Financial Crises. By Theodore E. Burton. (Effingham Wilson. 4s. 6d.
net.)—This book was written in America, and deals primarily with American affairs. But the author is conversant with English business, and he has studied English authorities, from whom more is to be learnt. than from writers. of other nationalities, though, indeed, there is a considerable school of political and commercial economists in France. His illustrative statistics, also, come from both sides of the Atlantic. The reader should begin with studying these ; then he should digest the dicta, not a little diverse as they are, given in Appendix A as " A Selection of Opinions Relating to the Causes of Crises and Depressions." (Thorold Rogers seems to have got pretty near the mark when he suggested that "a commercial crisis is the consequence of a mis- 'calculation as to the power of endurance which capital possesses in waiting for and thereby controlling the market.") These two sections mastered, he will follow with more profit Mr. Burton's argument. The figures of United States and British finance show a notable contrast in the greater steadiness of the latter. In 1876 the New York Clearing House showed a return of more than one- third less than 1873 (.84,320,000,000 against 47,100,000,000), while 1839 showed nearly double 1897, 411,500,000,000 against 46,250,000,000. Hero there have been no such vicissitudes. The greatest increase was in 1895, 41,256,000,000 over 1894, and the greatest decrease in 1891, 4953,000,000 less than in 1890.
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