ijrcm-4-IJRCM-4_vol-5_2015_issue-01-art-08

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VOLUME NO.5(2015),ISSUE NO.01 (JANUARY) ISSN2231-5756

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INTERNATIONAL JOURNAL OF RESEARCH IN COMMERCE, IT & MANAGEMENTA Monthly Double-Blind Peer Reviewed (Refereed/Juried) Open Access ntern!tion!l e-Journ!l - ncluded in the ntern!tion!l "eri!l Directories

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ONTENTS

Sr.No.

TITLE & NAME OF THE AUTHOR (S)PageNo.

1AN EMERGING OPPORTUNITY IN ORGANISED RETAIL SECTOR IN INDIA

AJAY KUMAR & YASHWANT SINGH THAKUR 1

2 ATHEISM OR RELIGIOSITY: WHAT DRIVES NEW AGE ADMINISTRATORS AND ENTREPRENEURSDR. ANU SINGH LATHER, DR. SHILPA JAIN & DEEPTI PRAKASH

5

3 THE RELATIONSHIP BETWEEN PERSONALITY AND SHOPPING ORIENTATION: AN EMPIRICAL STUDY WITHSPECIAL REFERENCE TO APPAREL CUSTOMERS IN COIMBATORE CITY

DR. R. SELLAPPAN & P.RADHIKA

9

CRAC!ING THE NEURAL CODE OF RURAL PEOPLE REGARDING MOBILE PHONE USAGE PATTERNS IN!ARNATA!A: A CASE STUDY OF HASSAN DISTRICT

KRISHNA KISHORE SV & DR. ALOYSIUS HENRY SEQUEIRA

1"

5 ROLE OF CLUSTER DEVELOPMENT ACTIVITIES IN ENHANCING COMPETITIVENESS OF HANDLOOM CO#OPERATIVES IN !ANNUR DISTRICT

DR. PREMAVALLI P.V

2

" A CASE STUDY ON ONLINE SHOPPING OF ACCORD BUSINESS SCHOOL, CHIGURUWADA, TIRUPATIDR. S. SHAHINA BEGUM

29

$ AWARENESS OF %UALITY MANAGEMENT IN HIGHER EDUCATIONDR. FISSEHA GIRMAY & DR. ARAVIND.S.

33

FINANCIAL AND OPERATING PERFORMANCE OF DISINVESTED CENTRAL PUBLIC SECTOR ENTERPRISES OFMANUFACTURING SECTOR IN INDIA

DR. A. VIJAYAKUMAR & S. JAYACHITRA

3

9 GOVERNMENT REVENUE AND E'PENDITURE NE'US IN SINGAPORE: STRUCTURAL STABILITY ANDCAUSALITY ANALYSIS

SUBRATA SAHA

$

1( A STUDY TO DETERMINE THE FACTORS AFFECTING THE PRESCRIPTION PREFERENCE OF DOCTORS IN GOACEDRIC THOMAS SILVEIRA

5

11 THE %UALITY PRACTICES AND ITS IMPACT ON %UALITY IN ENGINEERING INSTITUTIONS IN !ARNATA!ADR. MAHESHA KEMPEGOWDA, NALINA. R & NETHRAVATHI. N

5$

12 RECRUITMENT THROUGH SOCIAL MEDIA: CHALLENGES AND OPPORTUNITIESAANCHAL JAIN & ARUN KUMAR

"2

13 A STUDY ON %UALITY WOR! LIFE BALANCE AMONG THE DEVELOPMENT OFFICERS OF LIC OF INDIA INCHENNAI CITY

SHENBAGAM KANNAPPAN & DR. S. BAMA

"5

1 SUSTAINABLE FINANCIAL INCLUSION: A NEED OF THE HOUR: STUDY OF RECENT INITIATIVES OF RBI &GOVERNMENT OF INDIA

AVINASH BN, CHAITHRA M.S, PRIYANKA R & PUJA BHATT

"

15 THE IMPACT OF ADVANCED TECHNOLOGIES AND TELECOMMUNICATION: IMPLICATIONS FORDEVELOPMENT OF NIGERIAN PORT INDUSTRY

DR. OBED B. C. NDIKOM

$3

1" NE'US BETWEEN CORPORATE GOVERNANCE REGIME AND INTERNAL CONTROL SCHEME IN BUSINESSORGANI)ATIONS

ABDULLAHI SHEHU ARAGA

"

