SECTIONAL TRANSACTIONS— F. 349 



Prof. L. RoBBiNS. — Consumption and trade fiuctuation. 



The paper commences by an examination of the view that trade de- 

 pression is caused by insufficient buying by consumers. An attempt is then 

 made to outline positively the influence of variations of consumption on 

 the course of trade activity. 



Friday, September 2. 



Presidential Address by Prof. R. B. Forrester on Britain's access to 

 Overseas Markets. (See p. 119.) 



Dr. F. C. Benham. — Some theoretical aspects of Public Finance. 



Public finance as a science. 



The traditional defence (e.g. by Edgeworth) of progressive taxation. 

 An alternative defence. 



Public finance and Equilibrium Theory, with comments on — 



(a) Wicksell's ' Solution.' 



(b) Pigou's views on ' Taxes and Bounties to Correct Maladjustments.' 



(c) The Marshall-Wicksell argument for certain State undertakings. 

 The special question whether an income tax differentiates against 



saving, with particular reference to the views of Irving Fisher. 



Monday, September 5. 



Discussion on The Location of Industries (Dr. Brinley Thomas ; Mr. 

 J. Jewkes) : — 



Dr. Brinley Thomas. — The volume and direction of the movement of 

 labour into south-east England since 1920. 



The general trend of new industrial development in this country, as is 

 well known, has been in favour of the South-East during the last decade. 

 Though a substantial body of information is available from Ministry of 

 Labour and Population Census figures, these sources do not enable us 

 to examine the volume and direction of the movement of labour that has 

 taken place. The statistical results embodied in this paper are founded on 

 a special return made available through the courtesy of the officials of the 

 Ministry of Labour, which shows for each office (excluding the smallest 

 rural ones) in the S.E. Division the number and origin (by Division) of all 

 ' foreign ' unemployment insurance books which were first issued outside 

 the S.E. Division as revealed in the exchange of books in July 1932. 



The volume of the inflow of insured labour since 1920 is examined, 

 together with the relative contributions from each of the other Divisions. 

 The varying degrees of absorption of adult and juvenile labour in different 

 parts of London and surrounding areas are analysed. Finally a rough 

 attempt is made to relate the labour mobility shown by the analysis with 

 the location of new industries. 



Mr. J. Jewkes. 



The increasing attention now being devoted to the theory of location of 

 industry is mainly the result of the failure of the attempts to deal with 

 unemployment by the transfer of labour, and the speculations of how far 



