The Bookfellow.

Auckland Star, Volume XLIII, Issue 72, 23 March 1912, Page 13

The Bookfellow.

■ By A. G. STEPHENS.

ECONOMICS.

[All Bights Reserved.]

PITTSBURGH. Over his face his grey hair drifting hides his Labour-glory in smoke, -Strange through his breath the soot Is sifting, his feet arc buried iv coal and coke. By night hands twisted and lnrid in fires, by day hands blackened with grime and oil. He toils at the foundries and never tires, and ever and ever his lot is toll. He speeds his soul till his body wrestles with terrible tonnage and terrible time, Out through tbe yards and over the trestles the flat cars clank and the engines chime, His mills throngh windows seem eaten with fire, his high cranes travel, his Ingots roll, And billet and wheel and whistle and wire shriek with the speeding up ot his soul.

Lanterns with reds and greens a-glisten wave the way and the headlight glares. The back-bent labourers glance and listen aud out through the night the taillight flares —

Deep in the mills like a tipping cradle the _.uge converter turns on its wheel And sizzling spills in the ten-ton ladle a golden water of molten steel.

Yet screwed with toil his low face searches shadow-edged fires and 'whited pits, Gripping his levers his body lurches, grappling his irons he prods and hits. And deaf with the roll and clangour and rattle with its sharp escaping staccato of steam. And blind with flame and' worn with battle, into his tonnage he turns his dream.

The world he bas builded rises around ug, our wonder cities and weaving rails, Over his wires a marvel has found us, a glory rides in our wheeled mails. For the earth grows small with strong steel woven, and they come together who plotted apart— But he wllo has wrought this thin? in his oven knows only toil and the tired heart. James Oppenheim, in 'The International."

THE PETTICOAT PLAYS.

Teach mc not, tell mc not. Love ever sinned; See how her petticoat Sweetens the wind!

Back to the earth she went, Broken at noon; Here is her petticoat Flapping a tune.

Have ye not ever heard Petticoats sing? I hear a mourning flute And a sweet string.

Li; tie silk ally In This her last war, Know you the meaninc of .What she died for?

"Mourner most delicate, •Surely you hold Manna that she has stored Safe from the cold. She had the 'loving blood; Love gave her eyes; And the world showered on her Icicles—lies. Speak to hex, little wind, Lova-ble sky Say to the soul of her Bravo—good-bye! Teach mc not. tell mc not Dove ever sinned; See how her petticoat Sweetens the wind. Vie. SHAW NBILSON.

"Principles of Economics," by F. -W. Taussig, professor ot economies in Havard University, U.S.A. (MacMillan; 17s net), is an additional proof of a moving world. "The dismal science" has descended from the clouds and become a force that penetrates practical -affairs at a thousand points. Economists note the upheaval of the labouring masses from the underlying strata to the point when, given peace to consolidate their power, they dominate the social landscape. Given ptace; since the breach of order by war would refer, us to primary values of life, placing' economic weakness once more in its true relation to economic strength. Only the organisation of society makes possible the "general strike" against society, society itself arms the revolters it must conquer or placate. Labour and Capital both stand to lose by the destruction of the social edifice; yet one wonders how high that card house can be piled without a disaster due to inherent instability—or to alien interference. Can the growing plethora of the social organism continue indefinitely without blood-letting?

A modern economist surveying his field finds many objects unknown to Adam Smith. Modern industrial conditions demand a new calculation of means in relation to ends; and, in dealing simply with contemporary problems, Professor Taussig has rendered service to many who should read his book. If, for example, every member of Parliament were required, before drawing his salary this year, to pass an examination based on these volumes, one would feel more confident of .the good government of New Zealand.

Professor Taussig commences with the organisation of production and the creation of value, and continues with the money-measure of value and the transfer of value by trade. His second volume is occupied with the distribution of wealth, problems of labour, and methods of industrial organisation, with a final discussion of taxation. His attitude is humane, as well as scientific, and continually he illuminates abstract reasoning with specific illustrations, drawn frequently from American history or practice. To his wide range ol topics he

brings a rich store of knowledge, and in matter and in style his book represents an uncommon achievement.

Professor Taussig's chapter on trade unions abounds in instrqetiou valuable for us:—"The unquestionable gain which organisation can bring to labourers leads them to overlook the source from which alone can come a large and permanent advance in wages. The fact that the immediate contentions always relate to a particular rate of wages and a particu lar set of labourers leads them to thint primarily and almost excusively of the means for bettering the chances of that one group; and this always suggests restriction and limitation. They are naturally led to think and to say that higher returns for everybody can be secured through limitation-of output and restriction of competition. Workmen and employers alike think of their special interests alone, and of the ways in which higher, wages or higher profits can be got in their one corner of the industrial field. "But the basis for a real gain to all the community and all the labourers is in a general advance in productive efficiency, bringing a greater quantity of tangible output. This is most likely to be secured by full competition among both capitalists and labourers. Effective organisation, especially if it be organisation in open unions among labourers, is not inconsistent with free movement and bracing competition. But, none the less, it tends to deaden individual activity and efficiency, and to cause g„in to be sought not through increasing the output,, but through manoeuvring for a greater slice of the output. It is only with reluctance that labourers and their leaders accept lab-our-saving devices as part of the inevitable; they never welcome them, still less promote them." Professor Taussig's references to thtsettlement of wages by tribunals of compulsory arbitration, in Australia and New Zealand, are not applicable to recent practice; but the basis of 1113 argument remains valid. He contends that this sort of labour legislation involves a very different attitude toward competition from that which underlies factory legislation, regulation of hours, children's work, minimum wages. "These aim to modify the plane of competition. They prohibit some sorts of labour bargains or impose upon ail employers requirements as to safety, cleanliness, health. But compulsory-ar-bitration does not content itself with d--fining the limits within which competition shall work. It supplants competition. Wages, interest, profits, are not to be determined by the Bargaining of employers and employees, with liberty for each party to desist at will and see bow the other party can get on without. They are to be fixed .by public authority; and this involves settlement by public authority of the distribution of wealth." ' This argument is borne out by our own .axfleriencßj ntfi _s industrial arbitration,,

