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Originally appearing in Volume V17, Page 731 of the 1911 Encyclopedia Britannica.
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SIR WILLIAM MARKBY (1829- ), English jurist, the fourth son of the Rev. William Henry Markby, rector of Duxford St Peter's, was born at Duxford, Cambridge, in 1829. He was educated at Bury St Edmunds and Merton College, Oxford, where he took his degree in 185o. In 1856 he was called to the bar, and in 1865 he became recorder of Buckingham. In 1866 he went to India as judge of the High Court of Calcutta. This post he held for twelve years, and on his retirement was appointed Reader in Indian Law at Oxford. In 1892 he was a member of the Commission to inquire into the administration of justice at Trinidad and Tobago. Besides Lectures on Indian Law, he wrote Elements of Law considered with reference to the General Principles of Jurisprudence. The latter, being intended in the first place for Indian students, calls attention to many difficulties in the definition and application of legal conceptions which are usually passed over in textbooks, and it ranks as one of the few books on the philosophy of law which are both useful to beginners and profitable to teachers and thinkers. In 1897 appeared The Indian Evidence 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 security can rapidly communicate with one another. (4) Existence and frequent publication of statistical and other information as to the present and probable future supply of the commodity or security. The movements which take place in prices in any market, whether fully organized or not, depend largely on changes of 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 drawn from correct information. In markets for commodities of the first importance, such as wheat, cotton, iron, and other articles which are dealt in daily, the state of opinion may vary much during a few hours. The broad characteristics of markets of this class are similar. There is a tendency in all of them to show phenomena of annual periodicity, due partly to the seasons, the activity of certain months being in normal years greater in the case of any given market than that of other months. This tendency was always liable to be interfered with by the special forces at work in particular years; and the great increase in the facilities of communication between dealers by 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 thirty years of the 19th century, has still further interfered with it. Nevertheless, a tendency to annual periodicity is still perceptible, especially in markets for produce of the soil, the supply of which largely depends on the meteorological conditions of the areas where they are grown on a scale sufficient to furnish an appreciable proportion of the total produce. Periodicity of another kind known as " cyclic," and due to a different set of causes, is believed to exist by many persons competent to form a 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.—Bagehot said of the 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 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 period it is not disturbed, the 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 condition of a market; we must now briefly examine its dynamics. Dis- turbance may take place through a 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 vice versa. A moderate disturbance caused by one of the above changes, or a 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 settle down again to a state of equilibrium. But if the disturbance has been considerable, a relatively long 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, German Jurists and Roman Law, Legal Fictions, &c., several of which are embodied in the later editions of the Elements. He was made D.C.L. of Oxford in 1879, and K.C.I.E. in 1889.
End of Article: SIR WILLIAM MARKBY (1829- )
MARKET (Lat. mercatus, trade or place of trade)

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