The financial year which ended 30th June, 1947, was the fourth year in which a group of selected wheat growers kept complete records of their financial transactions in co-operation with, and in Record Books provided by, the Division of Marketing and Agricultural Economics. Reports covering the records kept in 1944-45 and 1945-46 have already been published in this "Review". The notes which follow deal primarily with the financial position of the fifteen farmers who kept records during 1946-47. However, some comparisons with earlier years are made.