THE war distorted the pattern and volume of consumers' expenditures. Output of durable goods and services, and even of some nondurable goods, was held down by various kinds of war-imposed restrictions; and the spill-over of surplus income into nondurables only in part offset these forced reductions of consumers' expenditures from the larger totals consumers would have desired to realize at war-time levels of income. In consequence a huge volume of liquid savings has been accumulated by consumers. In times consumption is a predictable factor in the economy, determined within narrow limits by the level of disposable income and the total number in the civilian population. In the transition period now beginning, these relationships will again become effective, and this will tend after the initial period in which supplies are still restricted to raise consumers' expenditures above recent levels, even though disposable income declines and remains below its war-inflated volume. In addition, the spending of accumulated war-time savings will tend to raise consumption outlays above normal in the postwar period. The tremendous volume of savings now on hand is largely in liquid form; and the spending of even a fraction of these savings will assure a high level of postwar purchases, especially for the durable goods foregone during the war years. These savings will also tend to support the economy in the event of unemployment; the lower the level of current income, the more rapidly will savings have to be drawn upon for the maintenance of living standards. Chart i shows consumers' expenditures since I9IO and the trends for the remainder of the decade as determined by analysis of the above and other relevant factors. The projected trends conform to two over-all economic perspectives: The lower represents an outcome highly probable in the light of current pro-

I. Objectives of the study, 412. — II. Influence of economic instability upon conservation: four major effects, 415; wasteful soil depletion, 417; wasteful mineral depletion, 423; implications for public policy, 426. — III. Conservation potentialities of commodity agreements: in general, 427; historical evidence, 432; the future, 442. — IV. Contribution of conservation policy to economic stability: general requirements, 445; postwar timing, 449.

This article focuses on the classroom technique of teaching. A method of gaining the cooperation of the class was by following their lead to a certain extent in the development of the course. Any time a question was asked, even though irrelevant to the matter on hand, if that question pertained to accounting material which would normally be taken up at a later date in the course, the question was answered fully and completely at the time if the author felt the class had sufficient background to grasp the major portion of the explanation. The reason underlying this approach was to develop naturally and informally the subject matter and to make it seem less formidable and easier to understand. Then later on, in following the text, when teachers came upon the same subject the class was reminded that the reading assignment was merely a review of what had been taken up previously in class discussion. It might be mentioned that at the end of the first week, the nomenclature of all first semester terms was taken up and a brief explanation given.

This article focuses on the reducing accounting costs. Much has been said and written about the miracle of production accomplished by American industry during the war, and undoubtedly most people think of that accomplishment in terms of such items as tanks, planes, ships, etc., which were produced in unbelievable quantities. Accountants may not wish to use the word "miracle" as applying to their contribution to the war effort. The automobile industry was probably the first large industry to recognize the possibilities of breaking down the construction of a complicated piece of apparatus into simple, routine, repetitive operations and to place each operation in its proper position in the factory in relation to all the prior and the subsequent operations. To accomplish this, it was obviously necessary to visualize the source and manner of providing original raw materials and to have an exact knowledge of the finished product. In most large companies, two of the routine operations in the payroll department are, to calculate the gross earnings of the employee and to pick up gross earnings and make the necessary payroll deductions while developing both the net cash payment to the employee and sufficient deduction detail to account properly or the respective deductions.