1$ ADOPTION OF MOBILE COMMERCE IN HIMACHAL PRADESHPANKAJ YADAV

93

1 GREEN WASHING: DECEPTIVE BUSINESS CLAIMS TO BIL! THE BUYERSACHIN KUMAR

9

19 GLOBAL E'PERIENCE OF FOREIGN DIRECT INVESTMENT IN MULTI#BRAND RETAILINGITISHA ROHATGI

1(2

2( HIGHER EDUCATION: E'PLORATION OF OPPORTUNITIES AND CHALLENGESMENKA

1($

RE%UEST FOR FEEDBAC! & DISCLAIMER 111


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FINANCIAL AND OPERATING PERFORMANCE OF DISINVESTED CENTRAL PUBLIC SECTOR ENTERPRISES OF

MANUFACTURING SECTOR IN INDIA

DR. ". %I&"'"KUM"R

"SSOCI"TE !ROFESSOR

ERODE "RTS ( SCIENCE COLLEE

ERODE

S. &"'"CHITR"

RESE"RCH SCHOL"R

ERODE "RTS ( SCIENCE COLLEE

ERODE

ABSTRACTT1i ))#* #2in# !1# %inn+i' n- $)#*!in3 )#*%$*n+# $% !1# -iin/#!#- CPSE $% In-in Mn"%+!"*in3 #+!$*. A )'# $% 45 %i* i -*6n %*$ /*i$"

+$3n!# 3*$") /i7., F#*!i'i7#*, H#/ En3in##*in3, M#-i" & Li31! En3in##*in3, P#!*$'#" (*#%in#* & *8#!in30 n- T*n)$*!!i$n E9"i)#n! $% In-in CPSE

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M$*# )#+i%i+'', !1# )*##n! !"-i# ##8 1$6 %i*; (40 )*$%i!i'i! *!i$, (50 $)#*!in3 #%%i+i#n+, (0 !$+8

in-i+!$* *# %%#+!#- -iin/#!#n!. T1# #)i*i+' #/i-#n+# $% !1## !"-i# "33#! !1! -iin/#!#n! +$"'- '#- !$ n i)*$/##n! in )*$%i!i'i!,

#%%i+i#n+, $"!)"! n- !$+8 in-i+!$*. On !1# $!1#* 1n-, '!1$"31 !1#*# i n$ +$ni!#n! *#"'! 6i!1 *#3*- !$ !1# #)'$#n! '#/#' n- -#! i! i #2)#+!#- !$

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!1n =4)#* +#n! $% !1# )'#.

!EYWORDSDisinvest3entE Profit!bilityE Oper!tin& ?fficiencyE OutputE ?3ploy3entE "olvencyE "toc ndic!tors

INTRODUCTIONublic enterprises in 3ost of the countries of the world% so !s !lso in ndi! were cre!ted to !cceler!te econo3ic !nd soci!l develop3ent J!w!h!rl!l 'ehru%

the first pri3e 3inister of independent ndi! c!lled the public sector units (P"8s) the 6e3ples of 3odern ndi! 6hese Gte3ples: were built durin& !n er!

of soci!list ndi!n politics !nd pl!nned econo3y (ndi! !dopted the 1 ye!r pl!n 3odel fro3 the co33unist/ soci!list erstwhile "oviet 8nion) ndustri!l

Policy of I* ,P"?s (e@cludin& K nsur!nce ,o3p!nies) with ! tot!l invest3ent of

RsK% >>= crore !s on 0st M!rch% >*> t w!s in the ye!r


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0== (K)% >+< (*=1K) !nd I+0K (K*>0K (>= (I0+) !nd 1>>1 (===0) !fter

disinvest3ent% respectively 6he results show th!t 3e!n ch!n&es in OPM% 'PM% RO, !nd ROA !re positive !fter divestiture 6o find the si&nific!nce difference

between 3edi!n before disinvest3ent !nd 3edi!n !fter disinvest3ent Cilco@on "i&ned-R!n test is !pplied 6he findin&s indic!te th!t OPM% 'PM !nd RO?

show st!tistic!lly insi&nific!nt b!sed on Cilco@on "i&ned-R!n test 6he "t!nd!rd Devi!tion ("D) of OPM !nd ROA h!s beco3e 3ore vol!tile !fter disinvest3ent

