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The kinetics and mechanism of the oxidation of dimethyl sulphoxide to dimethyl sulphone with bromine have been investigated. The reaction is first order in both bromine and dimethyl sulphoxide and is catalysed by acetate ions. These results, together with the observed rate reduction in the presence of bromide ion are consistent with the rate-determining step in the oxidation being the hydrolysis of Me2BrSO formed in a pre-equilibrium reaction between bromine and Me2SO.

The rates of alkaline hydrolysis of carboxylic acid methyl esters, in ‘70% dioxan’ solution, follow the sequence 3-benzo[b]furyl > 2-benzo[b]furyl > 2-benzo[b]thienyl > indol-2-yl > indol-3-yl > phenyl > 3-benzo[b]thienyl. The effect of benzo-substitution on the rates of hydrolysis has been determined for furan, thiophen, and pyrrole esters; it ranges from a rate enhancement of ca. 200 (for pyrrol-2-yl) to a 70% rate reduction (for 3-thienyl).

Public attention to our tax laws has been attracted, as never before, by the lengthy debate over the Revenue Act of 1964.1 In plain view was demonstrated the difficulty of achieving broad tax reform-even at the price of substantial ($11.5 billion) rate reduction. It is in the best interests of our society that non-specialists be kept informed on tax matters. If "war is too important to be left to generals," so are taxes too important to be left to experts. Knowledge of a subject that affects the entire social and economic fabric of the country should be at the disposal of all interested parties. Current day writers have shown how much of the mystery surrounding tax legislation can be removed. It is from such a perspective that I have prepared this appraisal of our most significant recent tax legislation.

The rate of response of single fibers in the cat auditory nerve to tone bursts was measured prior to and following 1‐min exposure to a tone at the fiber's characteristic frequency. Measurements were made for several levels of the exposure tone. Ten test bursts, at near threshold levels, preceded exposure and 90 followed it. In some runs the test bursts were omitted so that the recovery of spontaneous activity could be studied. The last postexposure burst was followed by a silent period of at least 80 sec before the next test. Following exposure, response rate to the test bursts was less than the pre‐exposure value. Response rate recovered to at least 80% of the pre‐exposure level within 2–15 sec after exposure. Complete recovery of the rate to the pre‐exposure level occurred within 2 min. Both the amount of rate reduction and the time course of recovery could depend on exposure level. [Supported by the National Institute of Neurological Diseases and Stroke and the U. S. Air Force Office of Scientific Research.]

r 9H E maximum rate of charge which the state permits licensed . personal finance companies to charge is often criticized as excessive. Lenders engaged in the business defend these rates on the ground that the high costs of extending small loans necessitate legal rates which are sufficiently high to induce capital to enter into the industry and engage in business under the licensing and regulation of the state. The lenders contend that if the maximum rate of charge is not high enough to permit profitable investment of capital, the business will disappear entirely, thus cutting off these credit facilities from the low-income groups which normally make up the market for personal finance loans,3 or it will be conducted illegally at still higher rates of charge by persons who are willing to risk criminal prosecution for violating the usury statutes.4 Since its inception the industry has been subjected to a great deal of pressure to reduce the maximum rates of charge permitted by the usury statutes or other regulatory legislation. In part, the pressure for rate reduction emanates from well-meaning people who are unfortunately suffering from a cultural lag. Accepting the widespread notion that any charge in excess of 6 per cent per annum is usurious, they consider a rate of 3 per cent per month on unpaid balances or 36 per cent per annum on the average outstanding balance as an immoral exaction. Actually, these companies operate under a statute specifically exempting them from the usury law and maximum rates charged are established by law.A The personal finance companies are credit agencies having relatively high costs of lending, and it is unlikely that they could operate under the ordinary usury statutes. Where small-loan laws do not exist, this type of credit-small loans to low-income borrowers-is either not available or available only from loan sharks.6 Another source of pressure for rate reductions comes from the illegal lenders. Their business is seriously limited by the competition of personal finance companies, and, in order to remove this competition, they exert pressure to lower the maximum rate of charge permitted to personal finance companies to a point where these lenders can no longer continue in business at a profit. Once the personal finance companies are driven I The author is indebted to Dr. Ralph A. Young, director, Financial Research Project, National Bureau of Economic Research, for his painstaking criticism of and contributions to the content of this article. However, all opinions expressed are solely those of the author.