294 
NAT ORE 
additions being the visits paid for the first time to 
both the poles within that period! No fewer than 
216 pages, with four plates and fifty figures in the 
text, have been added to the book to bring it 
thoroughly up-to-date. The present edition main- 
tains the character of the original one, as an 
invaluable work of reference upon the subjects of 
which it treats. Je oWeonle 
WORKS ON ECONOMICS. 
(1) The Influence of the Gold Supply on Prices and 
Profits. By Sir David Barbour. Pp. xil+104. 
(London: Macmillan and Co., Ltd., 1913). 
Priceugs. Od senet. 
(2) Social Insurance. With Special Reference to 
American Conditions. By I. M. Rubinow. 
Pp. vii+525. (New York: Henry Holt and 
Co.,.1913.) Price 3.00 dollars net. 
(1) IR DAVID BARBOUR’S long experience 
RR in connection with the finances of India 
gives great weight to his conclusions on questions 
of currency and of the standard of value, in which 
he holds a position of authority. In the present 
work he undertakes to show in what way the 
quantity of money affects prices, and what are the 
limitations to the theory that its influence upon 
them is substantial. This is a question of real 
importance, because variations in price exercise a 
“profound and subtle influence ” on human affairs. 
‘““A general fall in prices sets up stresses in the 
social fabric which search out the weak points in 
the structure. A general rise in prices smooths 
away many difficulties, but may create others.” 
The author puts his theory in the form that ‘other 
things being equal, the level of prices is propor- 
tionate to the quantity of money.” The question 
arises, What are the “other things” that are re- 
quired to be equal, in order that this generalisation 
may be supported? It is important to consider 
the modern system of credit, as affecting the 
amount and efficiency of the work money has to 
do. Sir D. Barbour rightly deprecates the dan- 
gerous practice, which apears to be growing, of 
attempting to remedy by legislation the evils that 
are due to a rise or fall in prices. 
(2) Mr. Rubinow’s work is an elaborate study 
of a subject which has of late years acquired 
great importance in England and other European 
countries, and an urgent plea for general adoption 
of a policy of social insurance in the United States 
of America. The expression “social insurance ” 
is, indeed, one of comparatively recent introduc- 
tion, and is used as distinctive from commercial 
insurance, though there is no real difference of 
principle between them. The difference in practice 
arises when voluntary insurance develops into sub- 
sidised insurance, and that again into compulsory 
NOL 2325. Ol WO aq 
[May 21, 1914 
insurance. Under these heads the author describes 
what has been done in Europe towards insurance 
against industrial accidents, against sickness, 
against old age, invalidity and death, and against 
unemployment; and necessarily devotes much 
attention to the history of the movement in those 
directions in Germany and in England. In neither 
country does he consider that all the branches of 
social insurance have been adequately developed. 
All leave unrelieved many exceptional cases. The 
relief is, in general, insufficient. The question of 
cost becomes a material one if this is to be 
remedied. Here, we think, Mr. Rubinow takes 
too optimistic a view. He estimates the burden 
of the British insurance system as between 85 and 
100 million dollars, and compares it with the 160 
million dollars that the United States have been 
(we fear, improvidently) spending for war pensions. 
Estimating that the wealth of that country in- 
creases annually by 5000 million dollars, after all 
truly wasteful expenditures, both private and 
public, have been allowed for, he thinks it un- 
necessary to discuss whether it can afford the 
expense of a social insurance system. 
Both these works are valuable contributions to 
the study of economics. 
OUR BOOKSHELF. 
The Riddle of Mars the Planet. By C. E. Hous- 
den. Pp. xi+69+plates. (London: Long- 
mans, Green and Co., 1914.) Price 3s. 6d. net. 
THERE are many who have read with real pleasure 
Dr. Percival Lowell’s pleasant diversions based 
upon his assiduous and careful observations of 
the planet Mars, which the magnificent equipment 
of his well-placed observatory have made possible. 
Whether they have followed him to all his con- 
clusions is immaterial, they have admired his skill 
and industry, his beautiful photographs, his im- 
agination and the charming way in which he has 
presented his case. Among his followers the 
author of the present work is one who is not 
content with merely following Dr. Lowell, but, 
being apparently of a constructive turn of mind, 
he has gone in considerable detail into the 
engineering works that are obviously required to 
help the water of the melting snow caps to the 
parts of the planet where it is wanted for the 
growing crops. By the use of a coloured plate 
or diagram on which the colour changes in differ- 
ent latitudes in the course of the Martian year 
are represented, the author develops the engineer- 
ing problem of moving the water, using open 
canals or closed pipes where water is pumped 
over or to high ground. He wants for this pur- 
pose 2,500,000,000 N.H.P.; 170,000 6-ft. pipes, 
each 1400 miles long, with ten pumping stations 
of 1150 N.H.P. to each to account for part of the 
total power required. Oil engines are suggested, 
the oil being obtained from wells as on earth, 
but possibly sun power in the clear sky is used 
