Third Edition, Newly Revised and Enlarged Demy 8vo, Cloth, 600 pp. 6s. net The Two Aspects of the Question, Credit to Agriculture, The "Credit Associations" of Schulze-Delitzsch, Raiffeisen Village Banks, Adaptations, "Assisted" Co-operative Credit, Co-operative Credit in Austria and Hungary, The "Banche Popolari" Italy, The "Casse Rurali" of Italy, Co-operative Credit in Belgium, Co-operative Credit in Switzerland, Co-operative Credit in France, Offshoots and Congeners, Co-operative Credit in I

STUDIES IN ECONOMICS AND POLITICAL SCIENCE Edited by the Hon. W. PEMBER REEVES, Director of the London School of Economics No. 21 in the Series of Monographs by Writers connected with the London School of Economics and Political Science...

Those who during the past thirty or forty years have frequented working men's clubs or other centres of discussion in which, here and there, an Owenite survivor or a Chartist veteran was to be found, will often have heard of the Guernsey Market House. Here, it would be explained, was a building provided by the Guernsey community for its own uses, without borrowing, without any toll of interest, and, indeed, without cost. To many a humble disputant the Guernsey Market House seemed, in some myster

There are many persons who have heard from one source or another of the way in which the States of Guernsey built their Market House by means of non-interest-bearing notes. Some of these—enthusiasts for the reform of the currency—can dilate for hours on the wisdom of the financial policy of Daniel de Lisle Brock, can tell how, at the opening of the Market he "sprinkled the packages (of redeemed notes) with perfume, and while the band was playing a dirge he laid them on the fire, where they were

Guernsey is the second in size of the four Channel Isles, Jersey, Guernsey, Alderney and Sark, which one used to repeat with such gusto in one's schoolboy days. The Channel Isles are the last remnant of our French possessions. Or rather, as the Islanders might claim—and as it is reported some do—England belongs by right of conquest to the Channel Isles. However that may be, for all practical purposes, the government of Guernsey is autonomous—and very jealously does the Guernseyman guard this aut

Guernsey, like other places, fell on evil days early in the nineteenth century, the period of history with which we have to deal; and the islanders suffered from the burden of a heavy debt and from the depression and want of employment which followed the close of the Napoleonic wars. Its condition at this time is graphically described in the following extracts taken from a document presented by the States to the Privy Council in 1829. "In this Island, eminently favoured by nature, antecedently t

There is abundant evidence throughout the records that the system was appreciated. Jacob's Annals (1830), in a chapter on Currency, mentions the Notes incidentally. "All these, with the one pound Guernsey States' Notes, are in much request, being very commodious for the internal affairs of the island." The Bailiff, Daniel de Lisle Brock, who seems undoubtedly to have been the inspiring genius of the scheme, says in his Billet d'Etat , 15th November, 1827— "An individual with an income of £9,000,

The feeling in favour of the system was not however entirely unanimous. In 1826 we find the first trace of opposition which gradually grew and grew until, as we shall see later, it was decided in 1837 that the States should not issue any more Notes. Whether the opposition was entirely due to this financial system as such is open to question. Errors of judgment with reference to the Fountain Street improvement may have been made. Self-interest on the part of some may have been one of the factors.

No trace was found of any reply or acknowledgment by the Privy Council. Presumably they were satisfied with the answer submitted by the States. But not so the opponents. In addition to the Old Bank already mentioned, another Bank, the Commercial Bank, had been started in 1830. Both of these appear to have issued notes at their own discretion. Consequently the Island seems to have been flooded with paper money, and an awkward situation had arisen. The Commercial Bank claimed an equal right with t

One can imagine the enthusiasm and the satisfaction with which the majority returned home. One anticipates a triumphant report in the Bailiff's best vein; and expects that the banks will in future have to confine themselves to the operations permitted to English banks, while the States restore equilibrium by causing the withdrawal of superfluous notes and confining future issues, once again entirely in their own hands, to quantities proportioned to the needs of the island. With surprise, the sub

As stated in the Introduction, the writer has determined, though somewhat tempted, not to discuss the interesting and debatable points that arise from a consideration of this subject. He is satisfied, for the present, with placing the facts before the public. He leaves those facts for abler minds than his to make such use of as they may desire. Great care has been taken to record only that for which there is chapter and verse. But he would like, in conclusion, to remark that it seems to him that

We have not yet discovered anything with reference to a successful plan at Bath to which Daniel de Lisle Brock here alludes (see page 40). We assume the reference to Liverpool is to the fact that during a time of financial panic the Liverpool Corporation was empowered by Statute 33, Geo. III., c. 31 (10th May, 1793), to issue notes of £5, £10, £50 and £100 for value received or other due security. This Act entitled "An Act to enable the Common Council of the Town of Liverpool in the County of La

1. The History of Local Rates in England. The substance of five lectures given at the School in November and December, 1896. By Edwin Cannan, M.A., LL.D. 1896; 140 pp., Cr. 8vo, cloth, 2s. 6d. P. S. King & Son. 2. Select Documents Illustrating the History of Trade Unionism. I.— The Tailoring Trade. By F. W. Galton . With a Preface by Sidney Webb, LL.B. 1896; 242 pp., Cr. 8vo, cloth. 5s. P. S. King & Son. 3. German Social Democracy. Six lectures delivered at the School in February

Guernsey Experimented Successfully with Communal Currency, is Experimenting with Co-operative Currency. It has a small circle of Manufacturers, Merchants and Private Individuals using and circulating its currency. If you believe in its practicability, join it and help to ensure its success. If you want to know more about it, write for full information to— THE SECRETARY, 37, NEWINGTON GREEN ROAD, LONDON, N....

Its Principles and its Practice, with a Chapter on Co-operative Mortgage Credit Demy 8vo, Cloth , 7s. 6d. net "Mr. Wolff is the author of a successful work."— Times. A Co-operative Credit Handbook Demy 8vo, 96 pages. 1s. net CONTENTS—Preface, General Remarks, Banks based upon Shares (Limited Liability Societies), Model Rules for such (with Annotations), Village Banks (Unlimited Liability Societies), Model Rules for such (with Annotations). Appendix: Form of Application, Forms of Bond for Borrowe