Industrial revolution and its effects on victorian interior design

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TEXTILES IN ENGLAND 180-1850

BREIF HISTORICAL BACKGROUND

ECONOMIC

Before the 1700's cotton, wool, silk, and tapestry were still being done by hand and even the few inventions to improve the process of producing these fabrics was still time consuming and limited the amount of fabric that could be produced. However, being a weaver or fabric maker was a pretty good source of income and was usually a family business. But the fabrics produced were sometimes if not always full of errors in patterns or lines at some point in the bulk of the material. So inventors started making bigger machines such as the cotton spinner and the jacquard loom to help make a more flawless product and at the same time allow for greater production of this material. These mechanical inventions and new processes which made it possible to speed up and constantly increase production as well as the movement of textile production from the home business to the factory is what is known as the Industrial Revolution. This new technology was not widely accepted at first because it halted killed common entrepreneur ship now being a weaver was not a lucrative business but owing the factory was. It was also met with protest because machines were threatening the wool industry, which was big at the time in Britain. Not only that, there was strong competition from other countries as far as how complex the designs were on their textiles. So they could curb competition and keep textile moneys in the country smuggling or import of Indian, Arabic, Egyptian, French and Italian fabric was prohibited for some time. But the public interest in these materials did not die so textile factories produced imitations of these materials. In Britain, by 180, the Industrial Revolution had fully mechanized textile factories allowing for greater and more elaborate textiles to be produced.

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The classes of this country also changed due to the revolution. Not only were there aristocrats now, but there was a middle class made up of factory owners, entrepreneurs, manufacturers and political activists, there was a working class made up of the coal minors and cotton factory workers and of course the extremely poor. Britain's demographics also changed with its thriving industry as people who owned and worked for the factories were moving from the country to the city to be closer to work. And the aristocrats were vacationing in the city from April to July of each year for more recreation than they already enjoyed in the country.

CULTURAL

Queen Victoria's British monarchy began in 187 and ended in 101, the sixty four years of her reign was an age distinguished by a strong pride in inventions and self-confidence as a people. Victorians were delighted with their advance in scientific knowledge and technical skill. In many cased this pride in inventions supported aesthetic appreciation. For example, one could be proud of the imitation of on material by another-wood painted in imitation of mahogany, ebony or marble; semi precious stones, etc for decorative purposes. They were fascinated with these new materials, which were before only available or associated with the wealthy; the Victorians took pleasure in their display of commercial property. Although they were not the only culture to love these ornaments or have a strong reverence for the beauty of nature and imitating it, what distinguished them was their lack of taste in exploiting these subjects.

DESIGN

With Britain's thriving industry and many colonies it was enormously prosperous. In the first half of the 1th c the swelling size of households, the rapidly burgeoning middle classes and their demand for new houses to proclaim their social position and means put enormous pressure on the already over crowded cities, driving people of adequate means further out of the fringes. As a result of the demands of a rapidly expanding, socially aspiring, population, architects and designers often plundered the past for inspiration.

The main styles to regain popularity were Rococo, Gothic, Renaissance, and Moorish. The styles ebbed and flowed in popularity, often co-existing with one another.

POPULAR STYLES

In the homes of the rich in London Empire Classicism fought with Rococo Revival, Baroque, French, Italian Renaissance, Moorish, Egyptian, Oriental, and for course the all around popular Gothic style. These styles were either recreated as authentically as possible by determined historicists or carefully compiled by the cultivated rich from actual element of old European rooms. More often, though, styles were merely approximated, using loose interpretations of largely European models. It was not unusual for the wealthy and powerful to combine styles in the same house. Rococo was considered suitable for the bedrooms, boudoirs and drawing rooms, where as Gothic was appropriate for libraries, dining rooms, and other male preserves.

Rococo revival and French 18th c styles were the most widely accepted for interior decoration from the 180's to the end of the century. The styles Neo-Rococo and Louis revival were of great general appeal to the socially mobile in England dud to their association with aristocracy tastes refinement. The style was light and cheerful and was considered feminine and frivolous. For the previously reason this style was reserved for boudoirs and rooms suitable for entertaining such as drawing rooms.

Anything neo-renaissance or italiante suggested scholarliness. This class sought to convey an impression of monumentality and weightiness. One of the characteristics of this style was its stress on drapery. Banded fabrics and emphasis on the horizontal were thought particularly appropriate.

Most popular in England, largely due to the architect Augustus Wilby Pugin (181-185) who had designed the interior and exterior of the Sir Charles Barry's new Houses of Parliament and the Big Ben Clock tower, was the Gothic Style.

The middle class did not really have a preferred style; they generally reinterpreted any style that took their fancy.

UPHOLSTERY

Upholstery was highly patterned by this time due the inventions like the jacquard loom.

Fabric production was increased and more complicated patterns were accomplished as a result of the industrial revolution. But the process of upholstering furniture was also improved due to the industrial revolution. By the 180's the use of the coil spring (invented in 18 by Gerog Junigl of Vienna) in furniture was widespread throughout Europe. In this new upholstery the same narrow strips of fabric or leather webbing were interlaced across a seat frame, and a piece of linen was tacked above it but as before, but it now supported a group of coil springs instead of horse hair. Each spring was sewn to the webbing and all of them were tied down to a certain height and to each other so as to resist lateral pressure. A piece of canvas covered them, and a thin layer of horsehair on top cushioned the sitter from the springs themselves. And as before, the exterior material be it cloth, leather or some other fabric was attached to the furniture frame. Coil spring upholstery necessitated a great change in the appearance of a chair or sofa, for the seat now had to be much deeper. In about 180 the loose tassels of silk used in tufting disappeared in favor of buttons, finished in the same fabric as the seat of back. By about mid century this feature was combined with coil springing in the technique known as deep buttoning springs were placed between the buttons, which were drawn downward, creating a series of indentations. Excess fabric was gathered into pleats at the buttons. Deep buttoning helped to hold the coils in place and maintain the shape of the seat.

These developments suited the increasing desire for comfort and luxury in furniture on the part of the expanding bourgeois market that was generated by the industrial revolution.

The Victorian period witnessed the most pronounced manifestation of this trend in overstuffed furniture. Rounded corners, replacing square-stuffing, were combined with coil springing and deep buttoning in forms that were both massive and opulent in appearance. Often, the entire wooden framework of a piece was covered in upholstery. Novel forms that displayed this type of upholstery were the Borne, Divan, Lounge Chair, and various sorts of Ottoman.

OTHER FABRIC USES

Heavy drapery festooned every possible surface in Victorian Homes-pelmets, mantelpieces, door lintels and tables. In summer, much of the drapery tended to be cotton, muslin or chintz; the colder months velvet or damask would be used instead.

During the early Victorian period the popular colors were crimson and bottle green. But after the introduction for aniline and other chemical dyes colors would be fairly lurid. When chemical dyes were developed in the 1850's brighter colors were introduced, principally purple, Prussian blue, yellow and green. However this new brilliance could do little to lighten up the over all gloom prevalent during both day and night the window treatments cut out a lot of the sunlight, and artificial illumination was generally poor as paraffin lamps were not yet introduced.

The furniture tended to be rounded, heavily stuffed and elaborately trimmed. It was light colored and striped and floral chintz was used as loose covers for drawing rooms or bedrooms. Naturalistic pieces could be covered in plush, horsehair or dark silk, trimmed w/floor-length fringing, gimp and tassels. The upholstery on furniture pieces such as footstools and chair seats incorporated needlework; embroidered cloths, mats, antimacassars, beadwork and above all a type for tapestry embroidery called Berlin Wool work.

Towards the middle of the century, because Victorians like draping everything in sight, fireplaces were often dressed in fabric, a flounced pelmet, perhaps of velvet, attached to the mantle shelf and curtains that can be drawn across the opening when the fireplace is not in use was common.

Dressing tables were lavishly draped in lace-covered calico.

After 180 window treatments became symmetrical again. Divided curtains looped back low down and trailing into the floor would emulate a typical effect; contrasting linings or corded edges would give added authenticity. Behind heavy main curtains would be a pair of sub curtains in lace or muslin.

