The first pre-requisite to the success of any serious, single-minded summer school or conference is to hold it in a place which offers as many distractions as possible. The morning lectures were given in the Arts Lecture Room, the benches of which were built for concentration rather than for comfort. It was in this room that each of the lecturers, after being introduced by Professor Browning, the permanent chairman at all the plenary sessions, had first to face the school. Thereafter, the school split up into its respective discussion groups and, for another hour and a half until lunch-time, pulled the particular paper under fire to pieces and then refashioned it according to the majority views of the group members. The older members of the school, as was perhaps to be expected, were generally apathetic towards such comparative innovations as the “one-sided” balance sheet, depreciation being calculated on replacement values rather than on historic cost.