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THE IMPACT OF TRADE CREDIT ON BUSINESS. Jyoti Kalyanji. Business Review Volume 1 Number
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1 THE IMPACT OF TRADE CREDIT T H E I M P A C T O F T R A D E C R E D I T ON BUSINESS O P E R A T I O N S Trade credit, also known as commercial credit or mercantile credit, refers to the exchange of goods or services for the promise of future payment. Such exchange, be it for merchandise or service, is between business concerns trading with the intention of resale. (Cole, 1968) The importance of trade credit has been noted on many occasions. Cole (1968, p347) states, [trade credit] is the most important short term credit used and accepted by business, by virtue of the multiplicity of transactions, the policies associated with accepting it, and the accounting procedures necessary to manage it. Thirty years later, trade credit appears to be just as critical. Peterson and Rajan (1997) call it, the single most important source of short-term external finance in the United States. They refer to findings of an earlier study of non-financial firms, noting that accounts payable was larger than bank debts. Thus, it is surprising that trade credit has been largely ignored by academics, and there is little agreement about its effects and desirability. This apparent lack of research is perhaps due to the complex and multidisciplinary nature of the concept. Long et al (1993, p117) state, Although trade credit has long been an important source of financing for corporations, it is one of the least understood methods of doing business. This paper falls into two parts. The first part provides a brief overview of trade credit and trade credit terms. The second part provides an evaluation of the 20 th of the following month trade credit terms, commonly offered in New Zealand. It includes an initial investigation into the impact such terms have on the business environment and considers a number of alternative approaches for alleviating the impact. MOTIVES FOR USING TRADE CREDIT Given that there are many sources of finance available to businesses, the motive for using trade credit is questioned. Trade credit theories can be broadly classified into two categories financial and operational. FINANCIAL ADVANTAGE THEORIES Perhaps the most significant function of trade credit is its role in facilitating the movement of goods from the supplier of raw materials to the retailer of end products. It is the capacity of suppliers to finance buyers, thus eliminating the need for immediate cashflows, that facilitates such movement. Another perspective suggests that trade credit is used simply out of necessity. Cole (1968, p350) states, Even if businesses of all types were exclusively dependent upon bank loans and their own capital, it is doubtful that enough financial capacity could be marshalled to cover the value of goods and services handled by means of commercial credit. OPERATIONAL THEORIES Through the use of trade credit, payments for goods are accumulated rather than being made at each order or delivery. This allows for periodic payment, which reduces the transaction costs associated with settling accounts. Lee and Stowe (1993) take another perspective, suggesting trade credit enables buyers to assess the quality of goods before making payment. The prevalent use of trade credit, along with the diversity in trade credit theories, suggests that any business may utilise trade credit for any number of reasons. Note: Throughout the remainder of this paper, 20th of the following month trade credit term is abbreviated to M20CT THE HISTORY OF TRADE CREDIT The historical evolution of trade credit is somewhat obscure, with no substantial evidence as an indication of its roots. Long et al (1993) suggest that trade credit arose as a source of finance in colonial times to facilitate the exchange of goods and services. In such times, trade credit was extended for as long as one year, perhaps representative of the frequency of merchant visits to commercial centres. However, it appears that with improved transportation and the natural development of commercial activity, the process of offering trade credit was formalised and the contractual credit period reduced. TRADE CREDIT TERMS It appears that over time, along with the increase in trade credit use, there has also been an increase in the variety and complexity of trade credit terms offered. However, all terms are composed of three elements: the net period in which payment is due, the discount period within which payment can be made at cash discount, and the discount rate. (Seiden, 1964) Further, trade credit terms can take one of two forms: day terms, requiring payment within a fixed period after a purchase, or date terms, requiring payment by a specified day of the month, regardless of the date of purchase. (Kingsman, 1983) POSTGRADUATE STUDENT Department of Management Science and Information Systems University of Auckland Business School 62 63
2 THE IMPACT OF TRADE CREDIT FACTORS INFLUENCING TRADE CREDIT TERMS: There is a tendency in many industries toward standardised trade credit terms. However, there are many other factors to consider including: Rate of stock turnover Buyers credit rating Competition Exchange rates Financial resource of supplier However, there is considerable variation within these forms. It is important that businesses understand these variations, as they can have a significant impact on business operations. For example, an increase in the cash discount rate offered for early payment increases the cost of trade credit to buyers not utilising the discount. This is similar to lowering the retail price of the good, which may in turn increase sales and reduce the amount of accounts receivable. (Seiden, 1964) TRADE CREDIT TERMS IN PRACTICE INDUSTRY TRENDS It is interesting to observe some of the underlying trends in industry credit periods. Bender (1996) found that, in the United Kingdom between 1985 and 1995, there was a reduction in the average credit period over all industries. However, the industries that offered the longest and the shortest periods tended to remain the same. TERMS AROUND THE WORLD Character of the goods Variation in lines of goods Economic conditions Cultural differences Location of customer and transportation A recent European study indicated a maximum contractual period of 75 days in Greece, and a minimum contractual period of 19 days in Finland. The European average credit period was 39 days, with an average payment period of 54 days, implying that payments were on average 15 days overdue. (Source: European Commission 1996) It is interesting to note the introduction in the United Kingdom of the Late Payment Act. This Act, which came into effect in November 1998, arose from a joint initiative between the government and a number of leading business organisations. With its major focus on prompt payments, the Act appears to be a first step towards a change in the payment culture of the business community. (Smith, 1998) TRADE CREDIT TERMS IN NEW ZEALAND Although there has not been a formal evaluation of trade credit terms in New Zealand, Boxall and Green (1994, p225) refer to the normal credit terms as, by the 20th of the month following purchase. One industry expert suggested that up to 70% of New Zealand businesses operated on such terms. It has been suggested, however, that customers rarely adhere to contractual credit terms. Terms tend to be extended as long as possible, often without penalty by the supplier. A member of the New Zealand Credit & Finance Institute has suggested that the practice of extended credit is embedded within the business culture to such an extent that suppliers