JEH volume 32 issue 4 Cover and Front matter V O L U M E X X X I I D E C E M B E R 1972 N U M B E R 4 SHEPHERD AND WILLIAMSON The Coaxtal Trade of the British Sorth American Colonies, 1768-1772 OLMSTEAI) Investment Constraints and Xcw York City Mutual Savings Bank Financing of Antebellum Development ADAMS The Bank of Stephen C.iraul. 18I2-I8M CIARVY Banking Under the Tsars and the Soviets KLEIN The Portuguese Slave Trade from Angola in the F.iglueenth Century WEISS The Industrial Distribution of the Urban and Rural Workforces: Estimates for the United States, 1870-1010 NOTE JONES The Rise and Fall of the Manorial System: A Critical Comment REVIEWS OF BOOKS BOOKS RECEIVED INDEX TO VOI.l'ME NXXII P U B L I S H E D FOR THE ECONOMIC HISTORY A S S O C I A T I O N BY THE G R A D U A T E SCHOOL OF B U S I N E S S A D M I N I S T R A T I O N OF NEW YORK U N I V E R S I T Y property of TREASURY LIBRARY room 5030 Main Treasury BMn EDITOR NATHAN ROSENBERG KDITORIAL STAFF Dorothy S. Brady, Book Review Editor Mary E. Bradish, Assistant Editor Herman E. Krooss, Business Manager EDITORIAL BOARD Paul A. David 1969-1974 Stanford Lance E. Davis 1968-1973 California Institute of Technology Folke Dovring 1969-1974 Illinois David Herlihy 1967-1972 Wisconsin David S. Landes 1967-1972 Harvard Marvin R. Mclnnis 1971-1976 Queen's T H E JOURNAL OF ECONOMIC HISTOBY is published in March, June, September, and December for The Fconomic History Association by the Graduate School of Business Administration, New York University. The JOURNAL is sent to all members of the Association. Membership rates are: student membership, S3.00; regular membership, United States, $10.00; library subscriptions, $15.00; regular membership, foreign, $10.50; professors emeriti who have been members of the Association for ten years, $3.00; back issues, $4.00. Applications and inquiries concerning membership and single copies should be addressed to HERMAN E. 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Articles and correspondence relating to editorial functions of T H E JOURNAL OK ECONOMIC HISTORY should be directed to NATHAN ROSENBERG, Department of Eco- nomics, University of Wisconsin, Madison, Wisconsin 53706. Correspondence relating to book reviews should be sent c/o DOROTHY S. BRADY, Department of Economics, University of Pennsylvania, Philadelphia, Pennsylvania 19104. PUBLISHED QUArtTEIU.Y BY THE GRADUATE SCHOOL OF BUSINESS ADMINISTRATION, N E W YORK UNIVERSITY, FOR TIIF, ECONOMIC HISTORY ASSOCIATION PUBLICATION OFFICE: 1 0 0 TRINITY PLACE, N E W YORK, N . Y . 1 0 0 0 6 Entered as second-class matter at the Post Office, Worcester, Mass. Copyright 1972 by The Economic History Association Printed in the U.S.A. bv The Heffernan Press Inc. THE JOURNAL of ECONOMIC HISTORY VOLUME XXXII Editor NATHAN ROSENBERG Book Review Editor DOROTHY S. BRADY Business Manager HERMAN E. 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MAIL SUBSCRIPTIONS C. TOTAL PAID CIRCULATION O. FREE DISTRIBUTION BY MAIL, CARRIER OR OTHER MEANS 1 . SAMPLES, COMPLIMENTARY, AND OTHER FREE COPIES' 2. COPIES DISTRIBUTED TO NEWS AGENTS, BUT NOT SOLD E. TOTALOISTRtBUTION/yumo/CmdZy F. OFFICE USE, LEFT-OVER, UNACCOUNTED, SPOILED AFTER PRINTING G. 7OTAL (Sum of BSF-should equal net press nm shown m A) EACH ISSUE DURING PRECEDING 12 MONTHS 3,500 0 3,400 3,400 0 0 3,400 100 3,500 SINGLE ISSUE PUBLISHED NEAR- EST TO FILING DATE 3,500 0 3,400 3,400 0 0 3,400 100 3,500 ^ (Slgnatef&of editor, publisher, businef&jnanuger, or owner) I certify that the statements made by me above are correct end w^^*./^Wy\4/H^^4/t^ jC£&ffir^(~—> PS Form 3 S 2 6 July 1971 THE JOURNAL OF ECONOMIC HISTORY Volume XXXII December 