Family Money: Happy New Year!

Many have asked me what my predictions are for the coming year. Well, as I’ve said before in this space, I don’t have a crystal ball and I’m not a seer. But as it’s New Year’s Day, I’ll go out on a limb and make a few just for fun.

It’ll be interesting to see how many of them come true, and I promise to review them in next New Year’s Eve’s edition. But in the meantime please don’t come complaining if some or all of these predictions turn out to be wide of the mark! Just for fun, remember?

Let’s also have a look back over the past year and at how things are currently progressing.

Prediction #1

For many people, 1998 was a year of doom and gloom. The previous year’s economic crisis continued, with a few more crises thrown in for good measure. The Baht fell from 35 to the dollar to 55, but crept back up and has held its own for several months now in the mid-30s.

Some say it will strengthen further; others say it will drop again to below 45. Conflicting reports of the economic situation support both views, and it’s not at all clear which way it will go over the next 12 months.

My feeling is that it will stay in the mid-30s for the next three months, and provided nothing drastic happens on the international front, will slowly strengthen to around 32-33 by mid year. Then it’s anybody’s guess. Some indicators say that the economy will continue to strengthen past mid-year; others that it will slow down again.

My own feeling is that the opposing forces will probably just about cancel each other out, and the economy will probably remain just about steady, and hence so will the Baht. But don’t make big financial decisions based on this prediction - it’s far too early to tell for sure!

Prediction #2

By the same token, I believe Sterling will remain at around its present level for the first three months of 1999 while doubts remain over the Euro. As anti-Euro sentiment weakens, however, there may well be a net outflow of Sterling, leading to its dropping to around 1.60 against the dollar by mid year.

If the mega-speculators jump onto that bandwagon again, and the Labour Government continues on its present path, there could then be a sudden run on Sterling, leading perhaps to a drop to around 1.50 or even lower. I’d hate to see that, but it’s a possible scenario.

Prediction #3

Interest rates have dropped around the world, stimulating the major economies that seemed to be teetering on the brink of recession.

I believe that interest rates in the major economies will remain low throughout 1999, and will probably not be raised until at least the second half of the year, once the major economies are back on track to sustained growth.

Prediction #4

Locally also, interest rates on deposits have dropped to less than half what they were at the height of the crisis 12 months ago, and I believe will remain low throughout this year, perhaps being lowered yet again around March or April if the economy doesn’t show signs of sustained recovery.

However, the banks have very shrewdly resisted lowering lending rates by a comparable amount, despite government pleas to make borrowing easier and thereby stimulate the economy.

Reports abound of potential borrowers having a very hard time squeezing any money out of these banks, who are reportedly demanding collateral equal to or exceeding the requested loan amount.

(It’s a strange paradox that banks everywhere are most willing to lend money to people who already have and don’t need it, and most reluctant to lend to people who don’t have but really do need it...)

Even if you are able to come up with the hard capital or securities the banks demand as collateral, they then move the goalposts again - for example using an arbitrary rate of exchange (in their favour of course), to lend less than you need combined with a rapacious repayment schedule you’re hard pressed to cover.

Some cynics would say the reason for these policies is simply to increase their short-term revenues from the minority who are still servicing their debts or willing to be fleeced under the current lending policies, in order to reduce the massive burden of ‘non-performing loans’ (as it’s so nicely put these days - used to be called ‘bad debts’.)

But perhaps these cynics don’t understand modern accounting practices: ‘non-performing loans’ can be carried forward in the ‘receivables’ column of a balance sheet (as if they will someday be collected), and thus still form part of the bank’s assets (from which the share value is calculated); whereas a ‘bad debt’ would have to be written off against the capital assets, thereby reducing the net asset value of the shares.

Everyone knows the banks are never likely to collect these NPLs under the present system (especially considering who the alleged major defaulters are), but they’re unwilling to write them off, since this would adversely affect the balance sheet, and thus reduce the value of their owners’ shareholding.

And that of course would be totally unacceptable, as the management has a duty to protect the interests of its shareholders - especially when these two sets of individuals comprise substantially the same people...

The much-awaited bills to reform the financial sector are still awaited, having predictably been delayed and debated once the immediate need for lip-service was over.

