BANK OF ENGLAND: ORIGINS

October 5, 2006 at 8:44 pm | Posted in Financial, History, United Kingdom | Leave a comment

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William Paterson (banker)

(born April, 1658 – died January 22, 1719)

(born April, 1658 in Tynwald, Dumfries and
Galloway
, Scotland – died in Westminster,
London, on January 22, 1719) was a Scottish trader and banker.

Early life

William Paterson was born in his parent’s farmhouse of Skipmyre in Tynwald, Scotland, and lived with them until he was seventeen, when he emigrated first (briefly) to Bristol and then to the Bahamas.

It was here that he first conceived the Darién scheme, his plan to create a colony on the isthmus of Panama, faciliating trade with the Far East.

Career

Paterson returned to Europe, and attempted to convince the English government under James II to undertake the Darién scheme. When they refused, he tried again to persuade the governments of the Holy Roman Empire and the Dutch Republic to establish a colony in Panama, but failed in both cases.

Paterson returned to London and made his fortune with foreign trade (primarily with the West Indies) in the Merchant Taylors’ Company.

From 1691 onwards he was the principal driving force in the establishment of the Bank of England (1694), the central bank of the Kingdom of England, of which he was one of the founding directors.
However, poor relations with his colleagues forced him to withdraw from management within a year of the bank’s establishment.

Paterson relocated to Edinburgh, where he was able to convince the Scottish government to undertake the Darién scheme, and was influential in the establishment of the Bank of Scotland (1695), the central bank of the Kingdom of Scotland. Paterson accompanied the disastrous Scottish expedition to Panama (1698), where his wife and child died and he became seriously ill. On his return to Scotland in December 1699, he became instrumental in the movement for the Union of Scotland and England, culminating in his support of the Act of Union 1707.
He spent the last years of his life in Westminster, and died in January 1719.

Chief Works

Roughly 22 anonymous works are attributed to Paterson,
notably:

  • Proposals and Reasons for Constitulating a Council of Trade (1701),
    a plan to create a Scottish council of Trade which would stimulate the Scottish economy and trade, partly by abolishing export duties.
  • A Proposal to plant a Colony in Darién to protect the Indians against Spain, and to open the Trade of South America to all Nations (1701), a broader version of the Darién scheme intended to bring free trade to all of Central and
    South America.
  • Wednesday Club Dialogues upon the Union (1706), a series of imaginary dialogues in which Paterson expressed his beliefs that Scotland had to be guaranteed equal taxation, freedom of trade and proportionate representation in Parliament if union with England was to succeed.

Quotes

“The bank hath benefit of interest on all moneys which it creates out of nothing.”

See also

  • John Holland, founder of the Bank of Scotland
  • Saxe Bannister
  • Daniel Defoe
  • Acts of Union 1707
  • Darién scheme
  • (born April, 1658 – died January 22, 1719)

    Sir William Paterson

    RICHARD WELLESLEY & BRITISH RAJ IN INDIA

    October 5, 2006 at 8:18 pm | Posted in Asia, History, India, Military, United Kingdom | Leave a comment

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    Richard Colley Wesley, later Wellesley, 1st Marquess Wellesley (20 June 1760 – 26  September 1842), was the eldest son of Garret Wesley, 1st Earl of Mornington, an Iris peer, and brother of Arthur Wellesley, 1st Duke of Wellington.

    Richard Wellesley, 1st Marquess Wellesley

    (20 June 176026 September 1842)

    Richard Colley Wesley, later Wellesley, 1st Marquess Wellesley (20 June 176026 September 1842), was the eldest son of Garret Wesley, 1st Earl of Mornington,
    an Irish peer, and brother of Arthur Wellesley, 1st Duke of
    Wellington
    .

    Education and Early Career

    He was educated at Eton College, where he
    distinguished himself as a classical scholar, and at Christ
    Church, Oxford
    . By his father’s death in 1781 he became 2nd Earl of Mornington, taking his seat in the Irish House of Lords. In 1784 he entered the House of Commons as member for Beeraiston.
    Soon afterwards he was appointed a lord of the Treasury by William
    Pitt the Younger
    . in 1793 he became a member of the Board of Control over Indian affairs; and, although he was best known for his speeches in defence of Pitt’s foreign policy, he was gaining the acquaintance with Oriental affairs which made his rule over India so effective from the moment when, in 1797, he accepted the office of Governor-General.

