Family Money: Investing Capital Part 2 - Setting the goalposts

By Leslie Wright

Last week we started looking at how portfolio management firms such as mine go about constructing & managing capital investment portfolios for modestly wealthy private clients.

We discussed how the risk-aversion profile of the client forms the backbone of the portfolio construction process, whereby the degree of risk that might be appropriate to a given capital investment is carefully evaluated, depending on the objectives and time-frame of the investment.

Having first determined with the client what risk he can and should be comfortable with, we then determine which currency the investor ‘lives in’. This may well depend on the reason the client is starting up this particular investment account.

What currency do you live in?

An international businessman might live in US Dollars, but if the purpose of the investment account is to buy a house in Spain, his portfolio currency is actually Pesetas (or the Euro).

Similarly, if the principal objective is to fund the client’s retirement in Thailand, then his base currency is really the Thai Baht. The portfolio has to take the currency factor into consideration.

One can look at currencies in two ways. Firstly, you can look at it as a completely separate decision. So, if you’re a Sterling-orientated client with a global equity portfolio, the selection of the equity portion would take that on board: the objective is to optimise growth in Sterling.

By way of example, if one thinks the Euro will remain weak relative to Sterling one might invest part of the portfolio in European exporters.

Alternatively, one could buy globally-diversified equity funds with the best possible return and hedge away the risk; or you can take the view that over the long term currency movements will tend to even out.

But hedging a portfolio should only be done when there is a very strong indication that a currency will strengthen or weaken against another. It should never be done speculatively; only to protect against currency risk.

In a conservatively-stanced portfolio which has higher exposure to bonds and cash, the currency risk actually becomes much greater than with a global equity portfolio. This may come as a surprise to some investors.

The time frame

Having determined the risk profile and base currency, we then look at establishing a time horizon. For instance, for a client with an investment horizon of less than three years we probably wouldn’t recommend equities at all.

While over the longer term equities outperform bonds which outperform cash, in the shorter term the inherent volatility that accompanies equities might mean that the portfolio suffers a short-term dip just when the client requires the capital.

Clients always say they can accept risk - but find that when ‘risk’ turns into ‘loss’ they become much less risk-tolerant than they thought they were.

But as long as clients understand these important aspects, and are able to work with their portfolio manager within realistic agreed guidelines, and have reasonable expectations of performance and acceptance of volatility, clients should have no cause for complaint. (They’ll always find something to gripe about, but that’s human nature.)

Active or Passive?

The next step is establishing what sort of participation the client wants to have in the decision-making process: whether he or she wishes to be active or passive in deciding the components that will make up the investment - the horses that will pull the cart, if you will.

This determines whether the investor will be an advisory client or a discretionary client.

Some clients may want to have a 90% input to what they invest in and a 10% sounding board service. Other less sophisticated clients may want a 90% or even 100% input from their advisor.

If a client wishes to participate actively in the management of his/her account, this is accommodated (within reason and within the limits of what is administratively practical).

Some sophisticated investors have the time, interest and access to the required specialised information (and this means a lot more than just the business news on CNN or CNBC!) to manage their own portfolios, and merely require an administrative conduit to the investment institution that is holding the portfolio.

Others freely admit they don’t follow the markets, haven’t the expertise nor the interest to participate in the day-to-day decisions on what constitutes their portfolio. These clients either want active portfolio management from a qualified and experienced advisor (for which they’re prepared to pay a fee), or regular meetings with their advisor to review market conditions and be provided sound advice of how best to adjust their portfolios to meet changing conditions.

These parameters are discussed in detail with the client and the goalposts set at mutually-acceptable points.

At the same time, we agree on how frequently and by what mechanism reports are furnished to the client. Monthly as e-mail attachments? Quarterly in face-to-face meetings to discuss hard-copy valuation reports? Or once a year when the globe-trotting client passes through Pattaya? Some people like to analyse their investments to death; others just want the bottom line.

It’s important for the portfolio manager to understand what each individual client expects; but also for the client to understand what can reasonably be delivered.

