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 Business Economics and Finance with
MATLAB®, GIS, and Simulation Models
Business Economics and Finance
with MATLAB®, GIS, and
Simulation Models
Patrick L.Anderson
Principal, Anderson Economic Group

CHAPMAN & HALL/CRC

A CRC Press Company
Boca Raton London New York Washington, D.C.
 This edition published in the Taylor & Francis e-Library, 2005.
“To purchase your own copy of this or any of Taylor & Francis or Routledge’s collection of
thousands of eBooks please go to http://www.ebookstore.tandf.co.uk/.”
Library of Congress Cataloging-in-Publication Data
Anderson, Patrick L. Business economics and finance with MATLAB, GIS and simulation
models/Patrick L. Anderson. p. cm. Includes index. ISBN 1-58488-348-0 (alk. paper) 1.
Managerial economics—Mathematical models. I. Title.
HD30.22.A53 2004 338.5′01′13–dc22 2003069765
This book contains information obtained from authentic and highly regarded sources. Reprinted
material is quoted with permission, and sources are indicated. A wide variety of references are
listed. Reasonable efforts have been made to publish reliable data and information, but the author
and the publisher cannot assume responsibility for the validity of all materials or for the
consequences of their use.
Neither this book nor any part may be reproduced or transmitted in any form or by any means,
electronic or mechanical, including photocopying, microfilming, and recording, or by any
information storage or retrieval system, without prior permission in writing from the publisher.
The consent of CRC Press LLC does not extend to copying for general distribution, for promotion,
for creating new works, or for resale. Specific permission must be obtained in writing from CRC
Press LLC for such copying.
Direct all inquiries to CRC Press LLC, 2000 N.W. Corporate Blvd., Boca Raton, Florida 33431.
Trademark Notice: Product or corporate names may be trademarks or registered trademarks, and
are used only for identification and explanation, without intent to infringe.
Visit the CRC Press Web site at www.crcpress.com
© 2005 by Chapman & Hall/CRC Press LLC
No claim to original U.S. Government works

ISBN 0-203-49465-2 Master e-book ISBN

ISBN 0-203-59406-1 (Adobe e-Reader Format)

International Standard Book Number 1-58488-348-0 (Print Edition)
Library of Congress Card Number 2003069765
 Dedication

This book is dedicated to the memory of Lt. Robert Regan and firefighters Joseph
Agnello and Peter Anthony Vega, who fell in the line of duty on September 11, 2001,
rescuing people in the Marriott World Trade Center—including the author, who is
forever indebted.
 Acknowledgements

This book would not have been completed without the assistance of the following people:
David Littman, who mentored me for three critical years early in my career, and
whom I consider the dean of American business economists.
Ian Clemens, who first introduced me to MATLAB and who helped develop some of
the routines for gravity models, sprawl, and diversificiation presented here.
Ilhan Geckil and Chris Cotton, who worked with me on a number of projects
excerpted here, including fiscal and economic model analyses of retail sales.
Christine LeNet, who both reviewed the content in the business, tax policy, and other
chapters, and formatted figures and document files for publication.
Arianna Pieper and Megan Boone, who formatted, corrected, adjusted the figures, and
checked the manuscript—and provided an occasional polite recommendation that I
rephrase a few things.
Vlad Hlasny, Dan Li, Kevin Dick, Michael Robbins, Raymond Neveu, Jay Abrams,
and Ralph Sandler, who provide invaluable review comments on earlier manuscripts.
Bob Stern of CRC Press, who was supportive, encouraging, and politely insistent on
getting this project done.
Finally, my wife, Madhu, and our children Neal, Sean, and Mohra endured many
evenings, late nights, and long days without me while I labored on the text, especially the
past year. It has been a long journey, but not a lonely one for an author much blessed with
a wonderful family.
 Table of Contents

Table of Contents ix
List of Tables xi
List of Figures xiii
List of Code Fragments xvii

1 How to Use This Book 1

2 Mathematical and Simulation Models in Business Economics 16
3 MATLAB and Simulink Design Guidelines 26
4 Importing and Reporting Your Data 53
5 Library Functions for Business Economics 83
6 Economic Impact Models 110
7 Fiscal Impact Models 137
8 Tax Revenue and Tax Policy 149
9 Regional Economics 164
10 Applications for Business 182
11 Business Valuation and Damages Estimation 211
12 Applications for Finance 262
13 Modeling Location and Retail Sales 286
14 Applications for Manufacturing 331
15 Fuzzy Logic Business Applications 341
16 Bringing Analytic Power to the Internet 360
17 Graphics and Other Topics 376
Appendix A : Troubleshooting 400

Appendix B : Excel Link Debugging 405

Index 408
 List of Tables

Theoretical vs. Applied Economics 17

When to Use Simulation Models 24

Major Style Elements for Simulink Models 36

Styles for Specific Blocks 38

Key Simulation Parameters 42

Sample Excel Sheet for Inputting Data 62

Economic Impact of the Fantasy Game 117

Gross and Net Costs of a 25% Michigan State EITC 158

Standard Measures of Diversification 179

Concepts of Value in Accounting and Economics 215

Cost of Capital Estimates for Small Beer Distributors, 2003 242

Input Sheets for Individual Distributors 243

Questions for Audit Predictor 347

Waves of Internet Functionality 361

381
Actual and Visual Impression of Data
 List of Figures

Simulink Model Example: House Net Benefits 32

Costs and Rental Value Subsystem 33

Simulink Model Example: Cost Shares Subsystem 34

Simulink Model Example: Cost Subsystem 35

Top-level view of Simulink Model 37

Initialization Block in a Simulink Model 41

Linear Demand Function 91

Supply Schedule 92

Elasticity of Supply Schedule 93

Demand and Supply Graph 95

Elastic Impact Block 99

Example Business Economics Model 101

Base Income Subsystem 102

Policy Change Subsystem 102

Income and Sales Subsystem 103

Sales Projection with Policy Change 103

Fiscal and Economic Impact Model 132

Population Migration Subsystem 133

Tax Revenue Subsystem 133

Municipal Costs 143

Cost and benefit 144

Fiscal Model Schematic-I 145

Fiscal Model Schematic-II 145

Fiscal Model Schematic-III 146

Effective Tax Rates, Selected Income, and Payroll Taxes 155

Total Tax Rates on Wage Income 156

Fiscal Estimation Model 157

Gross and net costs of Michigan EITC by year 158

Selected Diversification Measures 166

Employment Risk and Reward 170

Frontier of Risk and Return 173

Sprawl Indices for Various Cities 176

Trend Projection Graphic 184

Income Statement 201

Earnings Subsystem 201

Depreciation and Amortization 201

Iterative Model: Overview 203

Iterative Model: Operating Expenses 204

Iterative Model: Tax Subsystem 204

Iterative Model: Convergence of Tax and Value Variables 205

Plausible Values from Valuation Command 249

Mortgage Analysis 265

Auto Depreciation: Double Declining Balance 267

Auto Depreciation: Half-Year Convention, Modified Accelerated 268

Cost Recovery System (MACRS)