    Work in India

    Mornington seems to have caught Pitt’s large political spirit in the period 1793 to 1797. Both seem to have formed the design of acquiring a great empire in India to
    compensate for the loss of the American colonies; the rivalry with
    France, which in Europe placed Britain at the head of coalition after coalition against the French
    republic and empire, made Mornington’s rule in India an epoch of enormous and rapid extension of British power.
    Robert Clive won and Warren Hastings consolidated the British ascendancy in India, but Mornington extended it
    into an empire. On the voyage outwards, he formed the design of annihilating French influence in the
    Deccan. Soon after his landing, in April 1798, he learnt that an alliance was being negotiated between Tippoo Sultan and the French republic. Mornington resolved to anticipate the action of the enemy, and ordered preparations for war. The first step was to effect the disbandment of the French troops entertained by the Nizam of Hyderabad. The invasion of Mysore followed in February 1799, and the campaign was brought to a rapid close by the capture of Seringapatam. In 1803, the restoration of the Peshwa proved the prelude to the Mahratta war against Sindh and the raja of Berar, in which brother Arthur took a leading rôle. The result of these wars and of the
    treaties which followed them was that French influence in India was extinguished, that forty million people and ten millions of revenue were added to the British dominions, and that the powers of the Mahratta and all other princes were so reduced that Britain became
    the
    true dominant authority over all India. He found the East India Company a trading body, but left it an imperial power.

    He was an excellent administrator, and picked two of his talented brothers for his staff: Arthur was his military adviser, and Henry was his personal secretary. He founded Fort William, a training centre intended for those who would be involved in governing India. In connection with this college, he established the governor-general’s office, to which civilians who had shown talent at the college were transferred, in order that they might learn something of the highest statesmanship in the immediate service of their chief. A free-trader like
    Pitt, he endeavoured to remove some of the restrictions on the trade between Britain and India. Both the commercial policy of Wellesley and his educational projects brought him into hostility with the court of directors, and he more than once tendered his resignation, which, however, public necessities led him to postpone till the autumn of
    1805. He reached England just in time to see Pitt before his death. He had been created a Peer of Great Britain in 1797, and in 1799 became Marquess Wellesley in the Peerage of Ireland.

    Napoleonic Wars

    On the fall of the coalition ministry in 1807 Wellesley was
    invited by George III to join the Duke of Portland’s
    cabinet, but he declined, pending the discussion in parliament of certain charges brought against him in respect of his Indian administration. Resolutions condemning him for the abuse of power were moved in both the Lords and Commons, but defeated by large majorities.
    In 1809 Wellesley was appointed ambassador to Spain. He landed at Cádiz just after the Battle of Talavera de la Reina, and tried unsuccessfully to bring the Spanish government into effective co-operation with his brother, who, through the failure of his allies, had been forced to retreat into Portugal. A few months later, after the duel between George Canning and Robert Stewart, Viscount Castlereagh, and the resignation of both, Wellesley accepted the post of Foreign Secretary in Spencer Perceval‘s cabinet.

    He held this office until February 1812, when he retired,
    partly from dissatisfaction at the inadequate support given to Wellington by the ministry, but also because he had become convinced that the question of Catholic emancipation could no longer be kept in the background. From early life Wellesley had, unlike his brother, been an advocate of Catholic emancipation, and with the claim of the Irish Catholics to justice he henceforward identified himself. On Perceval’s assassination he, along with Canning, refused to join Lord Liverpool’s administration, and he remained out of office till 1821, criticizing with severity the proceedings of the Congress of Vienna and the European settlement of 1814, which, while it reduced France to its ancient limits, left to the other great powers the territory that they had acquired by the Partitions of Poland and the destruction of the Republic of Venice. He was one of the peers who signed the protest against the enactment of the Corn Laws in 1815.

