In response to crisis conditions, and for eight months during 1895, the American government subcontracted its responsibility for the maintenance of monetary stability to a private syndicate of businessmen. This action and its results challenged both political and economic orthodoxy and represent one of the most important episodes in government-business relations during the nineteenth century. While previous studies of the Morgan-Belmont syndicate have emphasized its political and social costs, Professor Simon's concerns are to clarify and weigh the economic benefits of this remarkable arrangement.

Although much has been written about the British opium trade, American traffic in the drug has received little attention. Professor Downs' article reveals that American merchants played a significant innovating role in developing new sources of supply and expanding the market. These activities forced the monopolistic British East India Company to protect its opium trade to China and led to the Opium War in 1839, when the Chinese government attempted to stop importation of the narcotic.

This study reveals distinct cycles directly related to the major military conflicts of the twentieth century which had an important impact on the quantity and quality of British aircraft production. The author also suggests that these cycles may have relevance for other countries and other industries.

From Dana's Two Years before the Mast, a vast literary audience has read of the activities of Boston hide-traders in California during the 1840's. But Dana's understanding of the business of which he was a small part was far less accurate than his knowledge of ships and the sea. This gap is now filled by Dr. Fritzsche's analysis of the mechanics and profitability of the trade.

In the manner of the Creole tradesmen of Louisiana, whose lagniappe to their patrons is legendary, the Editor offers a similar bonus to readers of the Review. Instead of trifling presents added to a purchase, however, our lagniappe will be notes and documents illustrative of the evolution of business enterprise.