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

Abstract An efficient intracompany pricing system should establish a price that: 1. Fosters a healthy interdepartmental competitive spirit. 2. Provides an adequate profit yard-stick for the measurement of departmental management. 3. Provides figures to top management for use in policy decisions to make or to subcontract. 4. In some cases minimizes federal income taxes. The four methods available are: (a) Price established by top management. (b) Cost, cost plus fixed percentage, and standard cost methods. (c) The retail price offered to the producing division's other customers. (d) Interdepartmental bargained price method. Ideally the standard cost method would appear to afford the best answer to the four basic requirements. Certainly a company already using standard costs would find little in the other available methods to warrant their use. In the absence of an adequate standard cost system, the bar-gained price method has much to recommend it particularly if a list price with class discounts is used to offset long and tedious negotiations.

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

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

Abstract This article focuses on accounting for guaranteed wage plans. Most of the wage leveling plans are basically employee withholding plans whereby some of the earnings of the employee are withheld and are paid to him later when his earnings are low. The obvious disadvantage of this plan lies in the employee's reluctance to having part of his earnings withheld. The majority of wage leveling plans have therefore created little employee enthusiasm, for they are little more than savings plans, supervised by the company. A major difference between the leveling and the minimum-guarantee type of plan is the number of employees that are covered. Where the wage process is primarily one of leveling wages, there is no excessive cost to the employer for time not worked. One of the most complex accounting problems arising out of recent developments in guaranteed wage payments is concerned with the special exemptions allowed for the payment of overtime premiums under the Fair Labor Standards Act. The record-keeping process is further complicated if the company is to take advantage of the overtime premium relief provisions of the Fair Labor Standards Act.

Abstract 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.