Quebec Banking

Quebec Banking

Gorton & Huang (2002) relate that the Canadian and U.S. banking systems differed significantly during in the 1800s to mid-1900s. Canada had forty banks, while its southern neighbour had thousands. Banks are solidified through coalitions and proficient inter-branching, perhaps the reason behind less bank panics in the North over that time period.

Banking in Canada has been stable since the 1830s. The Canadian Bankers’ Association was established in 1891 (Calomiris & Gorton, 1990). The following is an attempt to take a closer look at three important banks in Quebec: CIBC (Canadian Imperial Bank of Commerce), HSBC (Hong Kong and Shanghai Banking Corporation) and, mostly, BMO (Bank of Montreal).

CIBC (TSX, NYSE: CM) has been known to implement the knowledge management approach (Allee, 1997). In 2010, CIBC had 42,000 employees, 1100 branches and 4000 ATMs. The company’s net income was 2.5 billion or $5.87 per share diluted (CIBC Website).

HSBC was opened in Hong Kong in 1865 (Jao, 2003).  Other economic developments followed in the establishment of the Commercial Bank of China (1897), and Hong Kong (1891), and Shanghai (1904), stock exchange. HSBC is a multinational financial institution just as the previously known as City Bank of New York, then First National Bank of New York, and now concisely, Citibank.

The charter of the establishment dates back to 1822 (Shearer, 2005). The early Lower Canadian banks were BMO (1817), the Bank of Canada (1934) and the Bank of Quebec (1818). Early on, BMO was involved in central banking (Bordo, 1990). The organization, whose TSX and NYSE symbol is also BMO, had over a thousand branches and employed nearly 40,000 people in 2010. In that same year, the corporation owned hundreds of billions of dollars in total assets. From an old advertisement of 1921, when the bank’s assets constituted “only” 560 millions, one can see that BMO played an important role in the development and growth of the Canadian medical profession. BMO Financial Group also has a Conference Centre in Toronto, The Bank of Montreal Institute for Learning.

Heritage Thorold LACAC held a designation and plaquing ceremony for The Quebec Bank, built in 1875. Owner George Cottage purchased the property at 28 Front Street South in  late 2009. Jennifer Lillie reports. Uploaded by TVCogecoOntario on Dec 3, 2010. Photo : Megan Jorgensen (Elena).

Sophisticated in its commercial activity, BMO offers highly diversified financial services. The main categories may be conceived of as 3 operating groups (BMO Website). Personal and Commercial Banking defines everyday banking for individuals and enterprises. Private Client Group involves private banking as well as brokerage, insurance and investments. The third division, BMO Capital Markets covers a vast array of areas: equity and debt underwriting and research, corporate lending and project financing, mergers and acquisitions consulting, merchant banking, securitization, treasury and market risk management, derivatives, institutional sales and trading and foreign exchange. Underwriting refers to the decision making process of financial institutions in evaluating client eligibility.

References:

Allee, V. (1997). 12 principles of knowledge management. Training & Development, 51: 71-74.

Bank of Montreal Website: www.bmo.com. Retrieved on February 25, 2011.

Bordo, M.D. (1990). The lender of last resort: Alternative views and historical experience. Economic Review, January/February: 18-30.

Calomiris, C. W. & Gorton, G. (1990). The origins of banking panics: Models, facts and bank regulation. National Bureau of Economic Research’s Conference on Financial Crises: Biscayne, Florida.

Canadian Imperial Bank of Canada Website: www.cibc.com. Retrieved on Frebruary 25, 2011.

Gorton, G. & Huang, L. (2002). Bank panics and the endogeneity of central banking. Journal of Monetary Economics, 53 (7): 1613-1629.

Jao, Y. C. (2003). Shahghai and Hong Kong as international financial centres: Historical perspective and contemporary analysis. Working paper issue 1071: Hong Kong Institute of Economics and Business Strategy.

Shearer, R. A. (2005). Imperial regulation and the constitution of early Canadian banking. Conference of the Canadian Network for Economic History; Kingston, Ontario

Underwater Volcanoes

Underwater Volcanoes

A volcano is a mountain with a crater at the top from which magma, rock debris, dust and other particles from the Earth’s crust can erupt. Volcanoes can be very dangerous and can not only disrupt flights, but also destroy entire cities (such as Pompeii). While volcanoes are above ground, in certain parts of the world, some volcanoes are found in the ocean below the water.

Volcanoes played an important part in the Earth’s geography, for example, the entire Hawaii islands are thought to have been formed due to eruptions of submarine volcanoes. The present short essay describes underwater volcanoes and related topics.

Underwater volcanoes are fissures deep in the water from which magma can erupt. These volcanoes are mostly situated along areas of tectonic plate movement, which are known as mid-ocean ridges. Thus, most such volcanoes are located on ocean ridges, where are the locations of the tectonic plate movements. According to estimates, there are over a million of underwater volcanoes in the world.

