Of what value is the Survey? What need does it fill for the analyst? Should it be in every analyst's library? Reviewers of previous volumes have been in agreement in extolling the virtues of the Annual Surveys, and one can easily be persuaded to concur in their appreciation of the painstaking work, the high level of reporting, the concise writing. The only criticism (if it could be called that) was of the length of the book reviews included. That some analysts were doubtful of the need for or value of the Survey was acknowledged by Murphy in his review of Volume II, but he dismissed their claim that 'digests are an illusory path to facts and to quick and easy