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PREFACE This book is intended as a text-book for day and evening commercial school students and particularly those who are studying for the examinations of the Union of Lancashire and Cheshire Institutes, the Royal Society of Arts, and the London Chamber ol Commerce. In addition, candidates for the Preliminary Examinations of the Institute of Chartered Accountants, the Society of Incorporated Accountants and Auditors, the Chartered Institute of Secretaries, and other similar bodies will find the book to be of great service to them in their studies. Many of the exercises contain actual questions which have been set from time to time at vanous examinations, and for permission to reproduce them we gratefully acknowledge our indebtedness to the London Chamber of Commerce, the Royal Society of Arts, the Union of Lancashire and Cheshire Institutes, Faculty of Teachers in Commerce, the Society of Incorporated Accountants and Auditors, and the Chartered Institute of Secretaries. To various publishers who have given permission to quote extracts from their books, and to the friends who have given assistance, we tender our thanks. J. C. E. D. The names used in the specimen letters in this book are entirely fictitious.