Economics of the Silk Industry. By Ratan C. Rawlley. (P.
S. King. 10s. 6d. net.)—Mr. Rawlley's learned and dispassionate study of the silk trade deserves attention both from an economic and a political standpoint. He sketches the history of silk, with a specially detailed account of the State-controlled industry in Kashmir. He describes the raw silk trade, the manufacture, and the commercial organization, and discusses the very intricate problem of tariffs. Few of those people who engage in hot con- troversy over Free Trade and Protection understand, as the author does, how extremely complex are the questions presented by each industry. Mr. Rawlley thinks that the British silk in- dustry has decayed owing to its lack of protection and to the competition of protected foreign manufacturers. British capital has ceased to flow into an industry which has so uncertain an outlook, whereas in America, under cover of a high tariff, the silk industry. has flourished mightily. On the other hand, he does not • think that any possible tariff could protect British manufacturers against the competition of the very cheap Chinese and Japanese goods or of the special fabrics of Lyons. They would be protected, if at all, only in the class of silks which they can already produce at a profit.
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