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SECTIONAL TRANSACTIONS.—F. 461 
Monday, September 17, 
5. Mr. H. D. Henpverson.—Stability in the Standard of Value. 
The assumption of stability in the purchasing-power of money fundamental 
to our economic life, based on the exchange of commodities and services, and 
the undertaking of future obligations in terms of money. The degree to which 
this assumption was realised before the War, with gold standards generally 
adopted. The great disturbance in the purchasing-nower of gold arising from 
the abandonment of gold standards during the War. The possibility of a 
similar disturbance in the event of a general return to gold standards. The 
peculiar monetary position of the United States. The evolution of the idea 
of attempting to ‘ control’ the purchasing-power of gold so as to secure stability. 
The connection of trade fluctuations with changes in the price-level, and 
the possibilities of diminishing these fluctuations by securing a stable standard 
of value. The far-reaching social consequences of trade fluctuations, and the 
immense social advantages which would result from their removal. 
The present monetary policy of Great Britain. The advantages—real and 
sentimental—of a return to the old gold standard. The uncertainty of future 
monetary policy in the United States. The respective advantages of exchange 
stability and price stability. The desirability of combining both if we can 
do so; the greater advantages of the latter if we have to choose between them. 
6. Presidential Address by Sir W. H. Beveripar, K.C.B., on 
Population and Unemployment. (See p. 138.) 
Tn the afternoon the Liverpool Cotton Association, St. George’s Hall, 
was visited. 
Tuesday, September 18. 
7. Dr. P. Sarcanr Fuorence.—Individual Variations in Efficiency 
and the Analysis of the Work-Curve. 
Evidence of unanalysed work-curves published and unpublished; the effect 
on efficiency of long spells of continuous work, of overtime and the long 
working day, of deliberate restriction of output, and of the type of work 
engaged in. Typical curves for work on furnaces, on power-driven lathes, 
on automatic looms, and for dexterous and muscular handwork. 
Practical and scientific value of work-curves : The best distribution of hours 
of work: the industrial manifestation of practice, spurt, incitement and 
fatigue: distinction between cyclical and cumulative fatigue. 
Need for further analysis (1) of the behaviour of the individual leading 
him to produce a given work-curve, (2) of the degree to which individual work- 
curves conform to the average work-curve. 
(1) The work-curve as the combined effect of variations in small voluntary 
pauses and in the speed of work. Recent American observations of lathe- 
work. The attainment of rhythm in sporadic runs of high speed. Conflicting 
conceptions of rhythm in industry. 
(2) Variations in individuals’ daily and hourly outputs; recent American 
evidence as to form of distribution. Variations in individuals’ work-curves ; 
evidence of approximation of a squad of individuals at similar work to one 
type of curve. 
8. Prof. F. Y. Enaeworrs.—Women’s Wages in Relation to 
Economic Welfare. 
The Presidential Address to Section F, 1922, dealt with the question : What 
relation between the wages of men and women is most productive of wealth ? 
In this sequel the inquiry is directed to a higher aim—welfare. The satisfac- 
tions which constitute economic welfare depend on Distribution as well as 
Production. If the wealth of a community is increased or diminished, the 
gain or loss of satisfactions devends not only on the amount added or sub- 
tracted, but also on the proportions in which the benefit or burden is shared. 
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