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Motivated by the debate on the patterns and sources of commodity futures returns, this paper investigates the performance of three investment trading strategies, namely, the momentum strategy of Jegadeesh and Titman (1993), the 52-week high momentum strategy of George and Hwang (2004) and the pairs trading strategy of Gatev et al. (2006) in the commodity futures market.

The three strategies are those given by Jegadeesh and Titman (1993), George and Hwang (2004) and Gatev et al. (2006), respectively.

The authors find that there is no significant reversal profit across 189 formation-holding windows for all the three strategies. However, there are statistical and economically significant momentum profits, and the profitability increases with the rising of formation-holding periods. Momentum returns are quite sensitive to market conditions but the crash of momentum returns is partly predictable. Return seasonality, risk and herding also provide partial explanation of the momentum profits.

The authors are the first to compare the performances of the pairs trading strategy of Gatev et al. (2006), the conventional momentum of Jegadeesh and Titman (1993), and the 52-week high momentum of George and Hwang (2004) under 189 formation-holding windows. Also, the authors are the first to investigate the association between herding behaviour and momentum returns in the commodity futures market.

Metropolitan miseries ‐ 1 City of Westminster. We received in November a short sharp letter signed by most of the library staff protesting about cuts in the service. These were attributed to ‘one man's report’, a citation vague enough to account for a mild grumble from Barnes (M). ‘Trouble is’, he said in some sorrow, ‘they think it was my report.’ It wasn't. It was the doing of a councillior now elevated to chair the committee to run (down) the library service. Further misery: Harrison (K C) is reported to have bewailed the disappearance of the title ‘City Librarian’, for when Barnes (M) goes the library service gets submerged in a leisure directorate. Barnes (M) is now (at the time of reading) Guildhall Librarian, City of London. They have their own miseries there, but they are well gilded and guilded by centuries of mediaeval floohflah under a heavy top dressing of well‐established City ways with money and the making thereof. And in case you haven't noticed, the City of London is listed with all those naughty places like Hackney and Sheffield and the glc as an over‐spending local authority. It's enough to make City Common Councilmen stand guard at Temple Bar and turn back ministers and royal persons.

To demonstrate that “civil society” is an important aspect of the democratic process, providing a vital link between the citizens and the state. One of the principal functions of civil society is to maintain a watchful eye on the activities of public officials. Public libraries play an essential role in fulfilling in this regard.

An examination of the philosophy of civil society and governance, with accompanying analyses for the potential social applications of a variety of civic principles.

The development of an informed citizenry is one of the essential functions of public libraries and this invariably affects the participation of civil society in the affairs of state. In South Africa, for civil society to ensure good governance, there are various challenges confronting public libraries that need to be addressed. This paper enumerates those challenges and points a way forwards.

This paper gives a variety of interpretations of the relationship between social philosophy and information science that are capable of further sophisticated theoretical elaboration.

The broad thrust of this paper is to emphasise the potential social benefit and significant practical outcomes of promoting library and information services within the sphere of civil society.

This paper gives an original insight into the relevance of public library work to the furtherance of social betterment, with particular reference to the situation in South Africa in the post‐apartheid era.