ROYAL ECONOMIC SOCIETY COUNCIL AND OFFICERS FOR 1948-49 President. Professor D. H. ROBERTSON, C.M.G., F.B.A. Vice=presidents. Lord BEVERIDGE, K.C.B., D.Sc., F.B.A. Professor R. G. HAWTREY, C.B., F.B.A. Professor A. L. BOWLEY, Sc.D., C.B.E., F.B.A. Professor D. H. MACGREGOR, M.C., LL.D. Lord BRAND, C.M.G. Professor A. C. PIGOU. Sir ALEXANDER CARR-SAUNDERS, LL.D., Litt.D., F.B.A. Council. Professor G. C. ALLEN. Professor Sir HUBERT HENDERSON. Professor R. G. D. ALLEN, O.B.E. Mr. J. R. HICKS, F.B.A. Professor T. S. ASHTON. Mr. O. R. HOBSON. Professor E. H. PHELPS BROWN, M.B.E. Professor J. JEWKES, C.B.E. Sir SYDNEY CAINE, K.C.M.G. Professor J. H. JONES. Sir HENRY CLAY. Mr. R.F. KAHN, C.B.E. Professor G. D. H. COLE. Professor J. E. MEADE, C.B. Mr. G. CROWTHER. Sir FREDERICK OGILVIE. Mr. C. R. FAY. Professor Sir ARNOLD PLANT. Professor P. SARGANT FLORENCE. Mr. AUSTIN ROBINSON, C.M.G., O.B.E. Professor Sir ALEXANDER GRAY, C.B.E. Mrs. JOAN ROBINSON. Mr. C. W. GUILLEBAUD, C.B.E. Sir ARTHUR SALTER, P.C., G.B.E., K.C.B. Mr. R. L. HALL. Mr. J.R.N. STONE, C.B.E. Mr. R. F. HARROD, F.B.A. Professor R. H. TAWNEY, F.B.A. Professor F. A. HAYEK, F.B.A. Professor P. B. WHALE. thon. Treasurer. Mr. H. C. B. MYNORS. thon. Secretaries. Dr. L. L. PRICE, LL.D. Professor L. ROBBINS, C.B., F.B.A. Editors. Mr. R. F. HARROD, F.B.A. Mr. AUSTIN ROBINSON, C.M.G., O.B.E. Secretary. Mr. AUSTIN ROBINSON, C.M.G., O.B.E. Assistant Secretary. Mr. S. J. BUTTRESS. Printed in Great Britain by Richard Clay and Company, Ltd., Bungay, Suffolk.