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It is recommended that this case be taught either just before or just after another Chapter 11 case. Students must to decide whether Horizon Lines should seek Chapter 11 protection or attempt a voluntary financial restructuring. Students have a wide range of financial restructuring alternatives to consider that should give them an appreciation of the advantages and disadvantages faced by a firm choosing to use the bankruptcy court. The case also is best taught to experienced students who understand corporate finance fundamentals and, in particular, grasp the principes of valuation and capital structure.

Results of experiments by research experts in the food value of canned foods will shortly be published by the Ministry of Agriculture. According to the Ministry the point has now been reached when canned foods may be said to sell on their own merits, and not as a mere substitute for fresh foods. The most obvious attribute of canned foods was that they made available a permanent supply of foodstuffs which were otherwise limited to a season, as well as making available to consumers fruits which could not otherwise be obtained in their natural state. In view of the wide range of varieties of canned foods and vegetables now available any generalised statement as to their value was impracticable, but it might be broadly stated that their energy‐producing value, as expressed in calories, was never inferior to that of the same kinds for consumption fresh, or in some other prepared form. Recent research had shown that vitamins were not necessarily destroyed by canning, and indeed some canned foods—for instance, canned tomatoes—might be very nearly as rich in vitamins as the raw product. An outstanding example of the importance of the canned food industry was the market which had been created for British fresh picked peas. Here the farmers had profited by an expanding but controlled increase of acreage under crop, with prices remaining very stable for the last few years. It was probable that the same general tendency would be observable with plums, and with most other canning crops, as the industry developed. In this country an increased consumption of home‐canned goods, if secured at the expense of imported canned goods, or some other imported agricultural commodity, would mean that a new market had been created for British growers, while a similar benefit would be obtained if export markets were developed. This would not be true if home‐canned goods replaced other home‐grown crops, but in this case it might mean a change‐over from an unprofitable to a profitable crop.

