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Mario Tiberi. The Accounts of the British Empire: Capital Flows from 1799 to 1914. Aldershot, U.K.: Ashgate, 2005. ix + 183 pp. ISBN 0 7546 3916 9, $99.95 (cloth)

the problem cooperatives face is governance. Members must be both owners and consumers of the firm. If members use their ownership power to set prices too low—benefiting themselves as consumers— they can undermine the cooperative’s financial stability. While theoretically clear, in practice the troubles PSIS faced in the 1970s were from managers and directors taking the company into unfamiliar business operations without adequate internal controls to monitor the profitability of operations. Publicly traded and privately owned firms that expand rapidly can, and do, encounter these problems. It was only in 1979 when PSIS was clearly in trouble that its unusual corporate structure—born of union-member ownership—caused additional problems as a struggle for control of the business occurred when the firm was attempting to trade back to profitability. Perhaps, due to the subtle demands of satisfying the commissioning company, Boyce’s analysis emphasizes the unique features of cooperative business when points of similarity with other business forms might have been more illuminating. It is also worth noting that the organization of operations was not co-operative. Like the vast majority of modern firms, the work was organized hierarchically. Staff at each branch reported to branch managers, who likewise reported to divisional managers whose responsibilities were based variously on product or geographic divisions. Readers familiar with New Zealand’s economic history over this period will see much of it mirrored in PSIS’ history, and Boyce notes some of the important economic events. Those less familiar with New Zealand’s history may see PSIS’ history as more unique than it was. Overall, these are minor faults inherent to the challenge faced by all authors commissioned to write a company’s history.