1972 Number 4 ARTICLES JAMES F. SHEPHEBD AND SAMUEL H. WILLIAMSON The Coastal Trade of the British North American Colonies, 1768-1772 783 ALAN L. OLMSTEAD Investment Constraints and New York City Mutual Savings Bank Financing of Antebellum Development 811 DONALD R. ADAMS, JB. The Bank of Stephen Girard, 1812-1831 841 GEORGE GARVY Banking Under the Tsars and the Soviets 869 HERBERT S. KLEIN The Portuguese Slave Trade from Angola in the Eighteenth Century 894 THOMAS WEISS The Industrial Distribution of the Urban and Rural Workforces: Estimates for the United States, 1870-1910 919 NOTE ANDREW JONES The Rise and Fall of the Manorial System: A Critical Comment 938 REVIEWS OF BOOKS 945 AVAGLIANO, LUCIO Alessandro Rossi e le orinini dell'Italia industriale, reviewed by Richard T. Rapp 945 BAZANT, JAN AND Alienation of Church Wealth in Mexico: Social and MICHAEL P . COSTELOE Economic Aspects of the Liberal Revolution, (ED. AND TR.) 1856-1875, reviewed by Thomas J. Dodd 946 BLAZNTK, PAVLE ET AL. BOEHM, E. A. FORSTER, COLIN, EDITOR SCHEDVIN, C. B. BOG, INGOMAR EDITOR CLOUGH, SHEPAHD B. AND THEODORE F . MARBURG COLL, BLANCHE D. CROUZET, F. M . - J . , W. H. CHALONER AND W. M. STERN, EDITORS DALTON, GEORGE DAVIS, LANCE E. AND DOUGLASS C. NORTH DAVIS, LANCE E., RICHARD A. EAS- TERUN, WILLIAM N . PARKER, ET AL. DAVIS, J. RONNIE FISCHER, DAVID HACKETT GARNEL, DONALD GOUVERNEUR, J . GUTTENTAG, JACK M . , EDITOR HEINNEMAN, JOHN BELL HELD, VIRGINIA HERMANNS, HEINZ HIGGS, ROBERT HILTON, GEORGE W. HYDE, FRANCIS E. Cospodarka in druZbena zgodovina Slovenceo. Zgodovina agrarnih panog: 1. Zvezek-Agramo gospodarstvo, reviewed by Toussaint HoJevar . . . 947 Twentieth Century Economic Development in Australia, and Australian Economic Development in the Twentieth Century and Australia and the Great Depression, reviewed by Albert J. Robinson 948 Der Aussenhandel Ostmitteleuropas 1450-1650, reviewed by M. L. Flaningam 954 The Economic Basis of American Civilization, re- viewed by David O. Whitten 955 Perspectives in Public Welfare: A History, reviewed by William B. Hartley 957 Essays in European Economic History, 1789-1914, reviewed by Michael R. Haines 959 Economic Anthropology and Development: Essays on Tribal and Peasant Economies, reviewed by Sidney W. Mintz 960 Institutional Change and American Growth, re- viewed by Allan G. Bogue 961 American Economic Growth: An Economist's History of the United States, reviewed by Donald N. McCloskey 963 The New Economics and the Old Economists, reviewed by Dean May 966 Historians' Fallacies. Toward a Logic of Historical Thought, reviewed by Albro Martin 968 The Rise of Teamster Power in the West, reviewed by Gerald N. Grob 971 Productivity and Factor Proportions in Less De- veloped Countries: The Case of Industrial Firms in the Congo, reviewed by William B. Eastlake . . 972 Essays on Interest Rates: Volume II, reviewed by Joseph Horton 973 Royal Taxation in Fourteenth Century France: The Development of War Financing, 1322-1356, reviewed by Gustav Schachter 974 The Public Interest and Individual Interests, reviewed by Dean May 976 Die Handelskammer fur den Kreis Mulheim am Rhein (1871-1914) und die Wirtschaft des Koln- Miilheimer Raumes, reviewed by Richard V. Pierard 978 The Transformation of the American Economy, 1865-1914: An Essay in Interpretation, reviewed by William B. Hartley 980 The Cable Car in America: A New Treatise on Cable or Rope Traction as Applied to the Working of Street and Other Railways, reviewed by Duane E. Ball 981 Liverpool and the Mersey: An Economic History of a Port, 1700-1970, reviewed by Max E. Fletcher 982 JOHNSON, E. A. j . The Organization of Space in Developing Countries, reviewed by John B. Parr 984 KLUGEH, JAMES H. The Clifton-Morenci Strike: Labor Difficulty in Arizona, 1915-1916, reviewed by Joe C. Ashby . . 