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Surveys of senior real estate executives have previously indicated that real estate represents approximately 25 per cent of corporate worth. These surveys, however, relied on self reported estimates of current real estate value. This study uses objective data to investigate the proportionate value that real estate represents on corporate balance sheets. The findings indicate that, when buildings are adjusted for inflation, real estate represents about 40 per cent of total corporate assets. Since corporate worth may also be measured in market value terms, several indexes were constructed to measure the proportion of firm market value represented by real estate assets. With buildings inflation adjusted, real estate represents about 80 per cent of firm market value. Although firm size does have an impact on all the ratios computed in this study, the impact is fairly modest in virtually all cases

Mr F. H. Pollicutt, F.R.Ae.S., A.F.A.I.A.A. and Mr M. G. Wilde, B.Sc., Dip.Ac (Hull), A.F.R.Ae.S., have been appointed Directors of British Aircraft Corporation (Operating) Ltd., Filton Division. Appointed Special Directors are Mr E. H. Burgess, M.B.E., D.F.C., Mr E. A. Hyde, Mr J. Longley, C.Eng., M.I.Prod.E. and Mr R. P. Matthews. These appointments take effect from January 1st, 1968.

Communications regarding this column should be addressed to Mrs. Cheney, Peabody Library School, Nashville, Term. 37203. Mrs. Cheney does not sell the books listed here. They are available through normal trade sources. Mrs. Cheney, being a member of the editorial board of Pierian Press, will not review Pierian Press reference books in this column. Descriptions of Pierian Press reference books will be included elsewhere in this publication.

GUEST editor of this South African issue of THE LIBRARY WORLD is Hendrik M. Robinson, Director of Library Services, Transvaal Provincial Administration, Pretoria.

ANYONE who might have looked in at one of the windows of the “pavilion” at Churchill College in Cambridge in the late evening of September 11th, 1967, would have witnessed a rather remarkable event—a group of British and Scandinavian librarians performing with great sincerity a stirring musical interpretation of “Bobby Bingo”, using a variety of instruments ranging from potato pots and wine glasses to combs and human voices.

LIBRARY ASSOCIATION CONFERENCE affairs occupy our foreground this month of course. The Llandudno meeting will, we understand, be the last to be held in the spring. Various considerations, weighty enough, have made the early meeting undesirable. Municipal and county library authority members are occupied with elections and university and college librarians are pressed with imminent examinations. September, therefore, will hereafter be conference month, which, for those who so regard conferences, makes them a welcome extension of summer holidays. It also intrudes them into the holiday season and increases their cost and the difficulty of accommodating so large an assembly in halls and hotels.

Few regret the passing of an old year, with its darkening days and cold nights, its message fading as the voice weakens. A new year always looks more attractive with hopes of better things to come, but an occasional look back over one's shoulder, as it were, is seldom completely without profit, for experience can sometimes be more potent than hope. 1968 seemed to have more than its share of uncertainties, tragedies and disasters, in this country and in the world at large. An unsure economic state, to say nothing of monetary confusion, was reflected in every field of industry and public administration, but in the field of food quality and purity control, steady progress towards a comprehensive system of food standards, of hygiene and of food additive control was maintained. In fact, the year may be seen as not an entirely unfruitful one, with one or two events which may well prove to be landmarks.

The decision of the Wolverhampton Stipendiary in the case of “Skim‐milk Cheese” is, at any rate, clearly put. It is a trial case, and, like most trial cases, the reasons for the judgment have to be based upon first principles of common‐sense, occasionally aided, but more often complicated, by already existing laws, which apply more or less to the case under discussion. The weak point in this particular case is the law which has just come into force, in which cheese is defined as the substance “usually known as cheese” by the public and any others interested in cheese. This reliance upon the popular fancy reads almost like our Government's war policy and “the man in the street,” and is a shining example of a trustful belief in the average common‐sense. Unfortunately, the general public have no direct voice in a police court, and so the “usually known as cheese” phrase is translated according to the fancy and taste of the officials and defending solicitors who may happen to be concerned with any particular case. Not having the general public to consult, the officials in this case had a war of dictionaries which would have gladdened the heart of Dr. JOHNSON; and the outcome of much travail was the following definition: cheese is “ coagulated milk or curd pressed into a solid mass.” So far so good, but immediately a second definition question cropped up—namely, What is “milk?”—and it is at this point that the mistake occurred. There is no legal definition of new milk, but it has been decided, and is accepted without dispute, that the single word “milk” means an article of well‐recognised general properties, and which has a lower limit of composition below which it ceases to be correctly described by the one word “milk,” and has to be called “skim‐milk,” “separated milk,” “ milk and water,” or other distinguishing names. The lower limits of fat and solids‐not‐fat are recognised universally by reputable public analysts, but there has been no upper limit of fat fixed. Therefore, by the very definition quoted by the stipendiary, an article made from “skim‐milk” is not cheese, for “skim‐milk” is not “milk.” The argument that Stilton cheese is not cheese because there is too much fat would not hold, for there is no legal upper limit for fat; but if it did hold, it does not matter, for it can be, and is, sold as “Stilton” cheese, without any hardship to anyone. The last suggestion made by the stipendiary would, if carried out, afford some protection to the general public against their being cheated when they buy cheese. This suggestion is that the Board of Agriculture, who by the Act of 1899 have the legal power, should determine a lower limit of fat which can be present in cheese made from milk; but, as we have repeatedly pointed out, it is by the adoption of the Control system that such questions can alone be settled to the advantage of the producer of genuine articles and to that of the public.

THE Librarian faces one of the turning times in library history. The flow of progress has not yet begun, the shortages and consequent imperious demands for food, housing and clothing stand in the way of the beginning, except on paper. How long the interregnum will last none can say. The authorities, which are a reflection in some ways of the Parliamentary party in power, are well‐disposed towards libraries; the official handbook of the Labour Party proves that; but the clamour of the needs we have mentioned deafens everybody to library needs—except in certain instances. For example, the rebuilding and enlarging of the staff at Holborn is an encouraging sign. Of more potential significance is the working out of the so‐called National Charter. It has involved many towns in the task of creating an establishment for each public department. Thus, in one library system we hear that each branch or department may claim a librarian and a deputy both on the A.P.T. scale, but all the assistants are either general or clerical. Some assistants we hear have applied to be of clerical grade as the maximum salary is greater than in the general. This we suggest is putting cash before status because it is accepted as an axiom that a clerk has only clerical qualifications and potentialities, while a general assistant may aspire, when there is a vacancy and if he have certificates, to the professional status. The grading in the particular library mentioned has rather a petrifying effect in that no assistant can get into the professional grade unless his librarian or deputy departs. Possibly this sort of thing may alter, but the fact remains for good or ill—it is not all ill by any means—that no library is able to attract men from another except to a definitely higher post.