would have difficulty enforcing their terms, even on a legal grounding. Given the common practice of offering M20CTs, the maximum possible credit period is 50 or 51 days, depending on the number of days in the month in which orders are placed. However, in reality, with extended credit often assumed, buyers may not make payment until the end of the following month. In this case, the maximum credit period is effectively 60 or 61 days. The Intended Credit Sale Process for M20CT s Buyer orders goods (by purchase order or manually) Supplier despatch goods to buyer (accompanied by packing slip) Supplier sends the buyer the invoice Supplier sends statement of account to buyer at the end of the month EVALUATION OF 20 TH OF THE FOLLOWING MONTH TRADE CREDIT TERMS THE DEMAND PATTERN Given M20CTs, there is a tendency for buyers to order goods within the first few days of a month, ensuring they receive the longest possible credit period. Further, buyers are inclined to place only one order within a month. Therefore, many orders are placed within the first days of a month. Many businesses operating with M20CTs experience extreme peaks within the first days of a month, followed by a steady decline throughout the remainder of the month. It is suggested that this pattern is created as a result of M20CTs and the ordering cycles they induce, rather than by any external forces or consumer influences. This is further supported by the inconsistency between consumer demand patterns and those demand patterns experienced by players upstream in the supply chain. A FINANCIAL PERSPECTIVE CASHFLOW Often businesses offering M20CTs to their buyers are also accepting such terms from their suppliers. With cash inflows and cash outflows consisting largely of accounts receivable and accounts payable, the majority of the cash received and paid by a business requires processing within the same day of the month. As such, there is increased potential for debtor/creditor problems to arise. For a given business, any delays in payments by its buyers may result in further delays of payments to its suppliers, due to lack of funds. WORKING CAPITAL Seiden (1964, p41) refers to the relationship between trade credit terms and working capital: Without a cash discount, buyers are encouraged to use trade credit as a source of working capital, for it is costless. Thus it is the maximisation of a firm s working capital that appears to be the primary cause of the demand pattern induced by M20CTs. However, this reference to costless working capital appears flawed. Although there is no direct cost incurred for the use of this credit, there are a number of secondary costs, such as the operational inefficiencies discussed below. AN OPERATIONS MANAGEMENT PERSPECTIVE Operations Management focuses on the design and management of a system to most effectively and efficiently deliver the product and service outputs of an organisation. The following discussion will focus on six management categories in which M20CTs have a major impact. (Pyke, 1997) Supplier receives payment from the buyer by the 20th of the month following purchase 64 65
3 In extreme cases, loaded trucks have been known to travel between delivery points through the morning without making any deliveries. MANAGEMENT LEVERS IMPACTED BY M20CTS 1. Capacity CAPACITY 2. Outsourcing 3. Supplier Relations 4. Human Resources Capacity concerns the quantity and timing of resource needed to satisfy a 5. Quality given customer service 6. Inventory level. There are many capacity strategies for incorporating the peaks caused by M20CTs. These fall on a continuum, with the level strategy at one extreme and the chase strategy at the other. Under a level strategy, a firm produces at a constant rate throughout the month. Excess inventories produced in the last weeks of the month are stored, ensuring stock levels at the beginning of a month are sufficient to meet peak demand. Equipment and labour capacity can be kept at an efficient level. However, storage and distribution facilities need to be large enough to accommodate peak finished goods inventory levels towards the end of a month, even though utilisation during other times of the month will be low. Firms operating a chase strategy produce at differing rates throughout the month, according to fluctuations in demand. In anticipation of the M20CT peaks, manufacturing firms may produce at a maximum rate in the last week of the month to ensure stocks are available for filling orders in the first week of the following month. Again, these capacity levels would need to be such that they supported peak inventory and production levels. Although labour capacity could be varied through the use of temporary labour or overtime, there are a number of associated costs (discussed further below) which make it an undesirable option. OUTSOURCING Outsourcing concerns the assignment of operational activities to a third party. It can be used to cope with the monthly demand peaks associated with M20CTs. But there are a number of associated costs to consider, other than the obvious financial cost. For example, a New Zealand warehousing and distribution company sometimes contracts drivers to cope with excessive peaks in demand. However, not only do contractors have less knowledge of a firm s products and customers, but they do not carry the product tracking equipment of company drivers. Given that product tracking is a key function of the company s operation, the lack of such a facility impacts their ability to meet desired customer service levels. Another example of the associated costs of outsourcing is provided by a New Zealand food distributor, which outsources its warehousing and distribution functions. When the third party contractor makes deliveries to larger customers, its drivers often have to queue up with drivers from other suppliers that also trade with M20CTs. Drivers may even be turned away by the customers storemen, who are already processing inventories at maximum capacity. In extreme cases, loaded trucks have been known to travel between delivery points throughout the morning without making any deliveries. THE IMPACT OF TRADE CREDIT SUPPLIER RELATIONS Many of a firm s suppliers are likely to be offering M20CTs, so the majority of supplier accounts will be due by the 20th of a month. Thus, these accounts needs to be processed and settled only once within a month. However, this may actually prove more detrimental than advantageous. At account processing time, staff responsible for this function are likely to be under considerable pressure. Given that these staff often provide the last opportunity for assessing the accuracy of supplier accounts, such pressure may increase the number of errors passing unnoticed and the frequency of errors being introduced at this stage. (Braid, 1998) 66