987 KHOOSS, HERMAN E. A History of Financial Intermediaries, reviewed by AND MARTIN H. BLYN Roger S. White 988 LEVENSTEiN, HABVEY A. Labor Organizations in the United States and Mexico: A History of their Relations, reviewed by Mark Perlman 989 LOPEZ, R. s. The Three Ages of the Italian Renaissance, re- viewed by M. M. Knight 991 MALLOY, JAMES M . Beyond the Revolution: Bolivia Since 1952 AND BICHARD S. THORN and ARNOLD, ADLAI F . Foundations of An Agriculture Policy in Paraguay, reviewed by Dwight B. Heath 993 MATHIAS, PETER The First Industrial Nation: An Economic History of Britain 1700-1914, reviewed by Arthur E. Rockwell 995 MCGREEVEY, WILLIAM An Economic History of Colombia, 1845-1930, PAUL reviewed by Richard D. Wolff 998 MEILLASSOUX, CLAUDE, The Development of Indigenous Trade and Markets EDITOR in West Africa, reviewed by B. Marie Perinbam 1000 MOODY, j . CARROLL The Credit Union Movement: Origins and Develop- AND GILBERT c. ment, 1850-1970, reviewed by Robert P. With- FITE ington, Jr 1002 NELSON, CHARLES R. The Term Structure of Interest Rates, reviewed by Joseph Horton 1004 PULLAN, BRIAN Rich and Poor in Renaissance Venice: The Social Institutions of a Catholic State, to 1620, reviewed by Marvin B. Becker 1005 BAMSETT, DAVID E. Regional Industrial Development in Central Amer- ica: A Case Study of the Integration Industries Scheme, reviewed by Kenneth J. Grieb 1008 ROBINSON, EBic AND James Watt and the Steam Revolution: A Docu- A. E. MUSSON mentary History, reviewed by John F. Hanieski 1009 ROSEVEARE, HENRY The Treasury. The Evolution of a British Institu- tion, reviewed by William J. Baker 1010 SAPORI, ARMANDO, II libro bianco della compagnia dei Covoni, re- EDITOH, WITH A STUDY viewed by Pierluigi Profumieri 1011 BY GIULIO MANDICH SUPPLE, BARRY The Royal Exchange Assurance: A History of British Insurance 1720-1970, reviewed by Michael Edelstein 1012 THOMAS, HUGH Cuba: The Pursuit of Freedom, reviewed by Ken- neth J. Grieb 1014 TUMA, ELIAS H. European Economic History: Tenth Century to the Present. Theory and History of Economic Change, reviewed by David R. Ringrose 1016 WHTTEMAN, MAXWELL Copper for America: The Hendricks Family and a National Industry 1775-1939, reviewed by Stephen Salsbury 1019 WILLIAMS, MICHAEL The Draining of the Somerset Levels, reviewed by Donald N. McCloskey 1021 ZELNTK, REGINALD E. Labor and Society in Tsarist Russia, 1855-1870, reviewed by Oliver Hayward 1023 ZEMSKY, ROBERT Merchants, Farmers and River Gods: An Essay on Eighteenth-Century American Politics, reviewed by Van Beck Hall 1025 BOOKS RECEIVED 1028 INDEX TO VOLUME XXXII 1034 CONTENTS OF VOLUME XXXII 1972' Number 1, March Papers Presented at the Thirty-first Annual Meeting of the Economic History Association ARTICLES ROBERT W. FOGEL RALPH W. HIDY DONALD N. MCCLOSKEY JOHN MCMANUS WILLIAM M. LANDES AND LEWIS C. SOLMON ALICE HANSON JONES JAMES F. SHEPHERD AND GARY M. WALTON JOHN J . MCCUSKER DANIEL SCOTT SMITH . . MARIS A. VINOVSKIS PAUL HOHENBERG FRANKLIN F. MENDELS MAUREEN F. • MAZZAOUI SCOTT M. EDDIE ROBERT B. ZEVIN ROBERT BRENNER DOCTORAL DATES CANDI- EDITOR'S NOTES . Current Directions in Economic History 1 The Road We Are Traveling 3 The Enclosure of Open Fields: Preface to a Study of Its Impact on the Efficiency of English Agri- culture in the Eighteenth Century 15 An Economic Analysis of Indian Behavior in the North American Fur Trade 36 Compulsory Schooling Legislation: An Economic Analysis of Law and Social Change in the Nine- teenth Century 54 Discussions: Stephen Salsbury, Earl Finbar Murphy 92 Wealth Estimates for the New England Colonies About 1770 98 Trade, Distribution, and Economic Growth in Colonial America 128 Sources of Investment Capital in the Colonial Philadelphia Shipping Industry 146 Discussions: Jackson Turner Main, Richard Sheri- dan, Roger Weiss 158 The Demographic History of Colonial New England 165 Mortality Rates and Trends in Massachusetts Before 1860 184 Discussions: Joseph J. Spengler, Richard Sutch . . 