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The concept of a company's cost of capital is used in capital budgeting as a potential basic discount rate to be applied to expected future cash flows from a proposed investment project being subjected to evaluation for acceptance or rejection. Discounted‐cash‐flow capital budgeting techniques derive from valuation theory that determines present value of expected future cash flows by discounting them down to the present at a discount rate appropriate to the degree of risk involved. Conceptually, this is true with regard to both domestic investment and foreign direct investment. However, there is recognition in the literature that capital budgeting for foreign direct investment decisions may involve complexities not present in the domestic case. These include economic, financial, and political factors, and related risks, e.g., foreign exchange risk, blocked currencies, expropriation. On the other hand, foreign direct investment is thought to provide diversification benefits, so that risks that are not domestically diversifiable are internationally diversifiable, thereby eliminating some otherwise systematic risk. Complexities such as these place a considerable burden upon the concept of cost of capital as a discount rate appropriately reflective of the degree of risk involved in a foreign direct investment project. Furthermore, cost of capital may be affected by environmental factors associated with what country the parent corporation calls “home” (Stonehill and Dullum).

A quarter of a century has passed since Stonehill and Nathanson (1968) surveyed multinational companies to determine their foreign capital budgeting practices. Since then, research has not only refined its theoretical base on this subject but also expanded the knowledge of actual practices by multinational companies. This article summarizes the findings of major multinational capital budgeting studies for the last 25 years to ascertain whether companies followed theoretically prescribed approaches. Then, it suggests further research to advance the knowledge on this subject.

THE topics of the Library Association Conference and the election of the Council of the Association naturally absorb a great deal of attention this month. To deal with the second first: there were few novelties in the nominations, and most of the suggested new Councillors are good people; so that a fairly good Council should result. The unique thing, as we imagine, about the Library Association is the number of vice‐presidents, all of whom have Council privileges. These are not elected by the members but by the Council, and by the retiring Council; they occupy a position analagous to aldermen in town councils, and are not amenable to the choice or desires of the members at large. There are enough of them, too, if they care to be active, to dominate the Council. Fortunately, good men are usually elected, but recently there has been a tendency to elect comparatively young men to what are virtually perpetual seats on the Council, simply, if one may judge from the names, because these men occupy certain library positions. It, therefore; is all the more necessary that the electors see that men who really represent the profession get the seats that remain.

Communications regarding this column should be addressed to Mrs. Cheney, Peabody Library School, Nashville, Term. 37203. Mrs. Cheney does not sell the books listed here. They are available through normal trade sources. Mrs. Cheney, being a member of the editorial board of Pierian Press, will not review Pierian Press reference books in this column. Descriptions of Pierian Press reference books will be included elsewhere in this publication.

Film provides an alternative medium for assessing our interpretations of cultural icons. This selective list looks at the film and video sources for information on and interpretations of the life of Woody Guthrie.

Aarhus Kommunes Biblioteker (Teknisk Bibliotek), Ingerslevs Plads 7, Aarhus, Denmark. Representative: V. NEDERGAARD PEDERSEN (Librarian).

I HAVE TRIED TO SHOW on a previous occasion (L.A.R. August, 1956) that successful book provision results from the integration of three factors which govern individual reader transactions, namely, readers, books and accessibility.

THIS number will appear at the beginning of the Leeds Conference. Although there is no evidence that the attendance will surpass the record attendance registered at the Birmingham Conference, there is every reason to believe that the attendance at Leeds will be very large. The year is one of importance in the history of the city, for it has marked the 300th anniversary of its charter. We hope that some of the festival spirit will survive into the week of the Conference. As a contributor has suggested on another page, we hope that all librarians who attend will do so with the determination to make the Conference one of the friendliest possible character. It has occasionally been pointed out that as the Association grows older it is liable to become more stilted and formal; that institutions and people become standardized and less dynamic. This, if it were true, would be a great pity.

1950, the centenary year of public libraries, now with us, must be a year of intense interest to all who read THE LIBRARY WORLD. Preparations have been made by the Library Association on very generous lines for its celebration. We have our Royal Charter, and now we have the privilege of the Consort of the Heir to the Throne as our President. What is more, H.M. the King has become our Patron. Who shall think meanly of librarians and their work hereafter? No longer, too, shall librarians think meanly of themselves. The writer of this month's Letters on Our Affairs, with some of which we may not entirely agree, is surely right in his assertion that the profession “is arriving.”

The following classified, annotated list of titles is intended to provide reference librarians with a current checklist of new reference books, and is designed to supplement the RSR review column, “Recent Reference Books,” by Frances Neel Cheney. “Reference Books in Print” includes all additional books received prior to the inclusion deadline established for this issue. Appearance in this column does not preclude a later review in RSR. Publishers are urged to send a copy of all new reference books directly to RSR as soon as published, for immediate listing in “Reference Books in Print.” Reference books with imprints older than two years will not be included (with the exception of current reprints or older books newly acquired for distribution by another publisher). The column shall also occasionally include library science or other library related publications of other than a reference character.