    Ireland and Later Life

    Wellesley lived together with Hyacinthe-Gabrielle Roland, an actress at the Palais Royal (and by some accounts a prostitute) for many years. Her mother’s husband was Pierre Roland, but she was said to be the daughter of an Irishman named Christopher Alexander Fagan. She had three sons and two daughters by
    Wellesley before he married her on 29 November 1794. He moved her to London, where Hyacinthe was generally
    miserable, as she never learned English and she was scorned by high society. Their daughter Anne was an ancestor of Elizabeth Bowes-Lyon (later Queen Consort). Another daughter, Hyacinthe Mary Wellesley, married Baron Hatherton. Following his wife’s death in 1816, he married, on 29 October 1825, Marianne (Caton) Patterson, whose mother Mary was the daughter of Charles Carroll of Carrollton, the last surviving signatory of the United States Declaration of Independence. They had no children.

    In 1821 he was appointed Lord Lieutenant of Ireland. Catholic emancipation had now become an open question in the cabinet, and Wellesley’s acceptance of the viceroyalty was believed in Ireland to herald the immediate settlement of the Catholic claims. The Orange faction was incensed by the firmness with which their excesses were now repressed, and Wellesley was on one occasion mobbed and insulted. The hope of the
    Catholics remained unfulfilled. Lord Liverpool died without having grappled with the problem. Canning died; and on the assumption of office by Wellington, who was opposed to Catholic emancipation, his brother resigned the lord-lieutenancy. He had, however, the
    satisfaction of seeing the Catholic claims settled in the next year by the very statesmen who had declared against them. In 1833 he resumed the office of Lord Lieutenant under Earl Grey, but the ministry soon fell, and, with one short exception, Wellesley did not take any further part
    in official life.

    On his death, he had no successor in the marquessate, but the earldom of Mornington and minor honours devolved on his brother William, Lord Maryborough, on the failure of whose issue in 1863 they fell to the 2nd Duke of Wellington.

    Reference

    Political
    Offices

    Preceded by:
    Sir Alured Clarke
    Governor-General of India
    1797–1805
    Succeeded by:
    The Marquess Cornwallis
    Preceded by:
    The Earl Bathurst
    Foreign Secretary
    1809–1812
    Succeeded by:
    Viscount Castlereagh
    Preceded by:
    The
    Earl Talbot
    Lord Lieutenant of Ireland
    1821–1828
    Succeeded by:
    The Marquess of Anglesey
    Preceded by:
    The
    Duke of Buckingham and Chandos
    Lord
    Steward

    1830–1833
    Succeeded by:
    The Duke of Argyll
    Preceded by:
    The Marquess of Anglesey
    Lord Lieutenant of Ireland
    1833–1834
    Succeeded by:
    The Earl of Haddington
    Preceded by:
    The Earl of Jersey
    Lord
    Chamberlain

    1835
    Succeeded by:
    The Marquess Conyngham

    Peerage of Ireland

    Preceded by:
    New Creation
    Marquess
    Wellesley

    1799–1842
    Succeeded by:
    Extinct
    Preceded by:
    Garret Wesley
    Earl
    of Mornington

    1781–1842
    Succeeded by:
    William Wellesley

    Retrieved from “http://en.wikipedia.org/wiki/Richard_Wellesley%2C_1st_Marquess_Wellesley

    YKB RESEARCH: TURKEY

    October 5, 2006 at 6:30 pm | Posted in Economics, Financial | Leave a comment

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    Please find attached the Monthly Bulletin of October 2006 prepared by the Strategic<br /> Planning and Research Section

    YAPI KREDI BANK TURKEY

    YKB Research – Monthly Bulletin/October 2006

    MUSTAFA VEYÝS FERTEKLÝGÝL veyis.fertekligil@yapikredi.com.tr

    Please find attached the Monthly
    Bulletin of October 2006
    prepared by the Strategic Planning and Research Section.

    Best regards

    YKB Research – Monthly Bulletin/October 2006

    MUSTAFA VEYÝS FERTEKLÝGÝL veyis.fertekligil@yapikredi.com.tr

    Attachments:

    MUSTAFA
    VEYÝS FERTEKLÝGÝL.vcf
    Size: 534 bytes.
    monthly_051006.pdf
    Size: 992304 bytes.