At the time the entire window was usually framed by a deep flat pelmet or lambrequin, which extended down 1/ of the curtain at the center and almost to the floor on either side. The lambrequin might be elaborately shaped and trimmed to reflect a particular style such as Gothic or Moorish. During this period there were also "glass curtains" (like net curtains) which hung against the lower panes to preserve privacy. Heavy silk or worsted damask figured satin and merino were fabrics favored for drawing rooms, with muslin for the summer. Green or red damask was for dining rooms. Chintz was reserved mainly for loose covers and for bedroom drapery. Trellis, floral sprigs, designs evocative of the Gothic style were the patterns or designs common on fabric.

At the window either heavy fringed drapery was pulled back to one side or divided with twisted rope and bed curtains were treated the same usually.

CONCLUSION

The Industrial Revolution in Britain eventually improved the processes of textile production and furniture upholstery and drastically changed the population of the city to large numbers and living in the country declined. The builders of industry lived in the urban areas while the aristocrats continued living in the country but vacationed in the city. This increase in population in urban areas spurned a building trend to meet the housing needs of these people and therefore a new era of architectural design and interior decorating in which Rococo, Gothic, and the Italianate styles was revived.

Features from almost every historical period were combined in the first half of the 1c. Fabrics were printed with gothic heraldic and Moorish designs, among others. Curtains and door treatments tended to be symmetrical, using brocades, velvets, tartans, and damasks, heavily trimmed with fringes and often lined with a contrasting color. Lighter touches were achieved with chintz move often kept for bedrooms or used for loose covers.

BIBLIOGRAPHY PAGE

Mantoux, Paul. The Industrial Revolution in the Eighteenth Century, An outline of the beginnings of the modern factory system in England. 18 Published by the University of Chicago Press Ltd., London. Pp. 107, 10, 17-8, 1. 4, 51, , 45, 4, 18, 104, 108., 17-04, 01-, 47-8, 11, 0, 41, 5-6, 0, 0-4, 5, 7, 8, 67, 441, 67, 6, 181, , 66, 00, 44, 66n, 7, 18, 6, 4, 45, 47, 5, 6, 6, 18, 0, 44-5, 404, 10.

Evans, Hilary & Mary. The Victorians at Home and at Work. 17 Published by Arco Publishing Company, Inc. New York, Great Britain. Pp. 11 .

Jones, Owens. The Grammar of Ornament, A Unique Collection of More than ,50 Classic Patterns. 180 1874 & 001 Published by Dorling Kindersley Limited United States and Britain. Pp. 7, 418, 41, 484.

Fleming, John and Honour, Hugh. Dictionary of the Decorative Arts. 177 Published by Harper & Row, Publishers New York, Hagerstown, San Francisco, London. Pp. 451, 55, 80.

Boger, Louise Ade. The Complete Guide to Furniture Styles Enlarged Edition. 16 Published by Charles Scribner's Sons New York and Canada. Pp. 1 , 471, 47, 51.

Gilliatt, Mary and Wilhide, Elizabeth. Period Style. 10 Published by Little, Brown and Company Boston, Toronto, London. 14, 11, 11, 110, 111, 108, 10, 15, 16- 17.

Boyce, Joseph. Dictionary of Furniture Second Edition. 001 Published by Checkmark Books New York, NY. Pp. 6, 88, 15, 0, 15, 06, 1.

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Slaves of the Mediterranean

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Slavery was a universal feature of all Mediterranean countries in antiquity and the Romans also greatly benefited from there use. To ensure economic success the Romans needed slave labor to aid in agricultural and domestic work. In this paper I would like to discuss slavery within the Roman Empire. I would like to focus on three major aspects of slavery how the slaves were obtained, what role in society did slaves have, and how could slaves gain their freedom.

Accusation of slaves came to the Romans by their conquering of other nations. Roman territorial conquest yielded most of the conquered nations citizens and forced them to become slaves. "To enslave an enemy rather than to slay him was a device to reap his labour, but it was also a way of enjoying a perpetual triumph over him; it was at once a humiliation to him and a punishment for his presumption in taking up arms" (Barrow p ). As new land was acquired, the population of the area became the property of the Roman Empire as well. Within this accusation the fallen captives gave slavery its believed legitimacy. "There was, for instance, a pervasive set of oppositions inherited from Athenian thought of things thus, slavery is to freedom as incontinence is to self-control and emotions are to bodily appetite; the slaves is to the master as body is to mind, as woman is to man, and child to father" (Fitzgerald p 8). The captives of the land joined the other slaves of the republic who had been stationed in this position by the same situation as the captured slaves, or because they had failed to enlist in the army or register in the census. Slavery was either a result of captivity or punishment for a rejection of the governmental rule.

Once the slaves were acquired, they were sold at slave auctions under the jurisdiction of aediles. Slaves with special talents were sold for higher prices, and female slaves were cheaper than males. It was cheaper to purchase new slaves than to breed more, and so the slave auctions were always highly populated and well attended.

Slaves were divided into categories of either public or private servants. The public slaves served the governmental state or the public. They were jailers, executioners, slaves to the magistrates and priests, and construction workers of public buildings. The private slaves included those slaves who served in the household or in the fields. The household slaves were organized into a hierarchy of duty and position. The ordinarii were the heads of housekeeping in the house, and the stewards and butlers worked under their command. The vulgares provided any other service needed in the house, and the educated slaves, or literati, were the readers and translators. In the beginnings of the slave trade, there were a small number of slaves used for personal and household attendants. These slaves were used mainly for the purposes of the fieldwork, but as the Empire grew, the use of domestic slaves increased rapidly

The Roman slaves were treated as members of the family unit in the earlier days of slavery; their punishments were mild, and they were given holidays from their regular duties on certain occasions and festivals. "On the Festival of Saturn, the slaves were allowed to wear the badge of freedom for the day, they were given freedom of speech, a banquet where their masters served them, and they were given the clothes of their masters to wear" (Barrow p 5). Slaves were often buried in the familial plots of their masters, and masters would be punished severely for the murder of their slaves. Families of slaves could not be separated, but there was no legal relation between a father and his son. "The children born to a slave mother were also slaves, and slaves could hold no property as all their acquisitions belonged to their master" (Barrow 41). It was beneficial for the masters to treat their slaves well. According to Varro, a prolific Roman author and an elite land owner, "They are made to take more interest in their work by being treated more liberally in respect either of food, or of more clothing, or punishment inflicted on them in some way, their loyalty and kindly feeling to the master may be restored by the consolation derived from such measures" (Bailkey, Lim p 47).

"Runaway slaves, fugitvii, were branded on their forehead, and the later treatment of slaves included whippings, requirement of the slaves to work in fetters, and beatings with sticks" (Barrow 47). Their food was rationed. The manumission (freedom from slavery) of slaves was both a personal and governmental issue. "The slaves could be freed as a reward for a great feat of bravery or service, as a punishment to the master of the slaves, or if the slave was extremely aged, as it was cheaper to buy a new slave rather than to feed them" (Borrow 8). Slaves then joined the rest of society as their social ranking was raised by this freedom, and they would not be at all limited or hindered because of their previous status. There were three ways for a slave to receive its manumission. One way was the census. During the census taken every five years, the father of the Roman household was required to list all of his possessions. Everyhing in the family fell into two categories - person or property. Slaves were typically denoted in the "property" column. To manumit a slave, a master only had to place the slave into the person column. The slave would then be noted in the Roman census as a free person. Another way was vindicta. In a rather peculiar court procedure, a master could release his slaves in a ceremony known as vindicta. In this form of manumission in court, a master publicly denied that a slave was his possession. If no person objected to this, the slave was set free. The third was testamentum. This method is also known as the Last will and Testament. A Roman father could leave in his will a request to set any or all of his slaves free upon his death. This was the most common type of manumission.

Even though a slave was freed it didn't necessarily guarantee them any less hardships. Freed slaves found it very difficult to find the idealistic opportunities that came with Roman citizenship. "In reality the ex-slave forfeited upon manumission the economic support of his former master and henceforward had to rely on his own efforts in order to provide basic necessities; it was possible, therefore, that hardship in the former slave's life could replace a certain material security" (Bradley p 8). Despite of these uncertainties slaves still wanted to gain their freedom and rid themselves of their slavery.

Due to archeological conquests, a great deal of knowledge can be gathered about the general slave system but little is known about the everyday lives of slaves. However, enough is known to give a general overview of a slaves lives. It is understood that slaves performed a wide variety of different jobs, ranging from economic to field labor roles, to being forced into gladiatorial combat like Spartacus. With this span of employment also came great differences in living conditions. It is important to divide slaves into two categories field slaves and domestic slaves. There was a strict hierarchy that was understood by both slaves and their owners, and was directly reflected in the way that they were treated. "This division was one of vital status as it was considered punishment or degradation for a house slave to be sent to the fields" (Barrow p 77).