4 HUMAN RESOURCE As discussed in regards to capacity, a firm s workforce level may be constant or variable. Where a constant level is maintained, peak demand places staff under considerable pressure. As well as being detrimental to the health of employees, this may increase costs resulting from such factors as an increased occurrence of errors, a failure to meet service levels and quality problems. A variable level of labour will also generate costs, resulting from the substandard performance of either current staff working overtime or part-time staff with lower skill levels, the payment of wages at overtime rates, and the hiring and training of temporary staff. QUALITY During demand peaks the quality of operational activities may be compromised. For example, despatching as many customer orders as possible within the first few days of a month may be seen to improve customer service. However, the frequency of errors and of damage to goods is likely to have increased. There is the added cost of rectifying problems later in the month. INVENTORY Pressure on staff may increase the number of errors passing unnoticed and the frequency of errors being introduced. A complex situation arises when a firm offers M20CTs to its buyers and is itself offered such credit terms by its suppliers. With both the firm and its customers employing the same buying pattern, the fluctuations in warehousing and distribution are amplified. This places further pressure on staff as they process both incoming and outgoing orders. COMMON OCCURRENCES AT A NEW ZEALAND FOOD TRADING BUSINESS TRADING WITH M20CTs INCLUDE: If inventory levels are low towards the end of a month, staff are encouraged not to make purchases until the first days of the following month. But, if there are any delays or inaccuracies in those purchases, the firm may run out of goods to fill customer orders. Incoming goods need to be processed before being available for despatch. At times, goods that are physically located within the warehouse cannot be used to fill customer orders as they have not been processed on inventory records. In such situations the customer orders are often not filled quickly or adequately. This, in turn, reduces customer service levels, creates transportation inefficiencies associated with small orders, and increases the costs of processing back orders. A SYSTEMS PERSPECTIVE Many authors refer to the need to take an integrated approach to trade credit terms. For example, Seiden (1964, p1) writes, For nonfinancial firms the question of financial risk is secondary to their primary interest, the sale of goods and services. Trade credit policy is thus caught between the conflicting objectives of aggressive selling and sound credit practice. This conflict has its impact upon general business conditions and the survival of firms. The 3% discount offered by a confectionery manufacturer to customers paying within 14 days converts to a monetary interest 1 rate of 30%. The total cost concept proposes that all logistical activities necessary to achieve a given customer service level be considered simultaneously, with the aim of minimising the total cost. This concept addresses the integration of a firm s internal activities. Supply Chain Management (SCM) concerns the external integration of business processes, from end user through to the original supplier. Lambert et al (1998, p504) write that, SCM is a systems approach that is highly interactive and complex, and requires simultaneous consideration of many trade-offs. An integrated evaluation of the impact of M20CTs on a firm s operation may give a negative assessment of the practice. That is, the costs of this practice can far outweigh the benefits, both within a business and within its supply chain. The following section considers alternatives to M20CTs. THE IMPACT OF TRADE CREDIT ALTERNATIVES TO 20 TH OF THE MONTH TRADE CREDIT TERMS It is important to realise that it is not the M20CTs that cause inefficiencies as such, but the ordering pattern they induce. M20CTs can be retained, and there is still potential for considerable savings, through the adoption of a more efficient ordering pattern. Given that the demand peak within the first days of a month is the primary problem, there exist many options for smoothing this peak. DAY TERMS Day terms require payment within a fixed period after purchase. Regardless of the timing of orders, the credit period extended remains constant. The ordering pattern induced will depend on a buyer s preference rather than any benefit gained from the credit period. Further, it is likely that orders placed from across the customer base will vary in timing. The demand pattern facing a supplier offering day terms of trade credit will contain both random fluctuations and external influences. However, the extreme peaks of a date term ordering pattern are likely to be eliminated, along with the associated inefficiencies. A number of New Zealand suppliers employ seven-day trade credit terms without any apparent influence on demand patterns. Similar results are observed in North America, where day terms are used extensively. A major disadvantage of day terms, however, is the lack of batching of invoices. This increases the transactional costs of making payments. DISCOUNT TERMS A New Zealand confectionery manufacturer employing M20CTs implemented a discount scheme for early payments in an effort to reduce demand within the first few days of the month. Customers that pay within the discount period gain no advantage from ordering on the first of the month For a 50 day credit period with a 3% discount for payment within 14 days: = 36 days credit at a penalty cost of 3% To convert to an annual rate: (365/36) x 3% 30% 69
5 When the customer has greater bargaining power, changes of credit terms will be at their discretion. The use of discount terms appears to be a common business practice. Cole (1968) explains that cash discounts for early payment can be viewed from two perspectives. The first considers the cash discount as a reward for prompt payment, while the second considers the discounted price as the actual value of the goods, with buyers effectively being penalised for payments made after the discount period. One method of assessing discount rates is from comparisons with rates of interest. For example, the 3% discount offered by the confectionery manufacturer to customers paying within 14 days of invoicing converts to a monetary interest rate of 30% 1. From a buyer s perspective, there is considerable cost in not utilising the discount. Cole (1968) suggests that, with bank interest rates well below 30%, businesses may even benefit from sourcing bank finance to realise the savings from paying within the discount period. However, limited availability of bank finance for stock purchases appears to restrict this possibility in New Zealand. A large New Zealand manufacturer of car accessories uses discount terms with a slightly different approach. Recognising that it was ultimately their customer service level that suffered as a result of M20CT demand peaks, the company offered buyers a discount for orders placed in the last week of the month if these orders exceeded a specified amount. Although delivered in the last week of the month, these orders are not billed until the following month, allowing buyers to retain use of the maximum 50-day credit period. This discount draws demand forward from the first week of the following month to the last week of the current month. Further, given that the discount is offered on large orders, the demand drawn forward should be of a substantial level. PROMOTIONS Another measure taken by the company referred to above is to offer promotions. For example, buyers placing orders within the last two weeks of the month, regardless of size, are offered free product or gifts. Since implementing this practice, along with the discount component discussed earlier, the company has reported a fall in the proportion of orders filled within the first week of a month from 40-45% to 30%. ELECTRONIC PAYMENTS Electronic payment schemes allow businesses to transfer descriptive information as well as funds, both credit and debit, through an electronic medium. A major benefit of these schemes is the speed and ease with which accounts can be settled. Solely from a transaction cost perspective, this paperless system could lead to the elimination of the credit period altogether. However, there are a number of costs to consider. First, not all suppliers to, and customers of, a business are equipped to handle electronic schemes. This means a firm will incur the fixed and operating costs of maintaining both the new electronic and the old paper payment schemes. Second, the compatibility of electronic systems and the transfer of clear and accurate information might be an issue where the electronic payment systems used by businesses differ. CYCLE BILLING This option splits a firm s customer base so that each half operates on separate order cycles. All buyers are offered the same terms of credit, but the timing of the payment cycles differ. 