Since these bills go against fundamental principals of debtors being forced to pay their debts - especially since it is widely alleged that some of the largest non-performing loans are owed by those responsible for considering, passing and implementing the relevant legislation - the good old standby of nationalist protectionism is brought into play as the ever-popular reason to re-examine, reconsider and revise such bills until everyone is satisfied. Everyone who has any vested interest in them not being implemented, that is.

Prediction #5

In light of the commentary above, I would predict that the financial reform package will not get passed in its current form, and a watered-down bill may manage to make it through towards the second half of the year, if the opposition are unsuccessful in blocking it completely, as they are trying their hardest to do.

Prediction #6

Some local expatriates have been eagerly awaiting the passage of the land reform bill, in the anticipation that they will then be able to own their own land and build their own little dream house.

Unfortunately, they have misread the proposed legislation, which makes it quite clear that if this bill ever passes (which is far from being a foregone conclusion), foreigners would be able to lease - not own - up to 1 rai of land for 50+50 years, but only provided they bring in 25 million baht of investment capital.

Since this condition excludes the vast majority of local expatriates, you might as well stick to renting. Getting all vehement about the unfairness of the double standard won’t change a thing except your blood pressure.

It is worth noting that the rationale behind such protectionism is not the fear that swarms of individual foreigners will descend upon Thailand, buy a plot of land on which to build a house and take up permanent residence, but that opportunistic multinationals with megabucks would swoop in and buy up all the available land from impoverished farmers, and then install modern methods, machinery and management to compete unfairly with local traditional methods - you know, the wife & kids out in the fields with perhaps a buffalo or two - thereby bringing further economic hardship on the poor locals.

This same rationale has been used for decades in the Philippines, and has served well to keep the elite landowners in power, and the poor poor, and too tired to do anything about it.

An excellent ploy used in the Marcos era was to implement land reform legislation (usually by Presidential decree) that ‘nationalised’ a few large tracts of land owned by a few non-cronies, and then divide it up into tiny plots which were parcelled out for free to the former tenant farmers (and further divided when the next generation of 8-10 children inherited it), who were so grateful to Mr & Mrs Marcos for their kind generosity that their votes were assured in the next election without having to pay out any extra.

South Korea also had protectionist legislation in place, but some 30 years ago started wisely importing the machinery with which to build factories with which to make tractors (amongst other useful items which they’re now exporting all over the world), and the farmers who were put out of work by the implementation of more efficient agricultural methods were retrained at government expense into other productive occupations (mostly in the new factories), which in turn produced more goods for export, which stimulated the rise of more industrialisation, which benefitted the whole economy, and led to all South Koreans enjoying a higher standard of living.

Singapore also resisted the nationalist (and religious) protectionism that prevailed in the Malaysian Federation at the time when Britain unwisely insisted that Singapore be granted independence only as part of the Malaysian Federation. Under the far-reaching vision and beneficent autocracy of Lee Kuan Yew, Singapore opted out of that no-win situation in 1965, and the resulting ‘economic miracle’ is taught at renowned business schools around the world, together with the South Korean example of how a backward agricultural economy can take a giant but painful leap into the industrial age and in the long run improve the lot of all its citizens.

But this requires vision, courage, and the welfare of the nation at heart, rather than opportunistic self-interest.

I therefore doubt that this bill will pass in its current form during this year; again, perhaps a watered-down version will scrape through by year’s end. (Even so, it will have little or no effect upon you or me as individual investors.)

Prediction #7

The U.S. economy will have a few glitches in 1999, but probably not have a major tumble so long as investor sentiment is not too rattled by short-sighted commentators predicting the end of the world’s economy yet again and there’s no clear alternative for investors to place the wall of money that’s been driving the bull run for the past several years. Nevertheless, a cautious approach may be wise as far as significant exposure to the U.S. market is concerned.

Prediction #8

The Latin American economies will remain uncertain for the first quarter of 1999, but perhaps start to show positive signs during the second quarter. Market stability in that region very much depends on what now happens in Brazil. However, I would not suggest gambling substantial amounts of money on that region for quite some time to come.

Prediction #9

Most Asian economies will continue to show signs of recovery, and long-term investors may look to start putting money back into selected Asian markets by mid year - except in Indonesia, which will get worse before it starts to get better.

Prediction #10

Interest rates in Japan can’t go much lower without ending up in negative territory, and I believe the economy will remain sluggish throughout the year. Furthermore, the proposed financial & banking reforms which everyone knows should have been implemented at least four years ago will continue to be debated and resisted, and for much the same reasons as similar delays occur in Thailand. When one hand is preoccupied washing the other one, it’s difficult for them to do anything else...