Auto Depreciation: Long-lived Vehicles 269

Return & Volatility Percent Analysis 271

Comparison of Price Changes 272

Drive-Time Analysis 300

Equal-Distance Rings 301

Sales Patterns and Distance 302

Sales Patterns and Distance: Alternative Perspective 303

Market Penetration Rate 304

Daylight Areas 305

Underlying Sales-Distance Relationship: Gravity Model 313

Estimated Sales-Distance Relationship 314

Distance-Sales Relationships for Automobile Dealers 315

Gravity vs. Polynomial Specifications 318

Xbar Chart 334

S Chart 354
Capability Chart 336

Graphical Display of Audit Predictor 350

Income Membership Functions 351

Audit Flag Membership Function 352

Surface of Rules 353

Ruleviewer for Audit Risk FIS 353

Credit Risk Simulation Model 356

3-D Graphic of Sales and Income Data 379

Proper Display of Underlying Data 380

Line Graph 384

Pie Chart 385

Bar Chart 387

Time Series Analysis 389

Growth Chart 390

 List of Code Fragments

A Simple Startup File 6

Display command in masked subsystem 39

Help information in masked subsystem 40

Setting parameters for blocks 40

Self-describing variable for blocks 41

Setting the Source Workspace 43

Setting Time Parameters 43

Setting Options and Simulating Model 44

Messages in a Callback 46

Character Arrays 46

Character and Cell Array Displays 47

Library Blocks 48

Master Simulation Callback 49

URLREAD for Direct Internet Data Access 60

Entering String and Numeric Data Arrays 64

Cell Arrays 65

Structure Syntax 66

Creating, Packing and Unpacking a Structure 67

Saving Structures to a .mat File 69

The Info.xml File for the Economics Toolbox 74

Creating a Valuation Data Structure 76

Simple Linear Demand Function 104

Supply Function 105

Declaring An Economics Block Library 108

Fiscal Impact Callback 146

Social Security Tax 159

Federal Income Tax Calculator 160

EITC Master M-file Code 162

Trend Projection Function 205

Trend Projection Output 206

Ito Process Projection 207

Projecting Jump Processes 208

Simulation Callback for Iterative Tax Model 208

Input List for Valuation Function 241

Valuation Session for Beer Distributors 257

Valuation of Beer Distributors Function 258

Mortgage Calculator 274

Auto Depreciation 276

Get Stocks Function 279

Test Gravity Model Output 313

An SPC Demonstration Routine 339

Audit Predictor Rules 348

Read FIS Command 357

Fuzzy Logic Audit Risk 358

Using XML to Generate Help Files 372

Info.xml file for Economics Toolbox 373

Testplot: Line Chart 390

Testplot Function 391

Testplot: Adjusting Axes 392

Testplot: Pie Chart 394

Testplot: Bar Graph 396

Testplot: Sub-Plots 398

 1
How to Use This Book

Organization of the Book

This book is organized into chapters, each covering a topic. Sections in each of the
chapters describe in more detail one aspect of the topic. Most readers will want to read a
few chapters immediately and then return to cover specific topics as their interests
warrant.
The chapters proceed as follows:
1. The first chapter describes the organization and purpose of the book as well as how to
acquire the business economics toolbox prepared by the author for readers of the book.
It also provides certain maxims of business economics. Almost all readers will want to
review this chapter first.
2. The second chapter contrasts business economics with academic economics and
discusses why simulation models in general, and MATLAB and Simulink in
particular, offer advantages to the practicing economist.1 Most readers will benefit
from this chapter.
3. The third chapter describes the MATLAB and Simulink environment and provides
guidelines for creating and using models in this environment. Style guidelines are
presented that help make such models easier to understand and debug.
4. Chapter 4 focuses on data. We present methods to get your data into the MATLAB
environment and to report it out. The chapter also contains a specific introduction to
the use of Microsoft Excel as an environment for easily collecting, importing, and
reporting data. Three appendices to this chapter discuss XML and structured data,
creating and using custom data structures, and also importing files of various formats.
Most readers will again benefit from these chapters, although those with some
familiarity with the MATLAB environment will skim portions of them.
5. The fifth chapter discusses certain building blocks of economic analysis used in
economics and then provides custom-programmed functions and models which
implement these tools. These tools form the basis of the economics toolbox created for
readers of this book. The chapter also discusses creating and using a library of such
functions. This chapter introduces material not available in any other form and will be
essential reading for those who wish to implement the models described later in the
book.
1
MATLAB® and Simulink® are trademarks of The Mathworks, Inc., 3 Apple Hill Drive, Natick,
MA 01760.
 Business economics and finance 2

6. The chapters that follow describe specific fields of application:

a. Economic and fiscal impact models as well as tax policy and forecasting tax
revenue are covered in Chapter 6, Chapter 7, and Chapter 8. These chapters provide
practitioners in these fields with advanced tools that enable more accurate, reliable
analysis. The first sections of the chapter on economic impact models identify the
severe weaknesses in many common economic impact reports, adding in some
examples of particularly absurd gross exaggeration in published reports. These
sections close with a plea for ethics in that subfield. As much of our work has been
in public policy, we use these tools on a regular basis and hope that the analytical
tools will help improve the level of analysis and that our admonitions about ethics
in using them will not fall on deaf ears.
b. Regional economics is discussed in Chapter 9, particularly the proper analysis of
economic diversification for states or regions and a rigorous discussion of urban
sprawl. In the first sections, we present techniques that have been recently
developed and provide a much better concept of risk and return in regional
economies than naive diversification analyses that are not grounded in a rigorous
theory of economic growth and variation among industries. In the second section, a
numerical sprawl index is presented for the first time in print.
c. Chapter 10, Chapter 11, and Chapter 12 cover the economics of a firm. Chapter 10
describes modeling a firm, focusing on the crucial question of how a firm makes
money. An iterative method of matching market value and expenses based on value
is introduced. Chapter 11 discusses business valuation, noting the various methods
used to estimate the value of a business and the various definitions of value. The
chapter differs from most other references in this field in two ways: first, we
concentrate on what we consider the most important consideration in the market
value of a company, namely its prospects for future earnings; and, second, we
utilize the greater analytical power of quantitative models that the MATLAB
environment provides.
d. Retail sales are discussed in Chapter 13. Much of the material presented here,
including the derivation of the distance-sales relationship from microeconomic
foundations, is unique to this book. Other portions provide craft knowledge of this
interesting field that is rarely described in print.
e. Chapter 14 briefly covers statistical process control techniques in manufacturing—a
topic that is less well known than it should be among business economists and
managers, given its importance.
f. Fuzzy logic models are introduced in Chapter 15. Fuzzy logic is actually quite
rigorous, though the name it has been given may be inhibiting its adoption as a
powerful tool for incorporating various types of inf formation, including vaguely
defined or subjective information, into a rigorous inference system.
g. Chapter 16 deals with using MATLAB and Simulink with the Internet and includes
suggestions on analytical applications on the Web, sharing and displaying
information, and the use of the MATLAB Web server. This is optional reading for
many readers, but it contains unique material for those who wish to advance to the
state of the art for analytics and data transfer on the Web.
h. The last chapter contains extensive information on the proper use of graphics to
communicate data and specific MATLAB code to generate and customize a
 How to use this book 3

