PRINCIPLES OF MONEY AND BANKING

by R. D. Kilborne and G. W. Woodworth, 4th edition, McGraw-Hill Book Company, New York City, 1937. 513 pages.

This book is a revision of the widely used text originally written by the late Professor Kilborne of the Amos Tuck School. Professor Wood worth worked with Professor kilborne and has incorporated many of the outstanding features of the earlier editions in this modernized issue. This last edition resembles the earlier ones but it also displays certain distinctive features, notably the multitude of changes made in late years in our monetary and banking laws and operations, a larger number of historical and statistical illustrations, a changed balance in favor of the banking sections and a reduction in the monetary chapters, and a minimum of space given to foreign exchange and non-commercial banking institutions. The important field of agricultural banking has been eliminated.

For the multitude of readers who found the earlier editions satisfactory, this modern revision will be found most acceptable and useful. The main emphasis continues to be placed on economic analysis rather than on banking technique and operations. For this reason, this text will be of greater use to the student of public affairs than to the practical banker. Interesting too, the clear and sparkling style of Professor Kilborne continues to appear in this modern version.

Perhaps the most distinctive change in the organization of this edition is the successful blending of the monetary and banking chapters. More and more, it has become obvious that these two segments of the field cannot be discussed in separate compartments. This book has broken down the traditional scheme of treating monetary facts and analysis first and then turning to banking institutions and policies. In this new book, money and credit problems are shown to be integral parts of the banking system and its policies of credit control.

With the book limited to 480 pages of text material, there are topics which seem somewhat abbreviated but these may be developed easily by supplementary readings. Incidentally, there are useful lists of suggested references scattered throughout the book. Once more, the reviewer is most happy to recommend this latest revision to the Dartmouth alumni who knew Professor Kilborne's teaching and writing.