Introduction, 255.— Foreign consumption of American and other cottons, 256.— Factors affecting foreign mill consumption: industrial production and the demand for textiles, 256; substitute fibers, 259; other factors, 261.— Factors affecting the kind of cotton consumed: development of manufacturing in new areas, 263; trade regulations, 265; substitute fibers, 267; changes in relative supplies, 267. Factors responsible for the change in relative supplies: agricultural and commercial policies of the United States, 269; prices for cotton and competing crops in foreign countries, 271; currency depreciation, 272; crop restriction and price-pegging, 272.— The situation summarized, 274

The general use of a C.P.A. certificate as a means of measurement or recognition of an accountant's ability has become so widespread, and the certificate so coveted on the part of most accountants that it would seem as if all who are interested in the profession should be aware of the requirements for the certificate in the various states. In fact, knowledge of the accounting law and of the regulations imposed by the administrative board in each state is probably the first requirement of any potential applicant. The most uniform provisions in all states relate to the candidate's citizenship, his moral character, the examination and the granting of reciprocal certificates. All states require an applicant to be citizen of the United States or to have declared his intention of becoming naturalized. All states require a candidate to be of good moral character. The applicant is usually required to furnish three or more affidavits or references to indicate this quality. The most variable requirement of all is that of professional experience. This article is of help in visualizing the most common requirements

In its study of accounting problems the United States Securities and Exchange Commission has a much broader objective than many other governmental agencies whose work requires the use of financial data and the proper application of accounting principles. The primary responsibility of the Commission under the Securities Act of 1933 and the Securities Exchange Act of 1934, in respect to the financial data required to be filed with the Commission and made available to the public in accordance with the provisions of these Acts, is to insure that such information constitutes a disclosure fully adequate for the protection of investors." Accounting research in the Securities and Exchange Commission is guided by the very practical purpose of insuring that financial statements supplied to investors shall be presented on a consistent basis and in accordance with sound accounting principles. Optional accounting treatment of business transactions may be accepted only so long as the results obtained by such methods result in clear and unambiguous financial statements. The law requires this and the rules, regulations, and opinions of the Commission have been and will continue to be dictated by the necessity for disclosure fully adequate for the protection of investors