Prediction #11

Hong Kong property prices will still remain down from their highs before the 1997 crisis, but the stock market will do okay, with the Hang Seng index fluctuating between 10-11,000 and perhaps break through this barrier in the fourth quarter.

Prediction #12

The European economies look set to remain stable through the first half of ’99, and international bonds will also fair well. These sectors should, in my view, continue to constitute the bulk of a capital portfolio for at least the first half of 1999.

Prediction #13

On the local front (if you’ll pardon the pun), there will be various protests about the removal of the ‘illegal’ structures along Beach Road, resulting in more deliberations and delays to the construction of the new jetty and beachfront. I predict these structures won’t have been removed before the end of the year.

Prediction #14

The long-awaited water treatment plant won’t yet be operational by year’s end, but the diggings will have been completed, and the dug-up roads will have been resurfaced; but the next rainy season will have created new bumps and potholes due to the surfacing having been not quite as sturdy as the old one...

Prediction #15

In Pattaya there will be lots of money-making bars, hotels and restaurants for sale, which will be bought by shrewd farangs who are looking to own a business in which they’ve had so much fun during previous visits.

Prediction #16

In 1999 lots of small fortunes will be made here, most of which started off as larger ones...

Prediction #17

In 1999 lots of bar-girls will fall madly in love with aging farangs, who will then take them out of that life to set up house together (in her name, of course) with the plan of living out their Golden Years together in blissful contentment...

Prediction #18

Lots of former bar-girls will split up with their farang husbands or boyfriends and become bar-girls again, but some will now own the bar...

So there are my New Year’s Predictions for 1999. But these are just for fun, remember. Only time will tell, and next year we can look back with the wisdom of hindsight and scoff at the one’s I got wrong.

May your New Year be peaceful and prosperous, and as that lady from the AWSJ always says, "Make it a productive one!"

If you have any comments or queries on this article, or about other topics concerning investment matters, write to Leslie Wright, c/o Family Money, Pattaya Mail, or fax him directly on (038) 232522 or e-mail him at [email protected]. Further details and back articles can be accessed on his firm’s website on www.westminsterthailand.com.

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.

Successfully Yours: Graeme Moore

Graeme Moore, one of the Managers at Siemens Westinghouse, is no stranger to Asia. A resident here for eight years he has spent most of his working career travelling and working in Hong Kong, China, Taiwan, and the Philippines.

Graeme is a likeable, friendly Australian, "A born and bred Sydneysider. My grandfather was the Mayor of Burwood and Concord in ’27 and ’28. I grew up there. I went to the famous Fort Street Boys School that had some renowned students such as the Olympic swimmer Jon Hendriks and New South Wales premier Neville Wran. There they found I was good at maths so I took a degree in economics majoring in accountancy, but I found it extremely boring and anyway bean counters don’t have much of a reputation, so I changed my field to work in international trading."

Graeme worked for twelve years for a Dutch manufacturing company, becoming a Director at age 27. Then he was asked to join an import-export business. "I was their accountant for four years and the G.M. suddenly died. It was a small family company so no one knew what was going on. I was asked to take over his job, and I picked up the trading and shipping side and ran with that. So I started to travel and it became an interest as well."

After working for various companies, including Elder Smith Goldsborough Mort as International Trading Manager and Crownhampton, a Hong Kong based trading company, then to Clough Thailand where Graeme developed good international markets for them. After they downsized, Graeme approached Siemens Westinghouse because, "I believe power is the way of the future," and was given the position of Procurement Manager.

"I am proud to believe that I am the poorest Procurement Manager in Thailand." That surprising statement illustrates Graeme’s most important values - those of honesty and integrity. "I greatly admire Chuan Leekpai for his family, political and ethical values."

Graeme Moore’s most outstanding characteristic is that he, too, is an absolute family man.

Success to him is "Not about being rich or powerful. It’s about being happy to be at home with my family." Providing his family with education and the good things for their well being and instilling the family values of honesty and trustworthiness are also important to him. "My daughters and son in Australia were bought up with international visitors. I was becoming involved in international travel and it was far better to entertain guests at home. This gave my kids a better perspective. A lot of people see different races, I just see people. I am also proud of introducing music to my family. They play the piano and violin, even my son who is involved with computers said the discipline of music made the discipline of study easier for him in college."