    Thu, 5 Oct 2006

    LAKE TOBA SUMATRA: EARTH SCIENCE

    October 5, 2006 at 12:51 pm | Posted in Earth, Science & Technology | Leave a comment

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    Supervolcano

    A supervolcano refers to a volcano
    that produces the largest and most voluminous kinds of eruption
    on Earth. The actual explosivity
    of these eruptions varies, but the sheer volume of extruded
    magma is enough to radically alter the landscape
    and severely impact global climate for years,
    with a cataclysmic effect on life (see also Nuclear winter).

    The term was originally coined by the producers of the BBC popular science program, Horizon, in 2000 to refer to these types of
    eruption. That investigation brought the subject more into the public eye, leading to
    further studies of the possible effects. At first, supervolcano was not a technical
    term used in volcanology, but more recently, in 2003 and
    2004, the term has been used in articles. Though there is no well-defined minimum size for
    a "supervolcano", there are at least two types of volcanic eruption that have been identified as
    supervolcanoes: massive eruptions and large igneous
    provinces
    .

    Large igneous provinces

    A large igneous province (LIP) is an extensive region of basalts on a continental
    scale, resulting from flood basalt eruptions. When
    created, these regions often occupy several million km² and have volumes on the order of
    1 million km³. In most cases, the majority of this is laid down over an extended but
    geologically sudden period of less than 1 million years.

    Massive eruptions

    Eruptions with a Volcanic Explosivity Index
    of 8 (VEI-8) are mega-colossal events that extrude at least 1000 km³ of magma and pyroclastic material. Such an eruption would erase virtually
    all life within a radius of hundreds of kilometers from the site, and entire continental
    regions further out can be buried meters deep in ash. VEI-8 eruptions are so powerful that
    they form circular calderas rather than mountains because the downward collapse of land at the eruption
    site fills emptied space in the magma chamber beneath.
    The caldera can remain for millions of years after all volcanic activity at the site has
    ceased.

    Known eruptions

    VEI-8 volcanic events have included eruptions at the following locations. Estimates of
    the volume of erupted material are given in parentheses.

    The Lake Toba eruption plunged the Earth into a volcanic winter, eradicating 60% of the
    human population, and was responsible for the formation of sulfuric acid in the atmosphere
    and the Millennial Ice Age.

    Many other supermassive eruptions have also occurred in the geological past. Those
    listed below measured 6-7 on the
    VEI scale. Most of these were larger than Tambora‘s
    eruption in
    1815, which was the largest eruption in recorded history.

    For large igneous province eruptions, see that
    article
    .

    Media portrayal

    A two-part television docudrama entitled Supervolcano was shown on BBC, the Discovery Channel, and other TV networks worldwide. It
    looked at the events that would take place if the Yellowstone
    supervolcano
    (the largest supervolcano on Earth according to the program) erupted. It
    featured footage of volcano eruptions from around the world and computer-generated imagery depicting the
    event. According to the program, the eruption would have
    devastating effect across the globe and would cover virtually
    all of the United States with at least 1 cm of volcanic ash, causing mass destruction in the nearby
    vicinity and killing plants and wildlife
    across the continent. The showings were followed by Supervolcano:
    The Truth About Yellowstone
    , a documentary about the evidence behind the movie. The program had originally been scheduled to be aired in
    early 2005, but it was felt that this would be insensitive so soon after the real-life
    tragedy of the 2004 Indian Ocean earthquake.
    The program and its accompanying documentaries were
    released on DVD region 2 simultaneously with its
    broadcast. A National Geographic documentary called ‘Earth Shocks’ showed the destructive
    impact of the rapid eruption of Lake Toba some 75,000 years ago and caused a phenomenon
    known as the Millennial Ice Age, an ice age that lasted for 1000 years and wiped out more
    than 60% of the global population of the time. An eruption of the Yellowstone supervolcano
    was originally one of the scenarios depicted in the docu-drama End
    Day
    , but has been excluded from all airings to date for unknown reasons and is
    only presently mentioned at the show’s BBC website.