Slaves in Roman society were given tasks that we today may think of as strange. Many were able to purchase things in the names of their masters, navigate their masters ships and even oversee the plantation. It was of great importance for the land owner to pick an honorable slave to oversee his plantation. Making up the largest percentage of the slave population were the field hands, or familia rustica, who constituted the major work force on the large agricultural and mining farms of the Roman aristocracy. Large amounts of field hands were force to work in extreme conditions for long periods of time. As a result of this incredible work force the field slaves provided Rome with its greatest source of economic wealth. This was especially crucial in the later republic as expansion became less and less profitable.

For at least two reasons, the life of a field slave was a very strenuous and difficult one. First, because aristocratic owners rarely visited their estates, and only spoke with their paid men when they did, the common field slave almost never came into contact with his owner. As a result of this, these slaves were not given the opportunity to befriend their masters as house slaves were, which made the possibility of a better job or manumission much less likely. There were, however, chances for a slave to advance in his rural station to a more prominent and, consequently, beneficial situation. The majority of positions for rural slaves were in the fields, the most stressful that could be obtained. There were some however, such as a diaetorius, or valet, who was present solely to attend to the masters materialistic needs.

Secondly, rural slaves were forced to do work that was both physically and emotionally straining. Field hands were given a life expectancy of about 15 to 0 years due to the physical exhaustion they encountered on a daily basis. Among the jobs they were expected to perform were as ploughmen, hunters, ditchers and forester. Slaves were expected to work all day on very little food and water, and were whipped or beaten when they did not. The extreme nature of the environment in which rural slaves lived is best exemplified by the number of slave revolts which resulted from rural area as opposed to urban areas. Urban slaves had very little to complain about and revolt would have only led to their execution, whereas for rural slaves death was the outcome no matter which route they chose to exercise.

If one was to be a slave, to work in the household of an upper-class aristocrat was ideal. Under many circumstances, the oldest and most trusted slaves were considered to be a part of the family. Furthermore, urban slaves were given better food and clothing in addition to their daily tasks being much less demanding. Urban slaves were chosen for several reasons, but many for their skills such as sculpture or cobbling. There were slaves, especially young boys, "who were employed only for their looks as it was considered a symbol of wealth and status to keep beautiful children as slaves" (Barrow p 88). There were, of course, many other jobs for domestic slaves such as cook and footman. Some households were known to have as many as fifty different types of slaves, who would perform all sorts of different duties.

From all stand points, house slaves were given many more opportunities than those of the field capacity. "Cooks were allowed to take home leftovers from their masters table, children were given clothing made of fine materials, simply because house slaves were considered, for the most part, to be a reflection of the master himself, and offered a prime avenue to further display his status" (Barrow 88).

All urban slaves, however, did not experience the surroundings of luxury that the fortuitous were able to enjoy. Many slaves that lived in urban areas were property of the government, kept to aid in the erection of public buildings and roads. The atmosphere in which these slaves were kept rivaled that of rural slaves in work expectancy and living conditions.

In conclusion, this paper has highlighted the importance and the necessity that slave labor had on the success and longevity of the Roman Empire. We saw how the land masters of the empire relied completely on the obedience and effectiveness of its slave forces. It explained that imperialism allowed the empire to expand and increase in its ability to supply its labor force with the land and the slaves needed to be productive. It explained that slaves were allowed to obtain freedom and gain Roman citizenship and that they were treated fairly most of the time.

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To Kill A Mocking Bird

If you order your Cheap Custom Essays from our custom writing service you will receive a perfectly written assignment on To Kill A Mocking Bird. What we need from you is to provide us with your detailed paper instructions for our experienced writers to follow all of your specific writing requirements. Specify your order details, state the exact number of pages required and our custom writing professionals will deliver the best quality To Kill A Mocking Bird paper right on time.

Our staff of freelance writers includes over 120 experts proficient in To Kill A Mocking Bird, therefore you can rest assured that your assignment will be handled by only top rated specialists. Order your To Kill A Mocking Bird paper at affordable prices with cheap essay writing service! German Finch. What can you say about him? Well, you can say that he is a pretty great character. In the next couple pages, I'll tell you just why this is. I'll also explain my views on this important literary figure. So sit back, relax, and get ready for the "A&E Biography" of German Finch (Well, not really A&E Biography, but good anyway).

German Finch, otherwise known as Jem, was a key figure in the book "To Kill A Mockingbird." This "co-star" of the book is in his teenage years and was mentioned in the first paragraph of the book. This type of literary action is usually used to signify a special role in the story. He was introduced as Scout Finch's brother who broke his arm at an early age in his life.

He is also introduced as liking sports at an earl age. This tells us that he is very outgoing. This is important because throughout the story Jem and Scout get into trouble involving being physically fit. For example, when German jumped the fence to get away from the brother of Boo Radley, it's a good thing he was physically fit otherwise he could have ripped a little more than just his pants.

Also, being physically fit, I think, made Scout want to look up to Jem even more. Seeing as Scout enjoys physical activities herself, having an older relative in her immediate family gives her more to do. In that way, the story involves the two children in their adventures, not just Scout.

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Jem, I think, is portrayed perfectly to be a brother to scout. He is almost too real for this book! If you look at it, Jem acts in ways and does things that most older brothers do to their smaller, weaker siblings; in this case a sister. Basically, he acts like he can do anything and act he wants to her. In some parts of the story, Jem is loving, kind, and gentle with the younger Scout. This is shown mostly in the beginning of "To Kill A Mockingbird." Take for example towards the time when Dill arrives. He's great before he arrives and even better when Dill just comes. Dill, Jem, and Scout form a strong bond. They start to do mischievous acts together. Here comes Jem's fall from grace.

Now the dark side of the character known as German Finch. As you know, Jem and Dill get more acquainted with each other very fast. Their mischievous acts get them both a kick, but to Jem, it's just not enough. Jem now becomes a devious scoundrel of a rebel! His relationship with Scout takes a downward spiral as a result of this. He begins to try and annoy her every chance he gets. He's obnoxious to her and even down right frightening. The rebellious ego of his fills even more with time. Remember the tree house incident? If not, it was when he was staying in the tree house all day. One time, Jem, Dill, and Scout run into the Radley property, and get in serious trouble. Jem rips his pants on the fence of the Radley premises and I feel that gave him an even larger amount of air to fill his ego with. I feel this way because since then, Jem starts pointing out how girlish Scout is. He also stops playing with her and goes off to play with Dill instead of his sister.

Jem begins shows a little "shine of good," though, during the following chapters. I like to term this as "The Jem Reformation," because it's basically Jem's reformation from dark to light. "The Jem Reformation" basically begins at the point when

Please note that this sample paper on To Kill A Mocking Bird is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on To Kill A Mocking Bird, we are here to assist you. Your cheap research papers on To Kill A Mocking Bird will be written from scratch, so you do not have to worry about its originality.

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What about the women

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Our staff of freelance writers includes over 120 experts proficient in what about the women, therefore you can rest assured that your assignment will be handled by only top rated specialists. Order your what about the women paper at affordable prices with cheap essay writing service! Eddy 1

Lee Eddy

English Composition II

What About The Women

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In the two stories, Odour of Chrysanthemums and The Rocking-Horse Winner, there are women described and wrote about by author playing significant roles. The roles the two women portray can be compared in several different manners. Not only can the roles be compared, but also the messages the author (D.H. Lawrence) tries to convey, about the women, can also be compared. What are some of the similarities of these two different women? Naturally one could interpret several obvious resemblances and also a few slightly hidden comparisons. In the following paragraphs you should be able to distinguish some of these comparisons. Especially when reading what the author narrates to the reader in these two short stories.

One of the first comparisons that can be identified is the fact both of the women in the two stories are not only women, but also wives. In the story Odour of Chrysanthemums, Lawrence gives the reader this perception when he writes "They had but to await the father's coming to begin tea. As the mother watched her son's sullen little struggle with the wood, she saw herself in his silence and pertinacity; she saw the father in the child's indifference to all but himself." (Page 17) This doesn't necessarily give the reader a positive marriage message, but does say the

Eddy

man and woman have children together. If this were not the case Elizabeth Bates would not see the resemblance in the child she sees. The resemblance she sees in the boy having his fathers' traits and his mothers traits as well.