214 Change in Rural France in the Period of Indus- trialization, 1830-1914 219 Proto-industrialization: The First Phase of the Industrialization Process 241 The Cotton Industry of Northern Italy in the Late Middle Ages: 1150-1450 262 Discussions: David M. Landes, Sylvia Thrupp, Tom Kessinger 287 The Terms of Trade as a Tax on Agriculture: Hungary's Trade with Austria, 1883-1913 298 An Interpretation of American Imperialism 316 The Social Basis of English Commercial Expansion, 1550-1650 361 Discussions: Martin Bronfenbrenner, William Woodruff, Arcadius Kahan 385 Summaries of Doctoral Dissertations by: Edith M. Lang, Stephen Decanio, Lucius F. Ellsworth, Lester G. Lindley, Richard Nelson Bean, James R. Golden, E. Phillip Leveen, and Hugh Rockoff 393 Discussions: Clarence H. Danhof, Peter D. McClelland 421 428 Number 2, June ARTICLES EPHRAIM ASHEH Industrial Efficiency and Biased Technical Change in American and British Manufacturing: The Case of Textiles in the Nineteenth Century 431 STANTLEY L. Some Economic Issues Relating to Railroad Sub- ENGERMAN sidies and the Evaluation of Land Grants 443 ANNE MAYHEW A Reappraisal of the Causes of Farm Protest in the United States, 1870-1900 464 BiCBABD HOLL Interest Rates and Price Expectations During the Civil War 476 WILLIAM p. The Real-Balance Effect in the Great Depression . . 499 GRAMM ROBEHT N. American Reformers Abroad: The Kemmerer Mis- SKTOEL sions in South America, 1923-1931 520 NOTE IRVING STONE British Investment in Argentina 546 EDITOR'S NOTES 548 REVIEWS OF BOOKS 551 BOOKS RECEIVED 608 Number 3, September ARTICLES JAMES MAK AND Steamboats and the Great Productivity Surge in GAHY M. WALTON River Transportation 619 ROGER L. RANSOM Debt Peonage in the Cotton South After the Civil AND RICHARD War 641 SUTCH PAUL j . USELDING Factor Substitution and Labor Productivity Growth in American Manufacturing, 1839-1899 670 NOTES LLOYD j . MERCER Internal Funds and Automobile Industry Invest- AND w. DOUGLAS ment: An Evaluation of the Seltzer Hypothesis . . 682 MORGAN JEFFREY G. Embodiment, Disembodiment, Learning by Doing, WILLIAMSON and Returns to Scale in Nineteenth-Century Cot- ton Textiles 691 PAUL A. DAVID The Use and Abuse of Prior Information in Econo- metric History: A Rejoinder to Professor William- son on the Antebellum Cotton Textile Industry . . 706 REVIEW ARTICLE PD3TER c. The History of the Dutch Slave Trade, A Biblio- EMMER graphical Survey 728 EDITOR'S NOTES 748 REVIEWS OF BOOKS 749 BOOKS RECEIVED 781 Number 4, December ARTICLES JAMES F. SHEPHERD The Coastal Trade of the British North American AND SAMUEL H. Colonies, 1768-1772 783 WILLIAMSON ALAN L. OLMSTEAD Investment Constraints and New York City Mutual Savings Bank Financing of Antebellum Develop- ment 811 DONALD H. ADAMS, JR. The Bank of Stephen Girard, 1812-1831 841 GEORGE GARVY Banking Under the Tsars and the Soviets 869 HERBERT s. KLEIN The Portuguese Slave Trade from Angola in the Eighteenth Century 894 THOMAS WEISS The Industrial Distribution of the Urban and Rural Workforces: Estimates for the United States, 1870-1910 919 NOTE ANDHEW JONES The Rise and Fall of the Manorial System: A Critical Comment 938 REVIEWS OF BOOKS 945 BOOKS RECEIVED 1028 INDEX TO VOLUME XXXII 1034