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The purpose of this study is to determine whether house prices and income share a stable, stationary relationship in the G-7 countries. This stable relationship has been clearly implied by theory but has been difficult to uncover empirically in previous studies.

The analysis entails using nonlinear tests for a stationary relationship between home prices and per-capita income for the G-7 countries, whereas most previous papers on the topic have used linear methods.

When the standard linear ADF test is used, no stationary relationship for home prices and income is found for any of the G-7 countries. When the more powerful (but still linear) Ng–Perron test is used, the USA, but no other G-7 country, exhibits a stable relationship between the two variables. When the nonlinear Enders–Granger test is used, stationarity between home prices and income is found for five of the remaining six G-7 states.

Previous research has shown that as house prices have risen far above the income, especially over bubble periods, income has done a poor job in predicting home values. The findings show that income has a clear long-run stationary relationship with home values. This implies income could be helpful in providing home price forecasts.

Where previous studies have failed to find a long-run relationship between home prices and income while using linear methods, results in this paper show this theoretical asset–pricing relationship holds once the adjustment process is allowed to exhibit nonlinearity.

The purpose of this paper is to investigate whether the proposed eco currency union has sufficient business cycle synchronization among its members to avoid problems such as those experienced in the last several years by countries in the eurozone. This monetary union would potentially include 18 countries – Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Republic of the Congo, Cote d’Ivoire, Equatorial Guinea, Gabon, Gambia, Ghana, Guinea, Guinea-Bissau, Mali, Niger, Nigeria, Senegal and Togo – which collectively have a GDP of over 744 billion dollars and a population of over 300 million people.

The authors will apply some recently created econometric tools that were developed specifically to investigate business cycle synchronization in the eurozone. These tools – denoted synchronicity and similarity – overcome some of the limitations of previous studies which have used vector autoregressions and suffered simultaneity bias as a result.

The different measures employed suggest that the potential members of the eco exhibit a very low level of synchronization. Nigeria in particular, which is heavily dependent on oil, as are some, but not all potential members, would be the largest member, and exhibits a very low level of synchronization with other prospective eco member nations. Finally, preliminary evidence from several countries which have joined the existing African currency unions does not indicate that the act of joining a currency union improves synchronization, and this result contradicts the “endogenous optimal currency area” hypothesis.

Like previous studies on the topic, the authors rely on the available data. The number of observations is more limited than would be optimal.

The results would strongly caution against the creation of the eco currency union, as members appear even less ready for monetary integration than countries in the eurozone did.

This is the first study to apply the synchronicity and similarity tools to the prospective West African eco nations.

The effect of government on our lives is evident when we read newspapers or magazines, watch television or listen to the radio. At the international, national, and local level, decisions are made which ultimately affect many people. To understand the way governments work, political scientists study the principles, processes, and structures of government as well as the political institutions that have developed. This entails a broad range of interests because of the multiplicity and complexity of relations among governments at all levels.

At a recent inquest upon the body of a woman who was alleged to have died as the result of taking certain drugs for an improper purpose, one of the witnesses described himself as “an analyst and manufacturing chemist,” but when asked by the coroner what qualifications he had, he replied : “I have no qualifications whatever. What I know I learned from my father, who was a well‐known ‘F.C.S.’” Comment on the “F.C.S.” is needless.

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.

November 29, 1965 Edinburgh Construction industry — wholesaler of electric light fittings.

THE most important personal news of the month is the appointment of Mr. J. D. Cowley M.A., the County Librarian of Lancashire, as Director of the University of London School of Librarianship. This had been expected for some considerable time, but we were unable to comment until it had been confirmed in the middle of May by the Senate of the University. Mr. Cowley will bring to the office the culture which we know him to possess, experience in the library of a learned society, and the much wider public experience which he has gained in Lancashire. A quiet enthusiast, with a sympathetic and friendly manner, his achievements in librarianship have already been such as to make our hopes for his future most sanguine. We all like him, which is one of the best foundations for his success. The Library Association Record has expressed the general hope that he will be able to make such arrangements in the School that its students may be more acceptable than they have been hitherto in public libraries. One of the methods by which this can be accomplished is extremely simple in statement, although it may be somewhat difficult of realisation. The larger libraries should be induced to recruit their assistants in the ordinary manner, to retain them on the staff for two years with ample opportunities for gaining practical experience in more than merely mechanical operations, and should then send the best of them for two years to the School of Librarianship. During their absence the libraries would of course recruit other assistants to supply their place, who in turn, if satisfactory, should be sent to the School of Librarian‐ship, and those who have been at the School should return in their places. There would, of course, have to be two vacancies to start from, but in a large system that is a very small matter. In the way suggested the libraries would be acquiring staffs which were practically trained in the first place and would understand everything that was being taught at the School, and who, in addition, would have university training and the status which undoubtedly belongs to that. If it could only be made clear to the assistant librarians of the present day that university school pupils would not displace them, we think one of the objections to the School would have passed. At present, of course, the objection is deeper; it is the chief librarian who seems to avoid the school diplomate. On the other hand, there is the suggestion that anyone who has passed through the School is ipso facto a librarian and should have a high position; that, of course, is not so. Ultimately he may have, but school training is only preliminary to library experience, and more is required before a librarian can have a responsible post in a library of any consequence. We hope the point we have raised will have the consideration which we believe it deserves.

The purpose of this paper is to develop a proper tool for structural analysis and designing in near‐fault regions where the level of earthquake hazard is more and its nature is different from far‐field regions.

The paper uses near‐fault records and pulse extraction using wavelet analysis and designs a spectra concept.

The paper developed a proper design spectra for near‐fault structural analysis and design.

This paper using pulse extraction for developing a 3D response spectrum with paying attention to earthquake magnitude is new and final design spectra proposed is valuable.