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TAXATION AND PUBLIC EXPENDITURES

The Annals

VOLUME XCV

MAY, 1921

EDITOR: CLYDE L. KING

ASSISTANT EDITOR: J. H. WILLITS
EDITORIAL COUNCIL: THOMAS CONWAY, JR., C. H. CRENNAN, A. A. GIESECKE, A. R. HATTON,

AMOS S. HERSHEY, E. M. HOPKINS, S. 8. HUEBNER, CARL KELSEY, J. P. LICH.
TENBERGER, ROSWELL C. MCCREA, E. M, PATTERSON, L. S. ROWE,

HENRY SUZZALO, T. W. VAN METRE, F. D. WATSON

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Copyright, 1921, by
THE AMERICAN ACADEMY OF POLITICAL AND SOCIAL SCIENCE

All rights reserved

EUROPEAN AGENTS
ENGLAND: P. S. King & Son, Ltd., 2 Great Smith St., Westminster, London, S. W.

FRANCE: L. Larose, Rue Soufflot, 22, Paris.
GERMANY: Mayer & Müller, 2 Prinz Louis Ferdinandstrasse, Berlin, N. W.
ITALY: Giornale Degli Economisti, via Monte Savello, Palazzo Orsini, Rome.
SPAIN: E. Dossat, 9 Plaza de Santa Ana, Madrid.

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