he Effect on the Market--A Problem in
Financial Psychology--The Capitalisation of Reserves--The Stock Exchange
View--The Issue of Bonus-carrying Shares--The Case of the A.B.C.--A
Wiser Variation from Canada--Bonus Shares on Flotation--An American
Device--Midwife or Doctor?--The Good and Bad Points of both Systems

XII
STATE MONOPOLY IN BANKING
Bank Fusions and the State--Their Effects on the Bank of England--Mr
Sidney Webb's Forecast--His Views of the Benefits of a Bank
Monopoly--The Contrast between German Experts and British
Amateurs--Bankers' Charges as affected by Fusions--The Effects of
Monopoly without the Fact--The "Disinterested Management" Fallacy--The
Proposal to split Banking Functions--A Picture of the State in Control

XIII
FOREIGN CAPITAL
The Difference between Aims and Acts--Should Foreign Capital be allowed
in British Industry?--The Supremacy of London and National Trade--No
need to fear German Capital--We shall need all we can get--Foreign
Shares in British Companies--Can and should the Disclosure of Foreign
Ownership be forced?--The Difficulties of the Problem--Aliens and
British Shipping--The Position of "Key" Industries--Freedom to Import
and Export Capital our Best Policy

XIV
NATIONAL GUILDS
The Present Economic Structure--Its Weaknesses and Injustices--Were
things ever better?--The Aim of State Socialism--A Rival Theory--The New
Movement of Guild Socialism--Its Doctrines and Assumptions--Payment "as
Human Beings"--The "Degradation" of earning Wages--Production
irrespective of Demand--Is that the Real Meaning of Freedom?--The Old
Evils under a New Name--A Conceivably Practical Scheme for some other
World

XV
POST-WAR FINANCE
Taxation after the War--Mr. Hoare's Scheme described and analysed--The
Position of the Rentier--Estimates of the Post-War Debt--The Compulsory
Loan Proposal--What Advantages has it over a Levy on Capital?--The
Argument from Social Justice--Questions still to be answered--The Choice
between a Levy and Stiff Taxation--Are we still a Creditor Nation?--Our
Debt not a Hopeless Problem--Suggestions for solving it

XVI
THE CURRENCY REPORT
Currency Policy during the War--Its Disastrous Medievalism--The Report
of the Cunliffe Committee--A Blast of Common Sense--The Condemnation of
our War Finance--Inflation and the Rise in Prices--The Figures of the
Present Position--The Break in the Old Relation between Legal Tender and
Gold--How to restore it--Stop Borrowing and reduce th