|
Money matters: A brief(ish) history of stocks (Part 3)
Graham Macdonald
MBMG International Ltd.
We’re surprised to report that our Pattaya reader
hasn’t yet written in begging that we return to the format of
prophesying financial Armageddon every day until it actually happens (if
it hasn’t already started). So let’s move on. Now where were we? Oh
yes, the first stock exchange, the Amsterdam Kontor had arrived (VOC share
certificates dating back to 1606 still exist - in fact the Amsterdam stock
market for many years proudly claimed to own the oldest stock certificate
in the world until a private collector popped up with an earlier VOC
issue).
After that the baton really passed to the British
Empire - as Britannia’s ships gradually acquired ascendancy of the seas.
The official website of the London Stock Exchange tells
us that in 1698, a John Castaing began to issue “at this Office in
Jonathan’s Coffee-house” a list of stock and commodity prices called
“The Course of the Exchange and other things” - the earliest evidence
of organised trading in marketable securities in London. Jonathan’s
Coffee House in Change Alley increasingly became the centre of this new
hotbed, in no small part because “stock dealers” were in that same
year expelled from the Royal Exchange for rowdiness. It’s amazing how
little changes.
1720 saw the first major stock scam - a wave of
speculative fever known as the “South Sea Bubble” which burst when
investors had to face the grim news that they had paid extortionate prices
for insubstantial assets. Dot com investors could no doubt relate to that.
This crisis couldn’t stop the relentless march of the
markets - nor indeed could the Great London Fire of 1748 which started in
nearby Cornhill (not to be confused with The Great Fire of London of 1666
started in Pudding Lane by the King’s baker, Thomas Farrinor and for
which The Guild of Bakers issued an apology 320 years later in 1986, all
liabilities for the vent having presumably expired by then), to the extent
that by 1761 a group of 150 stock brokers and jobbers formed a club at the
rebuilt Jonathan’s to buy and sell shares.
Presumably needing more space, the brokers erected
their own building in Sweeting’s Alley, with a dealing room on the
ground floor. The caffeine-dependency is served by a coffee room on the
floor above. Sadly for posterity, what is originally known as “New
Jonathan’s” shortly thereafter changes its name to “The Stock
Exchange”.
By 1801 the Exchange adopts a formal membership
subscription basis and the first regulated exchange, effectively the first
modern Stock Exchange, is born in London, and shortly thereafter moves to
new premises at Capel Court. In 1836 the first regional exchanges open in
Manchester and Liverpool, in time for the next wave of speculation - not
sea fever this time so much as “Railway mania” sweeps the country.
Not until 1923 does the exchange receives its own coat
of arms, with the motto “Dictum Meum Pactum” (My Word is My Bond). In
1939 The Exchange closes for 6 days at the start of World War Two. The
floor of the House closes for only one more day, in 1945 due to damage
from a V2 rocket – trading then continues in the basement trading floor.
Not until 1972 are the first female members admitted to
the market and around the same time, the regional bourses, which have
increased to 11, are absorbed into what is still called the Stock
Exchange. Probably even more shocking to the members was the “Big
Bang” of 1986, widening the member base and introducing electronic
trading (prices ceased to be quoted in the likes of 3/16 and the likes of
0.1875 took over).
Last year, the now titled London Stock Exchange Plc
moved to brand new headquarters in Paternoster Square, close to St
Paul’s Cathedral.
Almost there - bear with us for one more thrilling instalment and then
we’ll finally get around to talking about the markets of today!
|
The above data and research was compiled from sources believed to be
reliable. However, neither MBMG International Ltd nor its officers can accept
any liability for any errors or omissions in the above article nor bear any
responsibility for any losses achieved as a result of any actions taken or not
taken as a consequence of reading the above article. For more information please
contact Graham Macdonald on [email protected]
|
Snap Shots: Experimenting with the “dark side”
by Harry Flashman
The true “definition” of photography has often been
said as “painting with light” and quite honestly, this concept of
painting with light is one of the more exciting aspects of photography. It
is also something that even the weekend photographer can experiment with
and produce photographs that will amaze you, and those who view them, with
their ability to leap off the paper.
Shadow
gives an air of mystery.
The secret of painting with light is to remember that
all photographs should have a mixture of light, and its opposite, called
shadow. Blasting the subject with a sea of light produces flat,
wishy-washy photographs. This is why I am not in favor of the in-camera
flash that pumps out enough light power to illuminate the moon. To produce
prints with depth requires shadow. Just as when you look at a house, the
sun casts a shadow which gives the house depth, as well as height and
width. Depth is the third dimension, and without it you only have a two
dimensional flat image. For the impression of 3D, you need shadow.