Graeme has two families now. He met his delightful Thai wife nine years ago and has two younger sons aged seven and two. "I am lucky my wife is the most caring, loving person I have ever met. My daughter and my wife are like sisters. Families are what life is all about."

His advice to newcomers to Thailand is to learn a bit about the culture. "Treat people the same as you would in your own country, as equals. I have taken the trouble of working with the Thais instead of having them work for me. That is the secret of success in business here."

Graeme sat back expansively, a glass of Aussie wine after dinner and a satisfied paternal smile as he looked at his sleeping sons. He is indeed a successful man happy to be "at home".

Snap Shots: Equipment

There were two professional photographers in Pattaya last week. One was a travel photographer and the other a photo-journalist. Both well experienced and successful in their own very different fields. They did have one thing in common, however. They were using battered old cameras and minimal extra equipment.

There are a couple of reasons for this. The first is that pro shooters get used to a particular camera. They understand it, know any foibles it may have, know how close to accurate the light metering system is and any other "funny" bits associated with it. Dr. Marcus Brookes, the travel photographer, even said, "The camera is an extension of myself, that’s because I know it so thoroughly." He used to use medium format cameras, but discarded them many years ago in favour of the lighter and very versatile 35 mm cameras. Marcus uses flash fill when necessary, supplied by a venerable Metz 45 CT1 flash gun. Harry Flashman warmed to Marcus immediately as Harry also uses a venerable 45 CT1 as well!

The photo-journalist, Gerhard Joren from Sweden, does not even use a flash at all. I had the opportunity to review some of his work - beautiful black and white prints all taken with a Nikon FM2 camera, another ancient piece of equipment. Gerard also only uses one lens, a 28 mm f1.4 - a lovely piece of large glass.

In response to the question "what was the exposure?" the photo-journalists’ reply used to be "f8 and be there!" Gerard is one of those, and the fully manual Nikon gives him excellent reliable service.

With all the fancy cameras around, you come to the second reason these two pro’s use the older and minimal equipment. The fewer the moving parts, the longer it lasts and the more reliable it is. When you are photographing camels in the Gobi desert after tracking them for six days, there is no handy photo shop to sell you new cadmium batteries for your Yashicanonblad when the power is too low to drive the diodes necessary to select the correct programme for a "Wide angle, camels against the setting sun" mode.

All the whizzbang electronic trickery in the new and expensive space age cameras is just that - TRICKERY! It will not select the correct aperture and shutter speed any better than you can - and what’s more, YOU don’t need batteries! All that it does take is practice and understanding of your camera and associated equipment. And that gets us back to why these professional photographers who earn their living from taking pictures have their tried and true, trusty old friendly camera, with minimal equipment in the bag.

Equipment does not make you a photographer. Practice, practice, practice does. Get out there this weekend and blast off a roll or two! Remember that the cheapest thing in photography is film and processing.

The more you understand, the less you know!

Last week, I mentioned that I had found a photo-processing outfit that had returned well developed, crisp and sharp prints. Unfortunately I must now report a change in the status quo. Eagerly awaiting another set of good prints I was asked to wait five minutes as they were not quite finished. This was confusing, as I could see that the photo printer was not working. About four minutes later, a motorcycle taxi arrived with a bunch of envelopes, one of which contained my prints! The outfit where I had dropped the exposed film was not the place who had done the D&P work.

I did ask who did the latest set of prints and was told, "We do."

As I said at the beginning - the more you understand, the less you know!

Modern Medicine: Just a little bit pregnant

by Dr Iain Corness

What should you do when you find out that you are pregnant? The first thing is to inform the father! The second is to ring your Mum.

There are all sorts of good reasons to give your mother a call. Mothers get all gooey when being told that they are about to become grandmothers, but turn into fire-breathing monsters if not told till last! Mums will also tell you, "You’d better go and see the doctor, dear."

This isn’t bad advice, particularly if it is your first pregnancy. However, the most important factor to remember is that pregnancy is NOT a disease! It is in fact, purely a temporal condition, for which a woman’s body has been genetically pre-programmed for the last 20 billion years. It is a sobering fact that we are all merely intermediary products in the grand scale of human evolution!

So now you are pregnant, what is going to happen? The most likely outcome is that you are going to have a baby. Miscarriages are not an expected outcome. Babies are amazing creatures in their development in the womb (what we call "in utero"). They tenaciously hang on in there for nine months before coming out to greet the world.

