PRELIMINARY HONOURS.

POLITICAL AND ECONOMIC SCIENCE.

The Government of England; Money and Banking; Corporation Finance.

(Candidates will write upon three questions in each of Sections A and B). A.

1. "Except for the torpid parish, the local authorities-the councils of the boroughs, counties, urban and rural districtsare based upon very much the same principles, and form very nearly a symmetrical system. Their organization and their method of transacting business are essentially similar; and if we place in a line the borough councils, urban district councils and rural district councils, we have a series of bodies with similar but gradually diminishing functions, a series in which the control of the Local Government Board iincreases roughly in proportion to the diminution of power."—Lowell.

(a) Comment.

(b) Outline the structure of the local government bodies mentioned.

2. "Both the advocates and opponents of municipal trading are now so entrenched with arguments and statistics, so quick to attack any one who approaches their position, that the field can hardly be examined except by a reconnaissance in force, supported by a battery of figures. But there are certain broad, clearly marked features in the landscape that may be described even by a non-combatant."-Lowell.

Describe these features.

3. "The British workingman is not a theorist. He is little attracted by shadowy dreams of an ideal commonwealth, and is not easily provoked to class hatred. He has a practical, almost conservative, turn of mind, and is stirred to strong political feeling only by a sense of present grievance. When that has been remedied he falls again readily under the lead of those classes that have habitually conducted public affairs."-Lowell. (a) Comment.

(b) Give a brief account of the part Labour has played in the House of Commons since the working classes, in 1868, obtained the franchise on a large scale.

4. "Any work carried on at the present day without the assistance of experts is certain to be more or less inefficient. But, on the other hand, experts acting alone tend to take disproportionate views, and to get more or less out of touch with the common sense of the rest of the world."-Lowell.

(a) Explain the bearing of this statement upon the relations existing between the ministers and the permanent civil service.

(b) Explain the relationship of the Treasury to the ministers of the crown.

B.

5. (a) What is watered stock, and when is stock watered? (b) Explain the principles involved in dividing the surplus.

(c) What is the proper basis of capitalization?

6. (a) "The British investor's voracious appetite for Canadian securities accounted for over a billion dollars' worth of bonds, in nine years.”—Monetary Times. For what specific purposes, and in what way, were these bonds marketed?

(b) Classify and describe the chief kinds of bonds. issued by corporations.

7. "National Banks, if not in a central reserve city, may make loans in not to exceed five years on farm lands within District at not to exceed 50 per cent. of value of property, up to an aggregate of 25 per cent. of capital and surplus, or one-third of time deposits."-Federal Reserve Act.

Comment.

(b) What is the value of the provision in the Canadian Bank Act for the establishment of central gold reserves?

8. (a) What is the economic justification of speculation? (b) Define: Credit; amortization; gold points; Seigniorage; asset currency; clearing house; inelastic note issue.

(c) How is an index-number of prices constructed? What purpose does it serve?

POLITICAL AND ECONOMIC SCIENCE.

FINAL HONOURS.

Socialism: Social Work.

Four questions in A and two in B make a full paper.

A.

1. (a) How far is the distinction between Utopian and scientific socialism valid?

(b) State in detail the ideal industrial order proposed by any Utopian writer.

2. (a) Summarize concisely the Marxian analysis, showing the connection of the different doctrines.

(b) Discuss the soundness of Marx's forecast as to either concentration or increasing misery.

3. Discuss the materialistic conception of history.

4. Review the growth in any two countries, (a) of political opportunism in socialist policy, and (b) of the syndicalist movement.

5. What tendencies or achievements do you associate with the names of the following: Guesde, Jaurès, Hyndman, Millerand, Briand, Sorel, Sidney Webb, Ramsay Macdonald, Bernstein, Bakunin, Debs, Bebel?

6. Write notes on the following:(a) The British Labour Party.

(b) The International.

(c) Bourgeois leaders of the Socialist movement.