Introduction: early opposition, 597. — Impediments to Negro employment: employer attitudes, 600; union attitudes, 605. — Methods of introducing Negro labor: Lockheed-Vega, 608; North American, 610; Wright Aeronautical, 611. — Labor utilization: over-all increase in Negro workers, 613; particular labor markets, 615. — The rôle of labor unions, 621. — Conclusion, 623.

Public hostility towards “excessive payments” ' to corporation executives, 170. — Reasons for this hostility, 171. — Sources of information, 171. — Definition of terms, 172. — Nature of the data available, 172. — Dollar payments by large companies, 173. — Distribution of aggregate payments, 175. — Relation to sales and earnings, 177. — Relation to functions, 177. — Payments by smaller companies, 179. — Relation to sales and earnings, 181. — Relation to functions, 181. — Summary of conclusions, 182.

It has been suggested by several authors' that money be issued against surrender of certain goods and that the issuing agency (we shall call it or simply mint) release these goods against surrender of such money. This money could consist of special certificates, which could circulate in parallel to national currencies without having a fixed exchange rate to them. This would allow experimentation on small scale, without interfering with existing monetary circulation and confining the risk to those who freely consent to accept and use the commodity certificates. It is believed that such commodity certificates could prevent depression and unemployment because if an entrepreneur could pay wages and other expenses with them, then he could continue production even if sale to actual consumers is not warranted: unsold products could be surrendered to the commodity mint. The success of any such scheme depends on the following three factors: 1. An adequate selection of the types of commodities eligible for coinage. These should be durable goods least subject to deterioration and obsolescence. Extension could be made to services such as electric power, etc. It is outside the scope of this paper to make suggestions in this respect. 2. An efficient and inexpensive way to store the commodities. It is believed that the most efficient way would be to leave the commodities against which certificates are being issued (we will call the aggregate of these commodities stock) on the premises of responsible producers, under earmark, the lien on them being released as they are repurchased by him for sale on the free market.2 Such a producer would engage himself to act as an agent of the mint and to surrender such coined goods at coinage prices to holders of commodity certificates. To ensure this, the mint could retain a certain part, say 20 per cent, of the coinage price. When goods were sold, the producer would repay to the mint the part of the coinage price that he had obtained and the balance would remain his. He would be free to sell below coinage price whenever

TWO surveys of the operating expenses of Canadian manufacturers have been made in the last twenty-five years. The fLrst covers all establishments reporting to the Dominion Bureau of Statistics for the Census of Manufactures in each of the five years I9I 7 to 192 I; the second, undertaken for the Royal Commission on Dominion-Provincial Relations in I938, covers in greater detail a limited but fairly representative group of manufacturers for each of the years I929, I933, and I936. The present paper describes the origin, methods, and results of the second or I938 survey, and provides a summary of the I9I7-2I study. In addition, it attempts to arrange the results of both surveys in comparable form.' Because of the difficulty of securing reliable figures by the method employed in the I938 survey, special attention is given to the representativeness of the results. Certain details of importance for the text will be found in appendices. Among the tables presented, Table 9 is of most general interest, while certain applications of the results will be found in Tables io and i i.

Abstract The extensive plans of the American Institute of Accountants for organized research are a highly promising feature of near-future developments in accountancy. And suggestions made at meetings of the American Accounting Association regarding a statement of cost accounting principles and an analysis of the curriculum problems involved in accounting education point in the same direction. Another suggestion has recently appeared which could be made a basis for enlarging the extent of accounting research activities and coordinating the projects in that field. It comes from Gay Carroll, controller of the Humble Oil and Refining Co., and was made in the course of an address on December 19, 1944, before the Houston Control of the Comptroller's Institute. Accounting principles and technical standards are of such broad significance that their usefulness extends beyond any single organization. Therefore their formulation in words, or when necessary, their later restatement, should be of interest to all organizations in contact with accounting.

Abstract The fallacy of the argument in favor of a rate base measured not by original cost but by subsequent purchase price should be apparent to anyone who understands the basic philosophy of the "prudent investment" standard. Under this standard, consumers of public utility service compensate investors for building the plants, not just for buying them from other persons who have already built them and who have already devoted them to the public service. Once these utility properties have been built and have been put into public service, investors who buy them later from their original owners are simply taking over these former owners' claims to a return on the capital devoted to the public service. The very nature of rate regulation precludes the adoption of the transfer price of a utility property, presented under the guise of actual cost to the present accounting company, as a proper measure of the rate base. This is so because public utility properties are necessarily bought and sold at prices reflecting the expectations of the buyers and sellers as to what the properties can be made to earn in the future.

Abstract Colleges and universities are attempting to serve the public by providing the type of education necessary to supply well-trained citizens who will fill a proper place in the society. In their accounting work, it is their desire to carry on a program, which will serve the profession. The author is surprised and perplexed at the antagonistic tone of occasional articles by both practitioners and educators. Mutual understanding is desirable. The profession looks to the educational institutions for the stock from which most of the future professional accountants will come. The educational institutions are training people for accounting careers and look to the public accountants for employment for many of their graduates. Thus the practitioner and the educator have mutual interests. Close cooperation should be beneficial to both. In the postwar period no one should lose sight of the fact that educational institutions want to serve the profession in providing adequate preparation for an accounting career; teachers are anxious to work with men in the profession in solving mutual problems which will arise; and men of experience.

Abstract How can accounting teachers, individually and through the activities of the American Accounting Association, cooperate most effectively in turning the attention of promising students toward the possibilities existing in an accounting career? The columns of the periodical "The Accounting Review" are open to those who have ideas to contribute and questions to raise. The usefulness to an individual of knowing something of his aptitudes for accounting work is easily appreciated. But the teacher faces certain problems in that connection. It will be particularly difficult to advise those students who are highly capable, since they probably can succeed in any one of a number of occupations. In all fields the most capable newcomers are the most desired. Therefore each teacher may be expected to favor his own field of specialization. Is there any danger that teachers may fall into competitive counseling? Will it be necessary to develop a wide series of aptitude tests pointed toward the various careers visualized in the program of a college of commerce? May it not be that counseling directed toward superior students will result in ignoring the slower students? The advantages of education should not be reserved for an intellectual aristocracy; possibly the best students need the least advice.

Abstract Public accountants have had a growing conviction for some time that the Certified Public Accountant laws are in need of carefully considered modernization. Now, after extended consideration in committee, the American Institute of Accountants has published a form of bill that state societies will find useful in planning new legislation. If public accounting is to be widely and effectively recognized as a real profession, it has need of statutory recognition of just such aspects as restriction, discipline, education. This will not imply that legislation can create a profession out of an occupation. A profession creates itself. Technical competence comes from study and experience only. The need of the public for technical services arises more from the Complexities of business than out of legislation. And the most effective discipline is self-imposed. Public accountants have created high standards of discipline and have educated themselves to high professional competence. Public accounting in the U.S. has developed until it has come to serve an important public function.

Abstract Reviews the book "Andrea Barbarigo, Merchant of Venice, 1418-1449," by Frederic C. Lane.