    See also

    References

    1. Ashfall Fossil Beds
      State Historical Park
      . The
      Ashfall Story
      . Retrieved on 2006-08-08.

    External links

    “SUGARCANE CYCLE”: BRAZIL

    October 5, 2006 at 12:26 pm | Posted in Books, Literary | Leave a comment

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    Rego, José Lins do, 1901–57

    Brazilian novelist

    Fogo Morto [dead fires] (1943)

    “sugarcane cycle.”

    Rego, José Lins do, 1901–57, Brazilian
    novelist.
    His fame rests largely on his semiautobiographical
    “sugarcane cycle,” dealing with social transformation in the
    Brazilian northeast.
    The first of the series, Menino de engenho
    (tr. Plantation Boy, 1966) was published in 1932.
    Fogo Morto [dead fires] (1943) is considered
    his principal work. His autobiography, Meus verdes anos [my green years], appeared
    in 1956.

    José Lins do Rego Cavalcanti (July 3,
    1901 in Pilar ParaíbaDecember 12, 1957 in Rio de Janeiro) was a Brazilian novelist most known for
    his semi-autobiographical
    “sugarcane
    cycle.”
    These novels were the basis of films that had
    distribution in the English speaking world.

    Fogo morto

    Plot Outline: In 1910, in the State of Paraíba, Brazil, a man is
    expelled from his own land by the ruthless colonel who owns the sugar mill. He asks some
    outlaws to help him retrieve his land.

    BRAUDEL PAPERS: BRAZIL

    October 5, 2006 at 4:42 am | Posted in Research | Leave a comment

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    Braudel Papers:

    Oil and Democracy in Venezuela – Fernand Braudel Institute

    Rubens Ricupero
    Chairman of the Board of Directors

    Dear reader:

    We take pleasure in sending you, together, two new editions of Braudel
    Papers
    ,
    the newspaper of research and opinion of the Fernand Braudel Institute
    of World Economics, on “
    Oil and Democracy in Venezuela,” by Norman Gall, the Institute’s executive director.

    This two-part essay is the fruit of ten months of meticulous research in which the
    author, also editor of Braudel Papers, analyzes in depth the polarizing figure of Hugo
    Chávez and his “Bolivarian Revolution.”

    The essay contained in these two editions also explores the long-term processes in
    Venezuelan economy and society, activated by social marginality and oil revenues, that
    resulted in what we are seeing today. In the opinion of Venezuelan and international
    specialists, this essay is possibly the most complete and penetrating study yet published
    on the Chávez phenomenon.

    Norman Gall, a New Yorker by birth and a paulistano by choice, developed an intimacy
    with this theme during 45 years of research on Latin America, six of them residing in
    Caracas. The
    Fernand Braudel
    Institute
    offers with satisfaction to our friends and
    collaborators this valuable effort at interpretation, destined to become a benchmark
    reference on this controversial phenomenon.

    Sincerely,

    To access the publications go to www.braudel.org.br33

    Braudel Papers: Oil and Democracy in Venezuela – Fernand Braudel Institute

    Instituto Fernand Braudel de Economia Mundial contato@braudel.org.br

    ifbe@braudel.org.br

    Wed, 4 Oct 2006

    KUWAIT: GLOBAL INVESTMENT HOUSE

    October 5, 2006 at 3:46 am | Posted in Financial | Leave a comment

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    Global Investment House’s Weekly Market Update.

    Global Investment House – Kuwait research@research.global.com.kw

    www.globalinv.net

    Dear Sir/Madam,

    We are pleased to send to you Global
    Investment House’s Weekly Market Update.
    The Weekly Update
    contains macroeconomic and corporate news, a summary of the Kuwaiti market activity for
    the week, and technical analysis for a selected stock each week. We hope you find this
    publication useful.