In the story, The Rocking-Horse Winner, Lawrence tells the reader, in the very beginning of the story, the female character is a wife. The first sentence in the story begins "There was a woman who was beautiful, who started with all the advantages, yet she had no luck. She married for love, and the love turned to dust." (Page 4) In this passage, the message of marriage is very apparent along with the woman's feelings about the marriage. Lawrence also wrote extensively about his own personal experiences. In the comparisons of both of the women in these two stories, Lawrence could have been writing about his own family or at least an experience he was familiar with. This can be supported with a message from The Life and Works of D. H. Lawrence. The author Harry T. Moore says, "His first professional appearances in print under his own name was in 10, when an English magazine published a group of his poems. By the end of 11 Lawrence, then in Italy, had completed his third novel, Sons and Lover. This first phase of his writings was concerned chiefly with recording his youth in poetry, stories, and novels." (Page 18) Harry T. Moore's comment means; Lawrence did write about different occurrences that happened in his lifetime.

Eddy

The second identifiable comparison is the lack of having an identity of the husbands. Neither of the husbands are actually characters in the writings, but are referred to in a sense of entity or body. In the story Odour of Chrysanthemums the husband is talked about by his wife, children, and mother, but does not have a verbal line in the whole story. Elisabeth talks about him to the children several times and refers to him when taking to her daughter when she says, "Never mind. They'll bring him when he does come---like a log." (Page 0) She is trying to tell her daughter, in a motherly and wifely way, he will be carried home drunk and he will be home when he gets home. The husband's mother refers to her son also when she says, "Ay! It seems but a week or two since he brought me his first wages." (Page ) He does eventually make an appearance, but he is more of a prop than a character. His dead body is delivered to the family's home and this can be noted when Lawrence writes, "Wheer will you have him? Asked the manager, a short, white-bearded man. Elizabeth roused herself and came from the pantry carrying the unlighted candle. In the parlour." (Page 5) Mr. Bates does not have any other appearances or monologue other than situations like these anywhere in the entire story. He is also just a prop, since it is only his body the men bring home. Not a drunken body, but a dead body instead.

The same type of actions are used by the author in the story The Rocking-Horse winner. The husband in this story doesn't even get a chance to be a prop. He is only referred to as the husband or the father, by the author Lawrence. Lawrence mentioned his existence a couple of

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times in the beginning of the story. The first was when Lawrence wrote, "The father went into town to some office." (Page 4) and the second message, "The father, who was always very

handsome and expensive in his tastes, seemed as if he never would be able to do anything worth doing." (Page 4) All of the remaining references to the father are made by remarks mentioned by either one of the children or by the mother. You could interpret this style used in referring to the husbands, by Lawrence, as a behavior he grew up with or even a learned behavior. He had a closer relationship to his mother when he was growing up than he did with his father. This is pointed out by Harry T. Moore in his book The Life and Works of D. H. Lawrence. In this reference book Moore writes, "But his mother was the strongest influence on D. H. Lawrence.

As he shows in his most famous novel, she turns, after the disappointment of her marriage, to her sons as lovers." Not only does Moore point out the fact Lawrence's mother had a strong influence on her son, but Lawrence also wrote about his and his mother's relationship in other writings.

The third comparison is the similarities the stories show on the relationships the women had with their husbands. In neither story can it be said that the wives had a wonderful marriage to their husbands and in many aspects you can have a good argument saying they both had unhappy marriages. In Odour of Chrysanthemums Lawrence, very vividly, in the later half of the story tells the reader how the wife truly feels about her husband. It seems strange the lack of emotions she expresses and is only explained by the realization of her own true feelings for her husband,

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most notably after his death. He was the father of her children and she did pity his death at the least. She did not love him as a wife should love a husband and she was a little ashamed of this.

The death itself was the eye opener for her. There are a few sentences you should be able to use to justify this interpretation. One of the sentences says, "And her soul died in her for fear she knew she had never seen him, he had never seen her, they had met in the dark and had fought in the dark, not knowing whom they met nor whom they fought." (Page 8) The reader can explicate this meaning as; it took the death of her husband before she could come to know her true feelings. Her feelings towards her husband before his death and at the time of his death.

In the story, The Rocking-Horse Winner, Hester does not show a great fondness of her husband either. She even takes this to the extent to display these feelings in front of her children. In a discussion she was having with her son about luck and how unlucky she had became she said, " I

can't be, if I married an unlucky husband." (Page 44) Meaning of she cannot be lucky herself. She then continues by saying, "I used to think I was, before I married. Now I think I am very unlucky indeed." (Page 44) What she is trying to say to her son without saying it directly is; she is not happy being married to her son's father and she is not reluctant to share these feelings openly with her son. Lawrence writes about relationships the men and women have in both of these stories and his thoughts and feelings are rectified by a passage in the book D.H. Lawrence Novelist. The author, F. R. Levis, has this to say about Lawrence; "Lawrence's profound insights into the relations between men and women, and his accompanying convictions about the nature

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of a valid marriage, and those insights and convictions challenge established ideas so radically that they are resisted---resistance often taking the form of a refusal, or an inability, to attend to

them for what they are." (Page 50) This in short means, Lawrence sees or experiences these types of relationships in his life experiences and writes about them the way he sees them. It seems as if some of the marriages Lawrence saw were not exactly the type of marriages he would necessarily would want to participate in. Or another way one could interpret his thoughts would be, he didn't agree how married couples he knew treated each other.

Another comparison can be made between the two stories is the relationships the mothers have with their children. It is not necessarily the relationship as much as it is the fact that both of the women have children. In both of the stories it is true the mothers are closer to the children than the husbands and sometimes even try to humor or tease them a little. In the story Ordour of Chrysanthemums Elizabeth was feeding the children in the dark and poked fun at her son when Lawrence writes, "I canna see, grumbled the invisible John. In spite of herself, the mother laughed. You know the way to your mouth." (Page 18) Even though Elizabeth is not in the greatest of moods, since her husband is late coming home from work, she can still show the children a little compassion or at least be playful.

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Almost the same effort is made by Hester in the story The Rocking-Horse Winner. She tries to humor her son, but does humoring in a sarcastic approach. The mother's son is talking to his mother when the author writes, "God told me, he asserted, brazening out. I hope He did, dear!

She said again with a laugh, but rather bitter." (Page 45) Hester is doing the best she is able to when humoring her son. You can tell she does not have a close relationship to her children, but still tries to at least acknowledge their existence. You can understand why Lawrence may develop a character, such as Hester, by understanding how he feels about certain things. In the book The Art of D. H. Lawrence, Keith Sagar quoted Lawrence writing, "I have always tried to get an emotion out in its own course, without altering it. It needs the finest instinct imaginable, much finer than the skill of the craftsmen." This is the method he may have choice to create all of the characters in The Rocking-Horse Winner.

Still, another comparison in the two stories is the death of a family member the two women experienced in their lives. In the story Odour of Chrysanthemums the women loses her husband. In this story the death does not come as a big surprise to the reader. Lawrence does not give the reader a whole lot of built-up suspense to the death and the death is identified way before the end of the story. You can even assume Elizabeth knows something is wrong when she does something out of the ordinary. The author shows this by writing, "She had never yet been to fetch him, and she never would go. So she continued her walk towards the long straggling line of

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houses, standing blank on the highway." (Page 0 and 1) When she goes to look for him she is hoping to find him somewhere he is not. This is a way for her to cover up the intuition she has knowing the truth of the matter. She really knows something is wrong, since she went to look for him in the first place.

The woman in the story, The Rocking-Horse Winner, also loses a family member. In this story it is not the husband that dies, but one of the children. Unlike the death in the other story, Lawrence builds suspense into this story. The death of the son is somewhat of a surprise and is not revealed until the very end of the story. The author also does not give the reader any idea during the story that there will be a death at all, so it is also a hidden suspense story. The only inkling of an idea is in a one liner reading, "The third day of the illness was critical they were waiting for a change." (Page 5) But this is only a couple of paragraphs from the end of the story when the writes right before the conclusion, "But the boy died in the night." (Page 5) At least Lawrence gives Hester a tidbit of a heart at the end of the story. She is concerned about the boy's condition and does not want harm to come to him.