This nine month development does take its toll on your overall condition, however. The growing baby takes its iron from you and unless you make sure your own iron stores are well topped up it is possible for you to become anaemic. To make sure your blood is up to scratch and to monitor for any possible problems your doctor will arrange for blood tests and blood group.

Certain other physical and biochemical conditions can occur as well, including kidney and blood pressure problems. This is why, when you go to see a doctor whilst pregnant, you should take along a sample bottle of early morning urine (and yes, you can keep it in the fridge!) and doctor will also check your blood pressure.

These days, because we have become more clever at it, we generally will arrange for an Ultrasound between 12 - 16 weeks, just to make sure everything is going well inside the womb. This is a "non-invasive" technique and totally safe for mother and growing baby (known medically as a foetus).

The most "dangerous" time for the foetus is the first three months. This is why it is most important that you avoid medications and drugs (including the so-called "recreational" ones) that can predispose to developmental abnormalities. This really is a time to ask your doctor for advice, not just to nick into the pharmacy and order antibiotics from the top shelf.

Remember that the changes you are experiencing (breast tenderness, morning nausea, indigestion, etc.) are "normal". Just ask your doctor (or your Mum!) and take your bottle of wee to your monthly check-ups. Chances are that you’ll be fine.

Dear Hillary,

How do I get my mom to talk to me? She’s really mad! But it’s not my fault. She sometimes gets hair on her upper lip. She hates it and got this stuff to remove it. It’s called ‘Zip!’.

It was a really awesome to watch. First, she puts this ‘Zip!’, which looks like wax, all over her upper lip. Then she puts this cloth over that, waits a minute and tears it off. The hair comes off with the wax.

I was watching the last time she did it. I guess she left the wax and cloth on too long and it got stuck.

She gave a really big yank and the cloth and hair didn’t come off. But her upper lip did stretch out so far that she looked like a Warner Brother’s Cartoon Character. I started laughing. Geez Hillary, it was pretty funny.

I ran downstairs and brought all our servants upstairs. I asked my mom to do it again.

The servants were really fascinated and stood in a row, waiting to see it.

She told me to ‘Go to hell’ and chased us all out of the bedroom. She hasn’t spoken to me for two days.

What do I do? Whenever I tease her and tell her they should rename this stuff ‘Rip!’, she just gets madder.

Should I buy her flowers?

I was gonna buy her an electric razor but my dad said that would make the whole thing worse.

I’m really confused.

Dear Confused,

I think I may be 100% sure you’re a boy. The arcane machinations of one’s mother’s toilette are best left ‘behind closed doors’.

Make no more references to it and she’ll forgive you, in time.

Whatever you do, don’t buy her a tube of ‘Nair’.

Dear Hillary,

I am new to Pattaya. My husband is with an English banking firm and in Thailand as an economic advisor.

We have a lovely house which is located in Walton on Thames. (For those readers who don’t know, it’s a fashionable area in London.) I do miss it so!

It is so very difficult here. Not a decent cucumber to be found. I’ve wanted to have an ‘afternoon’ tea ever since we came. But the cucumbers here are appalling and would be ghastly in sandwiches.

Should I import some good English seed and grow my own or give up? I’ve seriously thought about the latter. Listening to vowels of all the women here, they sound as if they’re from Stoke on Trent!

Living in the ‘almost’ colonies can be so bothersome.

I’m appalled!

Dear Appalled,

I know how you feel. I try to avoid social situations whenever possible. People do try and modify their vowels here, but they ‘slip’ so very often and reveal people’s true origins.

If you should find some proper ladies, I suggest you try the watercress here. It’s quite passable.

Khun Ocha’s Cookbook: Mela Cotta con salsa d’arancia e gelato

After food, language is a most wonderful medium. You have to admit that the Italian name for today’s recipe is much more romantic and appetising than "Apples in orange sauce with almonds and ice cream."

This is another of those great La Gritta recipes from the kitchens of Luigi Fadda and Sam Lehmann and is a fitting end for any meal. It is also a good dessert at this time of year - the time for rich and excessive food.

All the ingredients are available at your local supermarket. The end result is not available from your local supermarket’s freezer, however. If you cannot wait to make it for yourself, you can always go to La Gritta and ask for a take-away!