Many submarine volcanoes are seamounts. A seamount is defined as a mountain that does not rise about sea level and is, thus, not an island.

A volcano in Iceland. Photo by Olga

The list below includes the submarine volcanoes (in alphabetical order, the list is non-exhaustive) known to mankind today:

    Adams Seamount

    Axial Seamount

    Banua Wuhu

    Bear Seamount

    Bowie Seamount

    Campi Flegrei Mar Sicilia

    Dom Joao de Castro Bank

    Empedocles

    Emperor of China

    Ferdinandea

    Healy

    Kavachi

    Kick’ em Jenny

    Kolumbo

    Kuwae

    Loihi Seamount

    Marsili

    Moai

    Monaco Bank

    Monowai Seamount

    Myojin-sho

    Nieuwerkerk

    Orca Seamount

    Protector Shoal

    Pukao

    Rumble I

    Rumble II

    Rumble III

    Rumble IV

    Rumble V

    Submarine 1922

    Supply Reef

    Tuzo Wilson Seamounts

    Vailulu’u

    Vavilov

    Ibugos

    El Hierro

    Yersey

    West Mata

According to estimates, submarine volcanoes account for over 75% of all magma erupting on our planet. Once solidified, molten volcanic rock becomes very popular for ornaments and amulets. For example, obsidian (a type of volcanic rock) is believed to have magical properties.

Photo: Underwater volcano, in public domain

Testing Time for a Superpower

Testing Time for a Superpower

(1970-1995)

Vietnam, Watergate, the fall of communism have changed America… What a difference a quarter of a century makes. In 1970, the countries of the Western Hemisphere – and none more than the United States – were preoccupied with the threat of communism. Cuba, a small island nation 90 miles from Miami, was already communist and other nations in South and Central America were flirting with the idea. Castro and Cuba are perhaps in their dying days, and elsewhere the threat has not only dissipated but disappeared. Canada, Mexico, and the United States have formed a North American free trade zone (NAFTA). Chile, which in 1970 was ruled by a Marxist, is negotiating to become NAFTA’s newest member and the first in South America.

The Vietnam War, which ended with Americans being ignominiously evacuated from the roof of the U.S. Embassy in Saigon in 1975 provided one of the excruciating tests for the world’s leading superpower in the last 25 years, but it was only one of many. Richard Nixon was forced to resign, rather than face impeachment for his role in the Watergate scandal – the only American president to face such a humiliation (Yet, when he died in 1994, he was buried at a funeral fit for a hero, not a scoundrel). The country has struggled with the issues of abortion and affirmative action. In vanquished Iraq in the Persian Gulf War, but Saddam Hussein escaped unscathed and remains powerful within his own country. And America is still coming to grips with the meaning of the end of the Cold War. Some key events of the 1970s-1995s:

1970 – Tragedy at Kent State: An anti-war protest at Kent State University in Ohio ends tragically with four students dead after 100 National Guardsmen fire M-1 rifles into a crowd. The event gives added fervor to an already planned Washington, D.C., demonstration protesting the U.S. – supported invasion of Cambodia. Between 60,000 and 100,000 people gather in the nation’s capital for a peaceful rally.

1972 – Sitting down with the communists: Richard Nixon makes the first trip to China by an incumbent president, ending 25 years of Beijing-Washington hostility. Nixon also makes the first visit by a U.S. President to the Soviet Union, where he signs the SALT I anti-ballistic missily treaty.

1972 – 74 – The Watergate scandal: A 1972 break-in at the Democratic Party’ Watergate headquarters launches a series of political scandals, including a White House cover-up. By 1974, the House Judiciary Commitee has voted to impeach the president, and Nixon chooses to leave office voluntarily. Vice-president Gerald Ford takes the presidential oath soon after and pardons Nixon for all federal crimes he may have committed.

1973 – The Supreme Court declares abortion legal: In Roe vs. Wade, the U.S. Supreme Court hands down its landmark decision extending to women the right to terminate a pregnancy. Writing for the majority, Justice Harry Blackman says that the 14th Amendment guarantees a woman’s right to choose whether or not to bear a child. The United States joins Sweden, Japan, Great Britain , and other countries where abortion is already legal.

Life is beautiful. Photo by Elena

1974 — 76 – Quebec for the Quebecois: Separatism gains in popularity. In 1974, Quebec’s provincial government votes to make French the official language of the province. Its first separatist government comes to power in 1976.