Lawrence gives the reader an opportunity is his works with these two short stories to make some comparisons of the women characters. The first comparisons we looked at were the fact both of the women were married. Then we compared the husbands the women were married to. Tied into

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these two comparisons we then looked at the relationships the women had with their husbands. Next, we made some comparison pertaining to the children both women had. Finally we found there was another comparison in the fact both of the women lost a family member. In conclusion, there is some evidence backing the fascination Lawrence had in writing about women in the first place. In the book D. H. Lawrence Novelist F. R. Leavis writes "And again and again Lawrence's art deals with woman, nerve-worn and strained or lethally committed to the man's part, or to contempt for it, or to living in a mode that gives it no place. Or his theme who, declining the life-responsibility represented by the male activity and purpose, fails his wife in a way no love or goodwill can forgive or condone." This quote, in a big way, represents where Lawrence was going in Odour of Chrysanthemums and in The Rocking-Horse Winner.

Work Cited

Lawrence, D. H. "Odour of Chrysanthemums"

The Norton Introduction To Literature Seventh Edition. Jerome Beaty and J. Paul Hunter

New York and London; W. W. Norton and Company, 18

Lawrence, D. H. "The Rocking-Horse Winner"

The Norton Introduction To Literature Seventh Edition. Jerome Beaty and J. Paul Hunter

New York and London; W. W. Norton and Company, 18

The Life and Works of D. H. Lawrence First Edition. Harry T. Moore

New York; Twayne Publishers, 150

D. H. Lawrence Novelist Second Printing. F. R. Leavis

New York Alfred A. Knopf, 168

The Art of D. H. Lawrence First Edition. Keith Sagar

London; The Syndic of the Cambridge University Press, 166

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Indian pharmaceutical industry

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The Indian Pharmaceutical Industry….INTRODUCTION

The Indian Pharmaceutical Industry today is in the front rank of India's science-based industries with wide ranging capabilities in the complex field of drug manufacture and technology. A highly organized sector, the Indian Pharma Industry is estimated to be worth $ 4.5 billion, growing at about 8 to percent annually. It ranks very high in the third world, in terms of technology, quality and range of medicines manufactured. From simple headache pills to sophisticated antibiotics and complex cardiac compounds, almost every type of medicine is now made indigenously.

Playing a key role in promoting and sustaining development in the vital field of medicines, Indian Pharma Industry boasts of quality producers and many units approved by regulatory authorities in USA and UK. International companies associated with this sector have stimulated, assisted and spearheaded this dynamic development in the past 5 years and helped to put India on the pharmaceutical map of the world.

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The Indian Pharmaceutical sector is highly fragmented with more than 0,000 registered units. It has expanded drastically in the last two decades. The leading 50 pharmaceutical companies control 70% of the market with market leader holding nearly 7% of the market share. It is an extremely fragmented market with severe price competition and government price control.

The pharmaceutical industry in India meets around 70% of the countrys demand for bulk drugs, drug intermediates, pharmaceutical formulations, chemicals, tablets, capsules, orals and injectibles. There are about 50 large units and about 8000 Small Scale Units, which form the core of the pharmaceutical industry in India (including 5 Central Public Sector Units). These units produce the complete range of pharmaceutical formulations, i.e., medicines ready for consumption by patients and about 50 bulk drugs, i.e., chemicals having therapeutic value and used for production of pharmaceutical formulations.

Following the de-licensing of the pharmaceutical industry, industrial licensing for most of the drugs and pharmaceutical products has been done away with. Manufacturers are free to produce any drug duly approved by the Drug Control Authority. Technologically strong and totally self-reliant, the pharmaceutical industry in India has low costs of production, low R&D costs, innovative scientific manpower, strength of national laboratories and an increasing balance of trade. The Pharmaceutical Industry, with its rich scientific talents and research capabilities, supported by Intellectual Property Protection regime is well set to take on the international market.

ADVANTAGE INDIA

Competent workforce India has a pool of personnel with high managerial and technical competence as also skilled workforce. It has an educated work force and English is commonly used. Professional services are easily available.

Cost-effective chemical synthesis Its track record of development, particularly in the area of improved cost-beneficial chemical synthesis for various drug molecules is excellent. It provides a wide variety of bulk drugs and exports sophisticated bulk drugs.

Legal & Financial Framework India has a 5 year old democracyand hence has a solid legal framework and strong financial markets. There is already an established international industry and business community.

Information & Technology It has a good network of world-class educational institutions and established strengths in Information Technology.

Globalisation The country is committed to a free market economy and globalization. Above all, it has a 70 million middle class market, which is continuously growing.

Consolidation For the first time in many years, the international pharmaceutical industry is finding great opportunities in India. The process of consolidation, which has become a generalized phenomenon in the world pharmaceutical industry, has started taking place in India.

THE GROWTH SCENARIO

Indias US$ .1 billion pharmaceutical industry is growing at the rate of 14 percent per year. It is one of the largest and most advanced among the developing countries.

Over 0,000 registered pharmaceutical manufacturers exist in the country. The domestic pharmaceuticals industry output is expected to exceed Rs60 billion in the financial year 00, which accounts for merely 1.% of the global pharmaceutical sector. Of this, bulk drugs will account for Rs 54 bn (1%) and formulations, the remaining Rs 10 bn (7%). In financial year 001, imports were Rs 0 bn while exports were Rs87 bn.

STEPS TO STRENGTHEN THE INDUSTRY

Indian companies need to attain the right product-mix for sustained future growth. Core competencies will play an important role in determining the future of many Indian pharmaceutical companies in the post product-patent regime after 005. Indian companies, in an effort to consolidate their position, will have to increasingly look at merger and acquisition options of either companies or products. This would help them to offset loss of new product options, improve their R&D efforts and improve distribution to penetrate markets.

Research and development has always taken the back seat amongst Indian pharmaceutical companies. In order to stay competitive in the future, Indian companies will have to refocus and invest heavily in R&D.

The Indian pharmaceutical industry also needs to take advantage of the recent advances in biotechnology and information technology. The future of the industry will be determined by how well it markets its products to several regions and distributes risks, its forward and backward integration capabilities, its R&D, its consolidation through mergers and acquisitions, co-marketing and licensing agreements.

PHARMA SECTOR……….SWOT ANALYSIS

Strengths

· Cost Competitiveness

· Well Developed Industry with Strong Manufacturing Base

· Well Established Network of Laboratories and R&D infrastructure

· Access to pool of highly trained scientists, both in India and abroad.

· Strong marketing and distribution network

· Rich Biodiversity

· Competencies in Chemistry and process development.

Weaknesses

· Low investments in innovative R&D.

· Lack of resources to compete with MNCs for New Drug Discovery Research and to commercialise molecules on a worldwide basis.

· Lack of strong linkages between industry and academia.

· Lack of culture of innovation in the industry

· Low medical expenditure and healthcare spend in the country

· Inadequate regulatory standards

· Production of spurious and low quality drugs tarnishes the image of industry at home and abroad.

Opportunities

· Significant export potential.

· Licensing deals with MNCs for NCEs and NDDS.

· Marketing alliances to sell MNC products in domestic market.

· Contract manufacturing arrangements with MNCs

· Potential for developing India as a centre for international clinical trials

· Niche player in global pharmaceutical R&D.

Threats

· Product patent regime poses serious challenge to domestic industry unless it invests in research and development

· R&D efforts of Indian pharmaceutical companies hampered by lack of enabling regulatory requirement. For instance, restrictions on animal testing outdated patent office.

· Drug Price Control Order puts unrealistic ceilings on product prices and profitability and prevents pharmaceutical companies from generating investible surplus.

· Export effort hampered by procedural hurdles in India as well as non-tariff barriers imposed abroad.

· Lowering of tariff protection

STRATEGIES AND TRENDS

· Focus on R&D

Major Indian companies such as Ranbaxy, Dr Reddy's Laboratories, Nicholas Piramal, Cipla, Lupin and Wockhardt are investing and concentrating on R&D. The R&D activities of Indian companies are targeted both at New Drug Discovery Research as well as Novel Drug Delivery Systems (NDDS). Ranbaxy and Dr Reddy's Laboratories have so far led the way.

· Co-Marketing alliances

In order to increase market penetration and increase their presence in select therapeutic segments, both domestic and multinational companies have entered into product specific marketing arrangements. For instance, Ranbaxy has entered into marketing alliances with Cipla, Glaxo and Hoechst and Nicholas Piramal has tied up with Hoechst.