6he ,oefficient of ;!ri!tion (,;) showed !n err!tic fluctu!tion in profit!bility 3e!sures of selected disinvested ,P"?s !fter disinvest3ent 6he ch!n&es in

,o3pound Annu!l #rowth R!te (,A#R) of !ll the profit!bility indic!tors were positive !fter disinvest3ent

6!ble 1 shows the proportion test results b!sed on "i&n test for si&nific!nt incre!se in profit!bility r!tios !fter disinvest3ent 6he 3e!n ch!n&es in profit!bility

r!tio were positive !fter disinvest3ent e@cept for RO? Only +IK per cent of the s!3ple co3p!nies show incre!se in OPM% 1=00 per cent of the s!3ple

co3p!nies e@perience incre!ses in RO? !fter disinvest3ent% IIIK per cent of the s!3ple co3p!nies show incre!se in 'PM !nd =000 per cent of the s!3ple

co3p!nies show incre!se in RO, !nd ROA !fter disinvest3ent 6he incre!se in the !bove 3entioned profit!bility 3e!sures !re eu!lly si&nific!nt !t !s low !s

+IK per cent !nd !s hi&h !s =000 per cent of the s!3ple co3p!nies 6hou&h% the incre!se in OPM% 'PM !nd RO? is not st!tistic!lly si&nific!nt 6hus% thefindin&s tend to contr!st the bench3!r studies ?M@@;+ . 4


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6!ble + depicts the over!ll ch!n&es in oper!tin& efficiency perfor3!nce of whole s!3ple before !nd !fter disinvest3ent 6he 3e!n (3edi!n) ch!n&es in s!les

efficiency !nd net inco3e efficiency fro3 *1 (*=+ (I1*) before disinvest3ent to >+>==) !nd *1*I (*I1 percent!&es respectively% !fter disinvest3ent 6o find the si&nific!nce

difference between 3edi!n before disinvest3ent !nd 3edi!n !fter disinvest3ent Cilco@on "i&ned-R!n test is !pplied 6he findin&s indic!te th!t s!les

efficiency show st!tistic!lly si&nific!nt !t one per cent level b!sed on Cilco@on "i&ned-R!n test 6he "t!nd!rd Devi!tion ("D) of oper!tin& efficiency h!s beco3e

3ore vol!tile !fter disinvest3ent 6he ,oefficient of ;!ri!tion (,;) showed ! hi&h fluctu!tion in oper!tin& efficiency 3e!sures of selected disinvested ,P"?s

!fter disinvest3ent 6he ,o3pound Annu!l #rowth R!te (,A#R) of the s!les efficiency w!s positive% where!s% ,A#R w!s ne&!tive for net inco3e efficiency !fter

disinvest3ent 6!ble 1 shows the proportion of fir3s th!t ch!n&ed !s predicted b!sed on si&n test for si&nific!nt incre!se in oper!tin& efficiency !fter

disinvest3ent 6he over!ll 3e!n ch!n&es in s!les efficiency were positive !fter disinvest3ent Only


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position of ! fir3 !nd the e@tent to which the fir3 relied on debt to fin!nce !ssets t is est!blishes the rel!tionship between funds supplied by owners of ! fir3

!nd those provided by creditors of ! fir3 6he ch!n&es in solvency of disinvested ,P"?s h!ve been 3e!sured by e3ployin& Debt-?uity R!tio (D?R)% nterest

,over R!tio (,R)% Propriet!ry R!tio (PR) !nd 9on&-ter3 Debt R!tio (9DR)

6!ble + depicts the over!ll ch!n&es in solvency of whole s!3ple before !nd !fter disinvest3ent 6he 3e!n (3edi!n) ch!n&es in D?R% ,R% PR !nd 9DR fro3 *>1*

(***)% 111 (10+1)% *1K (*I+1 (*>0K) before disinvest3ent to **I* (*=*)% K=* (*>+0) !nd *10 (*+I) !fter

disinvest3ent% respectively 6he results show th!t 3e!n ch!n&es in D?R !nd 9DR !re ne&!tive !fter divestiture .owever% ,R !nd PR show positive ch!n&es

before !nd !fter disinvest3ent with 3e!n v!lue of >0+0 !nd **I0% respectively 6o find the si&nific!nce difference between 3edi!n before disinvest3ent !nd

3edi!n !fter disinvest3ent Cilco@on "i&ned-R!n test is !pplied 6he findin&s indic!te th!t only ,R show st!tistic!lly si&nific!nt incre!se b!sed on Cilco@on

