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Family Money: Safe
investments in Thailand?
By Leslie
Wright
I am often asked by clients what I would recommend as a
safe investment in Thailand. Well, a cynic would say there’s no such
animal: given the current economic climate, all investments in Thailand
may be regarded as risky.
Cash deposits
Even depositing money in a local bank carries several
different categories of risk. First, interest rates may drop even further
than they have over the past two years; or the bank may fold. (Several
local banks are still regarded as not stable by international standards -
which is one major reason why there’s a dearth of international
investment into the local economy. And up to 30% of restructured
non-performing loans are now non-performing again, according to recently
published figures.)
Then there is the likelihood of the baht slipping
further against hard currencies. Recent reports have indicated that Bt.50
to the dollar would be “acceptable” to the Finance Ministry - which
must be seen as an indication that officials fully expect the baht to slip
to that level.
This may help to make Thai products more competitive in
the international arena, but doesn’t help you if you’re holding a
bunch of baht that was bought when one dollar bought 35 - let alone 25 -
of them!
Stocks
The Stock Exchange of Thailand (SET) has reached such
pathetic levels of turnover and capitalisation that it is causing
considerable concern both locally and internationally.
Optimists say that the bottom has been reached; but
that song has been sung several times over the past three years, and the
SET is still sliding.
Big international institutions occasionally come in for
a speculative flutter with a few million dollars, and then when their
relatively small investment (in international terms) has turned the market
upward for a few days, they sell out and take their profits, leaving small
amateur investors holding the empty bag. This has been seen many times in
recent years, especially in the financial sector.
Real Estate
Buying property here as an investment is almost
laughable - if you can even be sure you’ve got clear title to the
property (which foreigners cannot have except through a company; and there
are rumours that the little loophole may be closed at some stage). Then,
after you’ve set up your company and paid over your money, you might
have problems obtaining your chanud (title deed) from the developer
- or subsequently find out that the chanud is for a totally
different piece of land.
There are innumerable cases of inflated prices being
asked for property just because that figure is what the seller paid
(including high interest payments to their bank), rather than what basic
economic theory of supply & demand would indicate would be a
reasonable market price given more sellers than buyers in a depressed
market.
But this is Thailand, where if there’s a shortage of
business turnover they put the prices up, not down. So even without taking
taxes and maintenance costs into account, your chances of making a
significant net capital gain from property are slim at best.
Buying a beer bar or travel agency is the favourite
investment route for many foreigners, but more often to keep their young
lass or lad “loyal” than from any basis of sound economic principles.
Of course, every beer bar owner knows that Pattaya is short of beer bars
and is crying out for more. More na๏ve tourists with more money than
sense, that is.
Lessons from ’97
The economic crisis of 1997 has taught us two
invaluable lessons about investing in Thailand. (Again, a cynic would say
there’s only one lesson: “Don’t!”)
But being objective, Lesson One is: What used to
be considered safe investments are no longer so.
Lesson Two is: Expectations of higher yields on
investments require a higher tolerance of risk.
Those who cannot tolerate losses, even occasionally,
should select investment products that have lower risks. Bank deposits,
promissory notes and other forms of borrowing such as negotiable
certificates of deposit (NCD) offer the lowest risks.
This is because the government, through the Bank of
Thailand’s Financial Institutions Development Fund (FIDF), came out with
a decree that guarantees the principal and interest for depositors and
holders of these instruments.
Even if the bank or finance company fails (due to high
non-performing loans or any other causes), the government will ensure that
you get your money back within 30 days.
The government has, at least in principle, removed the
risk for the investor.
And let us all hope that this and future
administrations keep to those promises. The fact that the government
recently had to float an additional bond issue to cover the interest that
was coming due on a previous bond issue would indicate that although the
government wants to keep its word, it may find at some stage down the road
that it does not have the resources to do so. To use an analogy that may
help you get the point: One cannot continue indefinitely to use one credit
card to pay off another credit card’s debt.
Falling interest rates
You must also realise that there are other risks
associated with these instruments such as income, reinvestment and
liquidity. If you earn less as a result of declining rates, it means your
investment has considerable income risk.
Consider this: If you deposited the money in a
three-month deposit or a three-month promissory note in 1997 and kept
“rolling it over”, as do most people in Thailand, you would be
receiving much less today than in 1997.
In August 1997, the highest rate for a 90-day deposit
at a mid-sized local bank was 11.6% p.a. compared with 3.25% p.a. now.
If you had deposited the money at one of the foreign
banks in 1997, for a fixed three-year term at 11.6% p.a., your interest by
now would have compounded by 57%.
But depositing money for a longer term is not always
better. If you are trapped in a declining interest rate environment, you
will be naturally anxious about the new lower yield you will receive on
your deposit.
This is called reinvestment risk: the risk of receiving
less income when your current investment matures. Those who deposited for
a three-year term may have been using the interest to pay their everyday
living expenses. When the deposit matures, they will find it very
difficult to reduce their expenses to match their new, substantially
reduced income.
Liquidity risk
The last risk category often associated with bank
deposits and promissory notes is liquidity risk, which is the inability to
convert the investment into cash when needed.
A one-year term deposit has higher liquidity risk than
a deposit in a savings account. If you withdraw the money prematurely, you
forfeit the higher stated interest.
However, not all term instruments carry high liquidity
risk. Examples with relatively low risk are Krunthai Thanakit Finance’s
promissory notes and Krung Thai Bank’s NCDs.
These instruments were issued by the two state
financial institutions to replace promissory notes of the now-defunct 56
finance companies, and carry 3-5 year terms.
If you need cash in the interim, you do not need to
hold these instruments until maturity. Both institutions will buy them
back from you at the prevailing yield. Currently, the rate is around
5.25%-5.5% a year for promissory notes with a remaining life of two years.
You may also shop around for better rates at securities
companies or other institutional investment firms such as mutual funds or
insurance companies.
In short, you should always consider your options
carefully - for instance, whether holding an instrument for two more years
is better than liquidating it at the current rate and reinvesting it
elsewhere.
