578 



SECTIONAL TRANSACTIONS.— E, F. 



Nos. 1 and 4 of the above are wood-cuts, the rest copper-plate. 



The influence of the Lily map is also shown in the following maps : — 



MS. map included in Battista Agnese's Atlas of c. 1554. 



Tabula Nova of British Isles in editions of Ptolemy issued at Venice by Ruscelli 

 and Moletius in 1561, 1562, 1564 and 1574, and also, from the same plates retouched, 

 in Ruscelli's Venice editions of 1598 and 1599. 



A map of Britain painted on a wardrobe at Florence in 1570 by Ignazio Danti. 



SECTION F. 

 ECONOMIC SCIENCE AND STATISTICS. 



(For reference to the publication elsewhere of communications entered in the 

 following list of transactions, see p. 685.) 



Thursday, September 6. 



Prof. W. R. Scott. — Economic Resiliency. 



After a crisis the conditions of trade recovery have probably come into existence 

 before the actual recovery has become apparent. One of these is Resiliency, i.e., the 

 power which endeavours to react against trade depression. The nature of this reaction 

 may be partially illustrated by a remarkable instance of resiliency and recovery in 

 the West of Scotland 1771-1791. 



Glasgow has made great progress between 1708 and 1775, through the development 

 of trade with the West Indies and with America. In that period the population had 

 trebled and the rateable value of houses had increased five times. In 1771 the goods 

 manufactured in Glasgow were valued at £452,000. The progress of Scottish trade 

 from 1771 to 1791 was as follows : — 



Since this trade depended upon the re-export of tobacco, and to a less degree on 

 that of iron goods, it was particularly vulnerable and fell off by more than one-half 

 in 1778. Yet by 1780 the value of home-produced exports had reached the level of 

 1771, and by 1791 the total trade had nearly regained its former value. How far 

 resihenoy and recovery was aided by the Industrial Revolution is discussed. 



The necessity for making good losses and recovering trade is the primary condition 

 of resiliency. Its tangible results may be delayed by the need for clearing away the 

 wreckage of the crisis, and also the period of gestation must be allowed for. In the 

 preparatory process leading towards recovery on the mental side the qualities of enter- 

 prise, judgment and adaptiveness are important. ( 1 ) Enterprise is aSected as between 

 individuals and nations by circumstances, some reaching maximum activity under 

 favourable, others under unfavourable, conditions. (2) Before enterprise reaches 

 concrete results, judgment as to the prospects is required. In times of depression 

 such judgment tends to be somewhat pessimistic. Thus of schemes under considera- 

 tion it is usually those whose prospects are considered most favourable which are 

 first realised; later those where the risk is greater are tried. (3) New conditions 

 appearing at a time of crisis may or may not be permanent — if they are permanent, 

 an important element towards recovery is the degree of adaptability which exists. 



Resiliency is significant in social progress. The character of the resihency with 

 which trade depression is met exerts an influence over the whole of the subsequent 

 trade cycle. It seems probable that a high degree of resiliency is characteristic of a 

 virile people. 