Now getting back to the job of taking photographs and
painting with a bit of light. The usual light source is the one I like to
call the Great Celestial Light Technician. This is more commonly referred
to as the sun. Now the sun will supply enough light to illuminate half the
world at one sitting, so there’s plenty of power for your subject and
then some.
However, that sunlight is not all that suitable for
most of the day, because when the sun is directly overhead, you do not get
nice shadows. In the early mornings or late afternoons, when the sun is
closer to the horizon, the shadows are longer, more visible and give more
depth. So as well as being a more flattering light in the golden glow
afternoons, the sun is at a better angle to give good shadows. So to
improve your daytime shots only shoot between sunrise and 9 a.m. and 4
p.m. till sunset.
Do not be afraid to let shadow into the shot. Position
your subject so that they are not square on to the sun, but let the light
come from about 45 degrees across the subject. Shadow adds mystery. Shadow
adds that extra something. Use it!
Now let’s look at when you provide the principal
source of light, after the sun has disappeared. There are actually many
sources of light after dark – there is the electronic flash, both the
“on camera” type and the off camera type, there are tungsten studio
lights, there are tungsten spotlights (like the garden varieties), there
are street lights, neon lights and even car headlights. All these light
sources are at your beck and call, and all (other than the on camera
flash) can work for you to produce great shots.
Many of you have a small flash unit that slips on to
the “shoe” on the top of your camera. Do not use it there! Go and
invest in a remote shoe. This comes with some electric cord that plugs
into the camera body and has a shoe plate at the end of it that slips over
the foot of your flash. You can buy extension cords too, and I would
advise getting one about three meters long. Now you can position your
subject anywhere you like and let the flash come down upon the subject at
45 degrees and you will get a much better photograph than the flash on top
of camera straight on shot. Try it.
For something a little more adventurous, let the flash
burst come from the side of the subject. With people this is called
“hatchet lighting” as one side of the face will be lit and the other
side will be in darkness.
More adventurous again is to place some coloured
cellophane over the flash head and illuminate the subject from side on.
You will get, for example with red cellophane, a red and black person.
Sounds a bit strange, I admit, but we are looking for an effect here.
Get the idea? Experiment, have fun and explore the dark side!
Modern Medicine: How much exercise should you (safely) do?
by Dr. Iain Corness, ConsultantHow
much exercise should you safely do is like saying, “How long is a piece of
string?” There are so many factors to be taken into consideration that it
is impossible to give ‘blanket’ recommendations, but it is possible to
give you some pointers.
Looking first at people with no chronic medical
conditions, such as heart disease, arthritis, lung or kidney problems or
diabetes, then the main factor to be really considered is age.
Unfortunately, even though you may be a sprightly 60 year old, your exercise
capacity is not the same as it was when you were an (even more) sprightly 40
year old. Advancing years does slow you down, but this does not mean a dead
stop! In fact, if you do stop, you probably will be dead!
Regular exercise is beneficial for everyone, in both
physical and psychological aspects. This is not some theory plucked out of
the air, but a well documented fact. I was heartened the other day to read
of a 94 year old Japanese doctor who was looking forward to his 95th
birthday, because after this he was going to slow down to give him time to
go and play golf.
The most important factor in exercise as you get older is
the regularity of it. Once a week is not the answer, but a minimum of three
times a week for at least 30 minutes. This is where most people find their
exercise program breaks down. They have 30 minutes to spare on Sundays, but
not Monday to Saturdays. This is where you have to start to be a little
creative, and stern with yourself.
Being a realist, nobody is going to exercise three to six
times a week if the form of exercise bores you. Pedalling an exercise
bicycle to nowhere may be fine for some people, but for many it is a
‘waste’ of time. Perhaps if you time it so that you watch the world news
on TV at the same time, that might be satisfactory, but again, it depends on
you. Another thought to consider is that exercise bicycles depend on the
strength of your legs and soundness of knee and ankle joints.
The ‘best’ form of exercise is swimming. Swimming
does not use one muscle group predominantly, and since the body is supported
in the water, you can move all joints in a non-weight bearing fashion.
Gentle swimming for the older folk, and aqua aerobics for the younger ones.
However, to be the ‘best’ does require that regularity component. 30
minutes six times a week is superb.
The important factor is to choose appropriate exercise
according to your ability and interest. Never exceed your limit. Remember
that you are not training for the Octogenarian Olympics, but are exercising
to keep fit. You must always stop if you have acute medical problem (such as
dizziness, fainting, shortness of breath, chest pain, vomiting, nausea and
fever, or pain). Continuing on, breaking through the ‘pain barrier’ does
not improve your physical health.
