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Reviews previous research on the announcement effects of changes in US Federal Reserve policies and presents a study of the impact of federal funds rate and discount rate changes since the current chairman took office (1988) on the treasury bills/bonds and stock markets. Uses event study methodology to show that there is no significant effect on cumulative excess returns for any of the three markets, although the treasury bill market displayed the greatest reaction; and that market reactions were similar for either type of rate change.

MR. ALLAN BARNS‐GRAHAM, of Craigallian, Milngavie, has sent us a copy of a letter, addressed by him to the Secretary of the Scottish Agricultural Organisation Society and printed in pamphlet form, which contains a number of points of considerable importance. MR. BARNS‐GRAHAM observes that Bran and “Thirds” play a most important part in the rearing and feeding of cattle, pigs, and poultry, and in the production of milk; that these two products ought to be used to a much greater extent than they are now; that large quantities are annually exported from this country; and that the supplies ought to be jealously guarded. He expresses the hope that the Agricultural Organisation Societies of Great Britain and Ireland will in no way encourage the manufacture of condensed milk—on the ground that it is not in the interest of the public health, nor in the interest of agriculture to encourage the manufacture of any article of food which can be made to keep indefinitely by artificial means. This appears to us to be a somewhat strange position to take up, unless the author's intention is to condemn the practice of keeping food products by means of chemical preservatives—in which case we agree with him. But the proper preservation of many food products by legitimate and harmless methods, not involving the use of chemicals or of other objectionable devices, is surely permissible and valuable to the community. Properly prepared and sterilised condensed milk is a very useful commodity if it is what it purports to be. In this connection we may say, however, that condensed milk containing large quantities of added sugar ought not to be sold as “condensed milk,” but as “condensed sweetened milk,” or “condensed milk and sugar”—the proportion of added sugar being prominently disclosed; while, in our view, the sale of “condensed sweetened; ‘separated,’ or ‘machine‐skimmed’ milk” ought to be prohibited altogether.

WHEN THE LIBRARY WORLD asked me for a letter from Finland, I was very glad, for I like writing letters. To me it is a pleasure to write letters. Of course it is equally pleasant to receive letters, and I hope that we can soon receive a letter from Great Britain as a reply for our journal Kirjastolehti.

I HAVE sometimes been asked whether I am conscious, as the present editor of THE LIBRARY WORLD, of the spirit and influence of its founder, James Duff Brown, and of his editorial successors, who included J. D. Stewart and W. C. Berwick Sayers. The answer is that of course I am—how could it be otherwise?

JAMES E. SKIPPER, Associate Librarian of Princeton University, provided an introductory statement on the Shared Cataloging Program, which is surely the greatest and most speedily implemented development in librarianship this century. The conference studied the international implications of this programme under the guidance of three other speakers. Mr Skipper briefly outlined the activities of LC in the matter of cataloguing, preceding and following the printing and distribution of catalogue cards in 1901. The attempt to improve the availability of cataloguing information, ‘cataloguing‐in‐source’ in 1958, was admirable in principle but too complex in practice. It was found that the larger academic and research libraries were able to obtain catalogue copy for only 35% to 50% of the titles added to their collections, because these books had not yet been catalogued by LC at the time copy was needed by another library. As about 16% of the total expenditure in other larger libraries goes on cataloguing, and it costs from three to six times as much to catalogue a book locally rather than using LC copy, and there are problems of obtaining and cataloguing books (especially those in foreign languages and unusual characters) from many countries, the Association of Research Libraries were encouraged to attack the problem of cataloguing again. The result was provision in the Higher Education Act of 1965 which authorized the appropriation of funds which could be transferred to LC for developing a more comprehensive cataloguing system. Thereby LC (a) became globally comprehensive in acquiring currently‐published materials of scholarly interest; (b) was to create a bibliographic record within three or four weeks after books were received; (c) was to distribute this bibliographic record by printed catalogue cards or by other means, i.e. in machine‐readable form.

The Corporation of the City of London are about to appoint a Public Analyst, and by advertisement have invited applications for the post. It is obviously desirable that the person appointed to this office should not only possess the usual professional qualifications, but that he should be a scientific man of high standing and of good repute, whose name would afford a guarantee of thoroughness and reliability in regard to the work entrusted to him, and whose opinion would carry weight and command respect. Far from being of a nature to attract a man of this stamp, the terms and conditions attaching to the office as set forth in the advertisement above referred to are such that no self‐respecting member of the analytical profession, and most certainly no leading member of it, could possibly accept them. It is simply pitiable that the Corporation of the City of London should offer terms, and make conditions in connection with them, which no scientific analyst could agree to without disgracing himself and degrading his profession. The offer of such terms, in fact, amounts to a gross insult to the whole body of members of that profession, and is excusable only—if excusable at all—on the score of utter ignorance as to the character of the work required to be done, and as to the nature of the qualifications and attainments of the scientific experts who are called upon to do it. In the analytical profession, as in every other profession, there are men who, under the pressure of necessity, are compelled to accept almost any remuneration that they can get, and several of these poorer, and therefore weaker, brethren will, of course, become candidates for the City appointment.

Gives an in depth view of the strategies pursued by the world’s leading chief executive officers in an attempt to provide guidance to new chief executives of today. Considers the marketing strategies employed, together with the organizational structures used and looks at the universal concepts that can be applied to any product. Uses anecdotal evidence to formulate a number of theories which can be used to compare your company with the best in the world. Presents initial survival strategies and then looks at ways companies can broaden their boundaries through manipulation and choice. Covers a huge variety of case studies and examples together with a substantial question and answer section.