Weighing the risks
To summarise, although bank deposits and promissory
notes are the lowest-risk instruments available in Thailand today, you
should be aware of other forms of risk.
If you think interest rates will rise, it is better to
make deposits with short-term maturities, to minimise both your income
risk and the reinvestment risk.
Alternatively, you should invest in instruments that
provide income mirroring interest rates offered in the market - i.e.,
floating-rate instruments.
On the other hand, if you think interest rates will
decline, it is better either to put your money into longer-term deposits
or invest in fixed-rate instruments.
As with any investment, always remember your risk
tolerance level. It is no good complaining that the returns you receive
from bank deposits and promissory notes are too low: they are typical
low-risk products that return a low yield.
To receive a higher return, you must be comfortable
about assuming higher investment risks.
But higher risk translates to potential loss - at least
in the short term. And this risk/return equation has to be quantified,
accepted and borne in mind before embarking on any investment - whether in
Thailand or anywhere else.
Leslie Wright is Managing Director of Westminster
Portfolio Services (Thailand) Ltd., a firm of independent financial
advisors providing advice to expatriate residents of the Eastern Seaboard
on personal financial planning and international investments. If you have
any comments or queries on this article, or about other topics concerning
investment matters, contact Leslie directly by fax on (038) 232522 or
e-mail [email protected].
Further details and back articles can be accessed on his firm’s website
on www.westminsterthailand.com.
Editor’s note: Leslie sometimes receives e-mails to
which he is unable to respond due to the sender’s automatic return
address being incorrect. If you have sent him an e-mail to which you have
not received a reply, this may be why. To ensure his prompt response to
your enquiry, please include your complete return e-mail address, or a
contact phone/fax number.
The Computer Doctor
by Richard Bunch
Continuing the Windows 2000 theme, this week we’ll
look at Service Pack 1.
SP1 is available from the Microsoft Web and FTP sites,
or via an SP1 CD-ROM that includes a number of additional tools,
supplemental documentation, and support files.
If you obtain the CD, it’s worth looking through the
additional information, which includes a deployment guide, release notes,
and more.
You can install SP1 from the Internet, a network share,
or the SP1 CD-ROM. Installation of the CD-ROM version is the simplest. The
network share installation is similar to the CD-ROM installation except
that it facilitates easier distribution in a networked environment. Both
the CD-ROM and network installation require you to run the UPDATE.EXE
executable from the \i386\update\ folder of the installation point.
The SP1 update.exe program includes a number of
features that were most-often requested by customers. UPDATE.EXE supports
Windows File Protection (WFP), a feature in Windows 2000 that prevents
applications from overwriting key system files during installation. WFP
works by referencing a catalogue file that contains information about the
protected files; if any of the files is the not the correct version, WFP
replaces it with a backup copy that’s stored in a hidden folder on the
hard drive. When SP1 is installed, the WFP catalogue file (sp.cat) is
updated with all of the information for the files that were changed in
SP1. This updated catalogue file also contains pointers to the SP1 level
system files so that subsequent application installs will trigger the
correct file replacements if necessary.
Rather than ship different versions of the service pack
for each level of encryption, SP1 ships in a single version that contains
the correct files for both 40 and 128 bit encryption. UPDATE.EXE will
detect the level of encryption used by the system and install the correct
version of SP1.
For Windows 2000, Microsoft has introduced a Web-based
service pack installation. This is similar to the company’s other
Web-based install routines for IE, Office 2000 SR-1a, and Windows Update.
The Web install will detect which files you need to have updated and only
download those that are out-of-date. For most Windows 2000 users, however,
this is going to result in a download that exceeds 60 MB, so it’s
probably not going to be viable here in Thailand, ISP’s note. The Web
install option requires you to use Internet Explorer.
Unless you specify otherwise, during the installation
you can later uninstall SP1 if desired and return your system to its
previous state, safely, and believe me it works! The SP1 installation
creates a folder named $ntservicepackuninstall$ in the Windows folder
(typically C:\winnt) that contains compressed backup versions of the
original files. To uninstall SP1, simply navigate to Add/Remove Programs
in the Control Panel and choose Windows 2000 SP1.
Explorer components, except for IE itself, are updated
to IE 5.5 levels. This includes Outlook Express and the Internet
Connection Wizard.
Application and hardware compatibility - Updates
and new drivers for products that have been requested by customers. Since
the release of Windows 2000, the company has issued a number of
compatibility hot fixes, many for consumer-oriented products that have
been incorporated into SP1.
SP1 includes the latest updates for known security
issues; which are often addressed as they happen in hot fixes.
Command line switches for update.exe
| Command-Line |
|
Switch
|
Description
|
|
/s
/u
/f
/n
/o
/z
/q
|
Install SP1 in
slipstream mode
Install SP1 in unattended mode
Force other applications to close at shutdown
Do not back up system files (no uninstall)
Overwrite OEM files without prompting
Do not restart the computer when SP1 installation is complete
Install SP1 in quiet mode (no user interaction required) |
Send your questions or comments to the Pattaya Mail at
370/7-8 Pattaya Second Road, Pattaya City, 20260 or Fax to 038 427 596 or
E-mail to [email protected].
The views and comments expressed within this column are not necessarily
those of the writer or Pattaya Mail Publishing.
Richard Bunch is Managing Director of Action Computer
Technologies Co., Ltd. Providing professional information technology and
Internet services which includes; custom database and application
development; website design, promotion and hosting; domain name
registration; turnkey e-commerce solutions; computer and peripheral sales
service and repairs, networks (LAN & WAN) and IT consulting. For
further information, please e-mail [email protected]
or telephone/fax 038 716 816 or see our website www.act.co.th
Successfully Yours: Stephen
Blumenthal
By Mirin MacCarthy
Stephen Blumenthal of Mermaid Dive School was destined to
be a sportsman. Even in his early days he had his heart set on baseball and
only changed his career path to studying engineering when he failed to make
pitcher for his minor league. So has he continued to drop the ball? I don’t
think so!
