12 MARCH 1904, Page 25

the general public. The second, we may safely say, is

the more satisfactory reading, because it deals with enterprises which, whatever their merits of management and success, are straight- forward and commendable. The Stock Exchange is a very com- plex affair indeed ; how complex may be seen from Mr. Duguid's. lucid pages. One of the most interesting chapters is that which deals with the Report made by the Royal Commission, now more than a quarter of a century ago.