The unsatisfactory conditions which are created by the total lack of official standards, or indeed of any figures or definitions relating to food and some drug products is well illustrated in the report of a prosecution which appeared in last month's issue of the Journal. This case in question was dismissed by the Bench. The Bench was tendered some highly technical and very conflicting evidence. In view of this the defendants received the benefit of the doubt ; and they received this benefit because in the absence of any standard the Bench were unable to decide what was “ the nature, substance and quality demanded by the purchaser ” of the invalid wine—non‐alcoholic meat and malt wine—which was the subject of the prosecution. Wine may be defined as the juice of the grape which has been fermented under control conditions. The term has been extended in meaning and is now applied to a variety of substances which have had nothing to do with the grape and frequently contain very little or no alcohol, but may, as in this case, contain substances entirely foreign to the idea of wine, if the term be used in its original and restricted sense. A well known variety of ginger wine has an alcohol content of about 26 per cent. of proof spirit. So far as the alcohol content goes this liquid may be correctly described as a wine. It has, within its limits, the stimulating properties that are usually associated with an alcoholic drink and its value as an aid to digestion or a warm drink in winter cold has never been questioned. It appears that non‐alcoholic meat and malt wine also has virtues peculiar to itself dependent not on alcohol, but on other substances whose nature and quantity determine its characteristics. The term “ demand ” as used in the Act connotes the idea of a purchaser who well knows what he ought to get and furthermore will vigorously insist on getting it. The fact is, as everyone knows, that the purchaser is in a state of profound ignorance as to “ the nature, substance and quality ” of what he wishes to buy, and as a result he is in a sufficiently humble state of mind to accept without hesitation almost anything that may be told him about his prospective purchase from the other side of the shop counter. It is this state of mind on the part of the average purchaser and the desire to profit by it on the part of some food vendors that led to the passing of the Food and Drugs Act. The underlying idea being to protect the ordinary man and woman in health and pocket against the result of their purchasing adulterated material or inferior material described as being of superior quality. To enable the Act to be satisfactorily administered certain officers were appointed, known as Public Analysts. They were the officials of the old Local Government Board. They are the officials of the Ministry of Health. Their wide experience, special knowledge, and impartiality combine to make their services of peculiar value to the community so that they may, without unduly stretching language, be described as part trustees for the public health. Everyone will readily admit that there is scarcely anything, if anything, more complex than any one of our ordinary and unsophisticated food products. This complexity is, so to speak, raised to the second power by the variations that naturally occur in the essential constituents of these. The process of administering the acts directed against adulteration and similar offences has been frequently enlivened by the lively controversies to which this fact has given rise in the past and which it will no doubt do in the future. Another consideration must be taken into account. It is this. Since the year 1875 when the Food and Drugs Act became law the knowledge of food chemistry, in common with other kinds of knowledge, has increased rapidly in kind and in amount. This knowledge is now freely drawn on by those whose financial and business interests are bound up with food manufacture. As a result of this all kinds of more or less elaborately processed foods in immense variety and in many cases of a kind unthought of or impossible of manufacture sixty years ago have been put on the market. Among these processed products may be counted in considerable variety foods for the use of invalids or those convalescing from illness. Very large claims are made for these by the manufacturers, and it is only fair to say that these claims are to a considerable degree substantiated in the case of the better class of these substances prepared by reputable firms. All will agree that foods and stimulants which are said to have been specially prepared for the relief and more rapid recovery of a patient during the critical period of convalescence should be in every respect of such a nature as to be above suspicion and entirely beyond challenge by reasonable and expert opinion. This is unfortunately not always the case. Trade competition is acute. Official standards are non‐existent. Practically no official definitions exist, and no official figures to declare what shall be the minimum quantity of an essential constituent. The result is that nature is “ improved ”—to borrow a term which is in frequent and objectionable use among certain manufacturers—and the variation in the proportions of essential constituents depends on the taste and fancy of the manufacturer rather than on the needs of the consumer. Hence it comes about that to obtain a footing in a lucrative branch of trade a cheap product may be put on the market. It is cheap because it is made of inferior or adulterated materials, or what may be described as a vanishing quantity of an essential constituent is introduced. The quality of this constituent need not be in question. It is probably perfectly wholesome, but almost useless in such microscopic doses. For example, a mixture called “ chicory and coffee ” may be sold. The maker may please himself as to how much or how little coffee he uses, but as long as the coffee is not a purely subjective phenomenon he is on the right side of the law if he describes it as a mixture. Cheaper jams, it has been said, may be filled up with apple pulp. We may even suggest spent apple pulp which is certainly cheap and very filling at the price. As to the amount of essential constituent in the somewhat grandiloquently named “ Full Fruit Standard ” jams we may refer readers to the back numbers of this Journal. “ In bismuth tablets the amount of bismuth may become almost negligible because the law does not demand that there should be a fixed minimum present.” Many other instances could be given, and they would be found to relate to nearly every food and drink. In every case where the prosecution alleges that the nature or the substance, which is the basis of the prosecution, is