The Treasurer October 2001

Dark Times

Recent events in the US have obviously cast a terrible shadow over the whole financial community. Many of our readers will have been affected directly, as well as indirectly, by the tragic events and I speak for the all those involved with The Treasurer and the Association of Corporate Treasurers in offering our heartfelt sympathies and condolences.

Treasurers will be at the forefront of dealing with the economic and financial effects of the disaster and by the time you receive this October edition some of the aftershocks may have filtered through. Unfortunately the editorial timetable of The Treasurer has not offered the opportunity to all authors to revise the articles to reflect events; where appropriate, we have tried to address particular issues, although in many cases the principles outlined in the articles hold true whatever arises.

This month’s Spotlight on Debt versus Equity concentrates not on the ‘versus’ but more on the point that the ‘versus’ should not be there – essentially, it should be a question of the treasurer looking at all of his or her options and choosing the right balance between them. It is of course a huge topic and we have tried to pull out some of the salient points. If you have a comment or opinion, do not be afraid to voice it on our letters page – we can leave the final printed version anonymous if the author prefers.

For the International section, we focus on the problems of Brazil, which is fearful of catching the same affliction as neighbouring Argentina. In future editions, we will be broadening the scope of the International section to cover any issues of international importance, without being forced into the straightjacket of having to write about a country or region which we have picked, even though very little may have happened there. Again, please feel free to offer to write about your experiences and views on international operations, whether in Brazil, Canada, Malawi or anywhere else. Any suggestions should come to me at

Managing Editor

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