Ingredients (serves two) Apples (sliced) White sugar Butter Orange Juice Grand Marnier Almonds (sliced, roasted) Vanilla Ice Cream Lemon Juice 160 gms 60 gms 40 gms 120 mls 2 tspns 40 gms 100 gms 2 tspns Cooking method Peel, core and slice the apples and place in a bowl of water with some lemon juice to prevent discolouration. In a pan place the sugar and butter, add apples and sauté for three minutes. Add the orange and Grand Marnier and cook for two minutes. Place on plates, sprinkle with roasted almonds and top with ice cream.

The Taste Test
Magnifico! You can almost taste the orangy-Grand Marnier flavour while reading the recipe! This just has to be the ideal, and easily made, dessert for New Year’s dinners. Your guests will clamour for more, so make extra!

Happy New Year from Khun Ocha and all the chefs whose kitchens were raided during 1998!

GRAPEVINE

Animal Crackers: Funny Bunnies

By Mirin MacCarthy

One day a little laboratory rabbit escaped. He was astonished to see lots of wild rabbits, so he asked what they did all day. They explained they dug up carrots, ate grass and made babies with all the girl bunnies. So the lab rabbit hopped on over and joined in. He was so pleased his ears were twitching, "That was truly amazing, I had the best day." The wild rabbits then asked, "Great, so are you going to stay with us?" "No, sorry I can’t," he said, "I have to go back to the lab. I’m just dying for a cigarette."

What’s up Doc?

Should you have your pet rabbit doctored? Yes! Apart from population control, altered rabbits are more easily trained and healthier. Spayed females develop less cancers and males become less aggressive. Fixed bunnies are more companionable, loving, calmer, dependable and less liable to destructive chewing, digging, biting and growling. You have been warned.

Rabbit Hospital

Rabbits are frail and sensitive creatures in spite of their antics. Fracture of the spine can happen if the rabbit struggles while inadequately supported or if abruptly released. Pests have to be kept away too, as flies, fleas and mosquitoes cause dangerous fly strike and deadly mxyomatosis. As with all little ones, diarrhoea is serious and needs fluid replacement and right antibiotic treatment. Any old pill just will not do. Amoxicillin and penicillin drugs kill rabbits. Insist on safer Chloramphenicol, Tetracycline, Sulpha based drugs or Ciprofloxacin.

Home Bunnies

To train a companion rabbit you need patience, a roomy cage and to let Bugs out for increasing times with gradual access to bigger areas. Most importantly all electrical cords and cables which they love to chew must be kept out of reach. A bit like raising a puppy - hard work and stressful for the first year, with a mess and bite marks on books and the furniture, but rewarded with five to ten years of companionship and fun.

Euthanasia

Replying to a reader’s query on pet euthanasia, it is very difficult to find vets in this Buddhist country who are willing to put down your elderly sick animal. There is one vet at Nakula who will perform this service for Europeans who cannot bear to see their pets suffer. Dr. Nop speaks English and operates the Pattaya Veterinary Clinic seven days a week. At 157/15 Moo 5 Pattaya-Nakula Road. Telephone 423410.

Auto Mania: Never meant to be black

By Dr. Iain Corness

Automania Quiz

Last week I asked a GM question as to the brand of their 25th, 50th and 100th million motor cars (they don’t hang about, do they!). Amazingly, they were all of the same brand name - Chevrolets, the clue being Swiss racing drivers - as that is what Louis Chevrolet was when he came to the US, joining up with General Motors. The Chevrolet brand has produced some fine "muscle cars" in recent years and the Corvettes of almost any year are worthwhile sticking away in your fantasy garage. Mind you, some of the Z28 Camaro’s would give the ‘Vette’s a run!

You were asked the name of the family that controls the Toyota Car Company a couple of weeks ago. It is NOT "Toyota" but is "Toyoda" and the first correct was Jim Ganaha. Jim also filled me in with some other details, such as Mr Toyoda was the inventor of the Japanese version of the silk spinning wheel and the Toyoda company originally made sewing machines. So there! Thanks Jim, call me for that beer.

Jim also had some details on the other players - Soichiro Honda started a bicycle shop, Mr. Matsuda founded Mazda, Daihatsu was originally a motorcycle company and Subaru made fighter planes in WWII. Great stuff, Jim. Thanks.

Black Porsche Inc.

