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The London Stock Exchange is currently preparing for the largest changes in its trading practices since the Big Bang. It is already known that the Exchange is proposing to retain its practice of delaying the publication of large trades so as to encourage the execution of such trades, even though this delayed publication also creates an undesirable information imbalance. However, in reality, what matters to market makers is the effect of a large trade on their inventory position, not the size of the trade itself. It is shown that delaying trade publication on the basis of size and inventory delays the publication of far fewer trades than does the current regime, while still offering protection to market participants who provide liquidity by unbalancing their inventory to accommodate large trades.

Although tax relief on pensions is a controversial area of government expenditure, this is the first study of the tax effects for a real-world defined benefit pension scheme. First, we estimate the tax and national insurance contribution (NIC) effects of the scheme's change from final salary to career average revalued earnings (CARE) in 2011 on the gross and net wealth of the sponsor, government, and 16 age cohorts of members, deferred pensioners, and pensioners. Second, we measure the size of the twelve income tax and NIC payments and reliefs for new members and the sponsor, before and after the rule changes. We find the total subsidy split is roughly 40% income tax subsidy and 60% NIC subsidy. If lower tax rates in retirement and the risk premium effect of the exempt-exempt-taxed (EET) system are not viewed as a tax subsidy, the tax subsidy to members largely disappears. Any remaining subsidy drops, as a proportion of pension benefits, for high earners, as does that for NICs.

In late April 1973, Charles P. Sutcliffe, the Commissioner of the Royal Hong Kong Police Force (RHKPF), received confidential information that Chief Superintendent Peter F. Godber, Deputy District Police Commander for Kowloon, was remitting money abroad. This information was transmitted to James J. E. Morrin, the Director of the Anti-Corruption Office (ACO), for investigation. By the end of May 1973, investigations by the ACO officers revealed that Godber had deposited in Hong Kong banks or remitted overseas HK$650,000 (US$128,332) since 1968 (Blair-Kerr, 1973a, pp. 3–4).

The proliferation of articles in library literature about costs, cost studies, and the concepts of analysis and accounting is a positive sign of activity in the cost‐competitive library world. Many articles, no matter the topic, contain some comments on costs. The articles in this bibiliography were selected because cost is the significant or entire emphasis on the material. I used traditional and library literature and ERIC sources, restricted the titles to the past 10 years, and excluded non‐United States publications.

Oklahoma's Metropolitan Library System was recently faced with deciding whether or not to purchase a security system for its 11 libraries. Since existing studies on the effectiveness of security systems in deterring theft and vandalism are contradictory and inconclusive, members of the library staff and Board of Trustees, of which I was a member, gathered local data to determine whether the savings gained by installing a system would justify the investment. Our appraisal left no hope that the results would be worth the expenditure.

This paper aims to uncover the trajectory of the anti-corruption effort of the Hong Kong colonial Government by identifying its general approach of denial in the pre-War years. It highlights the path-dependence nature, as well as the path-creation logic of the policy process of anti-corruption reform and the anxiety of the colonial administration in maintaining trust of the local population in the post-War years. These insights should enhance the general understanding of the nature of colonial governance.

This paper is primarily based on archival materials available at the British National Archives and Hong Kong Public Records Office.

The paper intends to go before the “Great Man narrative” in explaining the success of the anti-corruption effort in colonial Hong Kong. Whilst the colonial government was fully aware of the endemic of corruption and the substantial involvement of European officers, she was still cocooned with the misguided belief that the core of the administration was mostly “incorruptible”. The Air Raid Precaution Department scandal in 1941 was, however, a powerful wake-up that rendered the denial and self-illusion no longer defensible. The policy ideas of the 1940s did shape the Prevention of Corruption Ordinance 1948 and other related reforms, yet they were not immediately translated into fundamental changes in the institutional set-up of the anti-graft campaign. The limitations of these half-hearted measures were fully exposed in the coming decades. The cumulative effects of the piecemeal anti-graft efforts of the colonial government over the first century of rule, however, did path the way for the “revolutionary” changes in the 1970s under Murray MacLehose.

This is a highly original piece based on under-explored archival materials. The findings should have a major contribution to the scholarship on the nature of colonial governance and the history of anti-corruption efforts of Hong Kong.

One of the commonest excuses put forward in defence of the practice of treating milk, butter, meat, and other foods with ‘preservative’ drugs no longer possesses even the appearance of validity. Several of the large railway companies are adding refrigerator vans in considerable numbers to their rolling‐stock, and this fact should make it no longer possible for defendants to plead that the necessity of sending food‐products a long distance by rail involves the necessity of mixing preservative chemicals with them. Although the excuse referred to will not bear examination, it is a very specious one, and in those instances where evidence has not been brought forward to refute it, it has produced some effect on the minds of magistrates and others. It cannot be too often pointed out that such substances as boracic acid, salicylic acid, and formaldehyde are dangerous drugs, and that their unacknowledged presence in articles of food constitutes a serious danger to the public. Such substances are not foods, and are not natural constituents of any food. In most instances they are purposely introduced into food‐products to avoid the expense attending the proper production, preparation, and distribution of the food, or to conceal the inferior quality of an article by masking the signs of commencing decomposition or incipient putrefaction, and thus to enable a dishonest producer or vendor to palm off as fresh and wholesome an article which may be not only of bad quality, but absolutely dangerous to the consumer. The use of these substances, in any quantity whatsoever, and the sale of articles containing them, without the fullest and clearest disclosure of their presence, is as gross and as dangerous a form of adulteration as any which has at any time been exposed. In no single instance can it be shown that these drugs are, to quote the words of the Act of 1875, matters or ingredients “required for the preparation or production of a food as an article of commerce,” nor, of course, can it be contended that such substances are “extraneous matters with which the food is unavoidably mixed during the process of collection or preparation.” In reality, even under our inadequate and unsatisfactory adulteration laws, through which the proverbial coach‐and‐four can be so easily driven in so many directions, there ought to be no loophole of escape for the deliberate and dishonest drugger of foods. While the presence of preservative chemicals in any quantity whatever in articles of food constitutes adulteration, wherever the quantity is sufficient to allow the production of the specific “preservative” effect of the substance added, that fact alone is enough to make the food so drugged a food which must be regarded as injurious to the health of the consumer—in view of the inhibitory effect which, by its very nature, the antiseptic must produce on the process of digestion. To our knowledge the food market in this country is flooded with all sorts of inferior food‐products which are rarely dealt with under the Adulteration Acts, and which are loaded with so‐called preservatives. There will be no adequate protection for the public against the consumption of this injurious rubbish until the consumer sees the advantage of insisting upon an authoritative and permanent guarantee of quality with his goods, and until manufacturers of the better class at length find it to be a necessity for their continued prosperity that they should supply, apart entirely from their own statements, an independent and powerful guarantee of this kind.

The Oxford English Dictionary (hereafter referred to as the OED) is one of the most well‐known and respected reference works in the world. Its imposing bulk has even led some people to believe incorrectly that it actually lists every word in the English language. Of course, a good number of words were omitted from the distinguished dictionary because they were considered vulgar or because they were American words, categories that were actually somewhat synonymous to certain less tolerant Englishmen of the late nineteenth century.