· Product rationalization / brand and company acquisition

Domestic pharmaceutical companies are following a two-pronged strategy. On one hand, they are rationalizing their product portfolio by phasing out low volume products that do not fit with their future strategy. On the other hand, they are scouting for brand acquisitions and even company acquisitions in order to increase their therapeutic reach and market penetration.

· New product launches

Domestic companies are expanding their therapeutic reach by launching new products in high margin segments, thereby increasing product portfolio and increasing critical mass. However with the introduction of WTO led product patents in 005, domestic companies would lose their freedom to introduce products in the market.

· Expanding distribution network

Companies are increasing market penetration through enhanced distribution channels, particularly in the rural markets. This will increase the ambit of access to modern medicines as well as facilitate licensing of products for MNCs in the post product patent regime.

· Upgraded manufacturing facility

Increasingly companies are in the process of upgrading their manufacturing facilities, adopt GMP standard and getting international regulatory approvals from USFDA UKMCA. Approvals from these agencies would facilitate export to developed countries.

· Contract manufacturing

Companies are planning to set up contract manufacturing and global sourcing bases for supplying bulk drugs and intermediates to MNCs.

· Tapping international generic market

Companies are setting up subsidiaries abroad and entering into strategic alliances to exploit long term opportunities in the international generic market in the next five to ten years. They have started applying for DMFs, product registrations and ANDAs worldwide.

· Medium term strategy is to concentrate on products that are going off patent in the next five to ten years. The long-term objective is to enter higher platform of drug delivery systems & niche R&D.

KEY PLAYERS

The Indian pharmaceutical industry comprises both MNCs as well as domestic companies. While at one time, MNCs dominated the market; their market share has declined steadily from 75 per cent in 171 to about 5 per cent. In order to boost the domestic industry, the government introduced process patents in the Indian Patent Act of 170. Domestic pharma companies were quick to take advantage of this and developed expertise in process development and manufacturing of pharmaceuticals. As a result Domestic companies had a robust pipeline of products, large therapeutic width and depth and were able to provide masses with the low priced quality pharmaceuticals.Out of the ten top pharmaceutical companies in India, three are MNCs. The top ten pharmaceutical companies operating in India are ( Rs.Crores)Company Finance Year Net Sales PAT

Ranbaxy Laboratories Dec 1 155 1.58

Glaxo Limited Dec 1 888. 77.06

Wockhardt Dec 1 841.7 104.55

Novartis March 000 7.1 10.4

Cipla March 000 704.8 1.06

Aurobindo Pharma March 000 6.1 74.6

Lupin Laboratories March 000 485. 0.6

Hoechst Marrion Roussel March 000 47.86 7.45

Cadila Healthcare March 000 447.86 7.6

Dr Reddy's Laboratories March 000 46.01 60.4

Please note that this sample paper on indian pharmaceutical industry is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on indian pharmaceutical industry, we are here to assist you. Your cheap custom college paper on indian pharmaceutical industry will be written from scratch, so you do not have to worry about its originality.

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Case study of barings bank

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Our staff of freelance writers includes over 120 experts proficient in Case study of barings bank, therefore you can rest assured that your assignment will be handled by only top rated specialists. Order your Case study of barings bank paper at affordable prices! Introduction

In this case report, firstly, the arbitrage opportunities in the authorized trading which was supposed to exploited by Leeson and Lesson's trading strategy will be focused on. Secondly, our interest is to find out the strategy on how to lose more money than Leeson did. As the more we know how to lose money, the more effective control for the investment we realize. In addition, the loose internal management in Barings Bank was also a critical reason for the collapse of Barings and lessons from that is worth discussing and referring by the present financial institute.

1. Arbitrage opportunities in trades

1.1 Arbitrage opportunities between Osaka and Singapore

Nick Leeson was appointed to trade derivatives on the Singapore International Monetary Exchange (SIMEX) and the Osaka exchange, and hence was making a low-risk profit, known as "switching". Obviously, arbitrage opportunities existed in trading Nikkei future contracts in the two markets, when there is different price and it is easy to make profit by purchasing future contract in the market with higher price and selling it in the market with relatively lower price. For example, as shown in the Table 1, on 1st,November 14, the price difference between SIMEX and OSX is 55, meaning profit can be realized by longing the Dec 4 future contracts in OSX and shorting it in SIMEX.

1. Arbitrage opportunities in future contract between Nikkei 5 spot and Nikkei 5 future

Another arbitrage opportunity appeared in the Nikkei 5 futures and Nikkei 5 spot. Firstly, assume that there is no transaction costs, the dividends are received on a continuous basis, and that the nearest Euro-yen futures rate approximates the Japanese short-term free-risk rate and the FFP of Nikkei futures contract was calculated by (results are stated in the table 1)

FFP=Stexp[(r-D)]

Assume that there is no transaction costs, the dividends are received on a continuous basis, and that the nearest Euro-yen futures rate approximates the Japanese short-term free-risk rate.

Where St= spot price of Nikkei 5 index

r= riskless interest rate,

D= dividend, a continuous 1% dividend yield on the Nikkei 5

=fraction of a year from now to maturity. Here suppose the third Friday of exercise months as the expiration dates, which are 16 Dec 4, 17 Mar 5, 16Jun 5.

On one hand, when the actual futures price is higher than the fair value of the futures, we can gain by purchasing the spot assets and shorting the future contract. On the other hand, and when the actual futures price is lower than the fair value of the futures, the trading will be profitable by taking a long position in future contract and selling the spot assets.

1. Arbitrage opportunities between implied interest and riskless interest

In addition, the arbitrage opportunities can also be found by comparing the implied interest rate and the riskless rate.

IRt=LN(Ft/St)/+q

Where Ft= actual futures price;

S= price of the spot assets;

q= dividend rate 1% ;

= (T-t )/65 = fraction of a year from time t to T.

As stated in the material, if IRr, borrowing at the riskless rate and lending at the implied interest rate of the futures contract; if IRr, buying the futures contract and selling short the stocks in the index. For example, the IR of Nikkei 5 future contract in OSX on 7th, October 14 is .4%, which is more than the riskless rate, .5. The profit can be realized by borrowing the money at the riskless rate and buying the future contract at the implied interest rate.

From the discussion above, arbitrage opportunities are significant, but sometimes that is not the case. The trades are not free of charge, there are some transaction costs the traders have to pay, as well as tax. If the profits from above arbitrage opportunities cannot cover these trading costs, the arbitrageur will not proceed the trading. Besides, the data shown in the table is only the closing prices of the previous date. They can not reflect the fluctuation of prices dynamically during that day.

. Evaluation of Leeson's trading strategy

Leeson's strategy involved both buying stock-index futures and selling options on the Nikkei-55 index. Following the Kobe earthquake, the price of Nikkei futures contracts fell sharply. As Leeson thought the price was undervalued and was betting that Japanese stock price and interest would rise rapidly, he kept on expanding the long position on the future contracts. The relationship between future price movements of previous days and position adjustment was analyzed by using the historical volatility. As we know, historical volatility indicates the probability that the underlying security will move a particular distance measured in price on a given period. As shown in Graph 1, after the Kobe earthquake, the volatility tended to be fluctuant and the huge loss resulted became inevitable and catastrophic. Instead of cutting losses by closing out positions as the market declined after the Kobe earthquake, Leeson doubled up on his position. This means that the position adjustment by Leeson was not based on historical market data of previous days and he was just a gambler and tried to hold up the market by expanding volume.

As to option, Lesson executed a highly risky trading strategy known as "straddle", making profit when markets are stable and resulting in huge loss when there is any sudden move in either direction. However, Leeson did not hedge his portfolio and was in hope that the market remained steady in order to gain the premium smoothly. If Leeson tried to use hedging strategy, e.g. Delta hedging to rebalance his portfolio and adjust his positions dynamically, the history of Barings would be changed.

. How to lose more money

.1 Losing trading rule

The reverse of Double-up trading rule

If [CP (T)-CP (T-1)]O, Then 0.5P (T-1), else P(T-1)

Refer to the material, the reverse of Double-up trading rules based on the previous prices to adjust position, can be used to lose money in Nikkei 5 futures more than Leeson over January and February 15. When the closing price of the future exceeds the last day closing prices, reduces the position to 1/ as much as currently held; when the closing price of the future is less than the previous day closing prices, doubles the position. That is, if you are holding 10000 positions of Mar 15 contracts in the Nikkei 5 on 16th, January 15 and the closing price is 145 which is 10 more than the closing price on 17th, January, cut down the position to 5000 as illustrated in Table .

