uothing but general guidance for the exercise of managerial judgment. Proper accounting will indicate the price level needed to recover our actual costs of operation, but it will be the pressure of competition and our own managerial judgment that must determine t h e prices actually to be charged. Proper account ing can report the funds available for reinvestment, b u t only management can determine when and how the investment should be made. Proper accounting can give useful tools with which to interpret our operations t o our stockholders, our employees, and to the public. But it will take a method of communication that is far more humanized than the
balance sheei r.o win the public favor that we need. I n t h e last analysis, as is true in so many of today's industrial problems, public opinion is going to provide the final answer. The endorsement of the accounting profession, the tax collector, and the SEC will be essential, but their benediction will prove meaningless unless the public, too, approves. If our motives are trusted, if our ob jectives are approved, and if our sem?p of trusteeship is recognized, then WP will have the public support we need in this endeavor. But if we are suspect— if the opinion develops that this is
