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 form of certificate; that is, to have examined the balance-sheet and obtained all the information and explanations that they required, and decided that the balance-sheet is "properly drawn up so as to exhibit a true and correct view of the state of the company's affairs according to the best of our information and the explanations given to us, and as shown by the books of the company."

As to goodwill, opinion concerning the value of this item in a balance-sheet varies from the austere severity which argues that it ought to be written off altogether because there is nothing tangible behind it, to the more lenient judgment which considers that, however intangible, goodwill, which represents the reputation and popularity of a business and its products, is in some ways the most valuable possession that an enterprise can build up or acquire. Volumes might be written on the subject. Here it is enough to remind those who lay stress on the value of goodwill that this value, great as it undoubtedly is as long as the business is successful and the product is popular, dwindles very fast if the wind of popular favour shifts.

Enough has been said to show the investor that if he hopes by the scrutiny of balance-sheet and profit and loss account to arrive at