CONTENTS

Part E.

LESSON I. § 1. Law, the prerequisite of Trade and Industry. § 2.

The study of Commercial and Industrial Law. § 3. Common

Law and Statute Law. § 4. The Law Merchant in particular.

§ 5. Industrial Law: its general character and scope

LESSON II. § 6. Territorial Operation of English Law. § 7.

Courts of Justice. § 8. Government Departments concerned

with Trade or Industry. § 9. Continental Codes of Commercial

Law, and Conflict of Laws

LESSON III. § 10. The Factors of PRODUCTION. § II. Land,

the law of 'diminishing returns.' § 12. Productive Labour,

elements of productivity, and knowledge in particular. §§ 13-15.

Sketch of the history of British Industry

LESSON IV. § 16. Definition, and Elements of a Contract.

§ 17.

Contracts in respect of form. § 18. Simple or 'Parol' Contracts.

§ 19. How a contract may be vitiated. § 20. The Benefits

and Burden of a Contract. § 21. Evidence in Contract,

interpretation. § 22. Discharge of a Contract. § 23. Conflict

of Laws in Contract

LESSON V. § 24. Importance of Correspondence in Business. § 25.

Essential Requirements of Business Correspondence. § 25a.

Customary Abbreviations in Business Letters. § 26. Shorthand

and Typewriting as Auxiliaries to Correspondence. § 27.

Routine of Outgoing and Incoming Correspondence; précis.

§ 28. Telegraph and Telephone

PAGE

6

12

17

25

LESSON VI. § 29. Contractual capacity. § 30. Capital, the third

factor of Production. §§ 31, 32. Technical terms connected

with business organization. § 33. Partnership, and the Law

governing it. § 34. Corporations. § 35. Companies. § 36.

Use of Circulars and Advertisements in the establishment of a

business

LESSON VII. § 37. Law of Agency. § 38. Clerks and Assistants.

§ 39. Travellers. § 40. Apprentices. §41. Employers' Liability

for Injury sustained by their Servants

LESSON VIII. § 42. EXCHANGE, Barter. § 42a. Characteristics

of Successful Trade as gathered from Economic History. § 43.

Modern Barter. § 44. Meaning of the word 'Trade.' § 44a.

Forms of Trade and Classes of Traders. § 45. Wholesale and

Retail Trade. § 46. The term 'Merchant.' § 47. 'Commerce.'

§ 48. 'Active' and 'Passive' Trade. § 49. Speculation.

Middlemen Warehousemen, Factors, and Brokers in particular

LESSON IX. §§ 51–55. Sketch of the History of British Trade.

$55a. Chambers of Commerce

§ 50.

LESSON X. §§ 56, 57. Bailments: Pledge and Lien. § 58. Law

of Innkeepers. § 59. The Carrying Trade: Inland transit.

§ 60. Law of Common Carriers. § 61. History of Transport :

Roads, and methods of conveyance. § 62. Liabilities of Land

Carriers. § 63. Rivers. § 64. Canals. § 65. Railways. § 66.

Liabilities of Carriers by Railway and Canal. § 67. History of

Railways. § 68. Maritime Traffic: Trade Routes. § 69, 70.

Ownership of British Ship; Navigation Laws; Bottomry;
Respondentia; Liabilities of Carriers by Sea. § 71. Growth of
Knowledge of Navigation. § 72. Economic Services of Trans-
port. § 73. International Law upon treatment of Ships of
Belligerents and of Neutrals

LESSON XI. § 74. The Money Market; Money, a measure of

value and medium of exchange. §74a. Bullion. § 75. Coinage;

the Mint; Deterioration of Coins. § 76. British Currency;

price of gold and silver; legal tender. §76a. Currencies of

the Colonies; of the United States; the Decimal System. § 77.

Monometallism and Bimetallism; Gresham's Law. § 78.

Principal Moneys of foreign countries. § 79. The exchange

value of Money; course of Exchange; international transmission

of Money. § 80. Value of Money. § 81. Paper Money. § 82.

