The Mechanism of Exchange. By John A. Todd. (H. Milford.
5s. net.)—Professor Todd's well-planned and ably written text- book on money, exchange, and banking deserves attention because he draws freely upon our experiences of finance in war time to illustrate or modify the theories prevailing in peace. His lucid account of the crisis at the outbreak of war is supplemented by many tables showing at a glance the financial history of these troubled years. We are glad to see that Professor Todd is im- patient with the " loose talk about abandoning the principles of certain so-called schools of Economies " ; " ono can no more abandon economic principles than one can abandon the law of gravity." The principles are few and simple ; the difficulty lies in applying them under changed conditions, as Captain Cattle observed long ago.
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