"i&ned-R!n test 6he "t!nd!rd Devi!tion ("D) of ,R !nd 9DR h!s beco3e 3ore vol!tile !fter disinvest3ent 6he ,oefficient of ;!ri!tion (,;) showed !n err!tic

fluctu!tion in D?R% ,R !nd 9DR of selected disinvested ,P"?s !fter disinvest3ent 6he ,o3pound Annu!l #rowth R!te (,A#R) of !ll the solvency indic!tors w!s

ne&!tive !fter disinvest3ent 6!ble 1 shows the prediction test results b!sed on "i&n test for si&nific!nt i3prove3ent in solvency r!tios !fter disinvest3ent 6he3e!n ch!n&es in solvency r!tios were ne&!tive !fter disinvest3ent e@cept for ,R !nd PR Only +IK per cent of the s!3ple co3p!nies ch!n&ed !s predicted in

PR% IIIK per cent of the s!3ple co3p!nies e@perienced decline in D?R !nd 9DR !fter disinvest3ent !nd disinvested 3!nuf!cturin& ,entr!l Public "ector ?nterprises h!ve i3proved !fter they were disinvested As only K out of > selected

disinvested 3!nuf!cturin& ,entr!l Public "ector ?nterprises h!ve p!id dividend durin& the period of study% dividend p!yout r!tio is e@!3ined only for the

co3p!nies who p!id dividend !nd it is e@pected to i3prove !fter disinvest3ent 6!ble + depicts the over!ll ch!n&es in stoc indic!tors perfor3!nce of whole

s!3ple before !nd !fter disinvest3ent 6he 3e!n (3edi!n) ch!n&es in ?P"% Boo v!lue per sh!re !nd Dividend P!yout r!tio fro3 =>K+* (0+1>0)% >*= (>>>II) before disinvest3ent to >>>+1> (>0I>K) !fter disinvest3ent% respectively 6he results

shows th!t 3e!n ch!n&e in ?P" !nd Boo v!lue per co33on sh!res !re ne&!tive !fter divestiture 6he ch!n&e in ?P" !nd boo v!lue per co33on sh!re o h!s

f!llen by -I+1 per cent !fter disinvest3ent 6o find the

si&nific!nce difference between 3edi!n before disinvest3ent !nd 3edi!n !fter disinvest3ent Cilco@on "i&ned-R!n test is !pplied 6he findin&s indic!te th!t

stoc perfor3!nce show st!tistic!lly insi&nific!nt b!sed on Cilco@on "i&ned-R!n test 6he "t!nd!rd Devi!tion ("D) h!s beco3e less vol!tile !fter disinvest3ent

6he ,oefficient of ;!ri!tion (,;) showed ! hi&h fluctu!tion in stoc perfor3!nce of selected disinvested ,P"?s !fter disinvest3ent 6he ,o3pound Annu!l

#rowth R!te (,A#R) of the stoc indic!tors w!s ne&!tive !fter disinvest3ent

6!ble 1 shows the proportion of fir3s th!t ch!n&ed !s predicted b!sed on si&n test for si&nific!nt incre!se in stoc indic!tors !fter disinvest3ent 6he over!ll

3e!n ch!n&es in ?!rnin&s Per "h!re !nd Boo v!lue per sh!re were ne&!tive !fter disinvest3ent Only =000 per cent of the s!3ple co3p!nies show incre!se in

?P" !fter disinvest3ent 6he findin&s reve!led th!t% the incre!se in ?P" is st!tistic!lly si&nific!nt% the hypothesis th!t disinvest3ent !ssoci!tes with i3prove3ent

in co3p!ny:s ?!rnin&s Per "h!re is !ccepted stron&ly in the c!se of ndi!n M!nuf!cturin& "ector 1=00 per cent !nd +>=I per cent of the s!3ple co3p!nies

showed i3prove3ent in Boo v!lue per sh!re !nd Dividend P!yout r!tio% respectively 6he findin&s reve!led th!t the proportion of co3p!nies th!t ch!n&ed !s

predicted is st!tistic!lly insi&nific!nt b!sed on "i&n test .ence% the hypothesis is re5ected