For those of you who have some chronic ailment, you
should not just commence exercise because the chap in the condo next door
would like a friend to accompany him. It is important that you discuss your
proposed forms of exercise with your doctor. The idea is to get fit, not to
place yourself in danger. Too much exercise for someone with semi-blocked
coronary arteries could bring on a heart attack. Find out first.
That finding out process should begin with a full
check-up beforehand. Your annual check-up can tell you more than anything
else, and will assist both you and your doctor map out the best exercise
programs suited to your physical condition.
Learn to Live to Learn: “Man Near the Top”
with Andrew Watson
It was my distinct pleasure, whilst in Bangalore
recently, to renew my acquaintance with Nigel Forbes Harper, associate
regional manager of the IBAP (International Baccalaureate Asia Pacific)
Diploma Programme. Nigel’s role is immense and growing. He seems to
spend most of his time flying around the region, in and out of his base
in Singapore. As somebody who played a leading role in the development
and success of the Prem Tinsulanonda International School in Chiang Mai,
he knows Thailand intimately.
 Nigel
Forbes Harper: “Growth is quite considerable”
AW: Can you say a little bit about the
exponential growth of IB Programmes in this region and how the IBO is
dealing with that growth?
NFH: You’re quite right. The growth is quite considerable at the
moment and obviously the IB has to maintain the integrity of the
programmes while allowing for planned growth. Now in some ways the
growth in this region has probably outstripped the predictions of
several years ago. Consequently, at the moment, forward planning is the
key issue. The question is whether that growth can be maintained or
whether it will outstrip resources and obviously we can’t allow this
to happen. So it’s a question of making sure the current resources
maintain the standard whilst acknowledging the demand.
AW: But as an authorisation rather than an accreditation body and
experiencing huge growth as you are, is it possible or is it an
unrealistic expectation to think that you can maintain integrity in the
programmes across the board?
NFH: No, I don’t think it’s unrealistic at all. I think we just
have to be smarter in using the resources we have and sitting back and
perhaps thinking of new ways of maintaining these standards. I mean past
methods, which relied much more on personal contact by one or two
people, might now have to be reconsidered. Personal contact is always
the best way, but whereas in the past to some extent, one person could
maintain an eye on all schools in the region, that’s no longer
possible.
AW: Or desirable?
NFH: Exactly. Now whether the solution is more of the same or
something different is a question we have to look at.
AW: Perhaps one of the possibilities is considering “community
workshops”, to enable more sharing of resources and knowledge between
schools?
NFH: Yes, there has to be some way that the regional office
representing the IBO maintains the standards.
AW: And then there’s the issue of intellectual property of course.
NFH: Yes, because there’s always the risk that if it’s too
fluid, then we’ll have people who are not authorised running
workshops. Now, there’s nothing to stop schools sharing ideas. In fact
we’d encourage it but the official authority for the workshop on the
workshop has to be through the IB. So once again we seem to have
developed and changed quite a bit over the last couple of years. The
very fact that the workshop is now split into levels represents a
response to a demand. Now of course there are other demands. People want
more and they want them more locally and we have to try and make sure
that the workshops are placed where they are most needed. For instance,
in India, there is significant demand for Level One (new to the IB
programmes) workshops, but if you’re the only school in a
particular region needing a level one workshop, it’s a long haul
across India. This is the kind of issue we have to look at. On the other
hand, we want staff to travel or least we want them to be in groups
where the group has a mix of countries. The resulting fertilisation of
ideas is essential. The workshops here where most workshops have at
least five or six countries represented, is ideal.
AW: It’s also one of the great joys of being a teacher isn’t it?
NFH: It is. If you go to a workshop where every single person is
from your country or your faith or your local region, there’s a
contradiction in terms there about being “international”.
AW: An element of familiarity that maybe can create assumptions.
NFH: Exactly. Assumptions that everything that you’re doing is
everything that everyone else is doing. Even now, whilst I’m not
actually teaching now, some of the sessions I’ve been at in the last
few days have challenged me and if I went back to teaching I’d use
those ideas.
AW: How do you like India?
NFH: I love it. I was here years ago when we were travelling.
AW: Goa?
NFH: A couple of days (laughing). You might assume I did!
Actually, that wasn’t where we spent a lot of our time, but rather in
Kashmir. It’s hard coming back these days and realising that lots of
those places are far less accessible than in the past.
AW: It’s nice to know that the IBO seems focussed on the big issue
of maintaining standards whilst all this growth is going on.