2 Although this split of the customer base will induce two peaks in buyers demand patterns, neither peak will be as extreme as the single peaks of businesses offering just the one cycle of M20CTs. However, the increased complexity of trading with two different payment cycles should not be overlooked. FACTORING Factoring concerns the conversion of accounts receivable into cash by selling them to a financing firm. Perhaps the greatest advantage of factoring is the increased cashflow that results from the financing firm advancing funds on customer accounts owing. Further, the risks and responsibilities of credit collection are transferred to the financing company. However, it should be noted that although this option will decrease the extreme variations in cashflow caused by M20CTs, it will not change the ordering pattern induced. THE IMPACT OF TRADE CREDIT FACTORS AFFECTING IMPLEMENTATION There are a number of factors to consider that may support or hinder implementation of trade credit term changes. RESISTANCE TO CHANGE Organisational change of any form is likely to encounter resistance. The most obvious source of external resistance to a change of trade credit terms is the customer who is opposed to any change that reduces the credit received. Further, deviations from the industry norm may be resisted, especially by those opposed to having just the one supplier operating on an alternative credit cycle. CUSTOMER-BUSINESS RELATIONSHIP The balance of power in the relationship between the customer and business plays a significant role in the implementation of change. In circumstances where the customer has greater bargaining power, changes of credit terms will, in effect, be at their discretion. The greater a supplier s bargaining power, the higher the likelihood of success in the implementation of credit term changes. INFORMATION SYSTEMS The use of information systems to support various business operations is common in today s commercial environment. These systems, often customised to suit the user s needs, are likely to perform many functions of which trade credit terms are a significant element. For example, order processing and the scheduling of customer billing may be conditioned on the credit terms employed. Any change to these terms will require subsequent adjustments of the information system For example, one set of buyers may be offered M20CTs, whle the other may be offered 5th of the month terms. For orders made after the 15th of a month, the credit period is extended for the remainder of the current month, all of the next month, and five days of the month following that. 71
6 In some cases inflexibility within systems may prove to be a barrier to the implementation of change. On a positive note, the increasing capacity and technological advances of systems in use may assist in changes made to credit terms. INFRASTRUCTURAL ISSUES There are many elements of a firm s infrastructure that may have been established as a result of, or in support of, trade credit practice. Therefore, any change to trade credit terms may have to be accompanied by changes to the infrastructure. For example, monthly reporting may have been scheduled to follow the end of each credit period, allowing for the clearance of accounts receivable and payable prior to the creation of accounts. Reporting dates and procedures may have to be altered to match changes made to the terms of trade credit. The impact on cashflows of a change in trade credit terms is another example. Automatic payments may have been scheduled to follow the considerable cash inflows after the 20th of a month. CONCLUSION Trade credit appears to be a well established and necessary element in the current business environment. However, the common New Zealand practice of offering 20th of the following month trade credit terms has a significant impact on business operations. In particular, operational inefficiencies caused by this practice can lead to the actual system-wide costs being larger than the benefits. Companies would be wise to assess alternative forms of trade credit although, as a general rule, any attempt to change trade credit terms will require the support of a prominent supplier or may involve a collaborative venture. FURTHER READING Two books (Boxall & Green, 1994, and Lambert et al., 1998) provide an overview of operations management, logistics and supply chain management and New Zealand business practices respectively. These books have been used primarily as references for basic concepts and theories. The article by Pyke (1993) was particularly useful in that it provided a framework for the evaluation of trade credit terms from an operations perspective. REFERENCES THE IMPACT OF TRADE CREDIT ON BUSINESS OPERATIONS. Bender, R. (1996). Credit Periods in UK Industries. Credit Control, 17(6), Boxall, P. F., & Green, A. G. (1994). Business Management in New Zealand. Auckland: Longman Paul. Cole, R. H. (1968). Consumer and Commercial Credit Management. (3 rd ed.). Illinois: Richard D. Irwin, Inc. Kingsman, B. G. (1983). The Effect of Payment Rules on Ordering and Stockholding in Purchasing. Journal of the Operational Research Society, 34(11), Lambert, D. M., Stock, James R., & Ellram, Lisa M. (1998). Fundamentals of Logistics Management. (International ed.): Irwin / McGraw - Hill. Long, M. S., Malitz, Ileen B., & Ravid, S. Abraham. (1993). Trade Credit, Quality Guarantees, and Product Marketability. Financial Management, 22(4), Morrin, M., (1998). An introduction to Invoice Finance, Credit Control, 19(9), Peterson, M. A., & Rajan, Raghuram G. (1997). Trade Credit: Theories and Evidence. The Review of Financial Studies, 10(3), Pyke, D. F. (1993). A Note on Operations Strategy. Dartmouth College: Amos Tuck School of Business Administration. Seiden, M. H. (1964). The Quality of Trade Credit. New York: National Bureau of Economic Research, Inc. Smith, M., (Dec 1998). Prompt Payment Campaign Gets Under Way. Credit Management, 8 10 Stowe, J. D., & Lee Yul W., (1993). Product Risk, Asymmetric Information, and Trade Credit. Journal of Financial and Quantitative Analysis, 28(2), ACKNOWLEDGEMENTS Many thanks to the anonymous reviewers for the insight they have added, to Kevin Drinkwater, Don Baird, Robert Hammond and Peter Toomath who provided me with invaluable industry information, and to Dr. David Robb for his interest, knowledge and guidance. 1 For a 50 day credit period with a 3% discount for payment within 14 days: = 36 days credit at a penalty cost of 3%. To convert to an annual rate: (365 / 36) x 3% ª 30% 2 For example, one set of buyers may be offered M20CTs, while the other may be offered 5th of the month terms. For orders made after the 15th of a month, the credit period is extended for the remainder of the current month, all of the next month, and five days of the month following that. Postgraduate Student Department of Management Science and Information Systems University of Auckland Auckland New Zealand Phone: ext Fax:
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Louie Balboa is one of racing's top jockeys. According to the Philippine Racing Commission (Philracom) website (philracom.gov.ph), as of May 31 he is ranked 17th. Out of 118 rides so far this year, he has posted 23 wins, 19 2nd-place finishes, 26 3rd places, and 12 4th places.
