390 SECTIONAL TRANSACTIONS.— F. 



A nunaber of villages in Lindsey have been examined on the basis of the 

 Land Tax Assessment Returns, and the results correlated with enclosure 

 history and with the conditions of farming during the period. The paper 

 brings out the importance of statistical evidence in making historical 

 generalisations regarding the behaviour of a social group. 



A further point in regard to the paper is that the material has been wholly 

 collected by adult students — members of the Lindsey Local History Society 

 and by adult classes. They have given their Saturday mornings, and in 

 several cases their holidays, to the work. It is an example of group research 

 which will be continued in Lindsey and probably in other parts of the area. 



Mr. T. H. SiLCOCK. — Some aspects of retail price maintenance (11.15). 



The Retail Market. — Difficulty of applying the ordinary theory of choice. 

 The buying habits of the ultimate consumer. The relation between his 

 long-period and short-period plans. Limitation of the field of consciousness 

 at any one time. The mechanism of impulse and ' sales resistance.' 



The Manufacturer and Retail Price Mainte?iance. — The aim of the manu- 

 facturer is to secure maximum profits and continuity. The importance 

 of volume of sales. The effects of Retail Price Maintenance on the volume 

 of sales ; meaning of consumer's confidence and conditions in which it 

 could offset higher prices ; meaning of retailers' support and conditions 

 in which it is worth securing ; effects on the number of retail outlets ; 

 advantages of widespread distribution ; complementary goods and their 

 effect on retail stocks. Dangers from incomplete price maintenance. The 

 power to maintain prices may only be available to those who limit the 

 number of outlets. 



The Retailer and Retail Price Maintenance. — Tendencies toward normal 

 profits in retail trade. Competition between different lines. Profit per unit 

 of general cost of operation, and the importance of elasticity of demand. 

 Short-period effects of advertising lead to a need for price maintenance. 

 Long-period effects on turnover ; the demand for a limitation of the 

 number of shops. Special difficulties arising from co-operative societies and 

 price maintenance. 



The Public and Retail Price Maintenance. — Consumers' choice and the 

 position of the economist. Difficulties arising from advertising and 

 discrimination. The need for conscious choice by the public in this sphere. 

 The short-period and long-period effects of price maintenance on prices 

 and on the size of firms. 



Possibilities of Policy. — Contracts and combinations to maintain prices ; 

 the position of patented articles and of trade-marked articles. Risks of 

 Government or municipal control without more intelligent public opinion. 

 Risks of diminishing the present powers of firms to maintain prices. Need 

 for wider knowledge. 



