find a new approach. This, Miss Kellor has done in an unusual way. In calm, dispassionate fashion she surveys the changed attitude of America towards world problems and shows how a new spirit has developed. The older immigration is sketched and the administration of the older laws reviewed. Then she outlines the racial opinion of the country as shown by the foreign press.

Part II discusses the varied relations of American business to immigration, foreign markets, savings and investments of immigrants, etc. In Part III, economic assimilation is considered and its difficulties indicated.

Miss Kellor has given us a book which should be read by all who are interested in the questions involved.

KNOWLES, MORRIS. Industrial Housing. Pp. x, 393. Price, $5.00. New York: McGraw-Hill Book Company, 1920.

The author of this book brings to his task the technical knowledge of the successful engineer and the concrete results of his experience as Supervising Engineer in the cantonment construction at Camps Meade and M'Clellan and as Chief Engineer of the

Division of Housing of the Emergency Fleet Corporation. In his discussion of the scientific principles underlying successful housing projects he omits no important detail. In fact, nine of the thirteen chapters are given over to a consideration of such topics as streets and pavements, water supply, sewerage and drainage, waste disposal and gas and electric supplies. The book, however, is more than a discussion of those phases of the housing problem of particular interest to the expert. Throughout Mr. Knowles has evidenced his ability to envisage his problem as one concerned with factors other than steel, lumber and concrete. Cost factors and their relation to wages, the preservation of esthetic values, the relation between correct housing and labor stability, and the interrelation of housing and town planning have all been emphasized, although on these points the author might have laid more weight in his initial statement of his problem. Not a little of the book's value is derived from the interesting array of facts and figures dealing with such recent war-time projects as Yorkship, Sun Village, Dundalk and Buckman Village.

The Board of Directors reported to the Annual Meeting of the American Academy of Political and Social Science held January 24, 1921, that the past year had been the most successful in the history of the Academy from the point of view of growth.

During the year 1920 the Academy received 1,361 new members and 188 new subscriptions. The Academy lost 85 members by death; and 418 by resignation.

The receipts and expenditures of the Academy for the fiscal year just ended are clearly set forth in the treasurer's report. The accounts were submitted to Messrs. E. P. Moxey and Company for audit, and copy of their statement is appended here

with. In order to lighten the burden of expenses incident to the Annual Meeting a fund of $990 was raised. The Board expressed its gratitude to the contributors to this fund.

The Board assures each and every member of the Academy that during the coming year no effort will be spared in broadening the activities and influence of the organization. In order to accomplish this purpose, the Board should have the benefit of such suggestions as may occur to the members, and it is particularly desirable that definite constructive suggestions to this end be submitted to the President of the Academy.

January 15, 1921. CHARLES J. RHOADS, ESQ., TREAS., American Academy of Political and Social Science, Philadelphia, Pa.

Dear Sir:

We herewith report that we have audited the books and accounts of the American Academy of Political and Social Science for its fiscal year ended December 31, 1920.

We have prepared and submit herewith statement of receipts and disbursements during the above indicated period, together with statement of assets as at December 31, 1920.

The receipts from all sources were verified by a comparison of the entries for same appearing in the Treasurer's cash book with

the record of bank deposits and were found to be in accord therewith.

The disbursements, as shown by the cash book, were supported by proper vouchers. These vouchers were in the form of cancelled paid checks or receipts for moneys expended. These were examined by us and verified the correctness of the payments made.

The investment securities listed in the statement of assets were examined by us and were found to be correct and in accord with the books.

As the result of our audit and examination we certify that the statements submitted herewith are true and correct. Yours respectfully,

EDWARD P. MOXEY & Co.,

Certified Public Accountants.

Acceptances: debentures and, 135; Edge Law

and, 139.

Advertising, National Chamber of Commerce
and, 117.

Africa, trade with United States, 5.

Agriculture: in China, 90; meeting of leaders in,
118; in Siberia, 93.

Allies, government credit to, 5.
American Bankers Association, 137.
AMERICAN CHAMBERS OF COMMERCE IN FOREIGN
COUNTRIES. Jay E. Fitzegerald, 122-26.
AMERICAN FOREIGN TRADE, IMPORTS, THE
TARIFF AND. George E. Roberts, 43-6.
Asia, trade with United States, 5.
Austria-Hungary: copper exports from, 74;
tariff and, 161, 175; United States commerce
in, 167.