NFH: You have to acknowledge of course, that there’s no way we
shouldn’t welcome the demand, which reflects the fact that what the IB
offers is something that people see as vital. What I hope is that the
schools coming “online” with the IB, want to become part of this
global family primarily as a result of a desire to pick up the ideology
rather than seeing it as just another examination process.
I’ll just add what a tremendously nice man, Nigel Forbes-Harper is.
He’s a busy man and it was good of him to spare me some time.
[email protected]
 Heart to Heart with Hillary
Dear Hillary, my Petal,
I have to spring to your defense. Just who does Tequila Tom think he is?
Drinking too much of the cactus juice it seems like. So he’s known
lots of hookers, that’s not something most men would be proudly saying
in a national newspaper. Don’t worry about his chocolates and
champagne (he’d never send them anyway) but I will bring some over
with me at Christmas. Don’t worry about such people as Tequila Tom.
Champagne Charlie
Dear Champagne Charlie,
It is people like you who give people like me the power to carry on,
despite the dog pee that Tequila Tom would pour on my head (or perhaps
that’s what the poor man was drinking?). I have already expressed my
agreement with you, as far as his knowing lots of hookers, in my reply
to him a couple of weeks ago. I look forward to choccies and champers!
Dear Hillary,
I hear all this cr*p (censored by Hillary, sorry Mike, but this is a
family newspaper) about Thai women being so shy and modest, not going
swimming without being fully clothed and all, and yet I see them every
day openly kissing some foreigner on the busses, getting all their kit
off in bars and wearing totally sexy stuff on the streets (but I’m not
complaining). Just how does all this fit in with the “modest” Thai
ladies I read about?
Mike
Dear Mike,
You have made one very basic error, my Petal. You are mistaking
professional Thai ladies plying their trade with other Thai women being
their normal selves. For the girls in the bars, this is all acting, the
way to snare a big fish or two, including you it seems. For the rest of
the Thai women, their normal behavior is to be shy, to cover up and act
with decorum. Even the ladies of the night, when they retire from the
profession, return to the way of behaving that they learned from their
mothers, and grandmothers before them. And that certainly is not
twirling round chrome poles in a brown one-button dancing suit!
Dear Hillary,
My son has arrived from England to visit me and on his first night we go
to Nana Plaza and he comes home with a girl from there. That doesn’t
worry me, but now he’s got her with him every day and is saying,
“But Dad, I love her.” I know she’s a bar girl, she knows she’s
a bar girl, and my stupid son thinks he’s got some blushing virgin. He
won’t listen to anything I say and in two weeks when he goes back, she
will have emptied his wallet and turned it into gold chains. She’s
already got the bangle. What do you do with kids like this? Any
suggestions, before I bang his head in the wall?
Peter
Dear Peter,
You have not written just how old is your son, but it sounds to me as if
he left the family nest many years ago, so is well above the age where
you could intimidate him by threatening to bang his head on the wall.
All you can do is to let him see that the reception he is getting is one
that is used by all her friends, and by her. I suggest you go back to
the Nana bar with him, and let him see how the patrons are getting
fleeced. At best he might see just what he is doing. At worst he will
come home with two of them! What do you do with kids like this? It’s a
bit late now, Petal! You should have started many years ago.
Dear Hillary,
Would you believe that my sister-in-law in Europe is sending her son
over to me here to learn about life in the adult world? I believe that
she is asking too much of me, or her brother, and the responsibility is
too great. I have seen the charming local girls and I think it is
amazing that any young swain survives holidays in Thailand. At every
turn there is temptation awaiting the unwary and unknowing. Particularly
when the same young man is being deliberately sent over here to learn
about “life” as she puts it. I know him, and he is a very
overindulged young man, and I certainly will not be taking him to dens
of ill repute, just so he can “grow up” as my sister-in-law puts it.
Hilde
Dear Hilde,
I think you have to ask Sis-in-law to set you some ground rules for the
young man and yourself. (How old is he, by the way?) Does she want him
to come back to her with a wife, or just a girlfriend, or just more
experienced? Will he bring chocolates and champagne (I could be
interested myself)? This kind of ‘education’ has been done for many
years, with young men being initiated into manhood at the hands of an
experienced professional. In Thailand this still happens, but society
will look the other way. In Europe, it is generally the boy’s father
who will take him gently by the hand and point him in the direction of
maturity, not his aunt. Sounds like you have a very ‘close’ family.
Psychological Perspectives: Crisis in France: December 1 is World AIDS Day
by Michael Catalanello,
Ph.D.
Stop me if you’ve heard this one:
While strolling along a California beach, a psychologist stumbles upon an
antique lamp. He picks it up, rubs it, and out of a plume of smoke, there
appears a genie.
The genie says, “Because you have released me, out of gratitude, I will
grant you one wish.”