 Stephen
was born in Brooklyn New York and studied at Cooper Union in the middle of all
the (notorious) action of Greenwich Village. Those of us who are even vaguely
familiar with a little of American lore would appreciate that being brought up
in that kind of environment would produce either a saint or a sinner. Well
Stephen Blumenthal is neither, he chose the middle path.
His first job after graduating with a Bachelor of Science
in electrical engineering was as a junior engineer on the Star Wars project.
Not the movie folks, the serious American space shield project. Stephen
traveled the world with this job from 86 to 88. He was young and fit and loved
scuba diving, so whenever he arrived at a different location he would lock his
important documents in the hotel safe and go diving.
Stephen’s next decision altered his life radically, - he
decided to take two years off from the work force and travel the world as a
diving instructor. The die was cast - he never returned to engineering. He
studied at the PADI college in California and when he graduated, took a job in
Thailand with local dive guru Bill Burbridge for two years from 88 -90. This
led to an invitation from a group of Danish people, including Ib Ottesen, to
manage Mermaids Sea Sports.
Stephen, who obviously thrives on a challenge, determined
he was going to teach himself to read, write and speak Thai. “There were no
teachers around in those days so I had to teach myself,” he laughed.
He continued, “Some of the nicest people don’t speak
any English. I also wanted to be able to teach the Thais diving in their
language. It is their country. Last year the first Thai to become an
instructor trainer was one of the guys I taught,” Stephen said proudly.
When the Danish group decided to concentrate on commercial
diving, Stephen went into partnership with Kannikar Ottesen, Ib’s wife, and
set up Mermaid Dive School and a clothing shop. “That was different, fitting
all the dive equipment around fashion wear, but it worked. Although Kannikar
eventually gave up the clothing business, we are still partners today.”
Stephen led a bachelor’s life for his first nine years
here. All that changed when he met wife Mem in 97. Now Stephen has stars in
his eyes because Mem is expecting their first child. “Isaan people are like
Jewish people, they think the way to express their love is to feed you. Mem is
a good cook. I just love the Isaan food she makes. I’ve put on 20 lbs.,
don’t print that,” he laughed.
Stephen still thrives on the challenge of the diving
business here in Pattaya. He likes to be on the cutting edge of new
technology, describing his main business as training with all necessary
technical aspects. He is proud that he has trained about 650 dive instructors
and about 150 of them Thai.
He is also involved in the PADI worldwide environment
program. “I like to feel as though I am partially responsible for the Thai
cleanup and awareness of the water.”
His plans for the future are simple, “I’m competitive
by nature - I like being the biggest and the best. I will keep on expanding
Mermaids - we have opened a franchised shop on the beach and plan one for
Bangkok too. I’m here for the long term.”
However, there is more to Stephen than just diving. He has
become a real Internet addict and in his spare time he loves surfing the net
for news. Not only does he read five newspapers a week, he reads two 700 page
science fiction books in an average week as well as keeping on top of current
news on CNN and New York Times.
It is when you ask him about his advice to would be farang
businessmen that you begin to uncover the real Stephen. “The first thing is
you have to like the Thai people. It is important to read and speak and write
Thai, then really get to know the country. Work for somebody else for four to
five years before starting up in business. Many people mistakenly don’t
trust the Thais because they don’t speak English, when it is some farangs
whom it is more important to be careful of. Finally you have to adapt to Thai
ways. Thais are never going to change, they just smile and do it their way.
You have to find out how their way will work for you.”
The most important value to Stephen is family. “I live in
a beautiful apartment but I’d like to build a nice home with lots of land
where my wife can grow things and my children can play. Right now there is
nothing more important to me than making a good home for my wife and family.
That’s what success is all about.”
Snap Shots: 10
Tips - often painfully acquired!
by Harry Flashman
One of the advantages of being a professional
photographer is that you get to run lots of film through your cameras -
and somebody else is paying for it! However, like standing in the road
every day - eventually you will get run over by a bus! In other words,
along with these great numbers of rolls of film, you stand that much more
chance to have something go wrong, go wrong, go wrong...
 This
week, Harry decided to think back to some of the disasters and give you 10
tips that just might save you some pain and expense some time in the
future. Or even today!
Tip number 1. When you find a roll of film in your
camera bag or suitcase, that you’d completely forgotten about, use it to
throw at predatory puppies, rather than using it in your camera. You can
be guaranteed the results will be no good at all. The colours will be all
wrong because the film has been hot at some time or exposed to airport
irradiation. No matter how tempting to slip it into the camera when you
urgently need another roll of film, don’t do it! You will be
disappointed.
Tip number 2. When going on holidays with your camera,
take spare batteries with you - always. No matter how new the batteries,
if there is a failure while you are trekking in Nepal, or just lazing on
the beaches in Koh Samet you will not be able to get the correct
replacement. That’s as sure as God made little green apples as the song
goes. Remember that your camera may also use more than one type of
battery, another trap for young players.
Tip number 3. Always carry one more roll of film than
you think you’ll need when on holidays. The shot of a lifetime will
appear and you won’t have enough film. And don’t use the one you’ve
suddenly found in the bag - see Tip number 1.
Tip number 4. Always put exposed film immediately back
into their plastic canisters. In such a container, they are protected from
dust and water. They will also float when you drop one overboard and you
can scoop it up with a fish net. Harry managed to drop one overboard while
in the Solomon Islands, after taking pictures of coral through the viewing
areas of an expensively hired glass bottomed boat.
Tip number 5. Always check that the camera neck strap
is indeed tight and secure on both ends. If one end lets go, the camera
will hit the ground before you have time enough to react. Cameras do not
bounce well, if at all.
Tip number 6. When you get the book of prints, and the
envelope with the negatives, back from the photo shop, immediately write
down both the subject material of the shots and the date. Do this with
black texta pen and you will have saved yourself hours of work, flicking
through books of prints, while looking for Koh Samet 1998.
Tip number 7. Never keep your camera in the glove box
of your car. With the temperatures that can be reached in the cubby hole
reaching as high as 50 degrees in our blazing summers, at best the film is
spoiled, at worst, the camera is spoiled. The newer “plastic” bodied
cameras and camera backs can actually warp with the high temperature.
