T HIS article is based on a milk supply adjustment study. A primary objective was to test the use of linear programming techniques on the problems of farmers: how useful it would be for telling farmers what production adjustments would pay in response to changes in technical and economic conditions. The empirical results illustrate particular extensions in the application of programming techniques, but, more important, the results are of interest from two viewpoints: first, they indicate profitable lines of change in production when facing a range of changes in conditions of factor supply, prices of labor, prices of milk, and technical possibilities. Second, they offer reasonable explanations of changes taking place in important sectors in the southern states. The data were drawn largely from dairy farms in the Piedmont areas of North Carolina, but the empirical results should also apply in general to the much larger Piedmont region of the South and, to a somewhat lesser extent, to the larger areas in which cotton and tobacco are major crops. Production of milk for fluid use increased rapidly on these farms in the North Carolina Piedmont areas between I949 and I954. Expansion of dairying was accompanied by certain changes: enlargement of smaller farms by the renting of additional land, an increase in production of pasture and hay, shifts from lower-producing breeds to the Holstein breed, elimination of cotton or tobacco on many of the dairy farms, reduction in labor supply, and an increase in use of tractors. Assumptions

THIS paper reports the results of a statistical study of the elasticity of foreign demand for Canadian exports. It sprang from the desire to obtain some criterion of the effect on export receipts of altering the exchange value of the Canadian dollar. Attention was centered on merchandise exports since, aside from Chang's attempts to measure the elasticity of the world demand for Canada's exports,' very little work seems to have been done on the export side. The Department of Trade and Commerce has made estimates of the Canadian import elasticities but it regularly treats exports as an exogenous factor in its models of the Canadian economy. This study was conducted intermittently during the last six years. During this time many different approaches to the subject were made.2 The results of what seem to be the most fruitful approach attempted so far are presented here, with only occasional references to previous attempts. This last approach is based primarily upon the statistical work of Schultz, Stone, and Horner, and the contributions to the pure theory of demand of Knight and Friedman. An attempt has been made to fashion the statistical approach so that the concepts we attempt to measure coincide as closely as practicable to the theoretically ideal ones. The first section of the paper deals with some fundamental general considerations which influenced the decision as to what statistical techniques to adopt. Sections II and III summarize the statistical findings and the last takes up some qualifications.

Reviews the book "Encyclopedia of Accounting Systems," edited by Robert I. Williams and Lillian Doris.

Abstract The author of this article examines the source and supply of teachers. He emphasizes on the publicization of teaching as a career recommending that every staff member of a school of business administration should advertise the advantages of the teaching profession. The second point he highlights is making the profession more attractive by increasing salary scales, recognition of good teaching and productivity, and encouragement of ways to promote greater efficiency. Thirdly he emphasizes on the encouragement of graduate work leading to teaching careers which include financial assistance for students, procurement of master's degree, realistic doctoral programs for potential teachers. Fourthly, he recommends the encouragement of experienced public accountants to assume teaching duties. He also recommends the encouragement of ex-teachers to assume full or part-time teaching responsibilities, tapping non-accountant sources which are related discipline for teaching assistance and using retired qualified talents. He finally proposes the re-examination of the demand for teachers by noting several points.

Abstract The article talks about electronic data processing and the accounting faculty. Electronic data processing is the meaningful manipulation of data by the use of any electronic device capable of automatically following a series of sequences according to a predetermined program. In the past few years since the Second World War, the number and to some extent the variety of electronic devices capable of manipulating data has increased remarkably. Until quite recently, the predominant use of these devices was overwhelmingly in the area of engineering calculation and in scientific and related research studies. These machines have unusual capacities for dealing with relatively unlimited volumes of business data in remarkably short time periods--basic operation times of the machines are measured in milliseconds. The economic community will reasonably look to the colleges and universities to take some appropriate part in these developments. More particularly, the business community, it is to be hoped, will look to the schools of business administration to undertake foresighted steps to provide education and guidance through research directed toward the early achievement of the even now cloudily seen possibilities in this developing area. Some faculty development in EDP clearly should come before there is serious consideration of acquiring machines, an expensive project which probably would not run too much less than $100,000 a year under good conditions.

Abstract The accountant most certainly needs some knowledge of tax planning regardless of the area of his specialization. Most business executives are aware that there are opportunities to save on taxes. The nature of these opportunities is not nearly so well known. Consequently, they are frequently overlooked and unnecessary tax obligations are incurred. It is important that tax saving opportunities be recognized when they arise. While it is sometimes possible to take advantage of opportunities which were overlooked on an earlier date, the usual result of tardy recognition is a lost opportunity. Taxes cannot be neglected because it is net income after taxes that is important. In view of the importance of tax planning in the management of business, it seems desirable that instruction in the subject be made available to all students of business administration. The interests and needs of different classes of students vary widely and must be considered in determining the extent and timing of their work in tax planning. Organization of a separate course in tax planning has a number of disadvantages.

Abstract Believing that financial statements could not serve managerial, tax and regulatory purposes well unless they were adjusted for price changes, accountants have, particularly during the last quarter century, been anxious to employ replacement cost in the calculation of income. On the other hand, they have been reluctant to depart from the original monetary outlay for assets, that is, from cost incurred. The compromise has been to present replacement cost so that it appeared to adhere to cost incurred. The last-in first-out, or LIFO, method of inventory pricing is a good example. The LIFO implies a departure from cost incurred in favor of replacement cost or current cost. Nevertheless, the departure has been accomplished in such a manner that students of inventory accounting are apparently convinced that no departure from cost incurred is involved. The contrast between the conventional first-in first-out, or FIFO, calculation of cost of sales and the LIFO calculation has been discussed in this article with an example.