This year is the twenty-fourth year of the Graduate School of Business Administration. Seldom has the development of a Graduate School been more swift and sure. It was first among Business Schools requiring a college degree for entrance. It was first to develop fully, the "problem method" of instruction. Its purpose was to establish business as a profession, its ideal to replace the chance balances of social evolution by the intelligent control of man, the unthinking buccaneer by the socially responsible executive. These beginnings have been kept alive. In a business era of change in both ethics and practice, an era linked more than ever before to economics international in scope, a Business School can be characterized as a research laboratory. The Harvard Business School has accepted this responsibility.

This year opens with signs of an increased influence. The Paris Business School, modeled after Harvard's, is in its second year. The first year of a special branch under Professor MacNair of the London School of Economics is at hand. At this crucial period, Professor O. M. W. Sprague has been retained as economic adviser to the Bank of England. The presence of graduates from 88 colleges at the Summer School Session for Executives bears further witness to its yet firmer position of trust.

President Lowell has teemed business the oldest of the arts, the newest of professions. As it takes its place among the older professions, it must and, to some extent, has recognized the challenge latent in their tinct of altruism. Today restless millions turn for economic leadership; history clearly shows the indifferent ruling class its way to destruction. The Age of the Machine has brought shorter hours for man's work. Culture of construction must follow or this new leisure is achieved in vain. Harvard shall not be backward in the expert consideration of these problems of transition.