Tip number 8. When you decide that you want an
enlargement made of one particular shot, arrange for it straight away,
while you still have the negative handy, and before it gets covered in
dust and scratched, making it impossible to get a decent enlargement.
Tip number 9. Frequently check the exposure controls on
your camera; that it really is set on Auto, or Shutter priority or what
have you. It is very easy to knock the controls and settings when taking
the camera in and out of the bag, or even when it has been hanging round
your neck.
Tip number 10. Remember tips 1-9. Happy shooting!
Modern Medicine: Vitamins
- A Good Idea?
by Dr Iain Corness
There are those who swear by Vitamins. Likewise, there
are those who say you get enough vitamins in your daily diet, so why waste
money in the alternative health shops? So what is the “real’
situation?
Fortunately, there is a new push in conventional
Western medicine. This is known as Evidence Based Medicine, or EBM for
short, as we doctors just love acronyms. Now, instead of just accepting
old dictums as acts of faith, we need hard evidence to show just whether
our treatment, or ways of going about it, are truly effective.
However, this is not an easy task. You cannot treat one
patient, who then gets better, and say that the treatment “works”. You
have to treat a huge number of patients before you have significant
evidence. In the medical game, “One swallow definitely doesn’t make a
summer”.
The next problem is gathering all this data. Dr. A has
treated ten patients in Australia, Dr. B in another continent has another
ten and so forth. This takes time, effort and a not inconsiderable number
of dollars, pounds, baht or shekels. It ain’t cheap!
Take for example the latest study on Vitamins. The
number of patients examined was more than one million and the study was
done over a seven year period. With that sort of work, perhaps we should
be able to get the real answer.
And the answer was very surprising. The researchers
compared adults aged more than 30 years and compared the death rates of
those who used multivitamins alone, and those who took Vitamins A, C and E
alone and those who took a multivitamin with A, C and E to those who did
not take vitamins at all.
Adults who took a multivitamin with an anti-oxidant
vitamin had a 15% lower risk of dying from heart disease and stroke than
people who did not take vitamins. Looking good for the vitamin lobby?
Well, not quite. There was no survival advantage for people who just took
a multivitamin alone.
The next sobering fact that came out from the study was
that male smokers who took multivitamins alone, or in combination had a
higher risk of dying from cancer than non-smoking males who took
multivitamins. Just the smoking effect? Perhaps, but the study also showed
that the smoking vitamin taker had a higher risk of dying from prostate
cancer than the smoking non-vitamin supplement men. This is thought to be
a function of high doses of beta-carotene - but we need to do more
research of course!
And just when you thought we now know all about
vitamins and their advantages or otherwise, the authors of the article did
note that their vitamin taking group were less overweight, ate more
vegetables and drank wine. These are another set of variables which can
affect the risk profile, so we haven’t got the ultimate answer - yet.
But EBM will get there in the end. Trust me, I’m a doctor!
 Dear
Hillary,
One of our son’s girlfriends will be coming to stay
with us for three weeks and wants to go to Chiang Mai while she is in
Thailand. My wife has said she is prepared to go with her for the trip. Do
you think it is safe for two women to travel alone to Chiang Mai, or
should I insist on their taking our driver? My wife says she’s looking
forward to the “adventure”. What do you think?
Worried
Dear Worried,
What a worry wart you are! No wonder your wife wants to
go and have a little adventure with your son’s girlfriend, with
over-protective husbands like you in town. Of course it’s safe for them
and probably safer than going adventuring in your home country. I am quite
sure that neither the young lady nor the prospective mother-in-law wants
to create a bad impression anyway. Relax!
Dear Hillary,
A few weeks ago a guy wrote asking whether you thought
his letters to his Thai girlfriend had got through as he had gotten no
reply. I thought you really brushed him off too lightly. This is a real
problem, as I have had letters go missing many times when I have posted
them from overseas to my girlfriend here in Pattaya. It is not only
Pattaya, as letters I have sent to girls in Bangkok, Korat, Khon Kaen and
Phuket have also gone missing. I think you shouldn’t just dismiss these
real problems for guys overseas.
Sam from the Sandbox
Dear Sandbox Sam,
Are you really serious, or are you trying to impress me
with how many Thai girlfriends you have? The answer to all your problems
is now the email system. You can write away to your heart’s content and
be happy in the knowledge that all the Noys, Aoys and Toys will get your
undying love - though you will obviously have to do yours with a CC to
Bangkok, Korat, Khon Kaen, Phuket, etc., because I am sure you are far too
busy to write separate emails! Only problem is getting the A drive to
accept the $100 banknotes, let alone the three and a half inch floppy!
Dear Hillary,
I am sure that somebody must have asked you before, but
why do Thai girls insist on wearing those ridiculous platform heels? We
gave up wearing them years ago in Britain, where they were considered a
fashion joke, and dangerous to boot, so why do the women here persist with
this?
Frances
Dear Frances,
Have you ever stopped to look at how tall Thai girls
really are? The reason they wear the blockbuster shoes is so that they can
kiss their boyfriends while standing up, hold his hand and try to see eye
to eye with European women. It is for exactly the same reason that you
wear “flatties”. Simple!
Dear Hillary,
Where can I get away from it all, and yet be less than
a day’s travel out of Pattaya. I am based here, but every so often need
a break, and I don’t want to stay in a fancy resort. I’d like to find
a little “Thai” hide-away, where I can experience the simple life. I
have asked everywhere else and nobody seems to know, so I thought I’d
give you the chance.
Robbie Recluse
Dear Reclusive Rob,
As with everything, Hillary has the answer for you, and
it’s only a couple of hours away. Koh Sichang was featured in the
Pattaya Mail, Volume VIII, Number 40 and should fit the bill completely.
It is still unspoiled, has a wonderful Thai historical significance and
you would enjoy a couple of days there, I am sure. If you are going to
take over a hamper of salmon sandwiches and several bottles of champagne,
Hillary will come with you. Talk to your travel agent, petal.
