I. The power program of the Authority may be treated independently of other objectives. — This program represents a new development in federal power policy, 378. — II. An analysis of the provisions of the Act relating to power, 379; constitutional limitations on a federal agency in the electricity field, 383; legislative limitations on the activities of the Authority in the Tennessee Valey area, 389. — III. Objectives of the Authority's power program, 393. — Significance of these objectives for the problem of cost calculation, 396. — The problem of investment allocation, 398. — The problem of the interest rate, 407. — The determination of the price of acquired properties, 410. — IV. Conclusions, 412.

Reviews the book "Law and Labor Relations. A Study of the Industrial Disputes Investigation Act of Canada," by B.M. Selekman.

Reviews the book "Problems in Auditing," by Arthur W. Hanson.

Abstract The article discusses various issues related to the establishment of a federal tax bar in the U.S. Viewed from the narrow and introspective standpoint of the professions involved, there appear to he several avenues of utility. There is need for the better apprising taxpayers and the professions of the difference between the general practitioner and the tax practitioner. The field is also fertile for a more wholesome understanding all the way around of the separate boundaries and roles of the attorney and the accountant respectively. These functions may well be the province and product of an organization such as contemplated here. The organization may also take under its wing observations and recommendations on the rules of the game and having reached agreement from within, it could then present a coordinated viewpoint in the formulation or maintenance of correlative rules by external agencies, including the governmental departments and professional societies. Another possibility is the development of a central library for tax briefs akin to the libraries maintained in the general field by the larger bar associations, thereby affording practitioners the same advantage now enjoyed by the government staff in preliminary research for briefing on a particular tax subject.

Abstract Real estate is a simple form of capital; but the same underlying principles of valuation apply to industrial enterprises. As Professor Paton has pointed out, the physical elements of the properties and their intrinsic value are only one, and not the most important, consideration. The cost of replacement value of the properties of an enterprise may be considerable, but the enterprise as a whole possesses value only in proportion to its ability to supply human wants and thus create reasonable and continued profits. Economic factors are no less important. The position of the industry in relation to competing industries and competitive conditions within the industry itself; the possible effect of changes in local taxation or in tariffs, on the costs of raw materials and products; the organization of the industry as to price control and labor relations; any or all of these may have an important bearing on the continued profitableness of the enterprise. Some of the most far-reaching and fundamental conditions relating to an industrial enterprise in our complex modern civilization are human and social in their nature. Every successful business must have a sound reason for its existence and that reason is found ultimately in the satisfaction of human wants.