In the case of financial reports it is always the latest year which is of chief interest, and for this reason the arrangement of Fig. 50 seems permissible in order that the figures and the account names may be side by side. The problem in Fig. 49 is so entirely different from that in Fig. 50, that the method of Fig. 50 cannot be held as a precedent to justify the reversed arrangement of dates shown at the left of Fig. 49. The fact that one needs an umbrella on a rainy day is not sufficient reason for carrying an umbrella at all times.

* • •

UNION BAG AND PAPER COMPANY-- Reports for the year ended Jan. 31 :

1913. 1912. 1911. 1910.

Net earnings $554,251 $1,017,835 $1,038,112 $1,055,400

Depr. and ext. fd. 122,585 122,205 120,987 149,925

Balance 431,000 895,570 917,125 905,470

Skg. fd. & bd. red. 134,925 114,095 110,745 107!o05

Balance 296,741 781,475 806,380 797,870

Interest 253,748 202,480 197,135 204,611

Balance for divs.. 42,993 578,995 009,245 593,259

Preferred dividend .330,<X)0 440,0iX) 440,000 440,000

Deficit 287,0'}7 •138,995 •109,245 *153,259

Prev. surp 1,921,788 2,020,471 1,851,226 1. 097,968

Bond disc. & exp. 70,945 237,677

Profit and loss sur.l, 563,836 1,921,788 2,020,471 1,851,220

* • •

New York Times Annalist

Fig. 50. Brief Financial Statement Regarding the

Union Bag and Paper Company '

In condensed statements of this sort there seems to be good reason for placing next to the headings at the left the column of figures for the latest fiscal year, since this information is of most vital interest to the reader. Columns for other years are then printed to the right for comparative purposes. The earliest year is shown at the extreme right