His prize money earnings are in excess of P6.1 million. With the jockey's share being 12%, he has taken home P732,000 already just for the first five months of 2007, which is more than what some corporate vice-presidents make in an entire year.
All that money must be burning a hole in his pocket, because lately he has taken to frequenting the Casino-Filipino San Lazaro at the San Lazaro Leisure Park (SLLP) Turf Club, playing the slots, having dinner, hanging out in the casino's luxurious surroundings with friends. No harm in that; it's a common pastime for those who can afford to indulge.
But when he has one drink too many, gets rowdy and abusive, and grabs and wolfs down the sandwich of the casino player seated next to him, then that's a different matter altogether. The female player, who felt deeply insulted, tearfully reported the May 24 incident to PAGCOR and MJC (Manila Jockey Club) officials and filed a formal complaint.
MJC Racing Manager Ding Magboo, incensed at Balboa's display of rude and abusive behavior, banned him from the casino premises indefinitely for his "inappropriate actions and behavior". Magboo also sent a strongly-worded letter to the New Philippine Jockeys' Association decrying the occurrence.
MJC Chairman and CEO Atty. Alfonso R. Reyno Jr., who returned the just the other day from a lengthy trip to Europe, was appalled at learning of the assault on a casino player and is studying stiffer sanctions for the rowdy jockey – perhaps a ban on his entering the SLLP premises altogether, which means he would not be able to exercise horses or ride races at SLLP.
Certainly Louie has shown himself no gentleman on this occasion – and others as well, if you believe the scuttlebutt going around about his other antics. But is it too much to expect common decency and consideration for others? His drunken and boorish behavior reflects no credit on his profession, his peers, the industry he belongs to – and himself.
Photo: Louie Balboa: though a talented rider, his social skills need work. (Photo by Roel Taripe)

subset: commoncrawl


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interstage tansformer impedence
I have a pair of inter-stage transformers from Motorola consoles. They were used as phase splitters to drive four 6V6 output tubes in PPP.
I haven't been able to find any information on the transformers. And I'm not certain what was used to drive them as I only have the schematic for the power amp.
My question is this. If the transformer has a 1:1 ratio and is simply used to invert half the signal. Does the impedance have to be matched between the driver preamp tube and the output tube? I was thinking of using them between a 6SL7 or 6922 preamp tube and a pair of 6L6GC output tubes.
You also need to find out how much DC those IST splitters were meant to carry as well.
this is a subject I don't understand, I do hope someone can clarify for me. :)
the transformer secondary will reflect to the primary the impedance presented to it.
this ignoring a zobel, will be the output tubes impedance, the plate-cathode?
effectively, its pretty high, near infinity, or whatever it may be, certainly 100s k or even meghoms.
that means the preceding valve will be loaded by if its 1:1, the same value neglecting losses. and presumably the other way around, the primary will match to the secondary what its loaded with, remember tx's don't work in isolation??
ie the 2dary will reflect its load to the primary, and vice versa?
so what does that mean for the load on the driver valve? near infinity?
what happens when we start say a 1:2 ratio?
I don't understand this area at all......can someone help explain in simple terms...
fwiw I think tx's are fascinating animals...
The inductance of the primary (it is a coil) is in parallel with the reflected impedance from the secondary. In a parallel combination the lower of the two dominates so once frequency gets low enough for the primary inductance to become dominant then it determines the response (in league with the driver tubes effective plate resistance).
A comparatively easy way to deal with the issues Miles raised and get the high gain a 6SL7 section offers is to buffer the common cathode wired triode with a DC coupled ZVN0545A source follower. Cap. couple the follower to the IST. Now, the trafo is being fed from a low impedance and no "standing" DC is present. ;) You have to experiment with the value of the coupling cap., to get "flat" freq. resp., as the cap. interacts with the inductance of the trafo.
you might find some here Lundahl guidelines
and maybe study Lundahl spec sheets
you say it have been driving a PP output stage
means you have two secondaries (1+1)
do you have one or two primaries
1:1 with one primary should write 2:1+1
1:1 with two primaries should write 1+1:1+1
at least thats my understanding of it
The main issue you will have to deal with is interwinding capacitance which will sap the top end away. As Miles pointed out the only way to overcome this is to drive it with a super low impedance driver. This will also tend to help low end response.
Remember these things were only required to work out to about 15K so they will sound rolled off normally.
I have used a paralleled 5687 running at about 30mA in such a situation - it worked but only just. Something like an ECC99 will do the job in one bottle. Forget about using them as plate loads - go parafeed and use a blocking cap of about 4uf. There is a real possibility of a low frequency hump so test carefully.
Modern interstage transformers are very expensive because they attempt to overcome these intrinsic limitations by design. They can be as expensive as top end output transformers.
In my professional opinion, I think it would be better to spec the transformer:
1st measure the DC resistance on both primary and secondary.
record your results.
with a signal generator, inject 100 mV of signal measure this at the primary and secondary with an oscilloscope, record results.
insert ac ammeter between the transformer primary and ground. inject 100mV of signal on the other end of the primary,
record your results.
once you have done that, we can discuss further designing your circuit properly.
1 Attachment(s)
I thought this might help.
Thanks, DavesNotHere. I'll make those measurements and post them.
I found a schematic for the tuner/preamp section of the console. I'm not sure but I think the tubes used to drive the amp is a pair of 6J5's in series.
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St. Louis Rams Great Isaac Bruce Talks Life, Faith and Why Rams Should Have HopeOctober 31, 2013
During his time in the NFL, teammates called Isaac Bruce, "The Reverend" because it was always his intention to pick up a Bible when it was time to put his helmet down.
After 15 years in the NFL—predominantly with the Los Angeles (and then St. Louis) Rams—Bruce stopped playing in 2009. Guess what he's doing now.
Although he's a busy man, Bruce took some time out of his schedule to sit down with me, and I got a chance to speak with the full-time "Seek and Save" minister of Words of Life Fellowship Church in North Miami Beach, Florida.
