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The inaugural meeting of the newly established National Party was held in the Queen's Hall, Langham Place, on Thursday, October 25th, under the presidency of Admiral Lord Beresford. There was a large and distinguished audience numbering about 3,000 persons, among those on the platform being Lord Montagu of Beaulieu, Brigadier‐General Page Croft, M.P., Mr. Havelock Wilson, Miss Constance Williams, the Hon. G. J. Jenkins (all of whom addressed the meeting), Earl Bathurst, Sir C. Allom, Major Alan Burgoyne, M.P., Colonel Cassal, Mr. G. K. Chesterton, Sir R. Cooper, M.P., Capt. Viscount Duncannon, M.P., Sir W. Earnshaw Cooper, Mr. H. A. Gwynne, Mr. Rowland Hunt, M.P., Lieut.‐Col. Lord Leconfield, Lord Leith of Fyvie, Admiral Sir H. Markham, The Earl of Northesk, Colonel R. H. Rawson, M.P., Lord Edward St. Maur, Admiral Sir Edward Seymour, Lord Stafford and others.

The British Medical Journal observes that there is overwhelming evidence that the digestive disorders to which many young children are subject have resulted from the practice of feeding them upon certain foods largely composed of starch. Hitherto no very great effort has been made to prevent these foods being sold, beyond the general advice which is given to mothers and nurses by doctors and health visitors as to the harmfulness of them. Our contemporary points out that the County Council of Rutland have, however, succeeded in obtaining a conviction before the local justices against a druggist for selling an infants' food which was found by the Public Analyst for the County to contain upwards of 70 per cent. of practically unaltered starch, and which was therefore held to be not of the nature, substance, and quality demanded by the purchaser. It appears that the preparation was described as being suitable for an infant only a few days old. A dessertspoonful of the mixture was directed to be put into a basin to be mixed to the thickness of a smooth cream with cold milk or water; to this was to be added half a pint of milk and water in equal parts, and it was then to be brought to the boil. It was contended by the vendor that the boiling would convert the starch into sugar, and this view was supported by a member of the “Society of Public Analysts and other Analytical Chemists.” The British Medical Journal further observes that there are some artificially prepared infants' foods, not containing 70 per cent of starch, in which the conversion of the starch into saccharine bodies may become complete, but considers that it is not very satisfactory that the harmfulness or otherwise of such preparations should be left to the decision of a local bench of magistrates—a course which may well be compared to our disadvantage with that which it is now possible to adopt in Queensland under the provisions of the Health Act of 1911. Section 17 of the Act enables the Health Commissioner to cause to be examined any food which is advertised, for the purpose of ascertaining its composition, properties, or efficiency. He may then report the result of the examination to the Government and publish his report in any newspaper which circulates in the colony. Moreover, the Governor in Council may, on the recommendation of the Health Commissioner, prohibit the advertising or sale of any food which, in the opinion of the Commissioner, is injurious to life or health. Until such an enactment is in force in this country it must be left to other public authorities to follow the example of the Rutland County Council.,

Probably the criticisms now most frequently heard about the House of Commons revolve around its loss of control over the Government. Debates, it is argued, are largely lifeless, for the matters under discussion have already been thoroughly thrashed out in private party meetings. Furthermore, the Parliamentary timetable and limitation of debate are largely at the mercy of the Government of the day.

“Consumerism”, for want of a better description, is given to the mass of statutory control (which shows no sign of declining) of standards, trading justice to the consumer, means of redress to those who have been misled and defrauded, advice to those in doubt; and to the widespread movement, mostly in the Western world, to achieve these ends.

Current issues of Publishers' Weekly are reporting serious shortages of paper, binders board, cloth, and other essential book manufacturing materials. Let us assure you these shortages are very real and quite severe.

Earlier in the year, during the national steel industry strike, the House of Lords overturned a judgment of Lord Denning, MR, that sections of the industry unaffected by the trade dispute could be regarded as outside the Act and its amendments and that unions could be restrained in their application of immune activities to those firms. The decision apart, their Lordships in delivering judgment reaffirmed that only Parliament had power to make the Law; it was not the function of Judges to do this, their's to interpret and apply the Law. In strict legal terms and applying to statutes and statutory instruments, this is true; but in the widest sense, judges have been making law for centuries. Otherwise, from whence cometh the Common Law, one of the wonders of the world, if not from the mouths of H.M. Judges. Much of it is now enshrined in statute form, especially Criminal Law, but initially it was all judge‐made. In most systems of human control and function, complete separation is rarely possible and when attempted the results have not been conspicuously successful.

Gary Parr, deputy chairman of Lazard Freres & Co. and Kellogg class of 1980, could not believe his ears. “You can't mean that,” he said, reacting to the lowered bid given by Doug Braunstein, JP Morgan head of investment banking, for Parr's client, legendary investment bank Bear Stearns. Less than eighteen months after trading at an all-time high of $172.61 a share, Bear now had little choice but to accept Morgan's humiliating $2-per-share, Federal Reserve-sanctioned bailout offer. “I'll have to get back to you.” Hanging up the phone, Parr leaned back and gave an exhausted sigh. Rumors had swirled around Bear ever since two of its hedge funds imploded as a result of the subprime housing crisis, but time and again, the scrappy Bear appeared to have weathered the storm. Parr's efforts to find a capital infusion for the bank had resulted in lengthy discussions and marathon due diligence sessions, but one after another, potential investors had backed away, scared off in part by Bear's sizable mortgage holdings at a time when every bank on Wall Street was reducing its positions and taking massive write-downs in the asset class. In the past week, those rumors had reached a fever pitch, with financial analysts openly questioning Bear's ability to continue operations and its clients running for the exits. Now Sunday afternoon, it had already been a long weekend, and it would almost certainly be a long night, as the Fed-backed bailout of Bear would require onerous negotiations before Monday's market open. By morning, the eighty-five-year-old investment bank, which had survived the Great Depression, the savings and loan crisis, and the dot-com implosion, would cease to exist as an independent firm. Pausing briefly before calling CEO Alan Schwartz and the rest of Bear's board, Parr allowed himself a moment of reflection. How had it all happened?

An analysis of the fall of Bear Stearns facilitates an understanding of the difficulties affecting the entire investment banking industry: high leverage, overreliance on short-term financing, excessive risk taking on proprietary trading and asset management desks, and myopic senior management all contributed to the massive losses and loss of confidence. The impact on the global economy was of epic proportions.