After all, how would you like to be called up on a Sunday evening because of some news your advisor saw on TV? This portfolio manager also takes a dim view of his Sunday evening being disturbed by a client fretting about something neither of them can do anything about until at least the next business day.

(...to be continued next week)

A mini-bus system? We should live so long!

Oh, I hope so. I surely do. I don’t know the population of Pattaya. I don’t think ANYONE does. This peculiar Thai system of not existing if you are not registered in a district, no matter how long you work and live there, is so antiquated that is beyond mere inefficiency. So let me just call it backward and get on with it. I refer to this only because it is impossible to take a census of a city’s population if no one actually has anyway to prove their residency except to plough through the red-tape of a method of tracking demographics that dates back to the early part of the last century. But I digress.

The minibuses are on their way! Sure. A metropolitan area the size of Pattaya and its environs, let’s say from South Jomtien to north of Banglamung, should not only have a shuttle bus system, it should have other types of bus routes and a whole fleet of city taxis with meters and radios and a dispatch center. Some day, it’s going to need a subway, and elevated sky train, and a bullet train which runs from Chiang Mai to Phuket! AND AN INTERNATIONAL AIRPORT.

In the next 2 decades our city will be as congested and cramped as Bangkok. And just as poorly planned and administrated. Pattaya has no more planned its future growth than it planned its current condition. For readers who are not Thais and are wondering just how this country arrives at the chaos and pandemonium which we call our big cities of Bangkok, Pattaya, Chiang Mai and a few others, here is how it works.

A group of Thais own a patch of land, rice field, rubber tree plantation, salt flats, or fishing village; readers can fill in the blanks. They walk to and from the fields from work to homely huts. Some enterprising Thai sets up a provision shop. Then a wife or mother-in-in law decides her som tam or kway teow is more delicious than her neighbours’, erects a little lean-too and provides a meal for the pedestrians who pass her way. That way she earns a little pocket money. Soon another entrepreneur will set up shop selling other items…buy low, sell high. Doesn’t take a degree from Harvard to set up a business in Asia. Now we have a village. Those trails which were worn by bare feet are now traversed by bicycles.

Thais like company. They cluster together like bees in a hive. While ‘taking in each other’s washing’ so to speak, they send the youngsters out to work. Anyone who has stood in line at a post office anywhere in this nation knows it operates like a bank. Young people send money home to that cluster of huts. Pretty soon the concrete is flowing and a town is growing. Now those foot paths filled with push-bikes are followed by motorcycles. People from other places drift in and stay. A village headman is appointed to act as mediator and referee for neighbourhood squabbles. But no one really feels the need to plan. Life manages to flow without it. Why bother to plan for tomorrow when today might be all there is?

Three decades later, the sprawl is impressive. The villagers now have paved over those original footpaths. They are now streets and roads. Most of these byways don’t have names, much less street signs. Homes and shops and hotels, district government buildings, slums, squatters camps, schools, hospitals, and all those things which make up the vitality of a town spring up wherever it is convenient and the land is available. One day the locals look around and not only are they NOT a village any longer, they are an internationally known community…a real city. And the DAY AFTER that, they decide they should have some sort of modern transportation system.

And the miraculous answer to the traffic and transport problems here is what? A private company contracted to supply a few mini-buses for tourists. Sure, it’s a start. If the baht-bus Mafia permits it. If the city planners stick with the negotiations. If the local administration can work out a route and print a map and schedule in enough languages so that the people who want to use the system can do so with convenience. If the private company makes enough profit to stay in business. If the city can efficiently manage the contract to prevent the whole idea from collapsing under the weight of corruption. Well, I am still young. I COULD live to see it.

by Lesley Warner

When you think about war, do you think of all the men that died? It’s quite understandable, for that is what most people would think of. But what about the women? This is an idea of the problems women had entering the forces in the United States.

A quote from the book by aviatrix Amelia Earhart: “Then, too, there was my belief that now and then women should do for themselves what men have already done... and occasionally what men have not done... thereby establishing themselves as persons, and perhaps encouraging other women toward greater independence of thought and action.”

