Page:The Economic Journal Volume 1.djvu/854

882 THE ECONOMIC JOURNAL Contemporary Review, 1891. October. The Balance-sheet of Short Hours. By JOHN RAE. The very long, day is a product of this century, the fruit of the factory system. For the last sixty years we have been slowly learning the lesson that all this successive prolongation of working hours, which was near eating the heart out of the labouring manhood of England, was also from the standpoint of the manufacturers' own interest, a grave pecuniary mistake.' Mr. Rae adduces copious experimental evidence that a workman can do as good a day's work in eight hours as in nine or ten, or more; and argues that the 'sources from which the compensating improvement in the labourer's personal efficiency' have. in past experience sprung, are far from being exhausted. Among these sources are the increased energy, contentment and intelligence of the workman; the saving of time lost through sickness, unpunctuality, and making a break for meals. American a?ut British _Railway Stocks. By GEORGE BARTRICK BAKER. An attempt to estimate the chances of an increase or decrease of value in these stocks. The writer thinks that the great decline in the returns from American railway stocks is likely to be succeeded by a gradual rise. He gives reasons for hoping that competition will become less reckless, that the State Railway Commissions will be compelled to act more fairly, that dishonesty in management is becoming less safe for the offenders, and that the development of local traffic will assist the rise of rates. Home railway stocks he thinks likely to decline in value. Expenses have increased, much capital has been spent in xecent' years without a proportionate return, and there is little prospect of any further expansion of business in the immediate future. Fortnightly Ret?iew, 1891. October. A National Pension Fund. By EDWARD COOPER. Points out the inadequacy of our information; 'we do not know the real extent of the evil' to be remedied. The apparent number of paupers over sixty is often swelled by counting the same person more than once; the actual number is largely due to bad administration and to drunkenness. Compulsory insurance is distasteful to workmen. It must interfere with the voluntary associations which are becoming more efficient. The writer suggests that the best course would be to subsidise these associations out of national and local revenues. Nineteenth Century, 1891. September. Compulsory Insurance in Germany. By Professor GEFFCKEN. Dwells on the difficulties inherent in the German s.ystem of compulsory insurance against old age (as distinguish.ed from insurance against sickness and accident.) The right to a pension is confined to those who reach 70 years; the sum is not enough to maintain them,