number of charts. The chapter starts with a review of the classic rules for graphical
excellence and descriptions of the all-too-common graphical errors such as
“chartjunk” and distortion due to improper use of 3-D graphics. There are very few
texts in the social sciences which offer guidance in the proper use of graphics, and
we intend this to be one.
7. Each of these chapters describes briefly the theory behind the models and then outlines
an approach. These chapters can be read, skimmed, or skipped, depending on the
interest at hand. A reader dealing with a finance problem, or one interested in fuzzy
logic applications, could jump right to this chapter (after, of course, reviewing the
initial chapters) without necessarily reading up on economic or fiscal impact models.
Numerous cross-references indicate where similar or extended material appears
elsewhere in the book.
8. The appendices contain troubleshooting suggestions that could save you a lot of time
and trouble.

Intended Audience

This text is primarily designed for two audiences:

1. Economists, finance and valuation professionals, market researchers, public policy
analysts, and other practitioners whose occupation demands the ability to model
market behavior under a variety of real-world conditions
2. Teachers or students in graduate-level classes in applied economics, particularly those
who cover topics such as fiscal and economic impact analysis, fuzzy logic
applications, retail sales analysis, and the integration of geographic information
systems, as this is one of the very few books to rigorously cover these subjects
The book may also be used by those interested in specialized topics rarely covered in
economics texts, such as those listed above, and by those who have extensive background
in mathematical or simulation models (such as MATLAB and Simulink) and wish to
extend their knowledge.

Prerequisite Knowledge

We presume the reader has the following knowledge:

1. A good grounding in the laws of microeconomics and a familiarity with their
application. Most practitioners and graduate students in economics, finance, public
policy, and related disciplines should either be able to acquire this or should have
already done so. Most undergraduates will need additional training.
2. A working understanding of mathematics, including (for some chapters) an
understanding of the calculus used in comparative statistics. The completion of a
graduate course in math for economists would be helpful, but is not mandatory.
3. For many of the chapters, a familiarity with (but not necessarily expertise in) the
MATLAB software environment. Most of the applications presented here could be
 Business economics and finance 4

accomplished in other software environments, but we provide examples of

applications in MATLAB. See “References on MATLAB and Applied Economics” on
page 9.
4. For some chapters, an awareness (but not necessarily a working knowledge) of
geographical information systems.
We suggest some resources on these topics under “References on MATLAB and Applied
Economics” on page 9.

Suggested Reading Plans

The organization of this book allows you to read those portions most relevant to the work
you are doing at present, in particular:
• Regardless of whether you are new to business economics or a veteran, read the brief
“Maxims of Business Economics” on page 15.
• If you are new to the use of simulation models, it is best to start at the beginning. Go
through the chapters that explain the MATLAB and Simulink environment, how to get
your data, and creating and using library functions. Then jump to the most interesting
application chapters.
• If you are focused on one type of application and have a working familiarity with
MATLAB or Simulink, finish this chapter and then jump straight to the application
chapters. Be prepared to review information in the earlier chapters or in the
appendices.
• If you are currently using MATLAB or Simulink and are looking for suggested
approaches or troubleshooting information, scan the chapters on troubleshooting in the
appendices, any relevant application chapters, and the early chapters on design
guidelines, getting your data, and library functions.
• If you want to learn about using MATLAB and Simulink on the Internet, jump to that
chapter but be prepared to refer to other areas.

Typographic Conventions

We have adopted certain typographic conventions that will assist the reader in
understanding the text, such as:
• The main text of the book is written in a normal font, like this.
• Text that is part of a computer program or is a command you type in a software
environment is in a keystroke font.
• Program commands for software that uses menus are sometimes summarized by listing
the menu selections that execute them with the piping separator (“|”) between the
menu selections. For example, to use the MATLAB menu command to open a new
Simulink model, you would execute the following menu items:
1. First, hit the File menu with your mouse or with a keyboard command (such as Alt-
F).
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Church Music Society, and the Royal Society of Literature; the Universities of
St. Andrews, Bombay, and Madras; the University Presses of Harvard, Yale,
Columbia, and Princeton; the Carnegie Endowment for International Peace,
the Carnegie United Kingdom Trust, the American Historical Association, and
the American Scandinavian Foundation. The Oxford Medical Publications and
some other books are issued with the joint imprint of Henry Frowde (Mr.
Humphrey Milford’s predecessor as Publisher to the University) and Hodder
and Stoughton. The Press is publisher in Australia to many English houses.

