and very recently that from India. This competition has caused no little trouble to the Russian grain-grower, and has even induced the government to take some measures. The minister of finance ordered Mr. Orbinsky to proceed to America, to study on the spot the agriculture and the grain trade of the United States. The result of this journey was an interesting and comprehensive book, entitled The Grain Trade of the United States (1880). Even before this, the Geographical Society of Petersburg had published a large encyclopedic work, consisting of a number of monographs. The society had requested experts in all the more important centres of the grain trade in Russia to write the results of their observations and to collect statistical material, and the work referred to was the result of these investigations.

Forty years ago, we had not a single railroad. At present there are about twenty-three. Again, it was the Crimean War which proved that it was almost impossible to defend the country without means of transportation. But the railroads have cost much money and a great deal of trouble. The first road was built and managed by the government, and both construction and management proved very expensive. It was then decided to intrust the building of railroads to joint-stock companies. But the condition of the money market in Russia at that time made it impossible to secure the necessary capital on this plan. The joint-stock method was almost unknown in Russia, railroads were new enterprises, and capital was timid. A French company then offered its services. It has built two lines, but has failed to carry out the great plan of providing all Russia with trunk lines. Nevertheless, the company was of service to the country; for it proved to the Russian capitalists, by an object lesson, that railroads are profitable. The Russian capitalists then became enterprising, and were by no means inclined to leave this chance for dividends to remain in the hands of the foreigners. Nevertheless, the greater part of the capital invested in our railroads is still derived from abroad, railway securities finding their chief market in Germany. The history of railway building, during the thirty years which have followed, is a history of vacillating policy by the government. It gives a significant picture of

the hand-to-mouth administration at Petersburg, with its favoritism and its bureaucratic methods. At the outset, the minister of transportation was authorized to select, at his discretion, an entrepreneur, who took it on himself to found a stock company. It may be imagined what abuses were connected with this order, or rather disorder, of affairs. Next, public bids were resorted to; but the minister still had the right to set aside the lowest bidder and to select another, under pretext that the latter gave better security for doing the work thoroughly. Again, a pretty system! At last, the government patched up a new plan. The individual entrepreneur was decided to be unnecessary, and the government itself forms the company and sells the stock. The stockholders have a general meeting under the superintendence of a government official, and elect directors. Experience shows that the railway magnates buy up the stock through straw-bidders, and get the enterprise into their hands exactly as in old times. Mr. Golovatschov has written a very interesting history of the railway troubles. Mr. Zechanovetzky, at that time professor at the University of Kiev, wrote a history of the English railroad experience, based on the Parliamentary documents. The most important work, however, is one which embraces the whole subject of railroad transportation, written by Mr. Tschugrov, professor at the University of Moscow.

At the present time, we have more than two hundred and ten large joint-stock banks, as many credit associations, and about three hundred smaller city banks. All give commercial credit on short time. Matters have not always been in this condition. As has already been said, time was, especially before the Crimean War, when agricultural credit was granted only by the government banks. The same was the case with commercial credit. At that time there existed but a single important bank of this kind at Petersburg, with a few branches in the larger provincial cities. This single institution, which now has been re-formed and has been enlarged by the addition of fifty branches, belonged to the government. In the provinces there were no more than twenty smaller city banks. Credit hardly existed in Russia, and the nature of credit was not understood. The whole literature on the sub

ject consisted of two translations of the well-known works of Coquelin and Courcelle-Seneuil. Messrs. Bunge and Besobrasov, whose names have already been mentioned, were the first to treat the theory of credit in Russian; but the first work which treated the entire subject of credit was written again by Mr. Kaufmann. The same author published subsèquently a history of the old Italian banks.

In closing, two remarks must be made, lest a false impression be given of the condition of our economic literature. In the first place, this letter has mentioned only the more important publications, and has not considered articles in periodicals. In the second place, the literature of finance, although it doubtless belongs in the field of political economy, has not been considered at all.

H.

RECENT PUBLICATIONS UPON ECONOMICS.

[Chiefly published or announced since October, 1887.]

I. GENERAL WORKS, THEORY AND ITS HISTORY.

BRINI (G.). Le Opere Sociali di Pi

etro Ellero: Saggio. Bologna: N. Zanichelli. 16mo. pp. 431. 4 fr. CATTANEO (C.). Opere Edite ed Inedite, raccolte da A. Bertani. Vol. IV. Scritti de Economia Publica, Vol. I. Florence: Succ. Le Monnier. 16mo. pp. 391. 4 fr. FERRARA (F.). Esame Storicocritico degli Economisti e delle Dottrine Economiche del Secolo XVIII. e Prima Metà del XIX. [Collection of Prefaces from 1st and 2d series of Biblioteca degli Economisti.] Turin: Unione Tipedit. 2 vols. [Announced.] KAISER (S.). Der Güter Umlauf in seiner Bedeutung für die Volkswirthschaft und in seiner Beziehungen zur Production und Consumtion. 2te (Schluss) Theil. Frankfort: Sauerländer. 8vo. pp. 346. 6 m. [Complete, pp. 763. 12 m.] LACY (G.). Liberty and Law. London: Swan, Sonnenschein & Co. 8vo. 128. LEROY-BEAULIEU (P.). Précis d'Économie Politique. Paris: Lib. Ch. Delagrave. 18mo. 2.50 fr.

pp. 417.

RICARDO (D.). Letters of, to T. R.
Malthus, 1810-23. Edited by J.
Bonar. London: Frowde [Claren-
don Press]. pp. 275. 8vo. 108.
ва.

VADALA-PAPALE (G.). La Fun-
zione Organica della Società e dello
Stato, nella Dottrina di G. D.
Romagnosi. Rome: Loescher &
Co. pp. 55.

In Periodicals.

BUECHNER (L.). Die Naturwissenschaft und die moderne Gesellschaft. Deutsche Revue, Oct., Nov.

CLARK (J. B.). Profits under Mod-
ern Conditions. Pol. Sci. Quar-
terly, Dec.

DUCATI (G.). Sui Varii Principi e
Forme d' Organizzazione dell' Eco-
nomia Nazionale. Giorn. degli
Economisti, December.
GIDDINGS (F. H.). The Natural
Rate of Wages. Pol. Sci. Quar-
terly, Dec.

JOURDAN (A.). Les Essais de Re-
maniement de la Science Écono-
mique. Rev. d'Écon. Pol., Dec.

II. ECONOMIC HISTORY AND DESCRIPTION.

ASHLEY (W. J.). The Early His-
tory of the English Woollen Indus-
try. Publication of Amer. Econ.
Assoc. 8vo. pp. 85. 75 cts.
CHEYNEY (E. P.). The Anti-rent
Agitation in the State of New
York, 1839-1846. Pub. of the
Univ. of Penn. 8vo. pp. 64. 50

cts.
FURRER (A.). Volkswirthschafts-

Lexikon der Schweiz. Lfg. 9-13.

Bern: Schmid, Francke & Co. 8vo. 1.60 m. per lfg. HEYFELDER (0.). Transkaspien und seine Eisenbahnen. Han

nover: Helwing. 8vo. pp. 168.

8 m. HOLZER (F.). Historische Darstellung der indirecten Steuern in Belgien, Dänemark, Deutschland, mit dem norddeutschen Steuervereine, England, Frankreich, etc., auf