Most people can be forgiven for assuming that women at war means nurses, and in WWI there were more than 30,000 women involved; most of those were nurses. Not for the want of having another role, the War Department just would not consider women in other sections of the forces. But in 1901 and 1908 the establishment of the Army and Navy Nurse Corps opened the door to women in the military just a little bit. This began to improve at the start of WW II.

More than a year before the U.S. entered WW II the military realized that it would need large numbers of women to handle clerical, communications and other support functions. The War and Navy Departments hired more than 60,000 women between June 30, 1940 and 1941, with the Federal government as a whole going from 186,210 to 266,407 women employees in the same period. In the aftermath of Pearl Harbor the armed services found they needed women under military control, women they could assign where needed who had made a commitment to stay with the military.

In September 1942, the Army Air Force (AAF) created the Women’s Auxiliary Ferrying Squadron (WAFS) and appointed Nancy H. Love as the commander. She turned out highly skilled and experienced female pilots who were sent on non-combat missions ferrying planes between factories and AAF installations. While WAFS was being organized, the Army Air Force appointed Jacqueline Cochran as director of Women’s Flying Training. Cochran’s school trained 232 women before it ceased operations. Eventually, over 1000 women completed flight training. As the skills of women pilots became recognized the value of their contribution to the war effort began to be recognized and the Air Force took steps to militarize them. As a first step the Air Force renamed their unit from WAFS to Women Air force Service Pilots (WASP).

By January of 1944 the first WACs arrived in the Pacific and in July of 1944, WACs landed on the beach at Normandy. There were over one hundred thousand women in uniform at this point in time.

Women continued to serve overseas through 1945 and at one point there were over 2000 WACs serving in North Africa alone. From there women were sent to Italy to serve with the 5th Army and these women moved all over Italy during the Italian campaign handling the communications; they earned commendations, bronze stars, they lived in tents, dived into foxholes and dugouts during the Anzio air raids. During the battle on Anzio, the German bombing killed six Army Nurses. In all, more than 200 Army Nurses lost their lives during World War II. Bear in mind that these are American statistics and do not include the many other countries involved.

There was the British Women’s Royal Naval Service, which was created as an auxiliary force in 1917; this was integrated into the Royal Navy in 1993.

If you would like to read more on women at war you could try the book “Sisterhood of Spies” by Elizabeth P. McIntosh, published by the Naval Institute Press.

Women had many other roles during the war, on the land, in the factories, in the home, and then there were the spies, but we’ll save those for another day.

by Mirin MacCarthy

The Australian glossy black cockatoo, which is staring down the barrel of extinction, has been the focus of the Threatened Species Day held in Noosa, Australia, this week as part of the Sunshine Coast Noosa Shire Biodiversity month.

Local naturalist and septuagenarian, Isobel Pert, crusaded to have 250 Casuarina trees planted in Pinaroo Park. Miss Pert said, “There are only about 18 of the glossy blacks left in Noosa and habitat preservation is vital for securing the species future.” More power to Ms Pert and the Noosa Shire but 250 seedling trees planted may be too little too late for the disappearing black cockatoos.

Glossy black cockatoos are medium to large birds, social and arboreal, which are usually seen flying overhead in family parties. They have a mournful, grating, “heeya, heeya” cry, well suited to their sombre plumage. Glossy Blacks are often mistaken for Red Tailed Black cockatoos; they have black body feathers with large heads and heavy beaks. Adult males are entirely black with the exception of a bright red bar across the tail. Immature and adult females have irregular yellow patches on the heads and tails.

The range of glossy black cockatoos is now limited to a narrow strip down the east coast of Australia, starting in Rockhampton, north of Noosa and extending south to Victoria. Their habitat is Casuarina forest and woodland and their diet is not surprisingly almost exclusively the seeds of casuarinas, with the occasional insect and the odd eucalypt, angophora, hakea and acacia seed thrown in. They once ranged further west and southwest but the South Australian European settlers managed to eliminate them all from the mainland and now only an isolated population lives on Kangaroo Island there.