§ 8. Catalogues and Advertisement

U
NTIL recent years the Press has relied on its trade catalogues and
special lists, and on the skilled assistance of the bookseller, to make
known to the public the great number and variety of its issues of the
Bible, the New Testament, Prayer Books, Hymn Books, and kindred works, as
well as of its general publications—reprints, medical books, elementary books
and so on; while the Clarendon Press Catalogue of learned and educational
books was a relatively modest affair of under 200 pages. The need of a single
general catalogue for the information of librarians and book-lovers had long
been felt, but pressure of business delayed its preparation until the late Mr.
Charles Cannan addressed himself to the task, and with the devoted co-
operation of his daughters (who had replaced the members of the office staff
gone forth to war) and the advice of many scholars, produced in 1916 the first
edition of the General Catalogue, comprising over 500 pages of close print and
including under one comprehensive classification all the secular books sold by
the Press, wheresoever printed, and whether published by the University on
its own account or on behalf of other University Presses or learned bodies;
together with a representative list of Bibles, &c. (useful to the inquirer though
not intended as any substitute for the elaborate trade catalogues or for the
indispensable guidance of the expert bookseller), and a very full alphabetical
index.
 The General Catalogue has in the second edition been brought up to
January 1920, and a third edition is in preparation. Supplements are also from
time to time issued comprehending the books published since the current
edition of the Catalogue. The Supplement now current comprises all books
published in 1920.
For the convenience of specialists the Catalogue is also issued in sections—
History, Literature, the Classics, Natural Science, Cheap Reprints—and special
lists have recently been made of books on such subjects as the British Empire,
International Law and Politics, India, Modern Philosophy. Schoolmasters and
University teachers are asked to apply for the Select Educational Catalogue
issued at frequent intervals, which by omission of the larger and more
elaborate books allows of illustrative information for which there is no room in
the general catalogue.
The General Catalogue has been computed to contain over 8,000 distinct
books or editions of books. These vary from such works as the New English
Dictionary and the Dictionary of National Biography, with their 15,000 and
30,000 pages, to the smallest and cheapest pamphlets and school-books. The
total may be guessed to comprise something like two and a half millions of
printed pages of which no two are identical.
The issue of the Catalogue has secured a wide and increasing recognition of
the comprehensive character of Oxford publications. ‘There are publishers and
publishers, but there is only one Oxford University Press’, exclaims a writer in
the Athenaeum; and many reviewers have noted with sympathetic admiration
the value of the Catalogue, not as a mere price list but as a work of reference
and as a book to read. Though it necessarily requires revision as new
publications accrue, it is hoped that the Catalogue will not be treated as
‘throw-away literature’. It is a well-printed and solidly bound book, and the
cost of supplying free copies to book-buyers all over the world is not
inconsiderable.
The Press produces two periodicals descriptive of its publications: the
official Bulletin distributed to booksellers, librarians, and other professional
buyers, and the unofficial Periodical addressed to amateurs. Number 1 of the
Bulletin (4 April 1912) consisted of a single page; but the desire for more
information was widely expressed, and a recent number contains in eight
pages a classified list of books published during four weeks, with
bibliographical and other particulars, a statement of the various catalogues
obtainable on application, extracts from reviews, and a list of books which
have gone out of print since the current issue of the catalogue. This list is
designed to protect booksellers and the public against the assumption, too
frequently made, that any and every book is ‘out of print’ which cannot be
produced at a moment’s notice. The public are asked not to believe too easily
that books are unobtainable. A provincial bookseller (in a University town)
recently declared himself ‘unable to trace’ an Oxford book, published in 1920,
reviewed at length by the leading literary papers, and advertised nearly every
other week in the Times Literary Supplement. Many books no doubt (though
not many Oxford books) have been and still are out of print; and in the
absence of an up-to-date index of current books, the difficulties of the
bookseller have been great. Now, however, when the 1920 edition of the trade
Reference Catalogue is available, with its single alphabetical index (of 1,075
pages in double column), the ascertainment of the facts is not difficult except
in so far as the catalogues indexed have themselves become obsolete. All
information about Oxford books that is not in the 1920 Reference Catalogue
may be found in the Supplement of Books published in 1920, or in the
cumulative list of Price Changes, or in the Bulletin; all of which every
bookseller has, or may have for the asking.
With the Bulletin is issued from time to time a supplement calling the
attention of librarians and others to Oxford books in some special field. The
circulation of the Bulletin is about 2,000.
The Periodical is a ‘house magazine’, perhaps the first of its kind. It was first
published in December 1896, and now appears five times a year. Its contents
include extracts, of sufficient length to be readable, from new Oxford books,
specimen illustrations, quotations from reviews and other newspaper
comment on the productions of the Press, obituaries and other honorific
notices of authors (on appointment, decoration, or the like), and a certain
amount of quasi-literary gossip; for even authors have their foibles. The
original editor, who has compiled every number for a quarter of a century, is
still at his post, and the popularity of the little paper increases. The demand
comes from all over the world—the United States takes nearly half the total
and the number of copies distributed gratis of each issue now exceeds ten
thousand.
Oxford Bibles and Prayer Books can be inspected in mass at many
booksellers’, as well as in the Depository at 116 High Street, Oxford, and in
the showrooms at Amen Corner, in Edinburgh and Glasgow, and in the
Branches overseas. Lack of space has everywhere made it impossible to
exhibit the far greater number of Clarendon Press and other secular books on
the same scale, but the books may be seen on application at any of the Press
offices, and the popular series, gift books, &c., are always displayed. It is
hoped before long to increase the space available for this purpose in the
Oxford Depository, and to exhibit there all Clarendon Press books, arranged by
subjects as in the Catalogue, so that members of the University and visitors
may be able to inspect at one time and place all the books offered in any
subject that may concern them. It is hoped to find room for separate exhibits
of school-books, maps, and ‘juvenile’ books, so that the busy schoolmaster,
with half an hour to spare in Oxford, may make a rapid survey of the contents
of the Educational catalogue.

§ 9. The Press and its Authors

T
HE Index to the General Catalogue contains the names of some three
thousand living authors and editors. With almost all of these the Press
deals direct, and not through agents, and their friendly co-operation is of
immense service to the Delegates and their officers both in planning books
and in securing for them the widest publicity.
Many of the books accepted by the Press are such as in the ordinary way of
business would not secure a publisher except under subvention from the
author or some favourer of learning; and of these the remuneration (or at
least the direct remuneration; for the publication of solid books, like the
knowledge of Greek in former times, ‘not infrequently leads to positions of
emolument’) is recognized as being nominal, and necessarily inadequate to
the labour and skill lavished upon the work. But for books commanding a
remunerative sale, if they are of a suitable kind, the Press is prepared to pay
the full market value; and it is believed that not many of its authors are
dissatisfied with the bargains they have made.
‘It is an immense advantage to an author to be printed by a famous Press’,
is the opinion of a veteran of letters, whose name appears in many publishers’
catalogues. It is the aim of the Oxford Press to place at its authors’ service its
capacity for accurate and beautiful printing and binding, the goodwill attached
to the University imprint, and the selling power enjoyed by its very large
organization in the United Kingdom and throughout the world. Publication by
the Press gives to an author the further security that his book will not be
remaindered, pulped, or allowed to go out of print on the mere ground that it
does not enjoy a rapid sale.
It is still sometimes said that ‘the Press does not advertise’. It is believed
that Oxford books, in an exceptional degree, advertise themselves and each
other—‘the Oxford book’, says an American advertisement, ‘is half sold
already’; but the magnitude and variety of its business enable the Press to
maintain an elaborate organization of ‘publicity’, which directs its efforts both
to the booksellers and to the public at large. It relies largely upon the
distribution, in many thousands of copies annually, of its catalogues and
bulletins, on the direct dispatch of prospectuses to a large yet carefully
selected constituency of buyers in various fields, and on the incalculable factor
of public and private discussion. The value of judicious newspaper
advertisement is not overlooked, as readers of the Times Literary Supplement
well know.
 § 10. Bibles and Prayer Books