Dear Hillary,
With so many eating places offering all inclusive, or
all you can eat deals these days, it is becoming difficult for us
“little people” to get our money’s worth. The deals suit large
people with large appetites, but those with small appetites are
disadvantaged. Don’t you think the restaurants should think about this?
Ann Appetizer
Dear Ann,
The restaurants have thought about this - it is called
the a la carte menu! You cannot be for real, poppet! Or are you looking
for Hillary to spoon feed you? I gave up doing that with my own children
years ago - and I’m not about to start all over again, either!
Dear Hillary,
My new maid is wonderful. She cleans, cooks great
meals, washes and irons and even feeds the dog. I am worried that now I
have found the right one, how do I keep her? Have you any advice for me
Hillary. This is the third maid I’ve had in three years and I don’t
want to lose this one.
Angela
Dear Angela,
There’s no secret to it at all. Just be nice to her,
pay her a fair wage and pay her on time. Maids have bills they have to
meet every month too, so getting her salary to her before the end of the
month, rather than in the first week of the next month always helps. A
little bonus every so often also helps. Hope she stays!
GRAPEVINE
|
Splinter bandit
A Sri Racha man, arrested for breaking and
entering, had a novel excuse when his case came up in court this week.
“I suddenly felt tired,” he explained, “and leaned against the
shop window which then caved in.” But he was unable to account
properly for the contents of his shoulder bag which included a
screwdriver, an iron file and a cheeseburger. His comment that the bun
was very stale may have been an attempt to mitigate the suspicious
circumstances.
Airport target
A farang has been detained at Phnom Penh airport
after trying to leave the country with a birthday gift for his nine
year old brother back in Liverpool. Eagle eyed security staff stopped
Jason Aubrey Droomgoole, 22, as he tried to board the plane but was
unable to squeeze his bulky package through the electronic door. A
spokesman said later, “It is against company policy to allow
passengers on board carrying a rocket launcher.”
Laos safety
Readers ask whether it is safe to go to Laos after
reading that two travel companies, British Airways Holidays and
Travelbag Adventures, have pulled out following complaints from
tourists they have been attacked or robbed. Actually, the problems
have been few and other companies such as Regent Holidays and Asian
Dreams are continuing with group tours. The best advice is not to
wander alone at night but exhaust yourself with Mekong River boat
trips and a visit to the sixth century Hindu temple ruins at Wat Phou.
Foreign fatalities
The Forensic Medicine Institute in Bangkok, in an
innovative move, has launched a website with information on
unidentified bodies of foreigners to help relatives and loved ones
trace missing people. The homepage www.specialcrime.go.th has details
on about twenty foreigners who have become mysteriously deceased since
the beginning of the year. It is intended to add Thai fatalities at a
later date.
All you can eat
Hearty eaters just love the sizzling steak and
seafood buffet at the Captain’s Corner Bar-B-Q on Thappaya Road.
Only 250 baht on any evening from 18.00 hours. Attracts a large number
of repeat steak freaks, and understandably so... If going really
upmarket, try the Saturday evening BBQ buffet at the Larn Thong
Terrace, Royal Cliff Grand, from 19.00 hours. Will set you back 555
baht ++, but GEOC (Grapevine Eating Out Collective) gave it full marks
for quality and service. Go on, spoil yourself.
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Trivia corner
Just to settle an argument amongst Pattaya’s
massive intellectual army, neither Mr Kipling (cakes) nor Captain
Birdseye (frozen fish) ever existed except in advertisements. Manor
Bakeries dreamed up the former in 1967 in order to conjure up a caring
owner, whilst Clarence Birdseye was a fur trapper and biologist who
went to freezing Labrador and got hooked as it were. Both these were
exceedingly good ideas.
Quacking idea
Weary of unwelcome strangers ringing your doorbell
at inconvenient times wanting you to contribute to charities or have
your waste pits suctioned out? Henri Weygand of Suksabai Villa, who
hates dogs, thought he had the answer when he bought two hissing geese
(named Ronnie and Reggie) to guard his bungalow property. After two
weeks, Henri has abandoned the idea after being badly bitten by the
flapping duo as he intervened to prevent them attacking the telephone
guys who had arrived to repair his line. A mobile phone was probably
the answer.
Bankbook security
Swiss reader FS asks what is to prevent a third
party emptying your bank account by taking your stolen or lost
passbook to your particular branch. The main defence is that the
teller will check the signature on the withdrawal slip against the one
you gave the bank on opening the account. Another barrier might be
your name: only another foreigner would be able convincingly to claim
your non-Thai sounding syllables. But the only real protection is not
to lose personal documents in the first place. If the teller is
suspicious, he/she might ask for confirmatory ID, but this practice is
by no means universal. If you do discover your passbook has gone
missing, your first visit should be to the police station to obtain a
report. Then, you should visit your branch to request a stop on
withdrawals. Sensible investors always keep in a separate place a
photocopy of the ID page of their passbooks.
Tailpiece
Overheard in a bar in South Pattaya. “Well,
chuck, this guy says he can prove Princess Diana is still alive and
has a photograph taken last week in Pattaya to prove it. So the second
guy says he is willing to pay 5,000 baht for absolute proof as he can
sell it to a newspaper in England for big money. Anyway, chuck, the
first guy says OK and sells him a photograph of the South Pattaya
traffic lights. The second guy takes a close look and says he can’t
see Princess Di no place. That’s right chuck, says the first guy,
that’s because she took the photo.”
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Dining Out: The
Red Baron
by Miss Terry Diner
This Fokker’s a Sopwith?
After a visit from the Dining Out Team last week, we are
pleased to announce that the Amari Orchid Resort has more than one great
restaurant, even though it seems it has been kept a secret. It is not a secret
anymore!
Set in the main building of the Amari Orchid, just past the
coffee shop area, the Red Baron is an enclosed air-conditioned restaurant,
tucked away and quiet. The intriguing name apparently came from the fact that in
the early days of the resort, there were many German and English guests, and the
Red Baron name was used to instil some good-natured pride over days gone by.
Following on with this theme, the menu features sketches of a Fokker and a
Sopwith Camel and items described in both English and German. Von Richtoven
would have been proud!