The psychologist thinks for a moment, and then replies, “I’ve always
wanted to go to Hawaii, but I hate to fly, and I get seasick on ships.
Would you build me a bridge to Hawaii so that I can drive there to
visit?”
The genie grimaces and says, “Are you kidding? Think of the logistics!
How would the supports ever reach the bottom of the Pacific Ocean? Think of
the concrete, the steel, the shipping hazards. I’m sorry, but I can’t
do that. Please think of another wish.”
“OK,” says the psychologist. “Forget about the bridge. Just answer
some questions concerning my patients. Why do some of my patients continue
to smoke cigarettes and eat in ways that severely compromise their health?
Why do they engage in risky behavior and maintain unhealthy lifestyles,
knowing that they significantly increase their chance of resulting
disability, illness, or premature death?”
Why do some of my patients do such things as sexually abuse their children,
physically assault their wives, cheat, lie, and steal? In short, why do my
patients think, act, and feel the way they do?
The genie thinks for a moment. Then with a sigh, he replies, “That bridge
you wanted; would you prefer two lanes or four?”
Perhaps nowhere is the mystery of human behavior more puzzling than in
the unfolding of the HIV/AIDS pandemic. Here, we have a life-threatening
illness for which we have no cure or medical vaccine. It is preventable,
yet for the past twenty years it has continued to spread worldwide. There
is no end in sight.
The statistics are hard to fathom. Over 5 million people were newly
infected with HIV in 2005. That amounts to about 570 infections per hour.
Particularly worrying is the fact that over half of all new HIV infections
worldwide are now appearing in young people between the ages of 15 and 24.
Each day 6,000 young people are diagnosed with AIDS.
More than 40 million people have contracted HIV, and about half of these
have died of AIDS complications since the beginning of the epidemic,
according to UNAIDS. Each illness and death affects countless others,
resulting in financial hardship, families without a breadwinner, children
without parents, intensely personal loss, and heartache.
Early in the pandemic, Thailand distinguished itself by providing a model
for successfully fighting the disease. Then Prime Minister Anand
Panyarachun, Senator Mechai Viravaidya, and other courageous Thai leaders
are generally credited with stabilizing, and then reversing an alarming
trend in new HIV infections.
One key element of Thailand’s effective response to HIV/AIDS was to
initiate a massive public education campaign. A 100% condom program was
launched with the support of the Kingdom’s existing health
infrastructure. Rather than attempting to suppress Thailand’s commercial
sex industry, authorities wisely chose to aggressively promote condom use
among sex workers and their clients. After reaching a peak of 143,000 new
HIV infections in 1991, the number fell steadily to about 21,000 in 2003.
Despite these early successes, there are worrying signs on the horizon. The
United Nations Development Program has reported that HIV continues to
spread among diverse groups within Thai society, posing new challenges for
detection and prevention efforts. About 600,000 people nationwide are now
living with HIV, and they require care and support. HIV/AIDS is a major
killer among young adults.
Experts warn that prevention efforts have not kept pace with the rapid
changes that have occurred in the epidemic. Public concern has diminished,
as AIDS spending has failed to keep up with the growing threat. Public
education and awareness campaigns are on the decline. Today we hear more
about the threat of a bird flu epidemic, which has yet to materialize in
human populations, than we do about HIV/AIDS.
Like many modern health problems, HIV infection is produced by certain
modifiable behavior. The most common method of transmission is through
unprotected sexual intercourse with a partner who is HIV+. Another way is
by sharing needles or other contaminated injection or skin-piercing
equipment with others who are HIV+.
HIV can also be transmitted through blood and blood products, for example,
through infected blood transfusions. An infected mother can also transmit
the virus to her child in the womb or during delivery, and through
breastfeeding. In all of these cases, transmission can be easily prevented.
Through effective prevention we could eradicate the disease within a
generation.
If we know how to prevent HIV infections, why does the epidemic continue to
grow? Why are certain groups of people so poorly informed about the risks
and methods of avoiding HIV infection? Why do educators resist making
comprehensive sex education an urgent priority? Why do knowledgeable
individuals nevertheless engage in risky behavior? Why do we place a stigma
upon those who are living with HIV? Why do we permit discrimination against
such people?
It would seem that finding solutions to these issues would be considerably
less problematic than building a bridge from California to Hawaii, whether
two lanes or four.
|
Dr. Catalanello is a licensed psychologist in his home State of Louisiana, USA, and a member of the Faculty of Liberal Arts at Asian University,
Chonburi. You may address questions and comments to him at [email protected], or post on his weblog at
http://asianupsych.blogspot.com
|
|