S
OME account has already been given of the exercise by the University of
its privilege of printing ‘the King’s books’ in early times. The modern
history of the printing and publishing of the Bible and the Book of
Common Prayer is a large subject. The University of Oxford, like the other
privileged printers, has appreciated the obligations attached to the privilege as
well as the opportunities which it affords. Every attention has been paid to
accuracy and excellence of printing and binding, to the provision of editions
suited to every purpose and every eyesight, and to the efficient and
economical distribution of the books all over the world at low prices. In all
these respects a standard has been reached which is unknown in any other
kind of printing and publishing, and which is only made possible by long
experience, continuous production, and intensive specialization. The modern
Bible is so convenient to read and to handle that its bulk is not always
realized; it is actually more than four times as long as David Copperfield. A
reference Bible is, also, a highly complicated piece of printing. Accuracy is
secured by the employment of highly-skilled compositors and readers—a new
Bible is ‘read’ from beginning to end many times—and by the use of the best
material processes; for all Bibles are printed from copper plates on the most
modern machines, and the sheets are carefully scrutinized as they come from
the press. The Oxford Press offers a guinea for the discovery of a misprint;
but very few guineas have been earned.
The bulk and weight of Bibles are kept down by the use of very thin and
opaque paper, specially made at the Press Mill at Wolvercote. The use of such
paper, and especially of the Oxford India paper, the combination in which of
thinness with opacity has never been equalled, may be said to have
revolutionized the printing of Bibles, by making possible the use of large clear
type in a book of moderate size and weight.
Of the Prayer Book as of the Bible a large number of editions is offered to
suit all fashions and purposes, and this in spite of the serious risks arising
from the liability to change of the ‘royal’ prayers. A demise of the Crown, or
the marriage of a Prince of Wales, makes it necessary to print a large number
of cancel sheets, which have to be substituted for the old sheets in all copies
held in stock or in the hands of booksellers.
A hundred years ago there were nineteen Oxford Bibles and twenty-one
editions of the Book of Common Prayer. There are now more than a hundred
of each. The Revised Version of the Bible, the copyright of which belongs to
the Universities of Oxford and Cambridge jointly, is also published in a large
variety of editions.
 § 11. Clarendon Press Books

B
Y Clarendon Press Books are meant the learned, educational, and other
‘Standard’ works produced under the close supervision of the Delegates
and their Oxford Secretariate, and printed at Oxford. These books have a
long history, and the Catalogue contains very many titles which have been
continuously on sale for nearly a century. The Coptic New Testament of
Wilkins, published in 1716, is believed to have been continuously on sale at
the original price of 12s. 6d. until the last copy was sold in 1907, only a few
years short of the second century. The current edition of the General
Catalogue mentions as ‘the oldest Oxford book still on sale’ another edition of
the Coptic New Testament by Woide, published in 1799 and now sold for two
guineas; but it has since been noticed that an injustice had been done, and
that pride of place should have been given to the Gothic Gospel, a
magnificently printed quarto published in 1750, of which some dozen copies
(at 30s.) still remain.
These are extreme examples; they are, however, the result not of oblivion
or of indifference, but of a policy which has long been and is still being
pursued. The Press produces many works of learning which are so securely
based that it is known that the demand, however small, will persist as long as
there are copies unsold; and it is the practice of the Press to print from type
large editions of such books. Clarendon Press books are neither wasted nor
sold as remainders, and when a book goes out of print, some natural tears are
shed.
This is one end of the scale; at the other are books commanding a large
and rapid sale, books like the Oxford Book of English Verse or the Concise
Oxford Dictionary and livres de circonstance like Why We are at War, which
was published in September 1914 and in a few months went through twelve
impressions and was translated into six foreign languages. Books of this kind
are produced in mass, as cheaply as is consistent with a high standard of
workmanship, and are sold all over the world in competition with rival
publications and by the employment of appropriate methods of advertisement.
Between these two classes lies a great mass of miscellaneous books, too
general in character to admit of description here. They are in many languages,
ancient and modern, of the East and of the West; of all fields of knowledge,
divine, human, and natural; and of all stages of history from the Stone Age to
the Great War. It follows necessarily that Clarendon Press books appeal to
widely different publics and call for the application of various instruments of
distribution and publicity. All, however, benefit by the widely diffused
appreciation of the standards of scholarship and of literary form which the
Press has set itself to uphold. The public expects much of any Oxford book,
and the satisfaction of that expectation is often onerous; but the necessary
effort is justified by the results—‘the Oxford book is half sold already’.
 III
THE PRESS ABROAD

§ 1. The Press in India

HE activities of the Press in India are of relatively recent
date. Until 1912, when a branch was opened in Bombay,
Oxford books had been accessible only to those who were
determined to procure them. The existence of a distributing
centre made it possible to reach more directly the
educational and the general public. But it early became
apparent to the Manager—Mr. E. V. Rieu of Balliol College—
that the educational needs of India could only to a small extent be met by
direct importation; that it was necessary to adapt existing books to the special
requirements of the country, and to create new books similar in kind. In the
course of a few years many such books were produced, at first chiefly in
England, but later to an increasing degree in India itself. By 1918 at least a
dozen native presses were engaged in printing and binding for the Branch.
These books range from ‘simplified classics’ to editions of Shakespeare’s plays,
from school geographies to handbooks for students of medicine and law. At
the same time the sale of more advanced Oxford books was largely increased.
A brief description is given elsewhere of the books produced at Oxford upon
the history and art of India as well as upon its classical literature and its
religions. Books like Mr. Vincent Smith’s Early History of India and his Fine Art
in India command a wide sale among the educated natives of India.
Another field of enterprise is in vernacular education. Here the opportunities
are vast, but the difficulties are great, for in most provinces many languages
are spoken, and no one press is adequately equipped with the numerous
founts of type required to deal with the vernaculars of India as a whole. The
Branch was therefore fortunate in being, in 1916, invited by the Government
of the Central Provinces to produce a series of Readers—in Hindi and Marathi
—for use in schools throughout the province. At that time no paper could be
imported from England, and the staff of the Branch was depleted by war.
Nevertheless, within a year over half a million volumes had been written,
printed, and illustrated, and were ready for distribution over a country nearly
twice as large as England and Wales.
 The activities of the Branch in placing the issues of the War before Indian
readers in a true light attracted in 1918 the attention of Government; and the
Branch was engaged by the Central Publicity Bureau to produce an illustrated
War Magazine and a mass of pamphlets in English and the vernacular
tongues.
In spite of these preoccupations the Branch has been able to emulate the
activities of the Press at home by co-operating with learned bodies in India to
produce books of scientific value. Notable among its publications in this kind
are the historical treatises of Mr. Rawlinson, Mr. Kincaid, Mr. Mookerji, and
other writers, and the economic studies published on behalf of the Universities
of Bombay and Madras.
Mention may also be made here of the Classics of Indian History which are
being issued by the Press. In reviewing the latest volume of the series—
Meadows Taylor’s Story of My Life—The Times Literary Supplement says: ‘It is
one of those books from which history hereafter will be written. The great
books—in one sense or other—like Colonel Mark Wilks’s Historical Sketches of
Southern India, Grant Duff’s History of the Mahrattas, Tod’s Rajasthan,
Broughton’s Letters from a Mahratta Camp, must be supplemented not only by
the native records, which are more and more becoming accessible, but by the
personal narratives of Englishmen who lived in out-of-the-way places and
entered into the lives of the rural inhabitants of India. Beside Colonel
Sleeman’s Reminiscences must be put the autobiography of Meadows Taylor, a
much superior book.’ Of the books mentioned by The Times, Sleeman’s and
Tod’s have already been issued, uniform with Meadows Taylor’s, Dubois’s
Hindu Manners, Bernier’s Travels, Mrs. Meer Hassan Ali’s Mussulmanns, and
Cunningham’s Sikhs; editions of Grant Duff and Broughton are in preparation.
Mr. Rieu, when in 1919 reasons of health compelled him to retire, had in a
few years proved himself a real pioneer. He had immensely increased the
volume of business done by the Branch, and had opened up new and
promising fields. His successor, Major G. F. J. Cumberlege, D.S.O., of
Worcester College, who was accompanied by Mr. N. L. Carrington, of Christ
Church, took over a successful and growing business. The original premises in
Bombay had already been outgrown, and new offices opened in Elphinstone
Circle. The increase of staff has made it possible to open a new branch in
Calcutta—a sub-branch in Madras already existed—and it is confidently hoped
that in the near future the business done in Oxford books, and adaptations of
them, will be increased in volume, and that the service rendered by Oxford to
the Indian Empire will be further enhanced by the activities of its Press.
THE BOMBAY BRANCH
 THE TORONTO BRANCH