Rather than streaking down the sideline to catch passes, Bruce is beating the pavement in order to save souls. Yes, people recognize him, but he says that (at times) he wishes they didn't, because he's got more important things than football to talk about with them.
All those miles going from door to door are impressive in their own way, but Bruce recently traded his dress shoes for running shoes to pile up 26 of those same miles in a hurry as part of the "Rock and Roll Marathon" in St. Louis. At 40 years old, Bruce finished the race in 6:06:31.
Bruce described the race as, "a bucket list thing:"
"I told myself I would do once in my lifetime. It was a bucket list thing. I got a pretty big bucket. Secondly, it's for a really great cause—the TASK organization for special needs kids does tremendous things for special needs kids in St. Louis."
The TASK organization describes its mission in this way:
The mission of Team Activities for Special Kids, or TASK, is to enrich the lives of kids with special needs by providing athletic and social opportunities. We're proud to say we've never turned away a child because of a disability – we've always been able to adapt the sport to meet the athlete's needs.
The marathon was Bruce's first time working with TASK, but he said that the organization's mission fits in nicely with his own as the Isaac Bruce Foundation has long been "on the front lines" of childhood obesity. That's another reason Bruce ran the marathon, because, as he said, if you're going to fight obesity, you "have to look the part."
Whether it's mission work or charity work, Bruce finds that football opens doors for him.
"Football is a very big sport in America. If baseball is the pastime, football is the lifeblood. From time to time, I knock on a door and people recognize me. I use that as a stage and introduce them to my day/night job."
Since football is still so important to him, I asked how he keeps himself calm while watching this current Rams squad and how he keeps himself from throwing things at the TV.
"Sometimes, I want to do just that!"
Yet, Bruce does stay positive, and believes that better days are around the corner for the team he still loves.
"Commentators will constantly tell you how bad a team is, but I don't like to kill my wounded. Is the team young? They're young in places. They have some veteran leadership. Are they winning as a unit? I don't think everyone has jumped on that board yet...As a whole, when you look at Coach [Jeff] Fisher and the job he's doing. I think we're in a good place. I don't see the team being blown out of games."
Specifically, I wanted to talk to Bruce about the young receiving corps—often maligned and yet to really break out in any real or consistent way. First-round draft pick Tavon Austin, especially, hasn't lived up to the promise he showed at West Virginia or in the pre-draft process.
"When I talk to the receivers on the team, you can hear it in their voice. They wanna be good. They want the opportunity to make plays. I understand how this game is—the ups and downs. When I look at the receivers, I just see a ball of energy. They help each other out, they block for each other. There's still some inexperience."
On Austin, Bruce wants to preach some of his trademark patience, noting that it took him "eight weeks" to really get rolling when he was a rookie—"to stop thinking and play." He wasn't ready to completely lay blame on Offensive Coordinator Brian Schottenheimer for Austin's ineffectiveness, as so many Rams fans are wont to do.
"Maybe a little more inexperience on Tavon's part and a little Schottenheimer not putting him in places to succeed. People don't realize how important the running game is. If there's a running game, there's not a zone in front of you. That's man-to-man coverage."
Bruce clearly still believes in the Rams, yet faith seems to come easy to the former Rams receiver. So do hard work, passion and determination. He may be done with the NFL, but Bruce is never far from the game he loves.
He just has some more important stuff to do, right now.
Michael Schottey is an NFL National Lead Writer for Bleacher Report and a member of the Pro Football Writers of America. Find more of his stuff at The Go Route and follow him on Twitter.


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Despite the importance of the principalship and the demands that are placed on principals today, relatively few principals receive ongoing professional development that enhances their ability to lead schools to high performance. The Principals Academy fills that gap by bringing to Minnesota the research-based program of the National Institute for School Leadership (NISL), an initiative of the Washington, D.C.-based National Center on Education and the Economy. The NISL executive development program was developed over six years with major support from national foundations and is being used to provide leadership development for school principals in Massachusetts, Pennsylvania and many other states.
Using the NISL program, the Minnesota Principals Academy enables cohorts of practicing principals to put leadership best practices from education, business, military and other fields to work on behalf of their students and schools. Delivered in two and three-day segments over the course of one year, the curriculum combines face-to-face instruction in workshops, seminars and study groups with interactive Web-based learning. Nine cohorts completed the program under the leadership of the College Readiness Consortium.
As of 2013 the Principals Academy has a new home in the University of Minnesota's Department of Organizational Leadership, Policy and Development (OLPD) in the College of Education and Human Development. OLPD will enhance the Academy by adding content created and led by University of Minnesota faculty:
- One new day on Instructional Practices for Special Education and ELL
- One new day on Teacher Evaluation
- Two new days on Community Engagement, presented in partnership with the U of M's Center for Integrative Leadership
- Guest lecturers from the College of Education and Human Development
An additional new benefit is that school leaders who successfully complete the Academy and subsequently are admitted to and enroll in an OLPD doctoral program at the University of Minnesota will have 12 elective academic credits waived.


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The Phoenix Transportable Fireproof Box is suitable for storing paper documentation and protecting it from fire damage. Constructed from a light but durable polymer material, the chest with its built in carry handle makes it easy to carry. The chest is ideal for storing valuable documents whilst travelling, providing owners with peace of mind against fire damage.
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Published on: 12th June 2014
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Exactlty as described - my own fireproof Fort Knox This is exactly what it should be - strong, heavy (anti-theft deterrent), allegedly fireproof to a stated degree, and well capable of storing many important documents. One of my "best buys" for this year. Highly recommended.
Published on: 22nd April 2014
Reviewed by: -
Really good value for your money! Would highly recommend .
Published on: 12th March 2014
Reviewed by: -
Excellent product Purchased this fireproof box to store important documents in the home. Box is good size and was able to store all A4 documents. Very sturdy well made box which is compact and suitable for our needs.
Published on: 8th March 2014
Reviewed by: -
Great for storing Wills, Bob Thomson- Willwriter.
Published on: 18th February 2014
Reviewed by: -
good value good value excellent sales support and delivered on time
Published on: 16th February 2014
Reviewed by: -
Strong looking box, I'm confident it will do what it is intended to do.
