The final valuation is a heterogeneous estimate based in part upon original cost, in part upon reproduction cost, excluding all values not used or useful for the public service, deducting depreciation from the inventory figures to arrive at present value or impaired investment, and taking into consideration all of the equities of the particular case. It follows no definite formula, it acknowledges no binding precedent. It is based on natural justice and equity, bounded by the constitutional safeguards of property, the necessity of attracting capital, and the dominating limitation that rates must not be fixed above the value of the service.

The central thesis of the book is that fair value must be the present reasonable investment. The author cites reasons to show that valuation for rate making purposes must aim primarily to determine what the purpose is. The author of course overthrows any definition of fair value as the equal only of market value. Fair value for rate-making purposes "is the present unimpaired reasonable investment in property used and useful in rendering the service."

OAKEY, FRANCIS. Principles of Government

Accounting and Reporting. Pp. xxvii, 561. Price, $5.00. New York: D. Appleton and Company.

Bureaus of municipal research have largely outlived their usefulness and that for two reasons. In the first place they have become institutionalized as to method and as to conclusions. In the second place they have scorned principle and theory and have gloried in the practical solution of the practical problem. This limitation gives to their work a superficiality made all the worse by a mediocrity of personnel due alike to the superficial character of the in sagations and the difficulty in getting adequate pay for the talent necessary to work consistently with principle and

theory. Both of these pitfalls the Institute for Government Research has thus far avoided.

This book is replete with principles and illustrations on such points as: Funds and Methods of Funding, Information Needed Regarding the Financial Condition of Funds, Detail Statements of the Operations of Funds, Appropriations and Information Needed Regarding Their Financial Condition, Relation of Fund Accounts to Proprietary Accounts, Statements of Operations of the Government as a Whole, Information Needed Regarding Financial Condition of the Government as a Whole, The Balance Sheet, The Surplus Account, Detail Statements of Expenditures, Statements Relating to Private Funds and The Budget as a Report.

WERA, EUGENE. Human Engineering. Pp. 378. Price, $3.50 net. New York: D. Appleton and Company.

The title of this book is indicative of its vague and very general contents. The author has attempted "to discover the principles of evolution in industry and apply them to progress." His treatment of the subject is divided into four parts.

The first consists of an analysis of the effect upon industrial relations of such developments as machine industry, scientific management, trade unionism, socialism and coöperatives. The material brought together under these several headings is not well organized, complete or coherent. The discussion of American trade unionism bears out this contention. No attempt is made to treat of any policies other than those of the American Federation of Labor and these are inadequately presented.

Part Two treats of the present outlook, stating the recent claims and status of labor. Again the lack of thorough treatment is evidenced in the chapter on the shop committee movement.

Part Three, entitled "Elements of Human Engineering," treats largely of the application of behavioristic psychology to group relations with labor.

In Part Four, the "Principles of Human Engineering" are Engineering" are stated and applied.

Here lack of definite terminology often obscures the writer's meaning. For example, it is asserted that human engineering has to do with a three-fold set of activities: "production, engineering, industrial engineering and social engineering."

A. H. WILLIAMS.

University of Pennsylvania.

WILLOUGHBY, W. F. The Government of Modern States. Pp. xiv, 455. Price, $3.00. New York: The Century Company, 1919.

Professor Willoughby has attempted a book on principles of governments as distinct from the detailed description of the

machinery of government. The book can best be described as an elementary text book dealing with the nature of the state, types of governments, jurisdiction of governments, function of government, and organization of the several branches of government. This book is a distinct improvement over the usual type of text. However, it fails in that it does not give expression to the possibilities of an inviting and interesting discussion of the fundamental principles of political science. The style falls too easily into the prosaic discussion of the school master. The book does not contain any discussion of the economic functions of government nor of the sociological background to the principles and actual processes of government.

AMERICAN RIGHTS AND INTERESTS IN THE MAN-

DATORY SYSTEM. Fannie Fern Andrews, 95-7.
Ammunition, arms and, 7.