§ 2. The Press in Canada

T
HE Oxford University Press Canadian Branch was founded in 1904 at 25
Richmond Street West, Toronto. The manager was Mr. S. B. Gundy, who
still presides at the same address; but the building was destroyed by fire
in 1905 and completely reconstructed.
Although Canada has still a relatively small population, scattered over an
immense area, the volume of business done by the Branch is substantial, and
it continues to grow. The sale of Oxford Bibles, Clarendon Press books,
Medical and Elementary books is supplemented by the sale of books published
in Canada and the United States, for which Mr. Gundy acts as agent. Thus the
Branch sells all the publications of the great American house of Doubleday,
Page and Company; and through this connexion it has recently become the
sole publisher in Canada of the works of Mr. Rudyard Kipling.
 Among the more notable Canadian enterprises of the Press are the Church
of England Hymn Book (the Book of Common Praise), published in 1909, the
large stocks of which caused Mr. Gundy ‘to overflow into a neighbouring
barber shop’, and the new edition of the Presbyterian Book of Praise,
produced in defiance of submarines and other obstacles in 1917. The editor,
the Rev. Alexander Macmillan, carried the manuscript across the Atlantic in
small packets sewn into his clothes.

§ 3. The Press in Australasia

T
HIS part of the business was first developed by visits regularly made
from London by Mr. E. R. Bartholomew, who in 1908 became manager of
the Branch then established at Cathedral Buildings, Melbourne. Australia
is not only many thousands of miles from the great centres of book-
production, but is itself a land of great distances, as yet but sparsely
populated; and this creates difficulties for both publishers and booksellers. It
is remarkable how far these obstacles have been overcome; and if regard is
paid to the number and character of the population, Australia, and New
Zealand no less, have a right to be proud of the quantity and quality of the
books they buy.
The Branch has paid attention to the special needs of Australian education,
and in co-operation with the universities and schools has produced a number
of successful text-books.
It acts as agent for some of the leading British publishers, including the
houses of Murray, Heinemann, Black, Chapman and Hall, and Mowbray; and
for the large publishing business of Messrs. Angus and Robertson of Sydney.
THE MELBOURNE BRANCH
 MARKHAM’S BUILDINGS, CAPE TOWN
in which the South African Branch is situated

§ 4. The Press in South Africa

T
HE South African Office of the Press is at Markham’s Buildings, Adderley
Street, Cape Town. Mr. C. R. Mellor, the present Representative, was
appointed to that post in March 1915. From his office at Cape Town Mr.
Mellor visits the principal booksellers, not only in the Cape Province, but in the
Transvaal, the Orange Free State, and Natal.

§ 5. The Press in China

T
HE Chinese Agency of the Press is at C 445 Honan Road, Shanghai, of
which Mr. T. Leslie is the present Representative. The first agent in China
for the Press was the Christian Literature Society of Shanghai, the
agency being started in 1913. Mr. Leslie, who had been manager of that
Society, took over the Press agency in 1917. Stocks of all Oxford books likely
to be in demand in China are held in Shanghai.
 § 6. The Press in Scandinavia

F
OR many years before the war a traveller from Amen Corner visited the
Continent annually, but business in Scandinavia developed so rapidly
after the Armistice that it was found desirable to open a Branch, and
premises were accordingly secured in Copenhagen, Mr. H. Bohun Beet, the
Continental traveller of the Press, being appointed manager. The Branch was
opened in August 1920, at St. Kongensgade 40 H, close to the King’s Palace.
The Branch represents also Messrs. Hodder & Stoughton and the Medici
Society.

§ 7. The Press in the United States

T
HE sale of Oxford books in the United States began long before the
foundation of the American Branch. It is recorded that ‘the growth of the
business was hindered by the Civil War, but after the restoration of peace
it grew rapidly’; and that a landmark in its progress was the publication of
editions of the American Book of Common Prayer.
The foundation of the Oxford University Press American Branch, an
institution which has made the name of Oxford familiar throughout the Union,
was due to the foresight and enterprise of Mr. Henry Frowde. Acting on his
advice the Delegates of the Press authorized the formation of a Corporation in
the State of New York, and the Branch in 1896 opened premises at 91 Fifth
Avenue, under the management of the late Mr. John Armstrong. In the
following year Mr. Armstrong added to the Bibles and other books, previously
sold by Messrs. Nelson, the Clarendon Press publications, previously sold by
the Macmillan Company. The business grew rapidly in Mr. Armstrong’s hands,
and in 1908 moved ‘up town’ to the premises it now occupies at 35 West 32nd
Street. Mr. Armstrong died in 1915, and was succeeded by Mr. W. W.
McIntosh, one of the original members of the staff.
 THIRTY-SECOND STREET, NEW
YORK

