. (Melbourne: Bureau of Statistics. 1919. Pp. 138.)

Results of a census of the Dominion of New Zealand taken for the night of the 15th October, 1916. Part IX, Occupations and unemployment. Part XI, Dwellings. (Wellington. 1918. Pp. 174, 52.) Save the youngest. Seven charts on maternal and infant mortality, with explanatory comment. Children's year follow-up series no. 2. Bureau publication no. 61. (Washington: Children's Bureau. 1919. Pp. 15.)

Statistisches Reichsamt. Abteilung für Arbeiterstatistik. Die Verbände der Arbeitgeber, Angestellten und Arbeiter im Jahre 1916 und im Jahre 1917. (Berlin: Reichs-Arbeitsblatt. 1919. Pp. 65.)

DOCUMENTS, REPORTS, AND LEGISLATION

Industries and Commerce

VALUATION AND DEPLETION OF OIL LANDS. The Bureau of Mines, Department of the Interior, has recently issued Bulletin 177 entitled, The Decline and Ultimate Production of Oil Wells, with Notes on the Valuation of Oil Properties, by Carl H. Beal. This paper consists of 215 pages, is well indexed, and contains much material of an economic character, in addition to some which will be of special interest only to those familiar with the technical aspects of the oil industry. To be noted especially is the exhaustive study made of the use of appraisal curves for the valuation of oil lands. Petroleum engineers who have not secured a fundamental knowledge of the principles of valuation will welcome this treatise. Moreover, the period of richest productivity of oil being past, it is becoming more necessary for investors in oil lands to base their calculations upon scientific methods of determining present values, which are, of course, dependent upon future productivity, in any given instance. The bulletin is roughly divided into two parts. The first part treats of methods of estimating the future and ultimate production of oil properties and of the application of these methods to oil land valuation. The second part gives specific information regarding the decline and ultimate production of important oil fields in the United States.

Of especial interest to the economist are the notes on the valuation of oil lands (pp. 80-103). These deal, first, with the general principles of oil land appraisal and, second, with the methods of computing depletion for purposes of taxation. The determination of the present value of an oil property involves a rather complicated series of calculations, which, furthermore, are affected by the element of uncertainty which is always present to a greater or less degree. In general, the question is one which involves the determination of the present value of deferred profits for a period of years. Future net receipts are controlled by (1) future annual production, (2) future cost of development, (3) future cost of production, (4) future price of oil, (5) rate of amortization of capital, and (6) salvage value of equipment. The bearing of these factors upon the question of valuation is carefully considered. The problem may be stated briefly thus: "The purchase value of a property is the sum that will be paid back with interest to the investor before the oil is exhausted, and it is governed by all the conditions that control oil production." In other words,

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