ANDREWS, FANNIE FERN. American Rights and
Interests in the Mandatory System, 95-7.
Arbitration: compulsory, 116, 118; definition of,
102; international 115, 129; war or, 133.
ARBITRATION: COMPULSORY, NOT ESSENTIAL TO
AN EFFECTIVE WORLD ORGANIZATION. George
W. Wickersham, 114-18.

Armaments: commission on, 14; dispensing
with, 154; expenditures for, 177; increase of
naval, 99; maintenance of, 156; meaning of,
49 ff; reduction, 7, 9, 46, 140, 160.
ARMAMENTS, CURTAILMENT OF. Frederick C.
Hicks, 56-62.

ARMAMENTS BY INTERNATIONAL AGREEMENT,
LIMITATION OF. Frank W. Mondell, 53-6.

ARMAMENTS, REDUCTION OF. John Jacob
Rogers, 62-7.

Armenia: government, 5; massacres in, 22.
Armies, reduction of, 57.

Arms, ammunition and, 7.

traffic, 92; control of, 82.

Army, support of, 47.

Assembly of the League: 3, 5, 73, 75, 104, 113,
126, 131; Council and, 9; mandates and, 90;
organization of, 22; work of, 13. See League
of Nations.

ASSEMBLY, Two ACCOMPLISHMENTS OF THE
EXISTING LEAGUE THE SECRETARIAT AND
THE. Sarah Wambaugh, 16-21.
Austria, bankruptcy of, 15, 24.
Austria-Hungary, change of, 166.

Banks, establishment of, 174.

BECK, JAMES M. A World Association Imprac-
tical under Present Conditions, 146–52.
Belgium, Assembly and, 22.

BORCHARD, EDWIN M. Limitations on the

Functions of International Courts, 132-7.
Brazil, Assembly and, 22.

Bryan treaties, 39, 44, 115, 134, 156, 160.
Budget, French, 179.

Building programs of, 63.

BULLARD, ROBERT LEE. The Possibility of
Disarmament by International Agreement,

49-52.

Business, disarmament and, 3.

Cables, German, 168, 172, 176.

Canada: League and, 5, 113; limitation of ar-
maments, 65.

Canal Zone, control of, 34.

Capital: American, 174; labor and, 14.

Children: deportation, 16; in industry, 4, 25;
traffic in, 9.

Chile, Peru and, 134.

China: Assembly and, 22; establishment of, 152;

place among nations, 164.

Coal, situation abroad, 179.

Colonies: law and, 145; as reparation, 172.
Commerce: American, 87; competition in, 68–9;

expansion of, 58; restrictions on, 24, 168;
expenditure in, 99; Monroe Doctrine and, 34;
in war time, 164.

Commissions of the League. See Council.
Communication: Assembly and, 9; commission

on, 15; electric, 169; international, 2, 168;
League and, 23.

Community, international, 163.

Constitution, United States, 109, 117, 122, 142,
148.

Contracts, maintenance of, 156.

Corn, abundance of, 170.
Costa Rica, boundary, 9.
Cotton, abundance of, 170.

Council of the League: 17, 74, 84, 101, 104, 126,
130, 165; Assembly and, 9; armaments and,
47; commissions, 2; committees, 25; inter-
national law and, 110; mandates and, 85, 90,
97; mediation and, 160; work of, 12, 22. See
League of Nations.

Court: Central American, 93; definition of, 102;
international, 116, 129, 138, 165; probate, 71 ff.

of International Justice, 7, 14, 23.
COURT, THE JURISDICTION AND POWERS OF AN
INTERNATIONAL. Herbert A. Smith, 107-13.
COURT OF JUSTICE, AIM AND PURPOSE OF AN
INTERNATIONAL. James Brown Scott, 100–6.
COURT, LAW THE PREREQUISITE OF AN INTER-
NATIONAL. Charles G. Fenwick, 118-23.
COURT, A WORLD. John Hays Hammond,
98-9.

COURTS, LIMITATIONS ON THE FUNCTIONS OF
INTERNATIONAL. Edwin M. Borchard, 132-7.
Covenant of the League, 12, 43, 45, 74, 84, 91,
101, 113, 115, 125, 130, 135, 139; Assembly
and, 4, 5; blockade and, 15. See League of
Nations.
Credit: commission on, 15; international, 145;
United States, 46, 171; unstable situation, 180.
Creditor, debtor and, 180.