Published on: 31st October 2013
Reviewed by: -
Very heavy, lock does not look secure but it is
Published on: 26th August 2013
Reviewed by: -
Fantastic product, excellent service Was more than amazed at your service & product. It was actually 100% better than we thought it was going to be.Have already recommended you to friends & family. As the banks are now sending out all property deeds & no longer storing them even if you have a mortgage outstanding, you should advertise more as many more customers will be requiring a top product like this for peace of mind - well done
Published on: 9th August 2013
Reviewed by: -
Very pleased with all aspects of service Robust box as described, very impressed with price, speed of delivery would recommend product and service provided
Published on: 4th August 2013
Reviewed by: -
Exactly what I needed to store important documents safely
Published on: 28th June 2013
Reviewed by: -
Excellent and quick service. The item is suitable for A4 documents and is ideal for my needs
Published on: 25th June 2013
Reviewed by: -
Very useful. Appears safe and strong with plenty of internal space for all our important papers just hope we never have to prove it's worth.
Published on: 1st June 2013
Reviewed by: -
Published on: 5th November 2012
Customer didn't leave a rating
Reviewed by: -
Product was better than I expected. A very solid and well manufactured firebox. Will be ordering another one shortly to replace a very old one I have had for some time. Delivery was 5 star but so is the product. Well done Safelincs.
Published on: 31st August 2012
Customer didn't leave a rating
Reviewed by: -
Published on: 21st August 2012
Reviewed by: -
exactly what we need to keep documents safe
Published on: 3rd August 2012
Customer didn't leave a rating
Reviewed by: -
An excellent box for documents. I am delighted with the purchase.
Published on: 26th July 2012
Customer didn't leave a rating
Reviewed by: -
I ordered the Phoenix Fireproof Box on behalf of my Mother. When it arrived, she was really happy with the product. I was also impressed - as a result, I will be ordering one for myself as soon as my pay hits the bank! Living in Shetland, I'm used to some Companies charging an extortionate fee for delivery. I was therefore surprised that this did not happen with Safelincs. I kept on checking my e-mail to see if I would be required to pay more money for postage. No e-mails arrived! I am so impressed with the service I received. I will quite happily recommend this Company to my family and friends. Peace of mind at a reasonable cost - priceless!! Thank you very much :)
Published on: 22nd June 2012
Reviewed by: -
Ideal product for keeping important documents and giving them Fire protection. Not too heavy.
Published on: 23rd February 2012
If you have any questions or would like more information about this product you can ask one of our specialists.Live Chat Available Now


text:
Always a pleasure to talk to Bones creator Hart Hanson and Executive Producer Stephen Nathan and I grabbed a few minutes with them on the red carpet before the Bones panel at tonight's PaleyFest event.
And, as a special treat, we got to screen the return episode that won't air until April 2nd and, without spoiling anything, it's a gem of an episode. Thumbs up!!
Bones returns to the Fox schedule in its new timeslot on Mondays at 8/7c.


text: Arjan van de Ven wrote:>>A short background:>>The current code uses vmalloc only. The potential use of kmalloc was >>introduced>>to save memory and cpu-speed.>>All agp drivers expect to see a single memory chunk, so I'm not sure we >>want to have an array of pages. That may require rewriting a lot of code.>> >>>>but if it's clearly the right thing.....>How hard can it be? there are what.. 5 or 6 AGP drivers in the kernel?>>> >Hmm,but we would still waste a lot of memory compared to kmalloc,when the amount of memory needed is much less than one page, which tends to bea very common case.Unless we allow the first entry in the array to be the virtual adress to anarbitrary-sized (max one page) kmalloc() area, the rest of the entries can be pointersto pages allocated with __get_free_page().This would almost introduce the same level of confusion as the original proposal,and effectively we'd be doing virtual address translation in software for each access.>>If it's acceptable I'd like to go for the vmalloc / kmalloc flag, or at >>worst keep the current vmalloc only but that's such a _huge_ memory >>waste for small buffers. The flag was the original idea, but >>unfortunately the agp_memory struct is part of the drm interface, and I >>wasn't sure we could add a variable to it.>> >>>>I doubt this is part of the userspace interface so for sure we can>change it to be right.>>> >/Thomas-To unsubscribe from this list: send the line "unsubscribe linux-kernel" inthe body of a message to email@example.com majordomo info at http://vger.kernel.org/majordomo-info.htmlPlease read the FAQ at http://www.tux.org/lkml/


text:
Atlanta Hawks-Washington Wizards: Key MatchupsOctober 30, 2009
Tomorrow night, the Atlanta Hawks and the Washington Wizards square off in a big early season match up of two of the top three teams in the Southeast Division of the NBA's Eastern Conference.
Both teams are coming off impressive opening night wins. The Wizards traveled to Dallas and upended the Mavericks with a big fourth quarter. The Hawks found themselves trailing the upstart Pacers with about seven minutes left before ratcheting up the defensive intensity and winning easily.
The Hawks and Wizards are going to be fighting all year for the fourth seed in the Eastern Conference. Tomorrow night should be played with a ton of intensity by both teams. The Wizards are going to with a tight eight-man rotation, while the Hawks have more depth. Coach Woodson might have to shorten the bench to win this game.
This game will be decided by three key player matchups.
Marvin Williams vs. Caron Butler
Many Hawks' fans and some media talked in the summer about the Hawks dealing Marvin for Caron. They have very similar games. Butler is the more explosive scorer, but Williams is a much better defender and three-point shooter.
The good thing for Williams is the rest of the NBA has not discovered that he can make outside shots. If Butler helps too much on defense, Williams will burn the Wizards from long range.
Jamal Crawford vs. Gilbert Arenas
Yes, I know Mike Bibby will start at the point for the Hawks, but there is no way Coach Mike Woodson can allow Bibby to guard Arenas. Bibby will have to start on Mike Miller and hope that Miller is not aggressive on the offensive end.
Jamal Crawford is going to have to play major minutes tomorrow against Arenas. Crawford is long enough and quick enough to force Arenas into some tough shots. On the other end, Crawford will be able to score and penetrate against Arenas. Crawford had some quality assists on Wednesday against the Pacers.