below any reasonable standard the prosecuting authority finds itself heavily penalised by having no official standards to quote. The defence, on the other hand, gains what the prosecution has lost. It finds itself in a much stronger position if the case should be dismissed than when the proceedings commenced. The local authority has been put to great and perhaps useless expense in their endeavours to protect the public. The particular case of the meat and malt wine referred to appears to be an excellent instance of this kind of practice. The Public Analyst affirmed that a wine‐glassful of this “ wine ” contained 8¾ grains of meat extract, 52½ grains of malt extract, 150 grains of sugars (invert, etc.). The concoction was diastatically inactive. It contained no vitamins. It is further pointed out that the total cost of the contents of a pint bottle would be about three half‐pence. It is sold for four shillings and sixpence ! The report of the proceedings says that this “ wine ” was declared by the vendors to contain the juice of the finest grapes. The Public Analyst, however, certified that there was no grape juice in it. These facts and figures have not been called in question, and it is really somewhat difficult to speak with restraint of a transaction of this nature, especially when it is remembered that this, and other such “ wines ” and stimulants have been compounded for the alleged benefit of convalescents and of invalids. It is regrettable that experts can be found willing to support the doubtful claims of the manufacturers so far as it appears that they relate to the proportion of meat and malt extract in the “ wine.” The Public Analyst for the prosecuting authority stated that in his opinion such an article should contain a minimum of 4 per cent. of meat extract and 25 per cent. of malt extract. Another Public Analyst, called for the defence, said that in his opinion the proportions of these ingredients should be one and four respectively. Here are huge discrepancies in the ratio of about four to one in the essential constituents of an invalid food or stimulant. It is impossible, in the face of such wide differences of opinion among experts, to avoid drawing a comparison between the make up of the medical prescriptions which determine the nature of the drugs administered during illness and the nature of the stimulants, such as this “ wine,” which is to be taken during the period of convalescence. In the one case the prescription is drawn up by a medical man and the medicine compounded by a qualified pharmacist from drugs whose “ nature, substance and quality ” are rigidly defined in the pharmacopoeia. In the other case the stimulants which are presumably intended to help the patient on his road to recovery are, it appears, primarily made to sell, and have been compounded by the manufacturers to enable them to put money into their pockets. We can only say that if the same differences in composition existed in the same medicine and the same differences of opinion existed among medical men as to the efficacy of such medicine the patient would in all probability not reach the stage of convalescence at all. The only thing that might conceivably give trouble under the circumstances would be the wording of the death certificate. If medical men and analysts in official positions are to be regarded as joint trustees of the public health let them play the part. What would be thought of a trustee in the ordinary sense of the term who would recommend investment in a concern as to whose soundness there was considerable doubt? His good faith need not be called in question, but his judgment might certainly be described as faulty. It would be worse than a crime, it would be a mistake. A remedy for this unsatisfactory state may, in our opinion, be found in the setting up of standards for foods and drugs. The difficulties, of course, are great and a serious objection, or one of the objections, would be the inevitable lowering of the quality of most foods to the level of the minimum requirements of the law. There really seems to be no other way out of the difficulty, and if a beginning is to be made there seem to be very good reasons to begin with some of these invalid foods and stimulants. It is as much a matter for the medical man in cases of this kind as it is for the public analyst. If the medical man has succeeded in putting his patient after a serious illness on the high road to recovery he does not want to see him made to “ stand and deliver ” at the demand of anyone who has the necessary assurance to play such a part. With regard to standards in general a well known public analyst has recently observed : “ The Public Analyst should be umpire certainly, but if he is he should take into consideration the whole question of standards for any particular article ; long custom of the trade ; and also give weight to the needs and desires of the public.” He adds, “ The whole question of standards requires the attention of a small, but very competent, body—not a crowd.” This seems to be a complete statement of the case in few words. Some of the difficulties are suggested by the phrases “ custom of the trade ” and “ needs of the public.” It is the first of these that presents by far the most difficulty. The manufacturer well knows what “ custom ” would be of most benefit to him. He will fight for this by every means in his power. The fact that the public is extremely hazy as to its needs operates powerfully in favour of the manufacturer. It may also be added that while the manufacturers are almost always a well organised community, the members of the public are not, nor are they ever likely to be. It has been suggested that the public should be made “ food conscious.” It should “ take an interest in what it is buying ” and ask “ what do I expect to get when I buy this article? ” The meat and malt “ wine ” case is a sufficient answer. The purchaser paid four shillings and sixpence for what was stated to be “ three ha'porth of stuff ” made up to half a pint, and he was unconscious of the fact. This may be taken as a measure of the interest and knowledge shown by him when he was content to let the manufacturers make a profit of some three thousand per cent. on material that the Public Analyst is reported to have said was “ comparatively worthless.” While the magistrates were unable to accept the Public Analyst's standards as proved in view of the conflicting evidence, they added that the case had been most properly instigated by the West Riding County Council, and the defence was made to pay its own costs ! The whole case affords a clear demonstration of the urgent necessity of a small Standing Committee which could act and put its views into force without delay.