1979 – A nuclear disaster at Three Mile island: The United States experiences its most seriousnuclear power reactor accident ever at Three Mile Island in the Susquehanna River near Harrisburg, Pa. Misinformation creates public fear that the reactor core is on the verge of meltdown, the most serious of all nuclear accidents. Although there is neither a meltdown nor a hydrogen explosion releasing radioactive material into the atmosphere, a presidential commission calls for a greater emphasis on safety and training at reactors and for better emergency planning within the government and the utility industry.

1979 – America held hostage: Militant Islamic fundamentalist students take 63 U.S. Citizens hostage in the U.S. Embassy in Iran, beginning a 444-day crisis and a political furor that would ultimately, many say, lose Jimmy Carter the presidency.

1981 – President Reagan is shot: President Ronald Reagan, sworn in on January 20, is shot in the chest outside the Washington Hilton Hotel on March 30. Police arrest and later convict John W. Hinckley, Jr. of Evergreen, Colorado, of the attack. Although Reagan recovers fully, his press secretary, James S. Brady, is critically wounded, leaving him partially paralyzed and confined to a wheelchair. Hinckley successfully pleads insanity and is confined to a mental hospital, where he remains as of 1995. Brady dedicates himself to lobbying for gun control legislation.

1986 – Irangate shames the White House: Attorney General Edwin Meese confirms that profits from U.S. Arms sales to Iran have been secretly diverted to the contras, a U. S.-supported rebel groups fighting to overthrow Nicaragua’s leftist regime. In 1984, Congress has passed the Boland Amendment, which banned direct or indirect U.S. Military aid to the rebel groups. In the most dramatic congressional hearings in decades, Lt.Col. Oliver North, a major player in the scandal, testifies before Congress, comparing the Contras to the Founding Fathers and claiming that their cause justified his breaking the law.

1987 – Canada and the United States agree to free trade: The two countries reach a historic free-trade agreement after more than 16 months of negotiating. Under the agreement, all tariffs between the United States and Canada will be removed between 1989 and 1999. The issue is hotly contested in Canada by labor unions and interest groups afraid of negative effects on Canada’s cultural identity.

1990 – 91 – The Persian Gulf War: After Iraq invades Kuwait in August, claiming the tiny oil-rich country as Iraq’s 19th province, a massive U.S.-led multi-national force assembles in the region to push the Iraquis back. The U.S. And allied forces bomb Bagdad. In return, the Iraquis mount Scud missile attacks against Israel and U.S. Troops facilities in Saudi Arabia. After fierce fighting, the Iraquis beat a hasty retreat. But the U.S.-led forces stop before reaching Bagdad or capturing Saddam Hussein, the Iraqui leader.

North America:

•     Largest lake – Lake Superior. Canada, U.S.A., 32,140 square miles.
•     Longest river – Mississippi. United States, 3,740 miles.
•     Highest point – Denali, Alaska, U.S.A., 20,322 feet.
•     Lowest point – Death Valley, California, U.S.A, 282 feet below sea level.
•     Largest city – Mexico City, Mexico, about 30 million population.

Iceland: Timeline

Iceland: Timeline

795 Irish monks settle in Papey, a small island off the Eastern coast of Iceland, to live in peace and solitude.

825 The Irish scholar Dicuíl records that Irish hermit monks have been leaving Ireland to settle in the island of Thule.

850 The Viking Naddoður accidentally discovers Iceland and names it Snæland (The land of snow).

930 The settlement of Iceland is largely complete and Alþingi, a parliamentary assembly, is founded at Þingvellir.

999 Leifur-the-Lucky explores Canada´s coast and discovers Newfoundland (Vínland).

1000 Alþingi (Iceland’s parliament) bans duelling as it didn’t reconcile very well with Christianity.

1104 A great eruption from the volcano Hekla destroys a whole valley of farms, killing large amounts of cattle with ash and fumes.

1117 The first book of Icelandic law, Hafliðaskrá, is written.

1244 ”Flóabardagi”, the greatest sea battle ever to be fought along the coasts of Iceland takes place in Húnaflói Bay.

1343 Sister Katrín, found guilty of selling her soul to the devil, is the first person to be burnt on a stake in Iceland.

1627 Algerian pirates invade the Westman Islands and abduct 242 of the inhabitants.

A mountain. Photo by Olga

1783 ”Skaftáreldar”, one of the largest volcanic eruptions in recorded history begins, its effects killing over half of the population.

1800 Alþingi is abolished with a royal decree from the Danish crown.

1830 The last execution in Iceland is carried out.

1850 Icelandic lawmakers pass legislation granting daughters equal right of inheritance as sons

1870 The Danish government passes the socalled Statuslaws (Stöðulög) in Iceland, about the relations between Iceland and Denmark.

1874 The Danish crown confirms the first constitution of Iceland, giving Alþingi, the national assembly, legislative and appropriate authority.