White Australians are an amazingly blas้ race about conservation of anything, especially birds and trees, and I can safely say this because I am one. They will not allow any of their cockatoos to be exported, black white or pink, yet still allow the farmers a quota for shooting them! It is scandalous that the government will allow you to buy expensive permits for keeping rare cockatoos in Australia; however, these permits are just revenue making devices and none of the permit holding aviaries are inspected. You could keep them in your bathroom if you were so inclined! Also, none of the revenue from permits is invested in research for Psittacine Beak and Feather Disease which is prevalent, and causes widespread decimation in all wild Australian cockatoos and parrots.

Vincent Serventy writes in his great book Wildlife of Australia (ISBN 0-7251-O480-5), “For the aboriginals, black cockatoos were the rain - bringers and many a rain making ceremony used the feathers of the black cockatoo as part of the magic.” Bonded pairs of the glossy black cockatoo often engage in mutual preening and males often display to their mates throughout the year, though this becomes more of a regular happening once the breeding season of March to August comes around. They usually nest high up in eucalypt tree cavities 10 to 20 m above the ground. Both the male and female prepare the nest by chewing the walls and dropping the resulting chips into it.

The female incubates the eggs and cares for the young; however, the male regularly feeds the female during the incubation process. One white oval egg is laid which hatches at about 29 days and the chick is ready for its first tentative flight at 60 days. Though once fledged the young chick remains dependent on the parents for an indefinite period. These birds are not sexually mature until about four or five years old.

Let us all hope for the preservation of these magnificent birds that they will still remain flying free in Noosa skies for our children and grandchildren to see.

by Richard Brunch

From Mark Hull, Princeton, Navy: I read the question about the Sony CDRW having buffer under runs, and your answer. I just wanted to make a comment. A lot of the CDRW drives do have these problems, however some of the newer drives have buffer under run hardware and software built into them. An example is Plextor CDRW drives. I have a Plextor drive and I usually am downloading 20 mp3 songs at one time, burning a CD, and decoding a batch of already downloaded mp3 files to WAV format for audio CD. I also am creating and printing CD labels, and entering searches for new songs to download. All of this is being done at the same time. I have a cable modem, and a Pentium II 350MHz computer. All these tasks put the computer through some heavy usage, but with the new burn proof technology, this has no effect on burning CDs. If the buffer runs out of data the laser pauses briefly, and when CPU resources are again available resumes burning. Good article.

Computer Doctor replies: It is true many of the new CDRW drives have buffer overrun technology incorporated and certainly, for the limited additional cost, if purchasing a new CDRW then it is prudent to purchase one that has this technology. However, the solution provided to Jas Nolan in issue 420 would normally work and at zero cost, which is a consideration to many people who already own a CDRW drive. It is also worth noting that many manufacturers, not just Plextor incorporate this technology in at least some of their current product range.

From Harry Manders, Mabtatoe: I have a Hewlett Packard 7100i CDRW drive and currently run Nero version 4 from Ahead. I am interested that within Nero it has an option to overburn a CD but also comes with the warning that it may damage the CDRW and/or cause errors at the end of the CD. Being of a cautious nature and not wanting to ruin a perfectly good burner I thought you could assist me in deciding whether this was a good idea for me.

Computer Doctor replies: As the name suggests, overburn means fitting more information on a CD than was originally intended. The ability to overburn is governed by both the available hardware and the burning software used. It is worth noting that sometimes a firmware upgrade to the burner may allow that vital overburn technology. The amount of additional capacity that can be squeezed out of a CD by using this technology varies with the hardware and software but is generally around 13.5Mb, this capacity is derived principally from the lead-out area. In many commercially manufactured CDs often these are overburned which can account for problems if trying to copy disc to disc. Really, providing your recorder supports overburning and your software does then it is a matter of trial and error to see the maximum capacity that you can burn onto a CD error free. Personally I think Nero is one of the best burning software available on the market today and now in version 5.5 so it would be wise for you to upgrade. This latest release incorporates many new features as well as providing a new interface.