The black Porsche 356 spotted on Beach Road this week reminded me that there was a very exclusive Porsche Club in California called Black Porsche Inc. To join you had to have a factory black Porsche - a repaint would not do.

To me, a factory black Porsche 911 ’73 Carrera is the ultimate motor car. These were made in very limited numbers, just enough to be considered as "production" cars to let them be used at Le Mans in that year. They were thinly disguised factory racers and the most powerful naturally aspirated Porsche 911’s ever made. Special clutches, drilled rotors, lightweight callipers, no sound proofing (!) and loads of special bits. You were guaranteed 150 mph off the factory floor in 1973.

It was one of these cars that I was offered in 1983. The seller wanted $70,000 and at that time a good late model 911 was worth around half of that. My own ten year old 911 Targa had cost only $15,000 three years before. I agonized for a week as to whether I should go into hock and get it. Eventually "good sense" took over and I didn’t buy it. Ten years later, that same car sold for quarter of a million dollars to a collector in New Zealand. So much for "good sense".

A friend of mine had one of those special Carrera’s and asked me to race it in Adelaide for him. He was going down in his 911 SC to run in the production class and said he would meet me down there. Naturally I hesitated at least three nano-seconds before I said yes, however, knowing my mate to be a little of a "sharpie" I did insist that it be registered and insured before the 1300 mile trip. When I picked it up it only had a plate on the tail, as he said it was too hard to fit a front plate to the racer.

After a quick trip down I washed the Carrera and went to bed. The next morning I went down to the car park, my mate had arrived and his SC was parked alongside. There was just one small item that took my interest - his number plate and my number plate were the same! Walking round to the front of the cars, neither had a front plate. So much for registered and insured!

But let’s get back to black Porsche’s. In 1978 when I had saved up enough money (had enough credit, actually!) to get into a second hand Porsche I put together my wish list. I wanted a 73, five speed, Targa, no accident damage, injected engine, low miles and the colour - black. Taking a mechanic mate with me, we saw every 911 offered for sale in Sydney. There was only one that ALMOST fitted the specifications. It was a Targa with everything, other than the colour - it was Hot Pink! Mind you, when you buy second hand you don’t really get much of a choice with colour.

The paint was unbelievable. If I told you it was Nipple Pink you would start to see my problem. What’s worse, it was a factory colour (they had a rush of blood to the head that year and produced all sorts of peculiar colours) and this was the only one to have come to Oz in that delicate hue.

My intention had been to drive the 600 odd miles back home in the new car, but the colour was so embarrassing I rang the panel shop, ordered several litres of black paint and put the car on a transport truck to be dropped off at the painters.

When it arrived the next day, the next chapter in the saga opened. The trucking firm dropped it off at the wrong address, some 25 miles away from the panel shop. I went over, got into the pink pussy cat, put on the hat and dark glasses and drove to the paint shop. I never got there!

In 25 miles I fell totally in love. From behind the wheel you couldn’t see the colour and was it ever a head turner! It needed a crowbar to get me out of the drivers seat when I got to the other end.

So it remained Nipple Pink, with several tins of black gathering dust in the garage. My wife could keep track of my movements very easily - the car in that colour being totally impossible to blend into the background. To touch up stone chips I used a special Revlon Nail Polish that matched perfectly!

When it was eventually sold, the tins of paint went with it as the new owner wanted to paint it black. I saw it several months later - resplendent in Nipple Pink. That car was never destined to end up in Black Porsche Inc.!

Fitness Tips

By David Garred,
Club Manager Dusit Resort Sports Club

G’day Pattaya, I trust that all is going well with the celebrations and you all chose your resolutions wisely.

For everyone who resolved to take better care of their bodies or their general Health & Fitness I hope that I will be able to help with my weekly articles discussing these issues.

Anyone new to the area should be informed that I will use the latest research and techniques from around the world to keep all my readers abreast with the best, most effective and always the safest way to keep you in shape.

At this time we generally decide to do something about previous times of neglect, so the tip for this week is to start slowly and do it regularly.

Whatever the activity might be that you chose to change your body it should make you sweat, it needs to take around 30 minutes and you should do it at least 3 days a week to start.

Walking, Swimming, Cycling, Aerobic dance, organised sports are all good for a start at this stage.

I’ll go on in future articles to discuss specifics of all facets of Fitness.

For now get yourself moving regularly and

Happy New Year

Carpe’ diem

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