I. Introductory: the Committee's work as a whole, 641. — II. Testimony of business men that a general income tax is added to prices, 643. — Refutation by economists, 645. — Statistical analysis by W. H. Coates of the Inland Revenue Department, 647. — III. Assumptions based on some special relation between cost of production and price, 651. — Absolute statement of marginal cost theory erroneous, 652. — Criticisms of Mr. Robertson examined, 657. — IV. Subsidiary arguments: (1) Relation to quantity theory of money; (2) At what rate does a progressive income tax become a part of costs? (3) Dilemma in relation to foreign trade, 662. — V. Distinction between incidence of an income tax and a commodity tax sustained, 666. — Indirect influences on price, 667.

I. The decreasing cost schedule as a schedule of uniform or average cost, 170. — Incompatible with rent, 170. — Marshall's particular expenses curve and its uses, 171. — II. Professor Knight's prediction that an increased demand increases normal price, 175. — It ignores possible economies, 177. — It overlooks reduced demand elsewhere, 178. — III. The possibility of increasing cost, 180. — Professor Sraffa's view, 181. — Professor Pigou's view, 183. — Professor H. E. Miller on consumers' surplus, 185. — IV. The maximum satisfaction doctrine, 189. — Professor Pigou's statement, 189. — Marshall's treatment, 190. — Method and assumptions in dealing with the tax and the bounty as one problem, 191. — Four cases, 193. — The general conclusion, 196.

I. Introductory, — II. The Issue and its Joinder, 308. — III. Judgment delivered, 311. — The Opinions of Lukin and Beeby, 312. — The Opinion of the Chief Judge, 314. — IV. Evidence on Australian Productivity before and after the War, 319. — V. The Judgment and the Fiscal Policy of Australia, 321. — VI. Indications of the attitude of the Court on subsequent applications, 322. — VII. Decisions on subsequent applications of 1927, 325.

Reviews the book "Credit Analysis," by W.C. Schluter.

qReviews the book "Accounting for Value As Well As Original Cost," by H.G. Baldwin.

This article focuses on an accounting paradox. If one purchases at par $2,000,000 bonds bearing 5 per cent interest he will receive $50,000 each half year as interest, and at the maturity of the bonds will be repaid his investment of $2,000,000. In this case the amount collected each six months, by cashing the coupons, is the exact amount of interest earned for that period. No adjustment need be made and the amount of cash received each half year may, with propriety and accuracy, be credited to Interest Revenue. But, if the investor buys $1,000,000 5 per cent bonds at 110 and another block of 1,000,000 5 per cent bonds at 90, the ease is different. To be sure, on the face the situation seems identical with that where $2,000,000 bonds are bought at par. In each case there is an initial outlay of $2,000,000, the same sum is collected each time coupons are cashed the repayment of principal is made at the same date in each case and in exactly the same amount. Investment, collections of coupons, and payment of the face of the bonds are identical in time and amount.

Reviews the book "Bank Loans on Statement and Character," by Mahlon D. Miller.

The relation of college training for a profession to practice of the profession is always a matter of vital concern to both practitioners and teachers. The striking of a proper balance between emphasis upon fundamental abstract principles and the introduction of students to the technique of the profession is a perennial problem. In a profession like medicine the initiate must be prepared for relatively independent work. He must be a comparatively finished product. Provision is made for the gradual assumption of responsibility on his part by the requirement of a period of apprenticeship as an intern. However, this internship does not bridge the gap between abstract researches into physiology, anatomy, bacteriology and allied medical subjects, on the one hand, and the practical problems of diagnosis and prescription on the other hand. The young doctor's training must include more technique than he would pick up in his apprenticeship as a hospital intern. There is in all professional training pressure in the direction of stressing professional technique at the expense of its underlying theoretical foundations.

The article presents information about the role of controller in a business organization. Qualifications and training of the controller may not be out of place. It seems that the primary requisite is that he shall be a business man. While he, of course, must be a skilled accountant that characteristic is secondary to the one just mentioned. Because of demands made on him in the making of records and drafting of reports which shall be usable by all operating executives, it is absolutely essential that he have a sound basic knowledge of all of the functional activities of the business. This means that he must have an understanding of the principal operating problems of the business. Without this he cannot adequately perform duties of his office. Because he is brought in such frequent contact with officials of the company, he must also be a student of men. Coming, as he does, into close relationship with all executives of the business he must know how to get along without undue friction with the men whom he is serving and whose activities it is his duty to control from an accounting standpoint, as distinct from an operating standpoint. It is thus seen that the controller must have a thorough training in business and this should give him a basic understanding of the broad movements of business, as well as a particularly intimate knowledge of the operation of his own business.