Gaston ROULLEAU, chef adjoint du service des etudes economiques a la Banque de France a l'epoque, a donne, le 22 avril 1914, une communication tres interessante devant les membres de la Societe de Statistique de Paris: "La circulation de la monnaie en France". Cette petite etude de ROULLEAU, curieusement ignoree jusqu'a present, merite une attention particuliere en raison de son caractere fort original. Soucieux d'etablir une geographie monetaire "d'un point de vue, non plus statique, mais dynamique", G. ROULLEAU a realise une statistique sur les mouvements de la monnaie (manuelle) entre la Banque de France et la circulation interieure pendant les annees 1908-1912, pour la France entiere, par departements. Cette statistique consiste en une balance de mouvements de la monnaie (sortie et entree aux guichets de la Banque) classee selon la nature. Dans notre etude, nous presentons, d'apres l'analyse de cette statistique, le circuit geograhique de monnaie (manuell) en France et nous recherchons les causes qui produisaient ce circuit. La methode de permutation nous permet de diviser en plusieurs groupes les departements en fonction des signes "+" et "-" des categories de monnaie. Les groupes qui prennent le signe "+" (c'est-a-dire, sortie monetaire de la Banque) pour le "mouvement total" sont essentiellement constitues par les departement industriels et commerciaux. La plupart de ceux-ci se trouvent rassembles dans la partie nort et est du territoire. Les autres departements, agricoles en effet, sont en general marques par le signe "-" (c'est-a-dire, rentree monetaire a la Banque) pour le "mouvement total". Nous pouvons concevoir deux hypotheses pour interpreter ce phenomene: 1) accroissement de demande de monnaie dans les departements industriels et commerciaux, et diminution de monnaie en circulation dans les departements agricoles; 2)deplacement annuel de monnaie depuis les departements industriels et commerciaux jusqu'zux departements agricoles. Apres avoir etudie et rejete la premiere hypothese, nous adoptons la deuxieme: la monnaie qui etait sortie (en balance annuelle)des guichets de la Banque situes dans les departements industriels et commerciaux affluait dans la circulation locale de ces departements, et une partie s'en deplacait vers la circulation locale des autres departements ou la monnaie inutile devait etre retournee a la Banque, Quelles sont les causes de ce circuit geographique de monnaie? Premiere hypothese: balance en excedent de la campagne dans l'echange avec la ville. Comme les termes de l'echange interieurs (prix agricoles/prix industriels) etaient a l'avantage de la campagne a la veille de la Premiere Guerre mondiale, on peut dire que la balance de l'echange aurait ete excedente a l'epoque pour les departements agricoles; ce qui provoquerait les deplacements geographiques de monnaie tels que nous les avons decrits plus haut. Seconde hypothese: disparite geographique de developpement du systeme bancaire et, en consequence, disparite des moyens de reglements. Les habitants des villes industrielles et commerciales, capables de s'en servir grace au developpement de systeme bancaire, preferent employer les cheques et lettres de change pour les reglements du commerce avec la campagne. Ce mode de reglement aurait diminue largement le volume de la monnaie qui partait de la campagne pour les villes. Les habitants de la campagne, preferant au contraire la monnaie manuelle, damandaient toujours les billets ou pieces metalliques lors de la vente de leurs produits; cela aurait fait venir massivement la monnaie manuelle en provenance des departements industriels et commerciaux vers les departements agricoles.

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Whig middling ranks in Newcastle upon Type played a leading part in the local politics in the period from the 1820s to the 1840s. They formed a hegemonic group. Their power of social control was obtained not only through their economic activities but also through their social activities which extended to many different fields, for example sunday schools, Bible societies, the Literary and Philosophical Society, the Infirmary, saving bank, etc. They also established a close network of relationships between each other. Their influence increased rapidly and formed an opposition against the corporation. At the same time they criticized the old whig of Newcastle and the environs and urged them to adapt themselves to the new political situations with the support of the popular constituents after the 1820s. Whig middling ranks made their way into the new common council which was reformed by the Municipal Corporations Reform Act. The year 1835 marked a turning point in the political history of Newcastle upon Tyne. 'James Losh (1763-1833) had been one of most eminent leaders of that group which formed the 'new whig'. The new whig made their impressive appearance in the parliamentary elections in the borough of Newcastle upon Tyne from 1832 to 1847. Voting behavior of the electorate showed that Whigs gradually seized an increasing part of the votes both from Tories and Radicals, culminating in 1847 when the Whigs monopolized the two seats. An important factor about this victory the influence of the new common council in which the new whigs had a majority. We are reminded here of a comment of Joseph Parker secretary of the Royal Commission on Municipal Corporations. 'Municipal reform', he wrote, 'is the steam engine for the mill built by parliamentary reform'. This paper is a contribution to prove the familiarly quoted, but less verified comment of Parkes.

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The rise of capitalism was one of the greatest changes that our history has experienced. From the viewpoint of economic history, it is the most important change that the core of production shifted from traditional industry to modern one in the Meiji era. Needless to say the new investment in modern industry is a prerequisite for the realization of capitalism and this investment is quite different from that in the preceding age. There is no doubt that investors in modern industry bear greater risks than those in traditional one. Nodern industry requires the investment from wide and various classes because of its large-scale caital equipments, and consequently it adopts the form of joint stock company. Therefore the first risk bearers are the stockholders in the period of the establishment of enterprise. Since the Meiji era, the modern industries in Japan have also developed in the form of joint stock company. It would be inevitable for the investors in the modern industries to bear various risks. The first purpose of this paper is to estimate the rates of returns of the stock investment in the modern industries and tocompare them with the rates in other sectors of the Meiji era. The second purpose is to survey the assets operation of the big capitalists, such as zaibatsu (財閥) and kazoku (華族). In the Meiji era their stock investments played an important role to establish modern industries. The questions are what induced their investments and whether or not their investments involved risks. The analysis in this paper is focused on railroad and spinning industries. It is because both industries were established mainly by private capitals. Firstly I have made calculations of the rates of returns of the stock investments in both sectors and compared them with the rates of land revenue and deposit interest. Secondly from the viewpoint of the social structure of the stockholders and the transfer of stocks in the railroad companies, survey is made about the assets operation of the big capitalists.

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