Australia: industry in, 178; trade with, 87.
Automobiles, duties in France, 205.

Banks: Edge Law and, 133, 149; in England,
101; foreign trade and, 117; in Germany, 214;
international, 149.

Bankers: English exporters and, 147; financing
and, 136; reconstruction and, 127; Trade
Council and, 119.

Banking: amalgamations, 183; English export-
ers and, 147; Federal International Company,
136; foreign trade and, 116; in Germany, 82;
institutions in Mexico, 78; meeting of leaders
in, 118; modern methods, 209.

Banking Association, First Federal Foreign, 135.
BARGAINING TARIFF, EQUALITY OF TREATMENT
AMONG NATIONS. William S. Culbertson, 160–
74.

BARNES, JULIUS H. The Probable Future De-
velopment of Grain Trade of the United States,
61-4.

BELGIAN INTERNATIONAL TRADE, THE REVIVAL
OF. Harry T. Collings, 20-4.

Belgium: copper in, 74; revision of tariff in, 176.
BERGLUND, ABRAHAM. Discriminatory Duties
on Imports in American Bottoms, 185–96.
BLAKEY, ROY G. Government Restriction and
Promotion of Foreign Trade, 202–8.

BOGART, E. L. The United States as a Creditor
Nation and the Development of the Export
Trade, 37-43.

Bonds: Edge Law and, 140; municipal, 148;
placing of, 152.

Brazil: tariff in, 161, 171; United States com-
merce in, 167.

BRITISH EMPIRE TRADE INFORMATION-THE
IMPERIAL STATISTICAL CONFERENCE, IM-
PROVEMENTS IN. R. H. Coats, 153-56.
British Chambers of Commerce, Association of,
123.

Foreign Office, 113.

Trade Corporation, 17.

Bureau of Foreign and Domestic Commerce,
112-15.

Business: commercial attaché and, 109; basis in
Germany, 85; consular service and, 10; dele-
gations of men in, 115; expansion, 137; in
Mexico, 80; uncertainty of, 135; world's, 128.
"Business as usual," 180.

Business men: commerce and, 123; for foreign
work, 149; International Chamber of Com-
merce and, 130; mistaken policy of, 204;
reconstruction and, 127.

Buyers: business mer and, 115; foreign, 150.
Buying, selling and, 138, 146.

Cable services, foreign trade and, 116.
CANADA, THE INTERNATIONAL TRADE SITUATION
IN. John A. Cooper, 7-11.

Canada: tariff in, 170; United States Com-
merce in, 167.

Canadian Reciprocity Act, 165.

Capital: American in Japan, 92; American in-
vestment of, 47; in South American mines, 70.
Cargo, steamers, 95, 98.
"Cartells," 104, 106.

Cement: British interests in, 145; exporters in,
131; Portland, 147; tariff and, 163.
Chamber of Commerce, American, in foreign

countries, 79, 101.

CHAMBERS OF COMMERCE, THE INTERNATIONAL.
John H. Fahey, 126–30.

CHAMBER OF COMMERCE OF THE UNITED

STATES, THE FOREIGN TRADE WORK OF.
Chauncey Depew Snow, 114-18.
Chambers of commerce: merchants and, 197;
British, 104.

CHAMBERS OF COMMERCE IN FOREIGN COUN-
TRIES, AMERICAN. Jay E. Fitzegerald, 122-26.
Chemicals, distribution of, 130.

Chemical industries, 103-83.

Chili, proposed revision of tariff, 176.

China: American opportunities in, 90; Japanese
trade and, 34; United States commerce and,
198; exports to, 146.

China: tariff in, 175; tea exports, 187; trade

with, 17, 87.

CHINESE CONSORTIUM AND AMERICAN TRADE
RELATIONS WITH CHINA AND THE FAR EAST,
THE. Thomas W. Lamont, 87.
Clocks, duty on United Kingdom, 179.
Coal: in eighteenth century, 208; financing of,
136; in Germany, 83; imports in Belgium, 22;
increased cost of, 193; in Japan, 92; in Mexico,
78; nationalization of, 184; syndicates in Ger-
many, 104.