Whilst most CDs are 650Mb/74 minutes, also available are 700Mb/80 minutes, the latter is not the same as overburning, the disc is designed to take this extra information and is achieved by tighter writing of the track. Writing to a 700Mb CD requires greater precision from the recorder and from any CDR that may be required to read it. Some older CDRs will not be able to cope with this format so consider this if you are interchanging CDs with an area using older technology.

A good source of information regarding CDRW capabilities, firmware upgrades etc. is www.ahead.de

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. For further information, please telephone 01 782 4829, fax 038 716 816, e-mail: [email protected] or see website www.act.co.th

by Duncan Stearn

Part Three: The Thai invasion of Cambodia and Laos

On December 1, 1940, the undeclared war escalated when the French navy sent three sloops to shell the coastal town of Trat. Three Thai air force planes attacked the sloops, hitting one. The French then shelled the border town of Aranyaprathet, killing six civilians.

An assault against Nakhorn Thanom the following night resulted in the deaths of two more civilians.

In an attempt to stop the French aerial attacks, six Thai bombers struck the Ban Sin airbase on December 16, damaging the field and wrecking a few French airplanes.

During the Christmas-New Year period there was a lull in the fighting. However, on the night of January 4, 1941, French bombers hit the towns of Udon Thani and Nong Kai.

The next morning a large French force crossed the border near Aranyaprathet and began to advance on the town. However, a Thai forward company ambushed the French while another company began an outflanking movement. The French were forced to retreat, pursued by the Thais.

On January 6, a Thai division crossed the border into Cambodia while a second division invaded Laos.

After taking the Cambodian border town of Poipet, the Thais moved against Sisophon, supported by fighters and bombers. The Thais, having established control of the air and moving in a three-pronged assault, pushed the ill-equipped French forces back.

The French were also hampered in their defence of both Cambodia and Laos by a revolt in the Mekong Delta region of southern Vietnam that tied up forces they could have used against the Thai invasion.

Two prongs moved towards a junction at the Tonle Sap while the third section aimed towards Battambang. The French, thinking the strike towards Battambang was the main Thai thrust, moved the bulk of their forces to counteract the drive.

The folly of this thinking was soon exposed when the other two drives swept resistance aside and the main French army found itself surrounded.

The Thai plan was to wipe out the French army and then drive on and occupy Saigon, compelling France to restore the territories it had taken over the previous 55 years.

In the meantime, the Thai invasion of Laos was also proceeding according to plan. Although confronted by a tough French Foreign Legion battalion, the Thais overwhelmed them and soon Laos was virtually theirs for the taking.

In a somewhat daring action that may have galvanised the Japanese into taking the initiative towards a peace settlement, the Thai air force attacked Hanoi in northern Vietnam on January 11 with six bombers and four fighters.

Four French fighters attacked them, but the Thais claimed to have shot down two of the French planes, a claim refuted by the defenders. It is known that two French planes were out of action at the end of the war, possibly damaged by the Thai attack and therefore probably leading to the Thai claim of having shot them down.

In an effort to relieve the pressure on the army, Admiral Decoux had, in early December 1940, put together a small naval squadron called the Groupe Occasionnel in Cam Ranh Bay, placing Captain de Vaisseau Berenger in command.

On January 13, 1941, the ramshackle squadron was sent into the Gulf of Thailand to seek out their Thai counterparts. It was a mission fraught with danger as the Thai navy had recently been upgraded with ships purchased from Italy and Japan and the French had no real air cover apart from eight seaplanes based at Ream to provide reconnaissance.

by Anchalee Kaewmanee

Gemini is nervous, highly strung, intelligent and excitable. Aries is energetic, swift acting and combative. Combine these two and you usually get organised chaos. Those persons who were born into this combination, and are reading this now, are probably speed-reading this whole column, absorbing every detail, and after they finish, they will most probably ‘forget about it’, just as quickly. They are perceptive and very smart. But this Sun/Moon combo doesn’t remember things for very long. Perhaps this is why the Gemini/Aries keeps repeating the same behaviour patterns over and over again.

