Economic History and Geography.

An important recent paper on the migrations of large scale manufacturing industries in Germany and the United States stands in a class by itself. It may be regarded as an outgrowth of Weber's noted work. Such migrations are interpreted in term, of raw materials, motive power, hand labor, machine labor, transportation and markets, which account for the drift to the periphery in Germany and to the interior in the United States. Most of the addresses and papers included in the book by Hermann Schumacher have appeared in journals, some of them nearly twenty yen ago. Several are the result of extended journeys which the author made in the United States and Eastern Asia in 1898 and again in later years. One group comprises three papers on money. and banking in the United States and Germany. The first of these is an excellent general account of the money panic of 1907 with special reference to its economic and alleviative causes and its European effects. The other two deal with refinish in the German banking system which the panic of 1907 showed to be necessary, and with the concentration of banking in Germany in contrast to its decentralized condition in the United States.