. Losing strategy - Strip

Here taking the Jun 5 option on the Nikkei 5 future contracts as an example to illustrate the losing strategy over the first two months of 15.

Firstly, calculation of the fair prices of listed options is the foundation stone. By HULL's software and the data from table and 4 on handout, the current levels of implied volatility of the two months' historical volatility as shown graphically below Graph 1, from 10th October 14 to 1th September 14. Clearly, the implied volatility, 0.06, of OSX (JUN) option had a significant difference to the mean of historical volatility, 0.1140, of the OSX (JUN), which was consistent with the simple rule that when the relative implied volatility is lower than the average, the option is effectively under priced. Selling the undervalued options provides a high potential of losing in the following two months.

Secondly, the loss also rests with the price movement of the underlying asset, i.e. OSX (JUN). A normal trader makes a personal expectation, with empirical and academic analysis basis on the historical market performance and technical indicators, that the OSX futures market would be a bearish one. Basically, if betting that there would be a profitable underlying asset price movement, the trader considers a decrease in the asset price is more likely than an increase so that he probably to make a profit by purchasing a strip. For a loser with the similar expectation, inversely, he writes a strip, i.e. selling two put options and selling one call option of the SIMEX (JUN) option, which is under the assumption that the position in the futures contract was closed out immediately at the time the option was exercised. The result of the deal goes as follow. Profit from OSX (Jun5) Exercise Price=1000, Call Price=1074.55 Put Price=154.55

Range of Stock Price Profit from call Profit from Put Total Profit

St=1000 1074.55 St-760. St-6616.5

St=1000 08.65-St 0.1 06.75-St

Using the formula, when the price of OSX-NIKKEI futures (MAR) moved to 17000 on the 8th February 15, the negative profit of -616.5 (17000-6616.5) is experienced. So the loser suffers a 616.5 loss in the period by writing an OSX (JUN). (Refer to Guangzhen Sheng's)

. Fooling activities

a. Fool the supervisors within the bank and the auditors

Try to use more complicated financial instruments with compound trading strategies, in order to let as few as persons as you can, including the managers to understand what you are really doing. Make sure you are the only expert of the areas in your company or team and make up you authority among your colleagues or team members. Just show them the P&L and other reports in which you can adjust all the numbers to what they should be.

Try to build up a tight relationship and friendship with all the key persons in each link, which will influence the implementation of your trading strategy. The accounting or financial report department is necessary to help you manipulate the financial statements. So either you yourself be a man in these departments or you should have the leadership of them.

b. Area Differences

Local regulators do not always have the same criteria as the parent authority, and they can not understand or agree with every aspect of the methodology of regulation. So compare with all the details and discover that exits in the host authority but not in the parent authority, vice versa. Then you can make explanations easily to both sides, especial to the parent side that your unconventional or abnormal operations were due to the host authority. (Refer to Shengzhang Jiang's)

4. The lessons from Barings case

It was Leeson, once recognized as a "star trader", furtively created a "error" account 88888 into which he put his lost of unauthorized trading transactions between SIMEX and OSE. Consequently, the account was run up to lose at $1. billion dollars and that eventually broke down the Barings as it could not sustain huge amount of margin calls. But Barings could not totally escape blame. Since the senior management allowed Leeson to control both the investment department and settlement department in BFS, as a result, he was able to conceal his unauthorized trading activities for over a year without detection. Even when the price of Nikkei futures contracts kept falling sharply, the bank placed too much reliance on Leeson and still wired him $1 billion to continue his trading. If the Bank implements well-divided job allocation, and the entire employee take seriously of their responsibility and report to the senior management systematically and authentically. Simultaneously, a series of integrated supervision function should be adopted to audit and regulate the whole operations of the internal management. For example, the bank should set up an independent group of auditors to check the balance sheet issued by the accounting department regularly and also, the members of that group should be substituted after a certain period. Besides, financial derivatives constitute an important part of portfolio executed in banks, financial institutes and Security companies, it is necessary for the management to understand the operations of all the instrument. And also the risk-control measures should be set up for all the trading activities, for example, the limits of the open interest, the limits for the arbitrage activities, exposure rules and so on. Finally, the Bank should develop extensive investment portfolio to distract risk.

Conclusion

The main conclusion in British report is pointed to failure of management to understand and detect activities being conducted within the group

The collapse was brought about by the unauthorized trading activities within BFS-one overseas subsidiary within a large group but whose activities accumulated losses of around 80 million pounds and caused the ultimate parent company, Barings plc, to be placed in administration. The collapse of Barings is an illustration of how a viable and prosperous group can, in circumstances where controls are ineffective, be brought down by unauthorized activities within one of its subsidiary operations.

From the case of Barings, we can realize how important for the parent company to understand and control the operations of its subsidiary company.

