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Presents a case study in systems modelling for product improvement in a large manufacturing company. Summarizes the background to and purpose of systems modelling as a change management tool as a prelude to introducing the case and its use in understanding a particular paradox.

This paper examines four underlying trends in the changing business environment relating to information technology and geographic, functional and sectorial integration. It discusses three required changes in management focus needed to reach global profitability from product inception to promotion. The skills required for this change are listed by functional area, although the techniques are predominantly cross‐cultural. This paper explains the steps needed to move from a traditional firm to a globally competitive network and the cultural barriers to building consumer‐focused extended‐value chains. Finally it discusses ways in which business school education can promote strategic thinking about profitability and heighten awareness of the potential gains from cooperative inter‐firm partnerships.

Spectacular bankruptcies of the Orange County Investment Pool in December 1994 and Barings Bank in February 1995 mounted a pressure on the U.S. Financial Accounting Standards Board (FASB) to issue Statement No. 133, Accounting for Derivatives Instruments and Hedging Activities (FAS 133). Although measuring derivatives at fair value is a major improvement in accounting for derivatives, such type of accounting falls short of quantifying and reporting the risk of losses associated with derivative instruments. The purpose of this paper is to suggest an alternative approach to market valuation by integrating quantitative market risk estimation into the valuation method. The paper will use the Barings Bank experience to demonstrate how FAS no. 133 disclosure falls short of disclosing the magnitude of the market risk held by the bank at the end of 1994. It will also demonstrate how using a risk‐impacted value would have improved the disclosure of how much the bank stood to lose from their open positions.

THE annual election of the Library Association Council for 1946 is over. Of course, only a small part of the Council has been before the electors. The results follow an old‐established precedent, but are nevertheless curious. Why is it that country members seem not to be interested in their selection of candidates who come from the metropolitan area? There were two to be elected for London and those successful were Frank M. Gardner with 572 and Captain Richard Wright with 501 votes; there were five Country Councillors required and Miss M. F. Austin (854) and Messrs. W. A. Munford (831), F. G. B. Hutchings (817), E. Wisker (716) and E. Osborne (601) were elected. Besides the London candidates who were successful by ballot, Mr. W. B. Stevenson (447) and Mr. E. Sydney (360) will serve on the Council for shorter periods in the room of Mr. J. D. Stewart and S/Ldr. J. D. Cowley. It will therefore be seen that there is considerable disparity in the voting for the two parts of the Council. As we say, this is rather curious as it follows a long established tradition. The new members are Mr. Gardner, Mr. Stevenson, Miss Austin, Mr. Munford and Mr. Wisker; this appears to us to be a very interesting and useful team. They have already shown by definite work, mostly in the A.A.L., that they are qualified leaders amongst the younger librarians. We wish them good fortune in the carrying out of their part in the reconstruction period ahead.

In 1899 the medical practitioners of Dublin were confronted with an outbreak of a peculiar and obscure illness, characterised by symptoms which were very unusual. For want of a better explanation, the disorder, which seemed to be epidemic, was explained by the simple expedient of finding a name for it. It was labelled as “beri‐beri,” a tropical disease with very much the same clinical and pathological features as those observed at Dublin. Papers were read before certain societies, and then as the cases gradually diminished in number, the subject lost interest and was dropped.

The question has been recently raised as to how far the operation of the Sale of Food and Drugs Acts of 1875, 1879, and 1899, and the Margarine Act, 1887, is affected by the Act 29 Charles II., cap. 7, “for the better observation of the Lord's Day, commonly called Sunday.” At first sight it would seem a palpable absurdity to suppose that a man could escape the penalties of one offence because he has committed another breach of the law at the same time, and in this respect law and common‐sense are, broadly speaking, in agreement; yet there are one or two cases in which at least some show of argument can be brought forward in favour of the opposite contention.

The classics will circulate wrote a public librarian several years ago. She found that new, attractive, prominently displayed editions of literary classics would indeed find a substantial audience among public library patrons.

ROBERT LOUIS STEVENSON would have delighted in the deep irony of his own idle words, penned in a letter to William Archer in October 1887. His early death in Samoa, itself a symbolic reflection of an incredibly romantic life, short but full of incident and perfectly constructed for journalistic highlighting, inspired a spate of fulsomely admiring biographical studies which at one time threatened to obscure his true talent. Essay upon essay, book after book, some merely appreciative, some approaching adulation, poured from the presses until literary criticism proper was engulfed in a myth of quite extraordinary dimensions.

HIS holidays over, before the individual and strenuous winter work of his library begins, the wise librarian concentrates for a few weeks on the Annual Meeting of the Library Association. This year the event is of unusual character and of great interest. Fifty years of public service on the part of devoted workers are to be commemorated, and there could be no more fitting place for the commemoration than Edinburgh. It is a special meeting, too, in that for the first time for many years the Library Association gathering will take a really international complexion. If some too exacting critics are forward to say that we have invited a very large number of foreign guests to come to hear themselves talk, we may reply that we want to hear them. There is a higher significance in the occasion than may appear on the surface—for an effort is to be made in the direction of international co‐operation. In spite of the excellent work of the various international schools, we are still insular. Now that the seas are open and a trip to America costs little more than one to (say) Italy, we hope that the way grows clearer to an almost universal co‐working amongst libraries. It is overdue. May our overseas guests find a real atmosphere of welcome, hospitality and friendship amongst us this memorable September!