is virtually at a deadlock. Wages in I many avocations have been raised to a | point which the Arbitration Court deems it indiscreet to overpass. The limit has been reached; and at the barrier the unions stand discontented, since the nominal increase in wages has not been followeJ by an equivalent increase in the purchasing power of wages. Prices have risen also; perhaps they have risen in a ratio greater than the ratio in which wages have risen. New Zealand is facing the fundamental problem which Professor Taussig suggests. Can the labourer's share of profit be increased by a diminution of the employer's share? That is, by a diminution of the interest j earned by the employer's capital. The j answer, tacitly supplied by the Arbitration Court, is No. A reduction of interest involves the transfer of capital to other fields; or, if the capital is anchored to an industry, it involves the limitation of output and the strangling of enterprise. Secondary industries in New i Zealand can only mark time, awaiting the further development of primary j sources of wealth. | Professor Taussig, notes that compul- I sory arbitration works in effect one way only—against the employer, but not I against the workman; because, "quite I apart from the expense of collecting driblets of fines ffoW scattered worknien, the political odium of the proceeding will prevent any democratic government from pushing'it far." He reserves ' the point that compulsory arbitration in' connection with public services may be ; feasible, because it has not to face the j dTfliculties raised by general compulsory arbitration. We have been a_7e onry to sketch some points of interest in a comprehensive and admirable work. The author's attitude to disputed question.? is fair; and we warmly commend "Principles of Economics" to thoughtful readers, and especially to politicians, workmen, and em- : plovers who s.re desirous of mastering theories applicable to the economic pro° blems that beset us from day to day. FUN. Usually we view collections or "funny" i stories wth an eye lack-lustre—notions I of fun being otherwise. An exception is ] owned in "Four Hundred Good Stories," 1 collected by R. R. Whiting (Geo. Robertson Propy. ; Is and worth at). We do not admit the 400, but there are enough to go round. This is the story the editor picks first, so we can appraise his standard of humour -. "•Mother," said a college studeut who ihad brought his chum home for the holidays, "permit mc to present my friend Mr. Specknoodie." ' . His mother, who was a little hard of hearing, placed her hand to her car. "I'm 6oi-ry, G-eorge, but I didn't quite catch your friend's name. You'll have to speak a little louder, I'm afraid." "I say, mother," shouted George, "I want to present my irlend, Mr. Spccka<XMJtt_' I

"I'm 6orry, George, but Mr. . What was the name again ?" "Mr. Specknoodie !" George fairly yelled. The old lady shook her head sadly. "I'm sorry, George, hut I'm afraid it's no use. It sounds just like Specknoodie to mc." Do you like that ? We do. "Tom Barker." said the teacher, "stay iii after school and write a composition of fifty words." Tom handed in the following and was soon on his way to the swimming hole : — "Jessie wa6 fond of kittens. She saw one on the rood au_ .a"iie_ : Here pussy. pussy, pussy, -pussy, pussy, pussy, pussy, pussy, pussy, pussy, pussy, pussy, pussy, pussy, pussy, pussy, pussy, pussy, pussy, pussy, pussy, pussy, pussy, pussy, pussy, pussy, pussy, pussy, pussy, pussy, pussy, pussy, pussy, pussy, pussy, pussy." We like that. Do you ? A traveller arrived late one night at a small township hotel and asked for a room. He -was told that the only vacant one was next to that of a very nervous man whom he must be careful not to disturb. After going to his room the newcomer thoughtlessly let fall one of his shoes; then, recalling 'the warning he had received, placed the other very carefully on the floor. He had put out the light and retired when there was a knock on his door. Opening it _c faced the nervous occupant of the adjoining room, who demanded excitedly : "Why in thunder don't you take off the other shoe ?" Here is a variant of a yarn that started in Australia : The best man noticed that one of the wedding guests, a gloomy looking young man, did not seem to be. enjoying himself. He was wandering about as though, he had lost his last friend. The best man took it upon _i_Tself to cheer him up. "Er—have you kissed the bride?" he asked by way of introduction. "Not lately," replied the gloomy one -with a far-away ?xpressiou. Thirty years ago, at Charters Towers, Q., goldfields-warden Mowbray was celebrating the marriage of a lucky digster with a well-known local lady. After the ceremony he printed a familiar kiss on the bride's luscious lips. "Ah, Pat,"' said a. joking bystander to the bridegroom "that isn't the first time the warden has kissed Mrs. O'Toole." "Oh, niver moind that now," replied the happy man, "as long as he niver kissed her ra.eently." Another alleged from Australia : It was at a little north-western town in New South Wales. A travelling linglishman stood on the verandah of the public Ihouse watching the sun go down across the Black Soil Plains in a splendour of purple and gold. "By Jove," he exclaimed to an impassive bnshman who was lazily lounging against a post, "that's gorgeous, isn't it ?" The bushman slanted his head a little and joked critically at the glowing west. "Not bad," he drawled. "Not bad—for a little -pla-ee like Boggabri." We close on a poetical note : "And now," said the tedious speaker, just as the audience was all ready to drop onto sleep, "as Lady Godiva remarked when she was returning from iher ride, "I am drawing near my clothes.' " The other yarns are just about as good ; and there is an index so that the Commercial Travellers' Association can turn them up quickly. To a. C.T., who can tell half the yarns as if they, happened to himself, the book is worth