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Childbearing Controversy Abortion in America In the past twenty years, abortion rates have climbed significantly. More and more women are exercising their choice, and with it their rights, to have what has become the most common surgical procedure American women undergo (Tompkins 145). The simple operation is undertaken by one out of every five women over the age of 15, a quarter of which are teenagers. These 1.6 million women come from many disparate backgrounds, from all races, creeds, and classes, but they share one common trait for one reason or another, they feel unready for the burdens of motherhood. This bucking of the tradition of becoming a wife and mother alarms many conservatives, and so, as has any issue of import, abortion has become a highly political and emotionally charged topic. But though it is extremely controversial, when one takes into account the social, medical, and legal aspects it is strikingly apparent that women need the right to personally choose to have an abortion. Abortion became an outrage in this country only after the Civil War. It was then that the American Medical Association, seeking to bolster the authority of physicians over that of midwives, pushed for anti-abortion legislation to limit outside consultation (Garrett 18). Up to this point, abortion had been legal up until "quickening", or the first signs of movement in the womb (Lader 1). Nearly all state courts in the early to mid-nineteenth century had upheld this view that abortion with the woman's consent was not punishable by law. Far from the intended effect of increasing confidence in medical authority, however, the prohibition of abortion led many women to back-alley quacks, putting their lives in mortal peril from these homeopathic "surgeons". By seeking to reinforce their political standing, the AMA was actually endangering lives. Endangering the mother's life, however, seemed to be entirely acceptable to the so-called "moral majority". Right-wingers took up the anti-abortion flag in God's name, claiming the sanctity of life as their mantra. Pope Pius IX joined the fray as an outspoken critic of the procedure, a vocal foil to the necessarily silent sufferers. In 186 he issued his famous decree of the church's position, outlining their point of view condemning abortion. Their arguments hinged on three points of religious interpretation. First, and most weighty, that the fetus is a person and contains a soul. The Roman Catholic Church was a bit muddled on this point, as the official standpoint from the church's very inception up until the decree was that the fetus was not a person until late in the gestational cycle (Tompkins 145). Peter Singer also argues, "The life of a fetus is of no greater value than the life of a nonhuman animal at a similar level of rationality, self-consciousness, awareness, capacity to feel, etc." In addition, Singer infers that potential for rationality and the like is of no consequence in this view (Wennberg 8). Second, that because it contains a soul, it is a sin to destroy it. Third, that the conception of a child is contingent upon divine intervention and is therefore sacred, and humans should have no authority in the matter. Catholic priest George Patterson debunks this theory "Free will is only free within a divine framework. There would be no way to abort a pregnancy if God didn't allow it. (Furthermore) life is a gift of God, but conception is not a result of direct intervention. It is a human act (and) we have to take responsibility for that. And there may be times when responsibility involves terminating pregnancy" (Rosenblatt 168). Another point often overlooked in these proceedings was that the mother was often imperiled herself, through an inability to care for both herself and the child she carried, but the mission of the church was to stop the killing of "innocents", not of the sinners who would even consider the horror of abortion. Adding to the chaos surrounding abortion was the legal aspect. The United States does not constitutionally outlaw anything based on purely religious reasoning. Separation of church and state is guaranteed in the 1st Amendment, and Minister Mary Louise Smith concurs, "it is a religious issue, (and) that argues for leaving the thing alone entirely" (Rosenblatt 17). Many fanatics, as those mentioned above, do not understand the medical, psychological, or emotional aspects of abortion and are merely incensed by the idea. It is imprudent to continue any discussion of abortion without a full and comprehensive knowledge of what it entails. There are many different methods of aborting a pregnancy, though only two are widely used in the United States. The first is dilation and curettage, a simple procedure in which the surgeon cuts the fetal tissue away from the uterine lining. This accounts for most late-term (1th and 1th week) abortions. The second is vacuum aspiration, a more modern technique which uses medication to soften the fetal tissue, allowing the uterus to be emptied by small suction implements (Costa 50). Both procedures can be done in half an hour, and both share a high success rate with few complications. The most common side effect is heavy blood flow for a couple of days after the operation. Both, however, are also extremely invasive, and require a modicum of trust between doctor and patient. The answer to those wanting a more private, personal method seems to be in the form of a pill RU486. RU486 works by inhibiting progesterone production, causing the uterus to slough off its fertile lining. Also, without progesterone, the production of prostaglandins increases, softening the cervix and causing uterine contractions, facilitating the dislodging and expulsion of the embryo (Costa 114). Women who used the pill found it to be more comfortable, with no pain and little discomfort. Side effects are extremely limited, and the entire operation can be accomplished at home, with no need for a doctor. Use of RU486 allows a sense of responsibility and capability, and most patients were pleased with the results. This French pharmaceutical has long been the means of choice with doctors in Europe, and has been extensively tested and proved. Even the U.S. Food and Drug Administration, after reviewing thousands of trials, unofficially gave the pill its highest rating. But anti-abortion advocates denounce the drug, as it makes abortion a private matter, removing much of the need for public abortion clinics whose workers and patients can be targeted (Lader 8). So, with abortion arguments in America still at fevered pitch, the manufacturers have yet to apply for FDA approval. It is appropriate for religion and science to be at odds, and yet again conservative politicians fueled by unreasonable constituents block the entry of abortion pills and techniques into American hospitals. Even worse, funding that could be going to help distressed women is being diverted for fear of losing votes. Yet these legal battles, having begun in the mid-nineteenth century, are nothing new. The modern era of abortion-centered debate began with the Burger Court. The Supreme Court heard two cases in 17 crucial to the movement for abortion rights. The first was Doe v. Bolton, concerning a Georgia anti-abortion law. In this case the majority decided for the plaintiff, establishing a right to personal privacy in such matters. The right to personal liberty guaranteed by the 14th Amendment was also cited in the court's decision (Goode 171). Overshadowed by the later Roe v. Wade, Doe laid the groundwork for abortion rights. It is interesting to notice that both this decision and the later Roe's had a precedent in contraceptive rights. A Pennsylvania case involving a health clinic handing out free condoms and diaphragms (at that time all contraceptive devices were outlawed by state statute) was found for the clinic, as the Supreme Court decided "the state has no compelling interest in violating a couple's right to privacy" by dictating what they do about contraception in their own home (Garrett 16). Both precedents were crucial to the most famous abortion case in history, Roe v. Wade. In 170, a young Texas woman sought to challenge the Constitutionality of an existing Texas statute outlawing abortions. After three years of appeals, the case ended up in the Supreme Court and became one of the longest and most controversial in history. The 7- majority decision upheld the earlier district court ruling, namely, that the law was unconstitutional on the basis of violating the th and 14th Amendments' guarantees of personal liberty and privacy (Tompkins 1). The Berger Court did much more than that, though it set up guidelines for existing and future abortion laws. According to the findings of the court, abortion was completely legal in the first two trimesters of pregnancy, although it could be regulated in the second trimester to protect the health of the mother. In the third trimester, when the fetus could theoretically survive outside the mother's womb, protection of embryonic life became the state's compelling interest and legislation on abortion could be enacted at the state's discretion (Goode 17). The state's interest in the embryo, however, is questionable at best. Lawrence Lader clarifies, "the concept… is that once a fetus is viable, the state can appropriate a woman's body and submit her to criminal and civil liability for any accidental harm... This trend toward control by the state of a woman's reproductive life accentuates the need for privacy" (1). Tricia Andreyszewski concurs, "on the same grounds, would it be reasonable to prohibit all pregnant women from drinking and smoking? Should they be legally compelled to take vitamins and see a doctor regularly?" (75). The court's ruling in Roe could be foretold as a natural extension of women's rights. As early as 16 the Students for a Democratic Society's (SDS) National Council in Austin concluded "women could not truly direct their own lives, control their physical and psychological health, or make education and career plans if they could not control the number and frequency of their pregnancies" (Tompkins 0). The civil rights guaranteed by this and subsequent cases are many the rights to privacy and choice, the right of a married woman to end a pregnancy without her husband's consent, the right of a teenager to keep an abortion secret from her parents, and the ability for abortion clinics to be paid for through state funds (Andreyszewski 4). The Supreme Court in Roe also cleared up one legal point because people trained in medicine, philosophy, and theology could not reach a consensus on when life begins or what defines personhood, the Court also shied away from these issues, except to determine that the concept of "personhood" as used in the 14th amendment did not apply to the unborn (Terkel ). All of these revolutionary decisions met with a mixture of relief from civil rights activists and shock from the right wing. Abortion clinics, the new bastions of freedom, were soon awash in a rising tide of backlash. Pro-lifers, as anti-abortion advocates now called themselves, surrounded and formed human walls around clinics to embarrass and keep away consulted women. Despite this opposition, the number of facilities offering abortion options grew tremendously until the Reagan-Bush era, when conservative politics crushed financial support and sought to nullify those rights guaranteed by Roe. Today, due mostly to pressure from anti-abortion groups, nine out of ten counties have no facilities that provide abortion services (Costa 8). In a 187 Supreme Court case on abortion, George Bush even sent in United States lawyers to argue against the decision and ask to repeal Roe v. Wade (Tompkins 11). Luckily for civil rights, the bench valued Constitutionality over partisan politics. States will not be allowed to make abortion illegal again. Legal and physical barriers were not the only lanes conservatives took; the conflict frequently escalated into violence. From peaceful protests and sit-ins outside abortion clinics grew the threatening phone calls and bomb threats (real and fictitious) that hound pro-choice doctors to this day (Andreyszewski 1). Militant church groups have even slaughtered whole clinics full of doctors, nurses, and frightened women. Terrorism and fanaticism does not apply only to the Middle East. Why are these people so passionate about what should be a non-issue? To quote Roger Rosenblatt, "the woman who does not wish to become a wife or mother is an implicit threat to "normal" society… the vehemence with which pro-life advocates attack pro-choice women is, I believe, connected to that feeling of threat"(1). Since 186, attitudes have not changed much in the conservative viewpoint. Emotions are still highly charged and rights are still only begrudged to women, and whole congregations have taken various routes to ending abortion. Some groups contend through legal avenues, some through obstruction, and some through outright terrorist tactics. Bombings and threats have permeated the walls of abortion clinics nationwide, as fanatical purists vow to kill to stop the killing. Irony seems to be lost on the religious. As comedian George Carlin once remarked, "What is murdering a doctor if not abortion in the sixtieth trimester?" Dennis Miller summed up the dangers of vigilantism in a rant against the so-called "Religious Right" "Im sorry, you just dont go shooting doctors. If a judgments to be made, God gets to make it. Not you. Him. You are Barney Fife. Keep your bullet in your shirt pocket." Rights and lives are being threatened every day by these conservatives. Fervent debate racks the brains of the scholar, the lawyer, the priest, and the layman. Yet all of this heartache boils down not to a social, not to a medical, not even to a legal or spiritual issue, but to a human one the choice to have an abortion should lie only within the person having it. Works Cited Andreyszewski, Tricia. Abortion Rights, Options, and Choices. Brookfield Millbrook P, 16. Costa, Marie, ed. Abortion A Reference Handbook. Santa Barbara ABC-CLIO, 17. Garrett, Major, and Penny, Timothy J. The 15 Biggest Lies in Politics. New York St. Martin's Griffin, 18. Goode, Stephen. The Controversial Court. New York Messner, 18. Lader, Lawrence. RU486. Reading Addison-Wesley, 15. Roleff, Tamara L. Abortion Opposing Viewpoints. San Diego Greenhaven P, 17. Rosenblatt, Roger. Life Itself Abortion in the American Mind. New York Random House, 17. Terkel, Susan N. Abortion Facing the Issues. New York Franklin Watts, 18. Tompkins, Nancy. Roe v. Wade The Fight Over Life and Liberty. Danbury Franklin Watts, 16. Wennburg, Robert N. Life in the Balance. Grand Rapids William B. Eerdmans, 15.

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