This pamphlet was first published early in 1922, when industry generally had not passed the period of industrial stagnation and inventories of raw and processed materials in the store rooms of manufacturers were excessive. Under such conditions, it was felt that a pamphlet on the control of inventories was particularly timely. The subject is no less timely now. Although conditions have changed, the changed conditions have brought with them a greater need than ever for the close control of every feature of the operation of manufacturing plants. Moreover, the principles of the perpetual inventory have been found universally applicable and the general desire for their application is apparent. The pamphlet, therefore, should be of no less value now than in the earlier period