The Hawks have to go with a bigger lineup to match up. If Crawford plays more minutes at point guard and can score enough to offset Arenas' production, the Hawks will be in great shape.
Josh Smith vs. Fabricio Oberto and Audray Blatche
Oberto will start for the Wizards, but Blatche is going to play more minutes. Josh Smith simply has to dominate Oberto with his quickness. Oberto will throw every defensive old-guy European/South American move at him, but J-Smoove has to attack the basket. Smith could go to the foul line 10-plus times in this game.
Blatche is a whole different story. It looks like Coach Flip Saunders is going to play Blatche and Brendan Haywood together. The twin towers unit will give the Hawks trouble if Smith is not active defensively. He is going to have to block Blatche out and keep him off the offensive glass.
To win this important early game, the Hawks have to win the rebounding battle and Josh Smith is going to be a major factor in that area. The Hawks' second unit has to play well and wear the Wizards down during the first three quarters.
And lastly, someone is going to have to take the challenge of guarding Arenas in crunch time. Joe Johnson figures to get that assignment, but Crawford can start earning some respect from Hawks' fans with solid performance on both ends of the court.


text:
wall of text . com
- Raid Boss drops 3-4 items from its loot table. These are random as they always have been.
- Every single person in the raid will roll. This is done automatically, so you don't per say roll by pressing a Roll button anymore.
- If you win the roll & the boss has loot that you can put to use, you will get that loot.
- If you win the roll & the boss does not have a loot for you, you will get gold instead.
- If you lose the roll you obviously get nothing.
- Every single person that win their own rolls will receive loot/gold. There is no exception here.
- There is a possibility for "a bonus" roll using an item purchased from one of the Pandaren factions. This is "an extra" roll if you did not to win the loot with your first roll.
To really dumb this down:
- All 25 people in you raid will roll against a computer/themselves (how ever you want to think of it).
- If you /roll above 50, you win loot/gold.
- If you /roll below 50, you get nothing.
So technically there is, at this moment, a chance that every single person in the raid wins their rolls, but it doesn't mean all the people will necessarily get loot since the boss only drops 3-4 loots per kill.
^ Almost. I do remember them saying if a boss does not contain gear for you, you get gold.
my take on the original information posted on monday, using the 5 minute version as a base ... way easier for you guys to listen than for me to type it out lol http://www.youtube.com/watch?v=be9rn...e0NFQmLtLUtPA=
Kinda interesting that they say that they will keep the 10 and 25 man raids in Pandaria. Kinda funny that they stick with the 25 man raids AFTER killing it totally in Cata. Are Blizzard on drugs?
Garrosh screams of Gul'dans work.


text:
The A5975D is a step-down monolithic power switching regulator with a minimum switch current limit of 3.75 A, it is therefore able to deliver up to 3 A DC current to the load depending on the application conditions. The output voltage can be set from 1.235 V to 35 V. The high current level is also achieved thanks to a HSOP8 package with exposed frame, that allows to reduce the RTHJ-A down to approximately 40 °C/W. The device uses an internal P-channel DMOS transistor (with a typical RDS(on) of 250 mΩ) as switching element to minimize the size of the external components. An internal oscillator fixes the switching frequency at 250 kHz. Having a minimum input voltage of only 4 V, it fits automotive applications requiring device operation even in cold crank conditions. Pulse-by-pulse current limit with the internal frequency modulation offers an effective constant current short-circuit protection.
Key Features
- Qualified following the AEC-Q100 requirements (see PPAP for more details)
- 3 A DC output current
- Operating input voltage from 4 V to 36 V
- 3.3 V / (±2%) reference voltage
- Output voltage adjustable from 1.235 V to 35 V
- Low dropout operation: 100% duty cycle
- 250 kHz internally fixed frequency
- Voltage feed-forward
- Zero load current operation
- Internal current limiting
- Inhibit for zero current consumption
- Synchronization
- Protection against feedback disconnection
- Thermal shutdown


text:
" CHRIS The bane and blessing of human nature. That old cat killer, curiosity. Something so deeply embedded in our psyches that it screams to us from ancient myths of Pandora. Eve. Lot's wife. JOEL Eve lost paradise, Lot's wife was turned into a pillar of salt. Knowledge doesn't come cheap my friend. CHRIS Good or bad, curiosity is woven into our DNA like tonsils or like the opposable thumb. It's the fire under the ass of the human experience
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text:
A Floral Filled Wedding In Estes!! See full feature on Colorado Weddings Magazine Blog
Cori Cook Floral Designs / Della Terra Weddings
The following two weddings are must sees! Kudos to Cori Cook for the stunning floral designs!
Amanda Kopp Photography / See more Photos HERE Visual Poetry by Meghan / See more photos HERE


text:
My summary of the totally awsome Nintendo DS Light. usually i capitaleze the title but it makes it come up faster. My nintendo ds games, and nintendo ds features.
(click box for picture)
posted by Vadagax at 3:52 PM
Wireless mode rocks. Don't forget to mention Wi-Fi.
CAn you use Wi-Fi. If so I need to know your friend code on Animal Crossing.
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text:
Black woman who sued for freedom honored in MAAP , Associated Press
Feb. 25, 2014 2:31 AM ET
BOSTON (AP) — The chief justice of the highest court in Massachusetts will help honor the first African-American woman to be set free under the state constitution after suing for her freedom in 1781.
Supreme Judicial Court Justice Roderick Ireland will deliver keynote remarks Tuesday in recognition of Mum Bett Day. Her court case was later cited as a precedent in the appeal of another case heard by the SJC, which laid the groundwork for the end of slavery in Massachusetts.
Bett was also known as Elizabeth Freeman.
The event will be hosted by the Massachusetts Black and Latino Legislative Caucus in honor of Black History Month. It will be held at the Statehouse in the House Chamber.
© The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy and Terms of Use.


text:
Having problems with your CyberLink Power DVD 5.0 (cd-powerdvd5) for PC ?
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