COATS, R. H. Improvements in British Empire

Trade Information, The Imperial Statistical
Conference, 153–56.

Coffee, revenue rates in United Kingdom, 179.
COLLINGS, HARRY T. The Revival of Belgian
International Trade, 20-4.

Combinations: foreign trade, 131; in Germany,
82; industrial, 104; trade and, 100.
Commerce: American foreign, 149; Bureau of
Foreign and Domestic, 107-9; Department of,
111, 116, 126; development of foreign, 185; in
early England, 208; efforts toward, 87; foreign,
94, 117; in Germany, 82; in Great Britain and
Japan, 166; Great Britain and United States,
188; industry and, 130; of nations, 127; re-
habilitation of, 100; statistics, 154; why organ-
ized, 204; world, 98.

COMMERCE IN FOREIGN COUNTRIES, AMERICAN
CHAMBERS OF. Jay E. Fitzegerald, 122–26.
COMMERCE, THE INTERNATIONAL CHAMBER OF.
John P. Fahey, 126-30.

COMMERCE OF THE UNITED STATES, THE FOR-
EIGN TRADE WORK OF THE. Chauncey De-
pew Snow, 114-18.

Commercial attaché, work of, 109.

policies. See Policies.

relations, 103-11.

transactions, foreign, 134.

treaties, in Europe, 118, 163, 176, 182, 185.
Commissioner, work of trade, 109.
Commodities: British shippers of, 147; buying
and selling of, 138; in China, 89; from Ger-
many, 81; transporting of, 193.

Communication: improved foreign, 121; present
methods of, 128; statistics, 154.
Competition: Chinese, 87; German, 84.
'Comptoirs," 104.

Congress, banking in Mexican, 79.
Concessions: 169-73; in Russia, 213.
"Consolidations," 104.

Consortium: Chinese, 88; of capitalists, 215.
Consular requirements, foreign, 117.

service, 107, 111, 120, 126.

Consumers: tariff rates and, 181; in United
States, 169.

Contracts, American and German, 80.
Coöperation: international, for China, 88; need
for economic and industrial, 100.
COOPER, COLONEL JOHN A. The International
Trade Situation in Canada, 7-11.
COPPER AND OTHER METALS, THE IMPORTANCE
OF FOREIGN TRADE IN. Felix Edgar Wormser,
65-76.

Corporations: in England, 101; foreign, 106.
Cotton: control of, 209; English textile, 145; ex-
port of, 136; in India, 178; interest in South,
152; raw, 194; shipments, 148; tariff, 205.
Credit: British manufacturer's, 142; establish-
ment of, 207; extending of, 133; in Europe, 205;
in Germany, 85; government, to Allies, 5, 6;
inflation, 52; information on, 124; interna-
tional bank, 150; letters of, 138; long-term, 135;
national commerce and, 117; reports, 116;
situation of, 152; situation in Mexican, 78;
terms of, 108.
CULBERTSON, WILLIAM S. Equality of Treat-
ment Among Nations and a Bargaining Tariff,
160-74.

Currency: in China, 88; depreciation of, 105, 181;
inflation of, 52; statistics on, 158.
Customs: duties, 190; regulations, 130-69.

DAGGETT, STUART. The Railroad Rate Discrim-
ination Provision of the Merchant Marine Act
1920, 196-202.

DAVIS, O. K. The National Foreign Trade
Council, 118-21.

Debentures: acceptances and, 135; Edge Law
and, 138; foreign countries and, 152.
Deflation, German industry and, 83.
DE HAAS, J. ANTON. The Present Outlook for
United States Trade with Germany, 80-93.
Diplomatic service, 112.

Discount: American market, 134; of drafts, 150;
Edge Law and, 138; London market, 147;
rates of, 158.

Discrimination in foreign trade, 206.
DISCRIMINATION PROVISION OF THE MERCHANT
MARINE ACT 1920, THE RAILROAD RATES.
Stuart Daggett, 196–202.
DISCRIMINATORY DUTIES ON IMPORTS IN AMERI-

CAN BOTTOMS. Abraham Berglund, 185-96.
Distribution: adjustment, 127; organization and
100.