Moneys of account. § 83. History of British coinage

PAGE

31

40

45

52

60

70

LESSON XII. § 84. Credit in general. § 85. Negotiable Instru-

ments. §§ 86-88. Bills of Exchange. § 89. Promissory Notes.

§ 90. I O U's. § 91. Cheques. § 92. Drafts. § 93. Cash

Orders. § 94. Letters of Credit. § 95. Regulations of the

Stamp Act. § 96. History of Instruments of Credit. § 97.

Banks; general nature of banking business; its early history.

§ 98. Stocks and Shares; Stock Exchanges

LESSON XIII. § 99. Heads of DISTRIBUTION. § 100. Agricultural

Rent. § 101. Nationalisation of Land. § 102. Rent in its

wider meaning. §§ 103, 104. Wages of the Employed.
§ 105.

Wages Legislation; Statute of Labourers; Combination Laws.

§ 105a. Trades' Unions; Co-operation; Emigration; Pauperism.

§ 106. Communism; Socialism; Nihilism and Anarchy; im-

provement effected in the social condition of the Working Classes.

§ 107. Wages of the Employer

PAGE

82

. 99

LESSON XIV. §§ 108, 109. Interest. § 110. Profits. § III.

Contract of Debt. § 112. The study of Arithmetic. §§ 113-

114a. Weights and Measures. § 115. The study of Algebra.

§ 116. Bookkeeping in general. § 117. Roman bookkeeping.

§ 118. Books of Account. § 119. Accountancy

LESSON XV. § 120. CONSUMPTION: Taxation (Excise, Customs,

Monopolies). § 121. History of English Taxation. § 122.

History of the Excise. 123. History of the Customs. § 124.

Principles of Taxation. § 125. Protective and Non-protective

Finance. § 126. Kinds of Taxes Non-protective.
§ 127.

Protective Taxes. § 128. History of British Trade Policy to

the time of Adam Smith.

Balance of Trade. § 130.

Trade. 131. Foreign and

Incidence of Taxation. § 133. The National Debt

129. The Mercantile Theory; the

Fiscal Reforms leading to Free

Colonial Protectionism. § 132.

LESSON XVI. § 134. Insurance in general. §§ 135-138. Life

Insurance. § 139. Fire Insurance. §§ 140-146.

Insurance. § 147. Government aids to Thrift

1

109

121

Marine

133

LESSON XXIX. §§ 278, 279. Accounts (continued): Invoices.

§ 280. An Account Current. § 281. An Account Stated.

§§ 282, 283. Book Debts. § 284. Tender. § 285. Payment;

Satisfaction; Receipts. § 286. Set Off. § 287. Accord and

Satisfaction. § 288. Collecting a Debt. § 289. Statutes of

Limitation. § 290. Suretyship. § 291. Bills of Sale. § 292.

Vicissitudes of Credit: Crises. § 293 Expansion of Trade and

Industry. § 294. Loose Trading. § 295. Revulsion; a crash;

the South Sea Bubble. § 296. Depression of Trade; Revival.

§ 297. Insolvency; Proceedings in Bankruptcy. § 298. Liqui-

dation of Insolvent Companies

PAGE

258

APPENDIX A. Text books or works of reference for special subjects 271

Law, the Pre-requisite of Trade and Industry—Study of Commercial and Industrial Law-Common Law and Statute Law-The Law Merchant -Character and Scope of Industrial Law.

§ 1. THE principles of ECONOMICS can operate only in an organized society, the members of which exhibit a certain amount of culture and possess political institutions, with a system of effective Law protecting both person and property. It is the last mentioned element to which we shall direct attention in this and the next following lesson, with reference especially to the elaborate system by which the English people is governed.

§ 2. And first a few remarks may be made as to the study of so much of it as concerns those whose career is or will be one in business. In the management of property and the satisfaction of one's requirements as a consumer, some knowledge, however little, but sound as far as it goes, of the principles according to which the enjoyment of such property is secured and dealings with others will be effectual in their object, is felt by all intelligent persons to be desirable. This becomes a matter of unquestionable importance for those who engage in any economic pursuit. The management of an industrial business, such as a cotton mill, or the exercise of any commercial calling, such as that of a general merchant,

B