That ice‐creams prepared with dirty materials and under dirty conditions will themselves be dirty is a proposition which, to the merely ordinary mind, appears to be sufficiently obvious without the institution of a series of elaborate and highly “scientific” experiments to attempt to prove it. But, to the mind of the bacteriological medicine‐man, it is by microbic culture alone that anything that is dirty can be scientifically proved to be so. Not long ago, it having been observed that the itinerant vendor of ice‐creams was in the habit of rinsing his glasses, and, some say, of washing himself—although this is doubtful—in a pail of water attached to his barrow, samples of the liquor contained by such pails were duly obtained, and were solemnly submitted to a well‐known bacteriologist for bacteriological examination. After the interval necessary for the carrying out of the bacterial rites required, the eminent expert's report was published, and it may be admitted that after a cautious study of the same the conclusion seems justifiable that the pail waters were dirty, although it may well be doubted that an allegation to this effect, based on the report, would have stood the test of cross‐examination. It is true that our old and valued friend the Bacillus coli communis was reported as present, but his reputation as an awful example and as a producer of evil has been so much damaged that no one but a dangerous bacteriologist would think of hanging a dog—or even an ice‐cream vendor—on the evidence afforded by his presence. A further illustration of bacteriological trop de zèle is afforded by the recent prosecutions of some vendors of ice‐cream, whose commodities were reported to contain “millions of microbes,” including, of course, the in‐evitable and ubiquitous Bacillus coli very “communis.” To institute a prosecution under the Sale of Food and Drugs Act upon the evidence yielded by a bacteriological examination of ice‐cream is a proceeding which is foredoomed, and rightly foredoomed, to failure. The only conceivable ground upon which such a prosecution could be undertaken is the allegation that the “millions of microbes ” make the ice‐cream injurious to health. Inas‐much as not one of these millions can be proved beyond the possibility of doubt to be injurious, in the present state of knowledge; and as millions of microbes exist in everything everywhere, the breakdown of such a case must be a foregone conclusion. Moreover, a glance at the Act will show that, under existing circumstances at any rate, samples cannot be submitted to public analysts for bacteriological examination—with which, in fact, the Act has nothing to do—even if such examinations yielded results upon which it would be possible to found action. In order to prevent the sale of foul and unwholesome or actual disease‐creating ice‐cream, the proper course is to control the premises where such articles are prepared; while, at the same time, the sale of such materials should also be checked by the methods employed under the Public Health Act in dealing with decomposed and polluted articles of food. In this, no doubt, the aid of the public analyst may sometimes be sought as one of the scientific advisers of the authority taking action, but not officially in his capacity as public analyst under the Adulteration Act. And in those cases in which such advice is sought it may be hoped that it will be based, as indeed it can be based, upon something more practical, tangible and certain than the nebulous results of a bacteriological test.

As yet there are no indications that the President of the Local Government Board intends to give the force of law to the recommendations submitted to him by the Departmental Committee appointed by the Board to inquire into the use of preservatives and colouring matters in food. It is earnestly to be hoped that at least some of the recommendations of the Committee will become law. It is in the highest degree objectionable that when a Committee of the kind has been appointed, and has carried out a long and difficult investigation, the recommendations which it finally makes should be treated with indifference and should not be acted upon. If effect should not be given to the views arrived at after the careful consideration given to the whole subject by the Committee, a very heavy responsibility would rest upon the Authorities, and it cannot but be admitted that the Committee ought never to have been appointed if it was not originally intended that its recommendations should be made legally effective. Every sensible person who takes the trouble to study the evidence and the report must come to the conclusion that the enforcement of the recommendations is urgently required upon health considerations alone, and must see that a long‐suffering public is entitled to receive rather more protection than the existing legal enactments can afford. To refrain from legalising the principal recommendations in the face of such evidence and of such a report would almost amount to criminal negligence and folly. We are well aware that the subject is not one that is easily “understanded of the people,” and that the complicated ignorance of various noisy persons who imagine that they have a right to hold opinions upon it is one of the stumbling blocks in the way of reform; but we believe that this ignorance is confined, in the main, to irresponsible individuals, and that the Government Authorities concerned are not going to provide the public with a painful exhibition of incapacity and inaction in connection with the matter. There is some satisfaction in knowing that although the recommendations have not yet passed into law, they can be used with powerful effect in any prosecutions for the offence of food‐drugging which the more enlightened Local Authorities may be willing to institute, since it can no longer be alleged that the question of preservatives is still “under the consideration” of the Departmental Committee, and since it cannot be contended that the recommendations made leave any room for doubt as to the Committee's conclusions.

Women are, in increasing numbers, participating in the labour market and are an important part of an organisation’s human resource pool. Nevertheless, women still face inappropriate treatment at work. One cause of this is family‐related issues. In particular, pregnancy and child birth present special challenges for working women. Discrimination towards pregnant women is commonplace in work settings. Problems are often related to individual work relationships, for example, the one between the pregnant follower and her manager. It is important to understand problems that impact on women in working life that can disturb their job satisfaction, their performance and willingness to give their best for the organisation. Therefore, for the benefit of both employer and employee, existing practices in leader follower relationships during pregnancy are worth studying in more depth. In leadership studies, the Leader‐Member Exchange (LMX) theory is focused on dyadic leader‐follower relationships and is thus used here to understand this phenomenon. In the present article, the literature on pregnancy and work as well as on LMX is re viewed. On the basis of these reviews, a future research agenda is offered.