CROSBY, OSCAR T. The Essentials of a World
Organization for the Maintenance of Peace,

153-9.

Cuba, dependency of, 162.
Currency, international, 3.

Customs: control, 174; problem of, 2; simplifica-
tion of, 24.

Czecho-Slovakia, treaties in, 79, 83.

Danzig, Poland and, 26.

Debtor, creditor and, 180.

Debts: national, 60; war, 54, 168.

DEBTS OF THE ALLIES TO THE UNITED STATES,
A PLAN FOR UNDERWRITING. Joseph Irwin
France, 169-73.

DEBTS, THE PAYMENT OF ALLIED. Medill
McCormick, 166-9.

DEBTS TO THE UNITED STATES, CANCELLATION
OF EUROPEAN WAR. E. M. Patterson, 177-
81.

Declaration of Independence, 142.

Democracy, peace and, 151.
Depreciation, of the dollar, 176.
Diplomacy, international, 112.
Disabled, care of, 57.

Disarmament: advocates of, 59; armament and,
158; bankruptcy and, 53; business and, 3; in
Canada, 129; commission on, 14; in German
Empire, 52; international, 99; League and,
7, 27; necessity for, 168; world-wide, 63.
DISARMAMENT BY INTERNATIONAL AGREEMENT,
THE POSSIBILITY OF. Robert Lee Bullard,
49-52.

DISARMAMENT, THE URGE FOR. Thomas J.
Walsh, 45-8.

Dollar bonds, 176.

DULLES, JOHN FOSTER. Allied Indebtedness to
the United States, 173-7.

Economics: commission on, 14; committee on,
6; League and, 23.

Eight-hour day: 25; League and, 4.

England: disarmament and, 99; population, 150;
naval power of, 126.

Exchange, international, 3, 145.
Expenditures, government, 57.
Exports, imports and, 167, 175.

FENWICK, CHARLES G. Law the Prerequisite of
an International Court, 118–23.
Finance: commission on, 14; committee on, 6;
in France, 173, 178; international, 3, 145;
League and, 23; Monroe Doctrine and, 34.
Finland, Council and, 17; Sweden and, 23, 28, 74.
Foodstuffs, importation, 150.

France: campaigns, 88; court of justice in, 101;
disarmament and, 48, 50; financial situation,
173, 178; labor in, 179; League and, 141;
peace conference and, 26; reparations in, 167;
war debts, 178.

FRANCE, JOSEPH IRWIN. The Concert of
Nations, 141-6. A Plan for Underwriting the
Debts of the Allies to the United States, 169–
73.

German Empire, disarmament within, 52.
Germany: court of justice in, 101; labor in, 179;
peace conference and, 26; overseas posses-
sions, 84-90; peace with, 142; population, 150;
reparation, 167, 171.

GIBBONS, HERBERT ADAMS. The Defects of the
System of Mandates, 84-90.

Government: civil functions of, 57; definition
of, 126; United States, 143, 148.
GOVERNMENT, THE UNITED STATES AND INTER-
NATIONAL. William I. Hull, 128–32.
Great Britain: Court of Justice in, 101; cam-
paigns, 88; disarmament and, 50; League and,
141; mandatory powers, 91; naval construc-
tion, 45, 63; war debt of, 173, 178, 180.
Greece, treaties in, 79, 83.

Hague Conferences, 38, 42, 100, 115, 119, 125,
128, 135, 148, 172.

HAMMOND, JOHN HAYS. A World Court, 98-9.
HART, ALBERT BUSHNELL. The Need for a
Concord of Nations, 161-5.

Health: committee on, 6; international, 2, 9, 15,

160; League and, 23.

HICKS, FREDERICK C. Curtailment of Arma-
ments, 56-62.

HOLT, HAMILTON. The League of Nations
Effective, 1-10.

Holy Alliance, 32, 35, 41, 113.

HUDSON, MANLEY O. The League of Nations
and the Protection of the Inhabitants of
Transferred Territories, 78-83.

Hull House, 70-4.

