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MARKBY, SIR WILLIAM (1829- )

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Originally appearing in Volume V17, Page 731 of the 1911 Encyclopedia Britannica.
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MARKBY, See also:SIR See also:WILLIAM (1829- ) , See also:English jurist, the See also:fourth son of the Rev. William See also:Henry Markby, See also:rector of Duxford St See also:Peter's, was See also:born at Duxford, See also:Cambridge, in 1829. He was educated at See also:Bury St See also:Edmunds and Merton See also:College, See also:Oxford, where he took his degree in 185o. In 1856 he was called to the See also:bar, and in 1865 he became See also:recorder of See also:Buckingham. In 1866 he went to See also:India as See also:judge of the High See also:Court of See also:Calcutta. This See also:post he held for twelve years, and on his retirement was appointed Reader in See also:Indian See also:Law at Oxford. In 1892 he was a member of the See also:Commission to inquire into the See also:administration of See also:justice at See also:Trinidad and See also:Tobago. Besides Lectures on Indian Law, he wrote Elements of Law considered with reference to the See also:General Principles of See also:Jurisprudence. The latter, being intended in the first See also:place for Indian students, calls See also:attention to many difficulties in the See also:definition and application of legal conceptions which are usually passed over in textbooks, and it ranks as one of the few books on the See also:philosophy of law which are both useful to beginners and profitable to teachers and thinkers. In 1897 appeared The Indian See also:Evidence See also:Act, with Notes. Sir William Markby also contributed to the law magazines, articles on Law and (2) A large dealt with. (3) An organization by which all persons interested in the commodity or See also:security can rapidly communicate with one another.

(4) Existence and frequent publication of statistical and other See also:

information as to the See also:present and probable future See also:supply of the commodity or security. The movements which take place in prices in any See also:market, whether fully organized or not, depend largely on changes of See also:opinion among buyers and sellers. The changes Movements of opinion may be caused by erroneous as well ofPrlces. as by correct information. They may also be the result of wrong inferences See also:drawn from correct information. In markets for commodities of the first importance, such as See also:wheat, See also:cotton, See also:iron, and other articles which are dealt in daily, the See also:state of opinion may vary much during a few See also:hours. The broad characteristics of markets of this class are similar. There is a tendency in all of them to show phenomena of See also:annual periodicity, due partly to the seasons, the activity of certain months being in normal years greater in the See also:case of any given market than that of other months. This tendency was always liable to be interfered with by the See also:special forces at See also:work in particular years; and the See also:great increase in the facilities of communication between dealers by See also:telegraph, and of transportation of commodities between widely distant points, which was one of the marked features of the development of the economic organism in all actively commercial countries during the last See also:thirty years of the 19th See also:century, has still further interfered with it. Nevertheless, a tendency to annual periodicity is still perceptible, especially in markets for produce of the See also:soil, the supply of which largely depends on the meteorological conditions of the areas where they are grown on a See also:scale sufficient to furnish an appreciable proportion of the See also:total produce. Periodicity of another See also:kind known as " cyclic," and due to a different set of causes, is believed to exist by many persons competent to See also:form a See also:judgment; but although the Cycles. evidence for this view is very strong, the theory expounding it is not yet in a sufficiently advanced state to admit of its being regarded as established. Phenomena of Markets.—See also:Bagehot said of the See also:money market that it is " often very dull and sometimes extremely excited." This classical description of the market for " money " applies to a large extent to all markets. Every market is at every moment tending to an See also:equilibrium between the quantity of commodities offered and that of commodities desired; supposing equilibrium to have been attained in a given market, and that for some Equtli Tendebrluncy tmo .

appreciable See also:

period it is not disturbed, the See also:price for the commodity dealt in, in the market, will remain practically unchanged during that period. Not that there will be no transactions going on, but that the amounts offered daily will be approximately equal to the amounts demanded daily. We have briefly described the statical See also:condition of a market; we must now briefly examine its See also:dynamics. Dis- turbance may take place through a See also:change in— Disturbance (r) Supply, or opinion as to future probable brium. supply. (2) Demand, or opinion as to future probable demand. (3) In both simultaneously, but such a change that demand is increased or decreased more than the supply, or See also:vice versa. A moderate disturbance caused by one of the above changes, or a See also:combination of them, will produce an immediate effect . on the price of the commodity, which again will tend to react on both the supply and the demand by altering the opinions of sellers and buyers. If no further change tending to disturb the market takes place, the market will gradually See also:settle down again to a state of equilibrium. But if the disturbance has been considerable, a relatively See also:long See also:time may elapse before the market becomes quiet; and very likely the level of price at which the new equilibrium is established will be very different from that ruling before the disturbance set in. Further scientific 731 amount of the commodities or securities to be Fact, See also:German Jurists and See also:Roman Law, Legal See also:Fictions, &c., several of which are embodied in the later See also:editions of the Elements. He was made D.C.L. of Oxford in 1879, and K.C.I.E. in 1889.

End of Article: MARKBY, SIR WILLIAM (1829- )

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