I. The Australian Tariff Committee's report and free trade theory, 289. — The expansion of primary production, 290. — The tariff and the growth of population in Australia, 293. — II. Marshall's doctrine of increasing and decreasing returns, 295. — The tariff and land values, 296. — The tariff as a method of reducing the severity of decreasing returns, 297. — III. Patten's case for protection, 299. — The conditions necessary for its application, 302. — IV. The limits of economic protection, 305. — V. The expediency of the tariff as a method of subsidizing industry, 306.

Reviews the book "Raw Materials of Industrialism," by Hugh B. Killough and Luch W. Killough.

The accountant who looks upon accounting as a relatively finished system of technique and a relatively complete body of theory has his face turned to the past rather than to the future. He is as far out of touch with the actual situation in which we live as the economic theorist who makes the economic man the cornerstone of a supposedly universal system. As business administration becomes more professional and scientific, the relationship which has in the past prevailed between management and accounts places a two-fold burden upon accounting. It is expected to continue its function as a tool of control and at the same time it is called upon to furnish management both the facts and the principles upon which scientific administration must rest. In meeting the latter requirement it becomes essentially a scientific methodology. As such its rôle is to afford a basis for the coördination of business administration with the current scheme of economic and social organization. This discussion has dealt with potentialities of accounting development rather than with so-called actualities. It has been argued that accounts must be readjusted to a new viewpoint of management and that in order to effect such a readjustment fundamental changes of technique and rules of procedure are necessary. It has been suggested that the result desired may be obtained by a decentralization of accounting problems and a thorough functionalization of the accounting system. With our present knowledge of social phenomena, one would be rash indeed to insist that particular developments like those here suggested, must take place. There are some things, however, upon which we can depend with definite assurance. Accounting, like all other institutionalized practices, must adjust itself to a changing environment if it is to survive.

The article presents comments by scholar E.W. McCul on the survey on "Cost Accounting for Distribution by the Manufacturer," conducted by the Department of the Chamber of Commerce of the U.S. in the fall of 1929. The margin between the sales price and the cost of manufacture has frequently been the subject of criticism. This criticism arises from the assumption that costs in the marketing operations are too high. Those who undertake to analyze this statement are immediately confronted with the necessity for defining the phrase too high. How can it be known definitely that a cost is too high, unless there be a basis of cost that is not too high, in short, a basis that may be accepted as standard? A second question naturally follows. How can such a standard be set up, unless there be definite specifications on which it is predicated? The technique of cost accounting for distribution seems not to have reached that state of development that cost accounting for manufacture has reached. For this reason, possibly, knowledge of distribution costs is not as adequate as knowledge of costs of manufacture.

Early history of the industry in Europe, 589.— Growth in the United States since 1911; the American Viscose Company the leading producer, 590. — The technical processes, 592. — Steady improvement of rayon quality, 593.—Protection and its proximate results, 597.—Failures and successes, 600.— Advance in comparative effectiveness, 603.— Costs abroad and at home, 604.—Extraordinary profits, 608.—Domestic and foreign prices, 610.—Duopoly; international ramifications and combinations, 614.— Summary on tariff effects, 617.— The future, 619.