1882 Unmarried women and widows over 25 years old are granted the right to vote in community elections.

1904 Iceland is granted home rule. Hannes Hafstein is elected Iceland’s first government minister.

1906 The first Icelandic telecommunications company, Bæjarsíminn, is founded, connecting 15 telephones.

1906 Iceland’s first cinema opens in Reykjavík.

1907 Married women in Reykjavík are given eligibility and the right to vote in community elections.

1908 Education is declared compulsory for children 10 to 14 years old.

1913 Iceland’s first and only railway is laid from Öskjuhlíð hill to Reykjavík Harbour. It was used to transport rocks and gravel for the harbour’s construction.

1922 Icelandic currency is issued for the first time.

1922 The first woman is elected to take a seat in the national assembly, Alþingi.

1935 Telecommunication between Iceland and foreign countries becomes a reality.

1935 Golf is played for the first time in Iceland.

1940 World War II: British forces occupy Iceland.

1949 Iceland’s first traffic lights are set up in Reykjavík.

1963 A great volcanic eruption below sea level, close to the Westman Islands, forms a new island named Surtsey.

1968 The Icelandic people change from driving on the left side of the road to driving on the right side.

1971 The first Icelandic manuscripts are brought back to Iceland from Denmark, after being kept there since the 18th century.

1972 Chess players Bobby Fischer and Boris Spassky meet in “the duel of the century” for the World Championship.

1973 Volcanic eruption begins on Heimaey in the Westman Islands, leaving the island uninhabitable for a few months.

1974 The last bridge over rivers in Skeiðarársandur in the southeast is finished and the first road around the island thus completed.

1975 Iceland’s territorial waters are expanded to cover 200 miles.

1980 Vigdís Finnbogadóttir becomes the first woman in the world to be elected head of state in democratic elections.

1986 The first privately owned radio station in Iceland starts broadcasting.

1995 Iceland hosts the World Cup in handball.

2007 Smoking is banned by law in all restaurants, bars and nightclubs in Iceland.

2009 Jóhanna Sigurðardóttir, leader of the Social Democratic party is elected as the first female prime minister in Iceland.

Learn to Think Like a Fish

Where to Learn to Think Like a Fish

To catch a fish, you have to think like a fish – so make like fish and join a school. The quickest way to learn the art of fly fishing is to sign up for a class. One day of fly fishing school can prevent 30 years of mistakes and prepare you to hook the big one in a matter of days. There are lots of choices. The Fly Fisherman magazine compiled this list of his favorite schools around the country:

Alleberry Resort Inn, Boiling Springs, Pa: Fly fisher-wannabes in Philadelphia and Washington, D.C., have to travel only about two hours. Students split their time between taking classes and fishing on a heavily stocked stream. Because of the school's proximity to major urban areas, the students tend to be young professionals.

Creative Sports Enterprises, Pleasant Hill, California: Creative Sports students spend a week fishing on the Snake River in Idaho, which is one of the best spots in the world. The fish there are wild (not bred), so it's more difficult, but not impossible, for beginners to catch them. Most students are affluent professionals.

The Fly Box, Bend, Ore.: This is a good option for locals who don't have a lot of time and are checking out fly fishing for the first time. If you're planning on a half-day lesson, do some preparatory reading before you get there.

Joan and Lee Wulff Fishing School, Lew Beach, N.Y.: This is one of the only schools conducted by a woman, Joan Wulff. But men and women alike are guaranteed excellent instruction here, and the location, on the Beaverkill River, is convenient for commuting New Yorkers.

Learn to think like a fish. Photo by Elena.

Kaufmann's Fly Fishing Expeditions, Portland, Ore.: Located on the Deschutes River, which is only two and a half hours from Portland. Three days - - two in the shop, one in the river.

L.L.Bean Fly Fishing Schools, Freeport, Maine: L.L. Bean may be the best introduction to fly fishing in New England. You'll split your days between fishing on the Grand Lake Stream and attending seminars on everything from tackle to entomology. The emphasis may be on bass fishing because of the ponds and streams you'll be fishing on, but the techniques are universal. There are classes for all levels of experience, and the student-instructor ratio is very low. 

The Orvis Company, Manchester, Vt.: Orvis is the oldest fly fishing company in the United States, which means that you get history and tradition along with excellent instruction on the Battenkill River. Several other Orvis shops across the country also offer first-rate classes. Responding to the growing number of women interested in fishing, Orvis has started a school exclusively for women. The crowd here tends to be slightly younger, even with some children included in the classes.

Sage/Winslow, Bainbridge Island, Wash.: Like Orvis, Sage has other locations in the West, making it convenient for those not in the Seattle area. Sage is one of the top rod makers in the country, so you receive excellent instruction in the fundamentals of tackle and equipment.

If none of these schools fits your budget or schedule, chances are your local fly shop offers classes of its own – or try joining a local fly fishing club, which may offer free of cheap instruction.