The New York Branch is situated in

the Central Building on the right

SHOW ROOMS AT THE NEW YORK BRANCH

 Bible Show Room

Clarendon Press Show Room

The main function of the Branch has always been that of keeping the
American public acquainted with Oxford books, both sacred and secular, and
of supplying the books without avoidable delay. To this end it has been
necessary to hold large stocks in New York, and to maintain an expert staff
which is in touch with the book-stores and with the universities, the schools,
and the book-buying public at large. The Branch has its own catalogues and
its own advertisements, and it has been able to make Oxford Bibles and
Clarendon Press books known and valued throughout the United States. The
Branch, however, is not merely an importer; it has long recognized that many
Oxford products are capable of useful adaptation to special American
requirements, and that such adaptation is consistent with the preservation of
what Americans have themselves called ‘the Oxford stamp’. This aspect of the
activities of the Press in America is shown by the large number of Bibles which
are manufactured (‘made’ is the American idiom) in the United States—among
these the now famous Scofield Reference Bible is conspicuous—and also by
books written—or at least rewritten—for American requirements. The Branch,
in co-operation with American scholars, has produced valuable series of text-
books for schools and universities—the Oxford English Series, the Oxford
French Series, and the Oxford German Series. Even more important, perhaps,
are adaptations of Oxford books of tried merit. Thus the Oxford Loose-Leaf
Surgery derives from a (British) Oxford original (one of the Oxford Medical
Publications), but has important differences in substance as well as in its novel
form. This very successful work is now being followed by the Oxford Loose-
Leaf Medicine, edited by Dr. Henry Christian and Sir James Mackenzie with the
help of leading physicians on both sides of the Atlantic. To promote co-
operation of this kind in medical science was a great part of the life-work of
William Osler, who, as Regius Professor at Oxford, and a leading promoter of
the Oxford Medical Publications, may be described as the founder of the
medical activities of the Oxford Press as they are now carried on in Oxford, in
London, in New York, and in Toronto.
Another work of adaptation, now in progress, illustrates further the
possibilities of Anglo-American co-operation. The Concise Oxford Dictionary of
current English, adapted from the great Oxford Dictionary, has been and is
very widely used throughout the British Empire and by students of English in
foreign countries. But its spelling, and certain other features, were found to
disqualify the book for general use in the United States; and a special
American edition is now in preparation, the adapter of which is Mr. G. Van
Santvoord, of Oriel College, Oxford, and Yale University.
The Press is publisher, on both sides of the Atlantic, to the Carnegie
Endowment for International Peace, many of whose books have been printed
at Oxford. Special mention may be made of the first volumes, printed at the
Press and recently published, of the British Section of the great Economic and
Social History of the World War undertaken by the Endowment. These
volumes are by Professors Keith and Bowley and Mr. J. A. Salter.
 IV
OXFORD BOOKS

§ 1. Oxford Series
T one time Oxford books were produced almost always at
the instance of an author; and many Oxford books are still
so produced. A scholar having devoted, it may be, many
years of his life to a subject which he has made his own,
applies to the University Press for publication of his
researches; and such a claim is often admitted as
irresistible. In modern times, however, the need for
organization by the publisher has become increasingly apparent. Many books
which if published in isolation would reach only a small public are found
capable of a wider usefulness when issued as part of a larger plan; and thus
the initiative in publishing passes more and more into the hands of the
professional commanding the advice of a body of experts. School-books,
reprints of the Classics, text-books of the applied sciences, and books of the
nature of Dictionaries and Encyclopaedias are now almost always conducted in
this way by co-operative enterprise.
The number of such homogeneous series promoted by the Press during the
last twenty years is large, even if all school-books are excluded. The Oxford
English Dictionary (which is of earlier origin) bulks so large in the public eye as
somewhat to obscure all humbler enterprises; but it does not stand alone. In
English literature the Press has built up in a quarter of a century a whole
library of uniform series, all of respectable dimensions. The Oxford English
Texts are library editions of famous authors edited after exhaustive
examination of the materials, in print and in manuscript, and handsomely
printed from type; the Tudor and Stuart Library consists of first editions and
exact reprints of famous books of that period, printed in the types of the
period on paper calculated to last for many centuries more; these books are
now finding their way into the second-hand catalogues and the collections of
connoisseurs; the Oxford Library of Prose and Poetry is a series of little books
for fanciers, offering especially the classics of the Romantic Revival in a form
approximating to that of the originals; the Oxford Poets claim to be the last
word for accuracy of text, condensed yet fine printing, and the lowest price
compatible with these qualities; the Oxford Standard Authors offer the same
texts as the Oxford Poets, together with many prose classics, in a cheaper
form; the average volume containing nearly 600 pages of close yet legible
print. Finally, the World’s Classics furnish a collection of over two hundred of
the most famous English books in a very handy form, still maintained in print
as far as possible in spite of the costs of production, which make it
increasingly difficult to keep any but the most popular books on sale in a
cheap series.
None of these series has been created by the simple expedient of taking an
existing edition and sending it to the printer—a plan too commonly followed,
as is well known to every one who has ever investigated the text of a well-
known author, and has found that each edition contains almost all the errors
of its predecessors and adds fresh errors of its own. The Oxford texts are the
result of the laborious co-operation of editor, publisher, and printer, involving
the choice of the most authoritative original—very often the collation of a
number of printed originals and sometimes of manuscripts as well—expert
attention to the problems both editorial and typographical of which the
successful solution produces a well-designed book, and finally scrupulous
diligence in the elimination of error. The substantial accuracy of Oxford texts is
widely recognized, and is known to be due to the united vigilance of the
editors, the publishers (themselves scholars and sometimes editors), and the
printers. It is less well known how complex and difficult are the problems
which the modern editor has to solve. The scientific editing of English texts is
indeed a relatively recent growth, and depends upon the application of
principles which in the field of Greek and Latin textual criticism have been
elaborated in the course of centuries. It is thus no accident that the work
done in English editing in the last five-and-twenty years has been largely in
the hands of scholars trained in the Oxford school of Literae Humaniores, and
has synchronized with the production of the Scriptorum Classicorum
Bibliotheca Oxoniensis.
This series, now popularly known as the Oxford Classical Texts, is the only
large series of critical texts of Greek and Latin authors produced in recent
times outside Germany and able to hold its own in competition with its great
German rivals. The texts, which now fill nearly eighty volumes and include the
most important writers of the ‘classical’ periods of Greek and Roman literature,
have been based upon much fresh examination of the manuscript originals.
Some of the editors, indeed, have devoted years to this kind of investigation;
the labours of Mr. Allen on the manuscripts of Homer and of Professor Clark
and Sir William Peterson on those of Cicero have secured for their authors a
permanent place in the long history of classical scholarship.
 The aim of the series is to give the best text which the examination of the
manuscripts in their relation to each other affords, and to provide in a brief
apparatus criticus sufficient information to show the evidence on which the
editor has based his decision. Conjectural emendations are mentioned in the
notes when they are considered plausible, but are not admitted to the text
except where they reach a high degree of probability. This principle, which is
mainly due to the authority of the late Ingram Bywater, has commended itself
in the course of years even to those who were at first disposed to think it too
austere, and has greatly enhanced the permanent value of the series, which
before the war was finding its way into Germany itself. A famous German
publisher went so far indeed as to address to Oxford (on the eve of the war) a
letter of remonstrance on the price of the series, which was described as too
low for its value.

