Purpose and scope of the study; reasons for excluding Scottish data, 624. — The four composite areas, 627.— The averages used, 628.— Conclusions apparent when data are graphed, 628.— Implications of these characteristics, 634.— The significance of underassessment, 636.— Revaluation in 1929 left much to be done, 638.— Organization employed, 641.— Distribution of government grants, 642.— Revaluation in 1934 brought some improvement, 646. — Derating of industrial properties, 648.— Opposition to derating, 651.— seq="a" General conclusions concerning the significance of underassessment, 653.