expand investment as one in which underlying investment opportunities are impaired. If underlying investment opportunities are defined in relation to the natural rate of growth, this situation would have to be described as one in which the incentive to exploit investment opportunities is reduced. This seems quite as reasonable a use of words, at least if this type of situation is regarded as the exception rather than the rule.

I. The state of affairs, 507. — II. The deficiency of the Complete Ordering Axiom, 508. — III. Redefinition of preference and the choice mechanism, 510. — IV. Intransitivity, 518. — V. Expected behavior under price and income changes, 525. — VI. Conclusion, 536.

I. Introduction, 156. — II. Procedure, 156. — III. Results and conclusions, ifin

Reviews the book "Medieval Trade in the Mediterranean World," by Robert S. Lopez and Irving W. Raymond.

Reviews the book "The Big Business Executive--The Factors That Made Him--1900-1950," by Mabel Newcomer.

Reviews the book "The Golden Book of Management: An Historical Record of Seventy Pioneers," edited by Lyndall Urwick.

Reviews the book "The Accounting Field," edited by Donald Cousins.

The traditional form of the charge and discharge statement based on the practices of the Surrogate's Court of the County of New York has been presented in accounting texts for over fifty years. This manner of presentation has given three generations of accounting students the impression that this form is appropriate for use by executors and administrators throughout the United States. An evaluation of the form, however, indicates that it does not meet requirements common to the majority of states. A further evaluation of the form indicates that it does not pass the tests of a good accounting report either. The disposition of any other item in the inventory would be as difficult to ascertain from a charge and discharge statement as was that of the bonds. It is also apparent that in many states this form of report would be unacceptable because it does not contain a statement of the receipts and disbursements of estate cash. Even though this form of report is deficient in these respects, it does meet or exceed the requirements of most states in that it contains listings of both beginning and ending inventories of estate assets.