The Oxford Library of Translations consists mainly of prose versions of

Greek and Latin authors. These have not been made to order or in accordance
with any single principle of translation, but have been produced at the
instance of scholars unable to deny themselves the satisfaction of translating a
favourite author. This, which is perhaps the best guarantee of excellence,
accounts for the miscellaneous constitution of the series, which has been
enlarged by degrees as a happy conjunction of author and translator chanced
to present itself, and from the same cause admits some interesting authors
seldom or never included in series of translations made upon a less elastic
plan.
Another series of translations is the great collection of the Sacred Books of
the East, which was begun many years ago by the late Max Müller and
reached its fiftieth and concluding volume in 1910. The value of these
translations to Orientalists is shown by the steady sale, which after forty years
is still increasing, and by the high prices asked for the few volumes which are
now unfortunately out of print.

History, and the subjects akin thereto, afford less scope for homogeneous
series than does the editing of ancient and modern classical literature; and it
has been the policy of the Press rather to secure monographs of unique
authority in special fields than to compile works of encyclopaedic information.
A few examples will serve to illustrate the range and importance of the Oxford
books produced in this way which have become classics in their subject: in the
History of Antiquity, Sir Arthur Evans’s Scripta Minoa, Sir Edward Maunde
Thompson’s Palaeography, Vincent Smith’s Early History of India; in the Fine
Arts, Barclay Head’s Historia Numorum, Vincent Smith’s Fine Art in India,
Dalton’s Byzantine Art; in Constitutional History and Law, Anson’s Law and
Custom of the Constitution and Law of Contract, Sir Courtenay Ilbert’s
Government of India, Lord Bryce’s Studies in History and Jurisprudence, Hall’s
International Law, Prof. Keith’s Responsible Government, Sir Erskine Holland’s
Jurisprudence; in British History, Stubbs’s Constitutional History of England,
Freeman’s Norman Conquest, Sir Paul Vinogradoff’s Villainage in England and
English Society in the Eleventh Century, Sir Charles Oman’s Peninsular War; in
European History, Finlay’s Greece, Hodgkin’s Italy and Her Invaders; in
Geography, Prof. Beazley’s Dawn of Modern Geography and Mr. R. L. Poole’s
great Historical Atlas.

Books of this kind best represent the type at which Oxford has aimed in the
historical and human sciences, and it is to the promotion of such works that
the resources of the Press have in this field been most advantageously
applied. When, however, the progress of a subject and the enthusiasm of an
editor have combined to suggest another way, the opportunity has been taken
of organizing research upon a common plan. Notable results of such combined
endeavour are the Oxford Survey of the British Empire and the Historical
Geography of the Dominions promoted by the late Prof. Herbertson and by Sir
Charles Lucas of the Colonial Office respectively. The former work, containing
in six volumes a general and a particular survey of the geographical,
economic, and administrative aspects of the Empire and its constituent parts,
was completed within a short time and published within a few weeks of the
outbreak of the war. In an important sense therefore it cannot become out of
date, since it affords a conspectus of conditions as they existed at the
culmination of the former age, to which it will always be necessary to refer as
a standard of comparison. The other series, which is in seven volumes
(comprising twice as many separate parts), has had a longer and more
chequered history, the march of events since the early years of the century,
when publication began, having made necessary frequent revision and
reconstitution. The work is still in progress, and India has recently been added
to its scope.
 A more recent collection arose out of the demand during the war for a
compendious survey of the history of the belligerent powers. To satisfy the
demand was one of the pieces of war work undertaken by the Press, and the
evident usefulness of the volumes having survived the war has led to the
establishment of a series on a permanent and wider plan, including Histories
of the Nations and treatises of similar scope on leading questions of
International politics. The series now covers France, Belgium, Italy, Portugal,
the Balkans, Serbia, Russia, Prussia, China, and Japan, with books on the
Eastern Question, Diplomacy, Nineteenth-Century Treaties, and other topics.
Many of the volumes have been frequently reprinted, and additions are in
preparation.
 Not the least interesting of Oxford books written by a number of
contributors on a uniform plan is Shakespeare’s England, an Account of the
Life and Manners of his Age, published in two volumes in the centenary year
1916. The book contains an Ode by the Poet Laureate, a long essay on the
Age of Elizabeth by Sir Walter Raleigh, and some forty special articles by the
first authorities.
Another co-operative enterprise is the Oxford History of Music, which in six
volumes surveys the whole subject from the beginning to the time of Wagner;
it is not a collection of biographies, but a history of music as such—of origins,
tendencies, and evolution. The authors include the late H. E. Wooldridge, the
late Sir Hubert Parry, and Sir Henry Hadow, whose enlightened enthusiasm
has done so much for the study of music in England.

§ 2. Oxford Books on the Empire

O
XFORD is proud to consider itself as par excellence the Imperial
University. The administration of the Empire owes much to Oxford men,
as the University in its turn owes much to her sons from overseas.
Imperial subjects are an important and growing branch of study at Oxford;
and the Press, true to its tradition of building upon the foundations of
experience, has in time put together an imposing collection as well of the
classics of colonization and administration as of new and original treatises by
scholars versed in its theory and practice. These books being very diverse
have not been confined within the limits of a series uniform in size or
appearance; but they have a real unity, and deserve it is believed to be
acquired as a whole by every library with any pretensions to an imperial
character. Among the most important volumes may be enumerated Wakefield’s
View of the Art of Colonization, first published in 1849, Lord Durham’s Report
on British North America, Cornewall Lewis’s Government of Dependencies; and
(among modern treatises) Prof. Keith’s Responsible Government (in its present
form published as recently as 1912, yet already an established classic), and
the same author’s Imperial Unity, Prof Egerton’s Federations and Unions, Sir
Courtenay Ilbert’s Government of India.
The Press is so strong in books on India that it has seemed well to issue a
special catalogue bringing together a mass of books which in the General
Catalogue are listed under a variety of subject-headings. These include a large
and important section published by the Press under the patronage of the