High intelligence, versatility and speed are the chief virtues of the natives in this combination. Possessing a quick eye, and sly about it, they never let slip an opportunity or an advantage when it comes their way. Since they have difficulty just sitting still, and their minds are in a constant whirl, they are happiest when they’ve got a dozen things going on at once. All Gemini/Aries people have some strange ideas about what makes them relax. But whatever may be relaxing to them can truly exhaust everyone else around them. They just naturally gravitate towards excitement and adventure. Mostly because their basic nature demands it. And if things don’t always go at their pace, they have absolutely no qualms about creating mischief or even downright havoc to spice things up.

To others, this combo seems, and actually is, terribly interested in all that is going on in the world. But the real motto of the Gemini/Aries is ‘me first’. Whatever this individual gives, and it can be much, he or she will always expect to be repaid double, and always makes certain of the collection. Extremely articulate, and at times even passionate, these attributes usually come to the fore when these individuals are expressing their own ideas (which often change by the hour). Unfortunately, these same people can turn a deaf ear when forced to listen to someone else’s point of view.

If people born into this combo can learn to be less impatient, less oriented towards self-gratification, they could learn from others. Acquiring patience would allow them to accomplish so much more in life. It would be advisable for them to narrow down their multitude of interests and activities to a more manageable number. These people are not what we would call ‘good listeners’. They talk fast, listen faster. This propensity toward a short attention span is often their undoing.

Gemini/Aries belongs in the communication field. Ultra-perceptive, these individuals make excellent critics and sleuths. Journalism and public speaking could be fine career choices here. Natural problem solvers, their solutions are usually the most original and expeditious.

Coping with tension can be a major problem with high strung and easily excited people. Often they get themselves into situations that would try the nerves of even more self-controlled signs. This Sun/Moon combination must find positive outlets for nervous energy. Sex, sports and social activism are categories which have great possibilities for these individuals. Oddly enough, there are many natives in this group who can quite happily combine all three of these activities into one adventure. Only to be ‘hoisted by their own petard’.

The thought processes of this Sun/Moon sign are quick as lightening and it doesn’t take these people long to make up their minds on the most important matters. No native in this group shilly-shallies with milestones in life such as who to marry and what career to choose. The problem here is those on-the-spot decisions often turn out to be disastrous. If they could force themselves to stop and take a little time to think things through, some of their choices might be happier ones. It is much better to examine one’s actions and options before making decisions than to embark on so many ill-fated enterprises.

Of course the vitality of the Gemini/Aries endows these individuals with tremendous sex appeal. Hardly anyone can resist their charms. But although passionate and romantic, that mercenary streak means these oh-so-attractive people’s affections are reserved only for those who can be helpful to them.

by Apichart Panyadee

We know that the art of copying is as old as time itself, but in terms of European furniture it is practical to discuss only the 17th century through to the present day, quite simply because earlier pieces are rarely seen on the market or outside museums. It is as well, at this point, that we bear in mind the older the piece is, or is purported to be, the more likely that it has sustained some sort of alteration or at the very least repairs.

This popular model of commode is such a finely crafted copy of the earlier style of Louis XVI that it is housed at the Musee Conde at Chantilly. The piece dates from 1860-80.

It is necessary to distinguish between the fake and the reproduction, the deliberate forgery and the genuine copy, while at the same time bearing in mind allowable restoration or repair. The ‘marriage’ is another, often unhappy, area of alteration to furniture that bears further examination.

The copy

This is possibly the least contentious type of potentially deceptive furniture. Most copies are mainly confined to the 19th and 20th centuries because 17th and 18th, and the first quarter of the 19th centuries were primary periods of progression. One style followed on from another, either as a natural evolution, such as the Rococo from the Regency, or as a direct conflict with and reaction against the former style. One example is when the sophisticated Transitional style emerged out of the excesses of the Rococo about 1750. It is no accident that both these examples are taken from French, or more correctly, Paris furniture. Paris was the main disseminator if not the actual source of new material in these periods.

