The problem and its relation to the supply and demand control of rates of exchange involving future goods, — I. Comparative values of futures and spots in relation to available supplies from crops, 368. — A future trade is an exchange of future money for a future commodity, and does not involve present goods, 370. — II. Indications of a downward bias in grain and cotton futures call for explanation, 372. — III. Bohm-Bawerk's theory of a discount on the future is quite another matter, 375. — IV. But a difference in the relative valuation of money and any specific commodity may be expected according to whether the comparison pertains to the present or to the future, 377. — This situation as expressed in terms of mathematical inequalities, 379. — V. Commercial experience and observation of the comparative value of “immediates,” 379. — The downward bias costly to hedge sellers, 383. — VI. Conclusion, — The present article calls attention to a neglected condition, and perhaps suggests a needed addition to theory, 385.

Abstract It was in the main due to an accident that the efficiency idea was taken over by the engineering fraternity. The accountants, had they interested themselves in that direction, would have made better efficiency experts than the engineers, for they are by education and training better fitted for efficiency work. In the first place the accountant has a better grasp of business and economics subjects because of his education than has the engineer. Second, the accountant, coming constantly into contact with business men, has a better understanding of human relationships. He can deal better with people, whereas the nature of the engineer's work enables the latter to deal best with machinery and construction problems. An excellent judge of problems connected with bridges, roads, etc., he is more or less at a loss when confronted with problems involving human relationships. The efficiency engineer has tried to handle the workman as though he were a machine. The accountant on the other hand, accustomed as he has to deal tactfully with people, would never have antagonized labor against the whole efficiency movement as has the engineer.

Abstract The article focuses on the proceedings of the twelfth annual convention of the American Association of University Instructors in Accounting, held at Washington D.C., between December 28 and 29, 1927. After some introductory remarks by the organizers, papers were read by W. W. Nissley of the American Institute of Accountants, John R. Wildman of the company Haskins and Sells, David Himmelblau of Northwestern University, Evanston, Illinois, William A. Paton of the University of Michigan, Ann Arbor, Michigan, and J. L. Dohr of Greene and Hurd and of Columbia University, New York, New York. The second program meeting was given over to a discussion of various features of the federal income tax law. Johns Hopkins University's, Baltimore, Maryland, professor presided at the session and opened it with a brief statement introducing the speakers of the afternoon, all of whom were representatives of the Bureau of Internal Revenue. The third program session consisted of a joint meeting with the American Association of Collegiate Schools of Business. The general topic for discussion was "The Place of Accounting in Commerce Curriculum."