CONCLUSION6he study e@!3ined the over!ll fin!nci!l !nd oper!tin& perfor3!nce of > disinvested ,P"?s of ndi!n M!nuf!cturin& "ector by co3p!rin& before !nd !fter

disinvest3ent perfor3!nce 6he indic!tors used !re profit!bility% oper!tin& efficiency% output% e3ploy3ent% solvency !nd stoc indic!tors 6he results% !lbeit

3i@ed% return on c!pit!l e3ployed% return on tot!l !ssets% interest cover r!tio% oper!tin& efficiency !nd output showed ! si&nific!nt i3prove3ent !fter

disinvest3ent 6he findin&s reve!led th!t there w!s ! decline in return on net worth% e3ploy3ent% debt% ?P" !nd boo v!lue per sh!re !fter disinvest3ent but it

w!s st!tistic!lly insi&nific!nt Oper!tin& profit 3!r&in% net profit 3!r&in !nd dividend p!yout r!tio h!ve i3proved !fter disinvest3ent .owever% in spite of

3i@ed results the over!ll picture shows i3prove3ent in !ll the indic!tors for !t le!st 3ore th!n + per cent of the s!3ple

REFERENCES Me&&inson% Cilli!3% Robert '!sh% !nd M!tthi!s v!n R!ndenbor&h ( Boub!ri% '!r5ess !nd Je!n-,l!ude ,osset (**>) Restructurin& P"?s throu&h Disinvest3ent4 "o3e ,ritic!l ssues%P*!ii, T1# J$"*n' $% MIS, >(>)4 1I-I>

= "udhir '!ib (>**0) P!rti!l Divestiture !nd Perfor3!nce of ndi!n Public "ector ?nterprises%E+$n$i+ n- P$'i!i+' W##8', Pp 0*== to 0***+) L6he Perfor3!nce of "t!te-Owned ?nterprises !nd 'ewly Priv!tied $inns4 Does Priv!ti!tion Re!lly M!tterL% W$*'- D#/#'$)#n!

0>(I)4 ***1) 6he $in!nci!l !nd Oper!tin& Perfor3!nce of Priv!tied ,o3p!nies in 6urish ,e3ent ndustry%METU S!"-i# in D#/#'$)#n!%

0>4 1 snurh!di B!n!luddin (>**K) T1# $)#*!in3 n- %inn+i' )#*%$*n+# $% n#6' )*i/!i7#- !!#@$6n#- #n!#*)*i# in M'iDoctor!l 6hesis% June>**K

0 R!vinder ;in!ye !nd Rupinder (>**K) 6he ?ffects of Disinvest3ent on $in!nci!l !nd Oper!tion!l Perfor3!nce of Public "ector ?nterprises4 "o3e

Reflections% T1# J$"*n' $% In!i!"!i$n $% P"'i+ En!#*)*i#% ;ol 0*% 'os !nd >

+ Dr #!&!n "in&h !nd Dr Deep! P!liw!l (>**) 3p!ct of Disinvest3ent on the $in!nci!l !nd Oper!tin& Perfor3!nce of ,o3petitive !nd Monopoly 8nitsof ndi!n Public "ector ?nterprises% In!#*n!i$n' J$"*n' $% R##*+1 in C$#*+# n- Mn3##n!% ;olu3e 'o % ssue 'o >% June >**

1 #upt! "ee3! % P7 J!in% "urendr! " 2!d!v!nd !nd ;7 #upt! (>*) $in!nci!l perfor3!nce of disinvested centr!l public sector enterprises in ndi!4 Ane3piric!l study on select di3ensions% J$"*n' $% A))'i#- Finn+# n- Bn8in3% (+)4 1K-*I ""'4 K-I1=* (print version)% K-I1


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++

I Dr2!hy! S!!ri Abdull!hi% Dr(Mrs) .uss!in!tu Abdull!hi !nd Dr 2elw! Moh!33ed (>*>)% Priv!ti!tion !nd fir3 Perfor3!nce4 An ?3piric!l "tudy of

selected Priv!tied $ir3s in 'i&eri!% M#-i!#**n#n J$"*n' $% S$+i' S+i#n+#,;ol 0()% 'ove3ber >*>

K Dr 7ishor , Meher !nd Dr "!3ir!n J!n! (>*0) Botto3 9ine of Divested P"?:s in Post Priv!ti!tion "cen!rio%=D In!#*n!i$n' J$"*n' $% Mn3##n!n- S+i#n+#% ""' 'o4 >>1*-*II< F+D ,rossconnectco3% nc% >*> www+dintern!tion!l5ourn!lco3 ;ol 0% ssue% >*0 p!&e * to >I

