TRANSACTIOXS OF SECTION F. 729 



The following Papers were read : — 



1. On the Mathematical Theory of International Trade. 

 By Professor F. Y. Edgeworth, M.A. 



2. Mechanics of Bimetallism. By Professor Irving Fisher. 



The himetallic regime is figured as a system of hydrostatics by substituting for 

 Jevons' curves reservoirs of water. Water represents commodity, and the water 

 level, marginal utility. The system embraces three reservoirs, one for money and 

 tw6 for gold and silver in the arts respectively. The three being connected, the 

 water seeks a common level. The method aflords a theoretical criterion for dis- 

 tinguishing when bimetallism is and is not possible. The restoration of the old 

 French ratio, even if possible, would cause depreciation, though not to the whole 

 extent of the present difference. As compared with monometallism, bimetallisoi 

 reduces fluctuations of value in the ratio of the combined breadths of two reservoirs 

 to three. 



3. On Factors of Production. -By H. Higgs, LL.B. 



4. On Stock Exchange Tao:ation. By J. Mandello, Ph.D. 



Theory of taxes in the circulation of wealth. Taxes on capital as contrasted 

 with taxes on land, &c. The French, Italian, German, and Austrian taxes on 

 Stock Exchange transactions. What constitutes a good system of Stock Exchange 

 taxation. 



FRIDAY, AUGUST 10. 

 The following Papers were read : — 



1. The Church Army and the Unemployed. By the Rev, W. H. Hunt, 



The problem of the ' Unemployed ' will always be a social as well as an 

 industrial one, and the difficulties of it are probably greater because of unwise 

 legislation and promiscuous relief. The complexity of it necessitates our rule for 

 individual treatment and selection. In this country many methods have already 

 been tried, and we recognise that no ultimate good can result to the nation from 

 any work based upon a false economic principle. After working upon this rule for 

 five years we are now able to say the social side of the problem, at least, is 

 assuredly nearer solution than before. We aim at giving men the chance to earn 

 and eat their own bread under healthy conditions with Christian environment. 

 ' A Church, Army, Labour, Home : to these four things we owe everything we 

 possess.' The manager and his wife act as 'father' and ' mother,' and the workers 

 are called ' brothers.' We make every man feel his responsibility to earn his own 

 living, and conform his habits to his economic surroundings. Idlers and drunkards 

 are dismissed. We avoid pauperisation. Our small provincial Labour Homes 

 being increased in number deter men from coming up to London. Sufficient trade 

 can easily be secured, and the home is not calculated to disturb existing trade as a 

 larger establishment might do. In them local influence is combined with a strong 

 central government. The rules are cast into a simple form of agreement, and, 

 being signed by each person, become a moral stimulus. Trade and fair rates are 

 always charged, and paid. Every person is expected to earn six shillings per week 