Not all of the Livery Companies of the City of London take an active interest in the craft of their guild. But the Worshipful Company of Fishmongers assuredly does so. It continues to examine all fish entering the City—the daily supply varying between 300 and 1,000 tons—and to condemn that which is bad. The Company also has important statutory duties in connection with shellfish, and salmon and other freshwater fish. Not only so, but the Fishmongers' Company published in 1949 a most valuable book for the purpose of furnishing public health officers and sampling officers under the Food and Drugs Act with the means of identifying at sight most kinds of fish likely to be exposed for sale in the markets and shops of this country. The book contains more than 80 coloured plates, each with a short description of such points as the shape, colour and position of the fins, the shape and colour of the lateral line, and the position of the mouth in relation to the eyes, in addition to the general shape and colour of the fish and any prominent and distinguishing markings. The coloured plates have been made from models in the Company's possession. They are quite excellent and will be indispensable to any sampling officer who wishes to assure himself that most kinds of fish sold in his area are of the nature demanded.

The purpose of this paper is to understand why some sports show a positive economic impact and other sports do not, and to identify a common set of explanatory factors explaining the differences.

This explanatory research reviews the economic impact literature to identify the underlying conditions that would theoretically allow any sport, large or small, to generate positive economic effects.

Nine conditions are identified that, when present, could allow a community to experience a positive economic impact from a team or stadium. These are then used to explain the discrepancy in known empirical outcomes in major and minor league baseball (MiLB). It appears as if major league teams are more likely to violate the conditions than minor league teams. This research finds theoretical support for previous suggestions that smaller teams and events may be beneficial to local economies. In doing so, it also explains previous empirical results that found some MiLB classifications are associated with positive gains in per capita income.

Stakeholders can use the nine conditions to understand expected economic impact of their relevant sports. This research provides a comprehensive guide to understanding when economic impact can be positive.

This research helps explain some of the existing controversy regarding economic impact analysis.

It is the first research to help provide a pre-set of conditions that can help predict whether positive economic impact will occur for specific sports teams or stadium projects.

Few regret the passing of an old year, with its darkening days and cold nights, its message fading as the voice weakens. A new year always looks more attractive with hopes of better things to come, but an occasional look back over one's shoulder, as it were, is seldom completely without profit, for experience can sometimes be more potent than hope. 1968 seemed to have more than its share of uncertainties, tragedies and disasters, in this country and in the world at large. An unsure economic state, to say nothing of monetary confusion, was reflected in every field of industry and public administration, but in the field of food quality and purity control, steady progress towards a comprehensive system of food standards, of hygiene and of food additive control was maintained. In fact, the year may be seen as not an entirely unfruitful one, with one or two events which may well prove to be landmarks.

The purpose of this paper is to examine how North American professional team owners are engaging in broader urban development projects that have their teams as anchor tenants in new sports facilities, by examining the case of Rogers Arena in Edmonton, Canada.

Approached from a constructionist perspective, the study employed an instrumental case study strategy as it facilitates understanding and description of a particular phenomenon and allows researchers to use the case as a comparative point across other settings (with similar conditions) in which the phenomenon might be present.

Using urban regime theory as a framework, the authors found that in Edmonton, the team owner was able to align his interests with other political and business interests by engaging in a development strategy that increased the vibrancy of Edmonton’s downtown core. As a result, the owner was able to garner support for both the arena and the surrounding development.

The authors argue that this new model of team owner as developer has several implications: on-field performance may only be important insofar as it drives demand for the development; the owner’s focus is on driving revenues and profits from interests outside of the sports facility itself; and the team (and the threat of relocation) is leveraged to gain master developer status for the ownership group.

This paper adds to the understanding of owner interests and how franchise profitability and solvency can be tied to other related business interests controlled by team owners.

Seeks to highlight the potential role of consumer values as a guiding force to technology. Posits, in order to assess these values, that considering the field of futures research in consumer behaviour is warranted. Discusses several models of futures research advancing the Delphi technique as a most appropriate methodology for predicting the future behaviour and preferences of consumers. Focuses on the notion that consumers' values can play a more prominent role in guiding the use of technology insofar as it relates to the production of consumable goods and services. Contends that the information revealed and examined here is vital for anyone concerned with an integrated approach to futures research, in particular for those organisations concerned in this market.

Over the last decade, foreign currency indebtedness in Hungary has become a systemic financial problem, and its crippling impact on the real economy has been aggravated by its significant constraints on economic policy. In international comparative terms, however, there are certain specific features relating to Hungary which make this issue particularly problematic, and during the financial crisis both exchange rates and interest rates were important factors in increasing the burden on individual households. We present here a case study whereby our research focuses on the causes and determining factors of the pricing of Swiss franc-denominated mortgage loans. Our empirical exercise examines four potential price shocks which might have affected the pricing decisions of credit institutions: foreign currency interest rates, the country risk premiums (measured by Credit Default Swap (CDS) spread), the deteriorating quality of the loan portfolio and the taxes levied on banks. The questions which arise concern the relationship of these costs to the changes in interest rates and the extent to which these cost shocks were passed on by banks to their clients. Empirical evidence based on Vector Error Correction Model (VECM) shows a significant long-run relationship between cost factors and CHF denominated mortgage loans interest rates — with a reasonable sign and magnitude of parameters, but also with moderate forecasting power. Finding a tractable solution to the foreign currency debt trap is only possible if a fair distribution of burdens is achieved, and this should be supported by empirical facts. At the end of the day, all three affected parties (debtors, banks, and the Hungarian State) had made their contribution, but how fair and reasonable the distribution was remains an open issue for further research.