The theme ends there, however, as the d้cor seems to
have lost its way by comparison. A lone rifle and a bugle on the wall look
incongruous. (Memo to new GM - an old propeller or two would be more
appropriate!)
The surroundings, however, are very comfortable and almost
“rustic” with dark wood tables and cushioned chairs and red linen napkins.
There are also some larger round tables for dinner parties.
The menu commences with interesting appetizers (140-300 baht)
including steak tartare with quail eggs and a yoghurt marinated roast chicken
breast with apple and walnut salad. These are followed by three soups (120 baht)
and four salads (90-150 baht) and then four fish dishes (220-360 baht) including
such mouth-watering numbers as saut้ed tiger prawns on a mango-curry sauce
and puff pastry and even a old fashioned English fish and chips.
Red Baron specialities are up next with some mainly German
favourites such as fried pork liver and onions with gravy and mashed potatoes
(or more correctly, gebratene schweinsleber mit zweibeln). Four grilled meats at
around 300 baht on average with three sizes of steak available - 140, 180 and
250 grams. The menu finishes with some English teas and coffee, sweets and
desserts.
 The
table top wine list included a Seppelts Club Reserve Classic White, which was
very palatable and good drinking at 900 baht for the bottle - and we indulged
ourselves.
We began with the mini steak tartare and an Atlantic smoked
salmon julienne on tarragon scented eggs and chives for Madame. Steak tartare
(minced raw meat) is an acquired taste, and with the adornment of a raw quail
egg yolk is a fairly formidable dish for those not used to it. Let me assure you
that Miss Terry loved it! It comes with slices of toast to spread it on, almost
like when eating caviar. The salmon on its bed of eggs was also a very enjoyable
dish, especially with lashings of ground black pepper.
For mains we had a saut้ed chicken breast on a whisky
flavoured cream sauce and a 180 gram grilled beef fillet with herb butter and
fresh garden greens. Madame said the steak was definitely one of the best she
has had in a long time, done exactly to her order, and even though the 180 grams
was just a little too much, she did not give up till the plate was clean. It
came with saut้ed potatoes and snow peas which were also delightful. My
chicken breast was simply fabulous. Sliced and moist in the aromatic whisky
sauce, accompanied by snow peas as the main vegetable - this was definitely the
best chicken dish I have had in Pattaya.
With such large portions, neither of us could get through to
the desserts menu, but did manage to slip a cappuccino and an Irish coffee in
for afters.
It had been a great meal, with the standard of the food and
the menu diversity a tribute to the chef. It would be a great venue for a quiet
intimate dinner, or a place for business lunches (and dinners too). Check it
out!
The Red Baron Restaurant, Amari Orchid Resort, near Dolphin
roundabout, telephone 428 161.
Animal Crackers:
What are ferrets?
by Mirin
MacCarthy
Domestic ferrets are generally believed to be descended
from the European polecat; and they were originally used as hunting animals
to catch rabbits and rodents.
The ferrets weren’t supposed to kill the prey, they
just chased them out of their holes and the farmers killed them.
Domestic pet ferrets, scientific name Mustela furo,
are no longer wild animals. They have been domesticated for a very long
time, perhaps two or three thousand years. They’re not equipped to survive
for very long on their own; and escaped pets suffer from dehydration,
starvation and exposure, and usually don’t survive more than a few days
unless someone takes them in. Unlike cats and dogs, ferrets aren’t even
large enough to push over garbage cans and scavenge.
Ferrets for Hunting
Ferrets in the UK are mainly kept for hunting rabbits, an
animal which causes severe damage for farmers and crop growers. The use of
ferrets to control rabbits is one of the most humane and environment
friendly methods. The rabbit holes are covered with small purse nets fixed
to the ground with a small wooden peg. The ferret is introduced into one of
the holes and although now completely domesticated animals, they’ve
retained their wild hunting instincts. With their highly developed hearing
and scent they hunt through every nook and cranny within the warren, to
locate any rabbits. The rabbit, with the ferret behind it, bolts out of the
nearest exit hole and is caught in the purse net. They are then dispatched
quickly by the ferret owner.
Ferrets as Pets?
Barring accidents, ferrets typically live 6-10 years.
Adult ferrets measure up to 14" - 24" (35 - 60cm) including tail.
Weighing from 400gm - 2.5kg. Males can be twice as large as females.
For residents of colder climates such as Scotland or
Canada who are prepared to make the effort, ferrets can make entertaining
companions. Although ferrets are a lot of fun they are definitely not the
pet for everyone. By nature they are very inquisitive, playful and
remarkably determined, which can be charming but also a great nuisance.
Worse than puppies!
Ferrets have their own distinct scent, which bothers some
people, and many of them aren’t quite as good about litter pans as cats
are. For those seriously considering ferrets as pets, much attention has to
be put into ferret proofing the house for their time out of their cages for
supervised play.
Ferrets love to get into EVERYTHING, so you’ll need to
make sure they can’t hurt themselves or your possessions. They love to
steal objects and stash them under chairs and behind furniture. They like to
chew on spongy, springy things, which must be kept out of reach or they’ll
swallow bits. Accessible boxes, bags, and drawers will be crawled into, and
houseplants within reach joyfully dug up. They all have their individual
personalities but they remain playful for life. Ferret raising, although
entertaining, is not for everyone.
Down The Iron Road:
‘Garratts’ - The Champion Artics-3
by John D.
Blyth
Australia - concluded
With one notorious exception, virtually all other
Garratts delivered to mainland Australia railways were typical of their
period and call for no special mention. I show two, of the South Australian
system, in tandem (with a ‘dead’ 4-8-2) as typical examples.
 ‘Double-headed’
South Australian Govt. Railways ‘400’ Class Garratts haul a special
train also containing a ‘dead’ 4-8-2, near the end of steam.
The exception was the ‘Australian Standard Garratt’,
which appears to have been a real shocker. It was a 4-8-2+2-8-4 design
worked out as a wartime measure by the staff of the West Australian Govt.
