I N a previous article the derivation of monthly indexes of wholesale import and export prices for the United Kingdom, I880-I9I3, was described.' The present article deals with the results obtained in the statistical analysis of (i) import prices, export prices, and the ratio of import to export prices; (2) gold exports, imports, and excess of imports over exports; and (3) the value of United Kingdom produce exported. A necessarily brief discussion of possible inferences, explanations, and conclusions relating to the interpretation of the results obtained, with some supplementary data required for proper articulation, is presented.2 The two price indexes and their relative movements receive most attention. The export value series is selected for present purposes as picturing cyclical variations in British industry and foreign trade. The gold series are not only important in themselves as central data in international trade discussions, but also illustrate technical difficulties.A The fragmentary presentation of a few statistical series cannot reflect broad theoretical interests, nor the complexity of the interrelations involved in international trade phenomena and problems. A brief statement of the writer's general theoretical position may, therefore, be in order. Adoption of the dynamic, as opposed to the static, approach to economic problems is the unifying element in this position. The difference between these two is considered that between generalization through greater abstraction or simplification, and generalization which ties in particular cases by properly allowing for what occurs or may occur in time. The explanation must keep pace with the changing alternatives in a non-homogeneous economic complex of events; a generalized theory must be broad enough to allow for shifts in time (and the economic events ordered in it) and in points of vantage (assumptions), while at the same time building into its conceptional structure derivations of particular cases. Economic movements are held to be the resultants of a complex of interrelated factors, proceeding at variable rates. Not only are innumerable combinations possible, but the system is not even closed. Consequently, owing to the complexities it attempts to comprehend, the dynamic method must often be purely empirical. In inductive investigations of the theory of international prices and trade little consideration has been given to the question of the time within which verification may be expected. The result has often been a too tenuous connection between the statistical materials examined and the deductive theory. The pure theory is concerned with a logical sequence in which the period of time is that required for the full working out of the forces assumed to be in Qperation. The qualification at any given time or factors remaining equal performs the logical function of eliminating disturbances. This logic involves considerable abstraction from economic events and is perhaps I This REVIEW, Vol. XII, pp. I39-48. 2 The writer's chief interest in the study of British international trade, i88-i9I3, is in the restatement, as the first step towards their solution, of important problems in the theory of international trade and prices; and in contributing towards the development of a suitable technique statistical technique is only part of this for the solution of these and similar problems. International trade is viewed as only an aspect of trade in general, but, because of the separation of statistical materials, offering remarkable opportunities for analysis of economic realities. For example, the mechanism or perhaps thermodynamics whereby international shifts in purchasing power resulting from changes in relative demands or costs (supplies), or from credit creations considered in their proper economic context and not in vacuo, are related to changes in relative prices and price levels, appears to have some bearing on the problems connected with the dynamic phenomena (cyclical and secular) of domestic trade, and the way in which credit expansion starting with New York banks finds national expression. And the problems of mechanism and economic effects connected with rates of new capital issues, investment, savings and production, are in essence the same as those involved in capital exports. The relative timing of new bond issues and the utilization of their proceeds is not different from the process of foreign investment in relation to the creation of an export surplus. The late Professor Allyn A. Young has called attention to the domestic gold flows, cyclical in character, between the interior and New York which are essentially like international gold flows. 3 Sources of data. Import and export price indexes and related series: calculated by writer (see this REVIEW, Vol. XII, pp. I39-48). Value of exports of United Kingdom produce, data on gold movements, and value of iron and steel products exported; Trade and Navigation Reports for the United Kingdom. Sources of other data are indicated in text.

Abstract The student who understands the purpose of a course and who sees how the course will meet his needs has gone far in preparing himself for the study of that course. It is pertinent, therefore, to ask what benefits may be expected from a study of accounting which will justify the necessary expenditure of time. If it be true that the purpose of education is to fit one for living, how does the study of accounting aid in the realization of this aim? Whether one wishes it or not, most students are compelled to spend a large portion of the available time in providing for the necessities of life. The vocational value of bookkeeping and accounting is accepted without question a it is recognized everywhere that efficiency in the use of such knowledge is of direct value to employers. Accounting, however, does more than equip one to hold a mere routine job. Simple record making often leads to more important positions for those who can see beyond boundaries of their first job and who can make use of their experience and opportunities. Accounting provides the background for advancement as it enables one to see how his work fits into the work of other departments. It is not necessary to be a bookkeeper or a public accountant in order to make use of training in accountancy. The subject furnishes one method of learning about the industrial organization of present society.

Reviews the book "Economic Rhythm: A Theory of Business Cycles," by Ernst Wagemann.

Abstract There is one major problem confronting the accounting profession that will occupy the attention of the administration of the Association of University Instructors in Accounting in the year 1931. Avenues of entry into the practice of accounting are not clearly defined. It is extremely difficult for a young man who shows some aptitude in this field to determine upon the proper method of preparation to secure admission to the profession. Up to the present time the professional societies have not set forth the qualifications of an accountant or the proper training methods. It seems to the author that the time has come for practitioners and teachers of accounting to attack this problem with a view to establishing a relationship that compares with other professions such as law, medicine and engineering. The present situation perhaps is to be expected in a young and growing profession. Accounting has passed the stage of infancy now and it seems that it should be ready to accept implications involved in being recognized as a profession. There are still some who look upon accounting as a trade or business but most practitioners prefer to be known as professional men and to have their occupation recognized by the public as a profession.

Abstract The article discusses economic theory in relation to accounting valuations. All items which are included under the term assets may be very roughly divided, for the purpose in hand, into two groups, more or less accurately designated as follows, repositories for funds and summations of costs. In the first may be placed cash in its various forms, account, notes, bonds and other claims for money and securities or rights readily realizable in money if not representing sums to be collected at specified times. In the second group are organization and development charges, land and wasting assets, structures and equipment of all types, long and short-term prepayments and various classes of inventories. As in most classifications there are many doubtful cases, one division shades into the other. Finished goods produced under contract, for example, are from the standpoint of both economic and legal character very closely allied to ordinary receivables. As a rule the valuation of items in the first group is a relatively simple matter, depending primarily upon legal conditions, simple arithmetical calculations and judgments as to good faith and responsibility of debtors. Further, in this group of cases there is ordinarily little to be gained by attempting to apply interpretations and reasoning of economics.

Abstract The problem of labor turnover remains unsolved. This problem is not a new one, but over the year. has taken on varied aspects and has attained a significance which now calls for universal serious attention. The scope of the problem places it beyond the limits of comprehensive treatment in a single paper or by one individual. Of world-wide, international application, it knows no political boundaries, nor territorial prohibitions. Labor turnover is not only an industrial problem, it is a vast social problem. With some what cyclical regularity, it assumes the nature of an epidemic, under the diagnosed name of unemployment. For a single company, labor turnover has not been considered as fatal, but the effects upon business of the malady in virulent form and epidemic proportions, are paralysis or death. In 1921, consequences were serious enough to warrant coordinated and determined effort. Instead of that, only here and there was any constructive work done. No real lesson was learned. In 1929 and 1980, business suffered losses which justify the expenditure of a large sum to prevent the recurrence of such a situation or at least to insure distinct progress in that direction.

Reviews the book "Credits and Collections in Theory and Practice," by Theodore Beckman.

Reviews the book "Stock Speculation and Business," by George L. Hoxie.

Reviews the book "Funds and Their Uses," edited by Henry B. Hall.

Reviews the book "Economic and Social Problems of the Machine Age," by Arthur Bruce Anthony.