FOREWORD 
In the preparation of its studies the National Industrial 
Conference Board avails itself of the experience and judg- 
ment of the business executives who compose its member- 
ship, and of recognized authorities in special fields, in addi- 
tion to the scientific knowledge and equipment of its Research 
Staff. The publications of the Board thus finally represent 
the result of scientific investigation and broad business ex- 
perience, and the conclusions expressed therein are those of 
the Conference Board as a body.