ABSTRACT
Lieut.-Colonel James Grimwood, DSO, FSAA, presided, and in introducing the Lecturer referred to the important work which Mr. Fells had done during the war at the War Office, and especially on the Cost Accounting Committee, to which position he was nominated by the Surveyor-General of Supply. Mr. Roberts, the Food Controller, complaining of the increased consumption of food in the United Kingdom since the Armistice. In recent years there has been a tendency for railways to load their wagons and vans on more scientific principles, with better relation of bulk to space, than used to be the case The word "price" unfortunately is subject to the same ambiguity as the word "cost". A further factor has also to be considered in relation to establishment, marketing, and all the other expenses that really enter into costs in the ultimate sense of the term. The economists have endeavoured to divide costs in various ways, but the author think probably not very successfully.