Railways, who already operated successful Garratts, some built in their own
shops. More were needed to fulfil the needs of the Far East War. Rather than
work up a new (and bad) design, it would, in retrospect have been better to
simplify an existing design. All work was done in a hurry and was not well
thought out, and the parts were made by numerous firms over a wide area.
Even Durrant’s book fails to go into any detail, and the picture of one
that he used is unfit to reproduce again (most unusual for this well-known
cameraman). A post-war study of the design revealed no less than thirty-six
major alterations needed, as many crews on the WAGR and elsewhere were
refusing to work them. They lasted about ten uncertain years, and it is
amazing that one has been set aside for preservation, a lesson on how NOT to
do it!
New Zealand
After years of enquiry, the only Garratts to work in this
country put into service were a batch of three ‘Pacific’ Garratts with
six cylinders and the Gresley derived gear to operate the valves for each
‘middle’ cylinder. One wonders if Beyer Peacock, the experts and
suppliers, offered any advice on the design. There was trouble with
wheel-slip due to a low adhesion factor, and the inside motion was
unfamiliar to the fitting-staff. They were unsuitable for the North Island
lines they were designed for, so were transferred to South Island, where
they were each rebuilt into two straight 4-6-2. Many of the failings
persisted and they were scrapped in 1955-56.
 New
Zealand Govt. Railways six-cylinder Garratt attacks the 1 in 40 climb out of
Wellington when new, on a test train, in 1928.
In the North Island there existed a running problem: the
working of the steep Rimutaka Incline, worked for years by small 0-4-2
engines fitted with the ‘Fell’ system, which provided added adhesion by
a vertically mounted wheel operating on either side of an additional rail.
Designs were worked out for a Garratt fitted with ‘Fell’ wheels on each
unit; this, it was hoped, would be equal to three of the small tank engines.
Some other designs for geared locomotives using the Garratt layout were also
produced, but the real answer was to divert the line to avoid the Rimutaka
altogether. This has been done in recent times.
Africa - North to South
Over 1000 Garratts have been used on African railways,
leaving only around 600 in use elsewhere. I have already mentioned the
sophisticated locomotives used in Algeria. Something even more exotic might
have turned up in the form of an 8-cylinder double 4-6-2 Garratt designed by
Henschel of Kassel. A massive boiler led to the carriage of all fuel and
water supplies on a separate vehicle. Little is known of three tiny 2-foot
gauge Garratts which served the Mines de Paccar, near Algiers - no one seems
to know even what was mined there!
 Big
engine, little gauge! One of the series of 14 double-4-8-2 Garratts for
Sierra Leone - the smallest eight-coupled Garratts ever.
The Sudan introduced the successful 4-6-4+4-6-4 type, but
track improvements allowed heavier ‘straight’ steamers, and even
diesels, to be used and the Garratts were sold to Rhodesia, the fore-runner
of many more to local order, also highly successful.
I referred earlier to the small batch of Garratts for
Ethiopia, seen and identified by the late Charles Small, American oilman and
prolific writer of railway books. Ansaldo of Genoa, the builders, later
disclaimed all knowledge, saying even that they had never built a steam
locomotive at all!
Senegal and the Ivory Coast shared a rail network, and
had no less than 27 metre-gauge Garratts, built between 1938 and 1941. These
followed the semi-streamlined style of their Algerian brothers.
Sierra Leone had a long railway of 2 foot 6 inch gauge,
on which Garratts were introduced as early as 1926. Their final purchase was
in the mid 50s, and was for no less than 14 8-coupled Garratts. The railway
ran through a steeply graded main street in the capital, Freetown, so
Garratt-hauled trains, with a ‘helper’ in the rear, could be seen mixing
with the busy road traffic. No photographs are known of this exciting scene.
Only recently it has come to light that one of the later Garratts is
preserved in Freetown. A metre gauge mining company at Marumpa was operated
by four Garratts identical to the South African ‘GE’ class. Diesels came
in eventually, but this is the only line known where Garratts did all the
work, from opening to the end of steam.
Ghana had six Garratts of wartime design, and these
lasted up to 1960. In Central Africa, other countries using Garratts were
Nigeria, the Congo, Mauritius, and Madagascar, the latter better known for
its distinctive Mallets.
Tired of Garratts? We have still the countries forming
East Africa to mention, the greatest network in South Africa (the only
system in Africa to use them on two gauges), and the neighbouring countries
of Mozambique and Angola.
Woman’s World: Eating
from your own backyard
by Lesley Warner
Here’s the second part of the rose recipes as promised,
with a special concoction for ‘Rosewater’ requested by an ardent
follower of my column. If anyone wants to give this first recipe a try I’d
welcome an invitation. It sounds delicious and the way my rosebush is going
I have no chance of trying it myself. How do you get roses to grow in
Thailand?
Quail in Rose Petal Sauce
6 Quail
12 Roses
2 Tablespoons anise
12 Chestnuts
2 Cloves of garlic, minced
3 Pomegranates ground and strained
or
3 Pitaya ground and strained (cactus fruit)
2 Tablespoons rosewater
1/4 Cup orange juice concentrate
1/2 lb. Bread
1 Medium apple, peeled and chopped
1/4 Cup chopped walnuts
1/3 Cup raisins
1/2-Cup cognac or rum
Cinnamon
Butter
Basmati rice with almonds and raisins
Broccoli heads
Champagne grapes
Clean and prepare quail. De-petal and rinse 6 roses using
only larger outer petals. Sliver with scissors. Separate into 4 equal parts.
Moisten bread bit by bit, shredding and balling until
consistency is mushy yet firm. Add 1/4 of the slivered rose petals, walnuts,
apples, raisins and a dash of cinnamon (to taste), 1/4 cup of cognac and 1
tablespoon rosewater.
Mix all together by hand until well blended and stuff
quail. Place remainder in covered ceramic cookware to be placed in oven with
quail.
In large Mexican mortar, add the anise to 2 parts of the
slivered roses (reserving the other half for stuffing and garnish) and grind
to a very wet puree. Brown, peel and boil the chestnuts then puree. Set
aside.