Copies of French furniture

The 19th century, in its second quarter, saw a troubled Europe that had just emerged from a long and commercially damaging war. Restoration France experienced a brief and uncertain return to porcelain-mounted furniture, notably by A. L. Bellange, inspired by the ebeniste Martin Carlin and the marchands merciers Poirer and Daguerre. The advent of the Second Empire in 1848 saw a full-blooded return, the seeds of which had been sown in the two previous decades, to the styles of earlier centuries. Unfortunately this was not in any particular order, Gothic, Louis XV and Louis XVI were followed by Baroque and Renaissance.

This commode was made in 1920. It is in fact a fine copy of the Louis XVI style, but elaborate innovations such as the pronounced breakfront covered in flowerhead and geometric trellis excludes it from being a superior piece.

The products of these rivals can be divided into two types. First, the exact copies of earlier, mainly Louis XV and Louis XVI pieces; and second, the eclectic pieces that either muddled up one or more styles or ‘improved’ upon the golden years of the past. ‘Improved’ furniture styles were a result of the spirit of the age. The mentality of this period sought constantly to change and innovate, and reflected the massive changes in industrial, manufacturing, and social organization since the early years of the Industrial Revolution. This was the age of the machine, of gas, iron, and steam. These new innovations not only made furniture available to more people at cheaper prices, but allowed ideas to travel faster as well. Fashion therefore became more international and was communicated at a speed unknown in earlier years.

by John D. Blyth,
P.O. Box 97, Pattaya City 20260

The British Connection

Technical considerations made it necessary for the links from London to be provided by a somewhat different type of train from those working on the TGV lines. I mentioned last week the somewhat restricted ‘loading gauge’ but for the present, until the long-awaited Channel Tunnel Rail Link (CTRL) is completed, the special ‘Eurostar’ trains must share tracks with existing electrified services. Most of these have existed for some time, and current is supplied through a third rail binging direct current at about 800 Volts. The change is made to the 25kV 50 cycles system at the approach to the tunnel mouth. Ownership of the ‘Eurostar is shared between the French and Belgian railways and the British administration. The trains have much in common with the regular TGV trains, being eight coaches and two power cars per ‘set’, a normal train comprising two such sets. The Belgians also have their own trains which run under the title of ‘Thalys’ - I understand that the word has no meaning but is simply an identification.

All trains on the Paris-Lyon section are now worked by ‘Duplex sets’ with two levels of seating for passengers. The two rows of windows can be seen; the capacity of each train has been almost doubled. Equipment for the refurbishing of this busy line can be seen on the right

Eurostar trains can run anywhere in the other participating countries, wherever the current supply is compatible. Quite early in the enterprise they were appearing at Swiss holiday resorts bringing winter sports enthusiasts, and a recent picture shows one in old Lyon Perrache station - the reason not known.

TGV trains

It is worth noting that the progress of the TGV network has been such that orders for new trains have been on hand since 1978. Technical progress has been continuous but the principles of ‘fixed formations’, articulation of all the passenger trailers, body mounting of traction motors, and an axle load of not more 17 tonnes have all been adhered to. Latest reports reveal that no less than 357 TGV trains are in service, with another 34 on order.

Much of the new Avignon TGV station is below ground; this unusual architecture shows the way to the departure hall

Little known and seldom seen are two TGV trains adapted for use by the French Post Office. These were from an early batch of trains, and if you catch sight of a TGV in brilliant yellow paint, that is what you will have seen! It is no surprise that most of their work is done at night.

Map of ‘TGV’ routes, present and proposed. Lines shown ‘dotted have TGV services but running at more conventional speeds. ‘Dark’ areas at top show Belgium and Switzerland; lighter area between shows part of Germany and Luxembourg. Part of Spain, with Barcelona, is at the bottom left.

The map shows a number of lines in ‘dotted’ form; most of these are lines under active consideration, but I am not sure of the absolute accuracy of what is shown. On the original some are also shown in colour, which we cannot reproduce. The TGV Est, to Strasbourg is certainly under construction; the Mediterranee is complete and open, although the short branch to Nimes may not be. Eventually this line is expected to pass down to across the frontier into Spain and provide a service to Barcelona and by the Spanish AVE network deeper into Spain. Spanish railways were early to become ‘odd men out’ through a decree of the government, when railways were in their infancy, that the track gauge be 1674 mm, or officially two Castillian Yards. This effectively cut them off from the lines of 1435 mm gauge being built in almost every other European country. The problems have never been eliminated and even the high-speed AVE lines are of the broad gauge, other than that which will connect with the French TGV. Main lines in Portugal, too, are within a few mill meters of the Spanish gauge, but they are so isolated that it is not, in general, too serious.