HULL, WILLIAM I. The United States and
International Government, 128-32.

Immigrants, protection of, 70.
Imports, exports and, 167, 175.
Indemnity, German, 167, 172, 178.
India, place among nations, 164.
Industry: adjustment, 181; American, 174;
development of, 55; evolution, 150; expendi-
ture in, 99; in Germany, 172; raw materials of,
120.

Insurance, establishment of, 4, 174.
International agreement, 57.

Conference, 144.

Coöperation, 173.

Court. See Court.
law. See Law.

relations, 164.

INTERNATIONAL AGREEMENT, LIMITATION OF
ARMAMENTS BY. Frank W. Mondell, 53-6.
INTERNATIONAL AGREEMENT, THE POSSIBILITY
OF DISARMAMENT BY. Robert Lee Bullard,
49-52.

INTERNATIONAL COURT, THE JURISDICTION AND
POWERS OF AN. Herbert A. Smith, 107-13.
INTERNATIONAL COURT OF JUSTICE, AIM AND
PURPOSE OF AN. James Brown Scott, 100-6.
Invention, stimulation of, 55.
Italy, League and, 8.

Japan: disarmament and, 50, 99; League and,
8, 141; naval construction, 45, 63; naval power
of, 126.

Judges: appointment of, 101; court of perma-
nent, 135; selection of, 23.
Jurisdiction: compulsory, 14, 118, 129; obliga-
tory, 103, 108.

Justice, international, 147. See Court of Inter-
national Justice.

Labor: American, 174; capital and, 14; con-
ference on, 125; French and German, 179;

international, 146, 160; nomadic, 70; leaders in
Russia, 3; question of, 77.

office, international, 25.
organization, international, 12.
Party, British, 72.

Latin America: states in, 163; trade, 35.
Law: civil, 108; international, 41, 50, 99, 110,
120, 138, 145, 147, 164.

LAW THE PREREQUISITE OF AN INTERNATIONAL
COURT. Charles G. Fenwick, 118–23.
League of Nations: 42, 84, 98, 101, 112, 128, 139,
141 ff, 161; America in, 180; armament and, 47.
League, commissions of, 14.

of Nations: Court and, 135; immigrants
and, 70; international law and, 110; mandates
and, 86 ff, 97; provisions of, 114. See Council,
Secretariat, Assembly, Covenant.

LEAGUE OF NATIONS EFFECTIVE, THE. Hamil-
ton Holt, 1-10.

LEAGUE OF NATIONS IN ITS FIRST YEAR,
ACHIEVEMENTS OF. Charles H. Levermore,

11-16.

LEAGUE OF NATIONS, THE FIRST YEAR AND A
HALF OF THE. Arthur Sweetser, 21-30.
LEAGUE OF NATIONS, THE MANDATE SYSTEM
OF THE. Denys P. Myers, 74–7.

LEAGUE OF NATIONS AND THE PROTECTION OF
THE INHABITANTS OF TRANSFERRED TERRI-
TORIES, THE. Manley O. Hudson, 78-83.
LEAGUE OF NATIONS TO A WORLD ORGANIZA-
TION, THE ESSENTIALS IN THE. Henry W.
Taft, 159-60.

LEAGUE THE SECRETARIAT AND THE ASSEM-
BLY, TWO ACCOMPLISHMENTS OF THE EXIST-
ING. Sarah Wambaugh, 16–21.
Leather, abundance of, 170.
Legal system, 108.

LENROOT, IRVINE L. The Essentials of World
Organization, 138-40.

LEVERMORE, CHARLES H. Achievements of the

League of Nations in Its First Year, 11-16.
LINGELBACH, WILLIAM E. The Monroe Doc-
trine and American Participation in European
Affairs, 33-41.

Liquor traffic, in Africa, 82.

Lithuania: Council and, 17; Poland and, 28.
Loans, extension of, 180.

Mandate: Armenian, 68; principal powers and,

27.

MANDATES: AMERICA'S OPPORTUNITY. James
G. McDonald, '90-4.

MANDATES, THE DEFECTS OF THE SYSTEM OF.
Herbert Adams Gibbons, 84-90.