Heat garlic in a large saut้ pan with butter until
transparent. Add chestnut puree, pomegranates (or pitaya), 1 tablespoon
rosewater, frozen orange juice concentrate and 1/4 cup of cognac or rum.
Heat lightly, adding salt and pepper to taste. Remove from heat.
Marinate quail in sauce for 15 minutes. Meanwhile, begin
preparing basmati rice, adding raisins and walnuts last, then five minutes
of steaming.
Bind quail and place in broiler pan covered with a foil
tent or cheesecloth. Put in oven for 20 minutes at 350 degrees (Along side
remaining stuffing). Baste constantly.
Remove foil or cheesecloth and allow to brown for five
more minutes. Serve on a platter, rice in the middle, quail fanned out,
scoops of stuffing between. Garnish with champagne or red seedless grapes,
remaining shredded roses strewn over top, and add steamed broccoli heads
between and around.
Rose Petal Cake
1/2 cup plus 2 tablespoons butter or margarine
2-1/2 cups cake flour
1/2 teaspoon salt
1 tablespoon baking powder
1-1/2 cups sugar
3/4-cup milk
3 egg whites
1 tablespoon rum or brandy
1/2 cup coarsely chopped rose petals
1/2 cup sliced almonds toasted in oven until golden
1 tablespoon rosewater
Pre heat oven to 350. Mix wet ingredients in one bowl.
Mix dry ingredients in a separate bowl. Fold wet and dry ingredients
together. When mixture is combined, fold in rose petals. Mixture will be
slightly lumpy. Bake in 2 greased, floured 9" pans for 30 to 35 minutes
or until a toothpick inserted in the center comes out clean. Cool on wire
racks.
Frosting
2 cups whipping cream
1 tablespoon rum or brandy
1 teaspoon vanilla
1/4 teaspoon almond extract
1/3-cup sugar
1/4 cup sliced almonds, toasted
Candied rose petals
3 Roses
Whip whipping cream until soft peaks form. Slowly add
sugar and vanilla. When combined fold in almonds and finely chopped rose
petals.
Rosewater
Gather about 2 lbs. of scented petals before they fall -
the fresher the better. The actual ratio of roses to water depends on the
color and fragrance desired. You can start with about 2 cups of rose petals
firmly packed to a litre of water. Place in an enamel saucepan or preferably
earthenware pan. Cover with cold soft water (preferably rainwater). Bring
almost to a boil. Let cool. Strain. Be careful not to scorch. Red roses
cause the water to turn a pale pink. Other color roses turn the water a
brownish yellow muddy color. The water will remain scented for a good two
days. Refrigerated it lasts longer.
Rosewater toner
3/4 cup rosewater
6 drops glycerin
2/3 cups witch hazel
Blend and shake
Coins of the Realm: Thai
banknotes sold in London
by Jan Olav Aamlid -
President - House of the Golden Coin
http://www.thaicoins.com
Many collectors and dealers of coins, medals, banknotes
and bonds got together in London from the 4th to the 10th of October. The
big event was the 22nd COINEX, the biggest coin-show in England, with
dealers from all over the world. The day before COINEX, Thursday the 5th of
October, a smaller coin-show took place, mostly with English dealers. A bond
and stock certificate show took place in the evening of Friday the 6th of
October and a banknote show took place on the 7th and 8th of October.
It was a very busy weekend in London for those trying to
attend all the functions. One important auction of world coins took place on
Wednesday the 4th and Thursday the 5th and a world banknotes took place on
Friday the 6th of October. The well-known numismatic company Spink, which
was founded in 1666, conducted the auctions. On Monday the 9th and Tuesday
the 10th of October, the well known coin company Baldwin conducted their
auction of world coins.
At the smaller coin show on the 5th of October, I was
lucky to find some nice coins from King Chulalongkorn, Rama V, and some
bullet coins with several different marks. At the COINEX I found some modern
Thai gold coins at reasonable prices. In the coin auctions, there was no
Thai material, but in the banknote auction there were 876 lots from more
than 100 different countries. There were 6 interesting Thai banknotes that
sold for a total of about 834,000 baht.
Four of the Thai banknotes came from a collection while
two were specimens. A one Tical, one baht, issued note, from1 April 1919
sold in nice condition for about 30,000 baht. This is slightly under the
normal market value. A five Ticals, five baht, issued note from 1 July 1907
sold in fine condition for close to 112,000 baht. This banknote is rarely
seen for sale, so the price was as expected. A five Ticals, five baht
specimen from 1 July 1907 sold in very nice condition for close to 120,000
baht. I think this was very reasonable, as similar banknotes in June sold in
Singapore from about 140,000 to 480,000 baht.
 A
ten Ticals, ten baht, issued note from 1 January 1903, which is only the
second year this type was printed, sold for close to 157,000 baht. The buyer
should be happy with this banknote because it is rarely seen offered for
sale. Another 10 Ticals, 10 baht from 1 May 1911 sold for about 10% more,
even though it is more common, but the grade was nicer so this justifies the
price.
The most interesting Thai banknote in the auction was a
20 Ticals, 20 baht, from 1 April 1906. This is a banknote that is rarely
seen. This was a specimen note and it was very interesting because on the
back of the note, which is uniface, the Siamese Minister in London approved
the note on 13 October 1909. He also wrote: “To be returned to Messieurs
De La Rue & Co”. At the time, Thomas De La Rue and Company Limited was
a company in London printing banknotes and other documents for Thailand and
many other countries.
Before printing a new banknote it had to be approved. The
Siamese Minister in London would receive three specimen banknotes. Two would
be sent to Thailand for the approval of the King. When it was approved from
Bangkok the Siamese Minister would return it to the printers and the new
banknotes could be printed. The buyer had to pay close to 240,000 baht for
this unique banknote.
Copyright 2000 Pattaya Mail Publishing Co.Ltd.
370/7-8 Pattaya Second Road, Pattaya City, Chonburi 20260, Thailand
Tel.66-38 411 240-1, 413 240-1, Fax:66-38 427 596; e-mail: [email protected] |
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