The Provence Line

The final section of the line to Marseille had troubles of its own, for unlike most TGV lines, which pass through open country, this area had only one possible access, along the narrow Rhone Valley to Avignon, and thence close to a national park. There was a great deal of opposition to the line passing close to many ancient and historic towns. No less than six years of enquiry and discussion took place, with over 2000 public meetings. The final go-ahead was not given until 1995.

Other high-speed lines

Small sections of high-speed railway have been laid in some other countries of Europe, but the scale planned ultimately for the French TGV is unequalled. It is of interest that the similar lines being built in South Korea have had much French involvement, including supply of equipment.

The railway south from Avignon follows a number of routes, and the crossing of the great River Rhone is also involved. The train is seen on the main Marseille-Paris viaduct. The train is another of the new ones provided for the south coast extension.

Otherwise - and not forgetting the Japanese ‘Shinkansen’ network, we hear little or nothing. In the U.S.A. their honeymoon with the motor-car is not yet over; from Europe there is a whisper of something stirring in Italy; nothing much from even Germany, who suddenly abandoned their ‘mag-lev’ scheme, at a moment when it seemed to have a real future.

Sadly the discussions between governments around Thailand came to naught. There almost certainly wasn’t the money available, and no one seemed certain if such lines would carry freight as well as passengers - if not, the revenue wouldn’t be there, but if so, it wouldn’t be a true TGV-type high-speed line. Some of us also recall big talk about a rail line from Bangkok to the new Nong Ngu Hao Airport, to be projected along the Eastern Seaboard, and connecting in the centre of Bangkok with ‘Skytrain’ All forgotten now! Pattaya forgotten yet again!

by C. Schloemer

Good points: aloof, beautiful and graceful, intelligent, faithful, striking show dog

Take heed: a dignified dog, not ideal as a children’s playmate, not suitable for apartments

The Borzoi is an animal of great beauty and grace, and was used in Russia from the 17th century for wolf hunting and coursing. Known as the Russian Wolfhound in England and America until 1936, the Borzoi is a sight hound dependent on extreme speed, agility and courage to pursue, overtake and hold its quarry. Today it is often regarded more as a fashion accessory, used in movies and advertising. However, these appealing dogs are just as at home in our living rooms as they are in the field. They are good natured and devoted to their owners. But their aloof nature will not usually include romping with rambunctious children. However, older children who understand that pets deserve respect will be rewarded with affection and loyalty. The Borzoi’s high intelligence and lovely temperament makes him easy to train, therefore he does well in obedience trials. For the owner with his eye on the show ring, this beautiful dog is a glamorous entry.

Size: Height at the shoulder: dog from 73.5 cm upwards, bitch from 68.5 cm upwards

Exercise: The Borzoi needs a great deal of exercise. But remember this sight hound is a hunter. It is essential that the owner does not allow free runs around livestock. As always with sight hounds, early training in voice commands is recommended. A passing cat, rabbit, or other small game can kick in the Borzoi’s hunting instincts, and this dog is fast. Apartment dwellers would be well advised to choose another breed. These dogs need lots of room and supervised outings, so people with small gardens in urban areas need to have access to open fields and parks. Early leash training is advised.

Origin and history: With a history as clouded as the past of Czarist Russia, we know the dogs were bred by the Russian aristocracy for hundreds of years. During the 15th and 16 centuries, it was crossed with the sheep dog to provide strength, and later various hounds to obtain more speed. Great rural estates, thousands of acres in land, with hundreds of serfs, were given over to the breeding and training of, and hunting with, the Borzoi. The breed today remains largely unchanged from his Russian ancestors, both in terms of his appearance, his quiet gentle nature, and his fine abilities.

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