    In order to view the full report kindly click on the link below:

    http://www.globalinv.net/research/weekly/04102006.pdf

    For more information about "Global" and other market reports please feel free
    to visit our website:
    www.globalinv.net

    If you do not wish to receive global emails, kindly click on the below link to
    unsubscribe:

    http://www.globalinv.net/Unsubscribe.asp

    Regards,

    Index Group – Research Unit

    Global Investment House – Kuwait

    Tel: +965 2400 551 Ext: 132

    Fax: +965 2471319

    Global Kuwait weekly report dated October 4, 2006

    Global Investment House – Kuwait research@research.global.com.kw

    Wed, 4 Oct 2006

    CHRISTIAAN HUYGENS TREATISE ON LIGHT

    October 5, 2006 at 1:08 am | Posted in Books, Science & Technology | Leave a comment

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    Christiaan Huygens (pronounced in English (IPA): April 14, 1629–July 8, 1695),<br /> was a Dutch mathematician and physicist; born in The Hague as the son of Constantijn<br /> Huygens

    Christiaan Huygens

    Christiaan Huygens (April 14, 1629July 8, 1695),
    was a Dutch mathematician
    and physicist; born in The Hague
    as the son of Constantijn Huygens. He studied law
    at the University of Leiden and the College of Orange in Breda before turning to science. Historians commonly associate
    Huygens with the scientific revolution.

    Huygens generally receives minor credit for his role in the development of modern calculus. He also achieved note for his arguments that light consisted of waves; see: wave-particle duality. In 1655,
    he discovered Saturn‘s moon Titan. He also examined Saturn’s planetary rings, and in 1656 he
    discovered that those rings consisted of rocks. In the same year he observed the Orion Nebula. Using his modern telescope
    he succeeded in subdividing the nebula into different stars. (The
    brighter interior of the Orion Nebula bears the name of the Huygens Region in his
    honour.) He also discovered several interstellar nebulae and
    some double stars.

    After Blaise Pascal encouraged him to do so, Huygens
    wrote the first book on probability theory, which
    he had published in 1657.

    He also worked on the construction of accurate clocks,
    suitable for naval navigation. In 1658
    he published a book on this topic called Horologium. In fact his invention, the pendulum clock (patented 1657), was a breakthrough in
    timekeeping. Devices known as escapements regulate the rate of a watch
    or clock, and the anchor escapement represented a major step in
    the development of accurate watches. Subsequent to this publication, Huygens discovered
    that the cycloid was an isochronous
    curve
    and, applied to pendulum clocks in the form of cycloidal cheeks, would ensure a
    regular swing of the pendulum from any height. The mathematical and practical details of
    this finding were published in “Horologium Oscillatorium” of 1673. Huygens also
    observed that two pendulums mounted on the same beam will come to swing in perfectly
    opposite directions, an observation he referred to as odd
    sympathy
    .

    Huygens also developed a balance spring clock more
    or less contemporaneously with, though separately from, Robert
    Hooke
    , and controversy over whose invention was the earlier persisted for centuries.
    In February 2006, a long-lost copy of Hooke’s handwritten notes
    from several decades’ Royal Society meetings was
    discovered in a cupboard in Hampshire, and the balance-spring controversy appears by
    evidence contained in those notes to be settled in favor of Hooke’s claim.

    The Royal Society elected Huygens a member in 1663. In the year 1666 Huygens moved to Paris where he held a position at the French Academy of Sciences under the patronage
    of Louis XIV. Using the Paris
    Observatory
    (completed in 1672) he made further astronomical observations. In 1684 he published
    “Astroscopia Compendiaria” which presented his new aerial (tubeless) telescope.

    Huygens speculated in detail about life on other
    planets
    (although we do not know to what extent ancient writers exercised such
    speculation, since most of their work has not survived). In his book Cosmotheoros,
    further entitled The celestial worlds discover’d: or, conjectures concerning the
    inhabitants, plants and productions of the worlds in the planets
    (see online edition) he imagined
    a universe brimming with life, much of it very similar to life on 17th century Earth. The
    liberal climate in the Netherlands of that time not only allowed but encouraged such
    speculation. In sharp contrast, philosopher Giordano Bruno,
    who also believed in many inhabited worlds, was burned at the stake by the Italian
    authorities for his beliefs in 1600.

    In 1675, Christian Huygens patented
    a pocket watch. He also invented numerous other devices,
    including a 31 tone to the octave keyboard instrument which made use of his discovery of 31 equal temperament.

    Huygens moved back to The Hague in 1681 after suffering
    serious illness. He attempted to return to France in 1685 but the revocation of the Edict of Nantes precluded this move. Huygens died in The
    Hague on July 8, 1695.

    Named after Huygens

    See also

    External links

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