TABLESTABLE 1: DISINVESTMENT BASED ON SECTOR FROM 1991#92 TO 2(13#1 (As on *I July >*0)

S/. N* - E.0;++ D;+;+. N* - D;+;+.8.+ - D;+;+.8. . T.4< N* - D;+;+.8.+

A&riculture - - -

?lectricity I = I+ +*1*

Minin& 0 I

.e!vy ?n&ineerin& Bh!r!t .e!vy ?lectric!ls 9td

Jessop ,o3p!ny 9td >**0-*+ M!5ority K> >K

9!&!n Jute M!chinery ,o3p!ny 9td >***-* M!5ority K+ >I

Mediu3 9i&ht?n&ineerin&

Bh!r!t ?lectronics 9td **0-*+ Minority +>I1 1K0+

.indust!n Petroleu3 ,orpor!tion 9td


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+1

TABLE : SUMMARY OF TEST FOR SIGNIFICANCE CHANGES IN FINANCIAL AND OPERATING PERFORMANCE FOR THE FULL SAMPLE

C44/.;+.;/+ V4;4=+ 01II

SD ++1 +I0K *=I +11 *>* 0=K ==0K

SD I1=K 0+* -0++I -1>0>

CV ***= >=+1> 1=*1* **>

M;4 -+>K> 0= 0=*+

SD 0=+ ->+>*10 >*01 01K+K

CAGR ? -+=*=< >=*I< 1K00

R. T.4< A++. M4 >+< I>>= +* *0 =0=

CV ***I -*+I0 -*+I= -=*>

CAGR? -I0*>= -+>*+ >*> *+>I *>+ **I1IKK >*I +1I>1

N. I/8 E--;/;/ M4 I>+ *1*I -K -I==> -**K= **=

CAGR ? -0K+K+ -K*== 0KI 1*= ->K+I ***I

M;4 *=K0 > 0>* 1>K

SD *1I 0K0 >K K=>I0

CV *>>> *+ *=< =1 >+0K >*+I +=>=0=< 1=0 +=+=

CV **0 **>= -***> -I>>0

CAGR ? -*>= -*0+1K

T"i&nific!nt !t 1 level !nd TT"i&nific!nt !t level "ource4 ,o3puted


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+I

TABLE ?C.;:SUMMARY OF TEST FOR SIGNIFICANCE CHANGES IN FINANCIAL AND OPERATING PERFORMANCE FOR THE FULL SAMPLE

C44/.;+.;/+ V4;4=*I0

CV *>> *K>= *I*I +=01+ ->*>K> =*=0 >=1*I

I.+.C

R4.;

M4 111 K=0+0 >>>0+* ->KK I>=1 >**K >=*K>0

CV -**+= *=K< *K *=0K

CAGR ? -01** -K+KK -0>* **I0 +**=1 **** ***

M;4 *I< *>+0 **K0 +0>1=

SD *0> *** -**0> ->+>=*

CV *>0* **== -*+ -I1*I

CAGR ? -= -**K ->>0I*

L@#.8

D=. R4.;

M4 *>+1 *10 -** -0KI0I -* *0IK

M;4 *>0K *+I -**=1 *I* *0I *K>=

CAGR ? +>1 -= ->0K+0 -1I000>S./7 I;/4.+ E4;@+ P S4 M4 =>K+* >*0 >>>>>1 -01+*

SD >+0=K+ I*+ *+1* ->K+ -K0=* -*

CAGR ? -I*1I -+ I00> -0+>= >+1> *0*> >1* -*I< *=II

M;4 >>>II >0I>K 0I I*

SD K1= II1I -*1*> -K**

CV *0+I *>I= -**K= ->>1+*

CAGR ? +


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+K

REUEST FOR FEEDB"CK

D4 R4+

At the very outset% ntern!tion!l Journ!l of Rese!rch in ,o33erce% 6 M!n!&e3ent (JR,M)

!cnowled&es !ppreci!tes your efforts in showin& interest in our present issue under your ind perus!l

would lie to reuest you tosupply your critic!l co33ents !nd su&&estions !bout the 3!teri!l published

in this issue !s well !s on the 5ourn!l !s ! whole% on our ?-3!il;-;/8@84;


17/17


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