DOCSLIB.ORG

Maple Leaves

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Maple Leaves 313 MAPLE LEAVES Journal of THE CANADIAN PHILATELIC SOCIETY OF GREAT BRITAIN INCORPORATED 1946 Founder: A. E. Stephenson, F.C.P.S. Edited by L. F. Gillam, F.C.P.S. 66, East Baw•try Road, Rotherham, Yorkshire Opinions expressed in the various articles in this journal are those of the writers and are not necessarily endorsed by the Society Published Every Second Month by the Canadian Philatelic Society of Great Britain Issued Free to Members Additional copies, 3/6 each Vol. 12 No. 12 August, 1969 Whole No. 120 EDITORIAL Whither philately? 'Philately is all-embracing: straight forward collecting, specialisation, thematices, postal history and sundry byways combine effectively to place philately on a sure, permanent foundation,' states a contemporary, and so say all of its, or perhaps not quite all. A contributor in the same journal and in the same issue voices an opinion that all is not quite as well as the confident assertions of his editor would make out. According to him stamp collecting at the moment is off colour, needing aspirins and minor surgery. Soon the symptoms will need strong drugs and a major operation and if we still ignore the signs we will find ourselves conducting a post mortem.' You pay your money and you take your choice and if you choose to endorse the jeremiad undoubtedly you are one of the many who deplore the flood of unecessary new issues, the manufactured `varieties', the proliferation of first day covers, stamp accumulation for investment, the unmounted mint mania and fly speck hunting. To you `birds with no legs' are singularly unattractive and the trepanning of the Queen's head is nothing less than lese-majesty. You are a Simon Pure and collect Canada, Mint AND used, of course, especially those Diamond Jubilees. Even now you can remember how your enthusiasm for that missing top value carried you away and emptied your pocket in that crowded auction room just after the war. A `snip' it was indeed, even then at only £10 and with not a sign of a mount to disturb 314 the pristine purity of the somewhat jaundiced gum which SO took your fancy when you first examined it. And those 'small queens' of yours, especially the three 'imperforated between' pairs that chance has thrown your way, hots lovingly you moon- ted them, reckoning not the cost! Of course you have no idea what they are worth today, or have you? Farlev's folly or no you are not dubious about them! No collection of Canada, it goes' without saying, is the worst for it few covers and infinitely better if they happen to he 'earlies.' Certainly that first page of yours is one that you dote (and gloat) upon so often. That beaver was certainly cancelled right 'on the nose' the tail and the bits in between. But look at the date stamp! You will remember your favourite dealer drawing your attention to it, oh so casually. Only sixteen (lays after issue, he explained. It must be laid paper, of course, and cert- ainly worth the modest premium lie asked. You thought so too did you not? You would not exchange that for all the weeping princesses and cock-eyed Kings in the world. You have those 'for completion' naturally. After all you could hardly boast of all George V otherwise, could you? In fact there is very little, perhaps, Canada wise, that you dear Simon Pure have not accumulated in your time, outside the millionaire range. Perhaps you do not know, or do not choose to know that those beautiful Diamond Jubilees represented the biggest philatelic racket of the nine- teenth century with all the ingredients of post office inspired philatelic jobbery at its worst-conditional sales of certain values, restricted print- ing, 'unnecessary' values et al. Those were the days! But after 70 years and more they have acquired the respectability that comes with age and their disreputability is forgotten conveniently. Those who decry so many of the trends of modern philately forget the shady episodes of the past (and they were legion), and conveniently over- look the fact that modern 'wallpaper' is manufactured to meet a demand. 'Varieties' exist because some collectors have a pathological obsession for them and if they later burn their fingers they will not be able to say that they were not warned. If some 'stamp investors' make a handsome profit and conveniently overlook the fact that in an inflationary situation and with an apparently irreversible decline in money values their 'profit' is more notional than actual, they deceive no one hilt themselves. No one has to collect anything he does not wish to and if mistakes are made through ignorance this is even less an excuse than normally. Stamp collectors al- most certainly are better served with responsible and informed advice than most hobbyists; those who 'don't want to know' have no excuse when disappointment or disillusionment overtakes them. Exhibition/Convention . Are you preparing all entry? An official entry form, with details of classes, etc., is enclosed with this issue of Maple Lea res. Hotel Bookings . If you wish to attend Convention and have not yet booked, please submit your requirements as soon as possible-official hooking form enclosed with this issue of Maple Leaves. Lugl^ ^ panwr^+ a1ii,hlPip ,'iq!PI"d IIRVI I I!I I,ll^^ww 1 ,If11MMIAfg1VINII I IIIMIpi'quirI i i µi 315 presideot's message The programme for Convention has now been completed and you will find a copy included in this issue of Maple Leaves. To those members who have already booked, I would say that I hope you will consider the programme to be varied and interesting, and to those members who have not booked, perhaps you might give further thought to attending Con- vention. Hotel booking form is enclosed-please let me have bookings as soon as possible, as I am expecting the management to withdraw un- booked rooms from my allocation during this month. Please give further thought to the Convention Exhibition /Competition and note that the closing date for entry forms is 30th August 1969. You will be pleased to learn that, after a slow initial response, a satis- factory number of lots have been received for the Convention Auction. May I thank members who have given their support, and ask members who are not attending the Convention, to use the postal viewing facilities which will be available after the catalogue has been issued. I was delighted to see in June Maple Leaves that twelve new members had joined the Society, and would thank members and contact members for their efforts. I recently received a most interesting letter from John Wannerton, one of our members residing in South Africa, giving details of philately in that country and it was pleasing to learn that, although small in number, the members of the C.P.S. of G.B. are very active. At the time of writing, I have just returned from the Philatelic Congress of Great Britain held in Bristol and first of all wish to tell you that two of our members, Mr. J. C. Cartwright; R.D.P., F.C.P.S., and Mr. F. Walker, have been made honorary Life Members of Congress. This is the first time this honour has been awarded and I am sure that we should all feel very proud that these two gentlemen are members of this Society. Finally I wish to thank those members who attended the two study circles at Congress, and in particular those who provided material, wh n we saw the small queens issues, and BNA cancellations. We missed Major L. C. Cohen (734), who was to have attended as one of the delegates for this Society, but was unfortunately not able to do so owing to ill health. Major Cohen has attended most of the Canadian study circles held at recent Congresses, and I sincerely hope that he will soon feel much better. ERIC BIELBY 316 The First Decimal Issue by G. Whitworth, F.R.P.S.L. A Winter Route to New Brunswick A letter from Woodstock, C. W. to Har-iey, N. B. dated ja 19 1864. During the winter nulnths the overland mail for New Brunswick and Nova Scotia had to he transported by railway, stage coach and carrier. There was no direct rail connection from Montreal and this cover illustrates one of the routes taken to get the mail through. The information on the cover in the form of hackstamps confirms the description of the hazarduous journey as given in `The Postal History of Nova Scotia and New Brunswick' by Jephcott, Greene and Young. The letter was posted at Woodstock, C.W. on the 19th January 1864 and was sent by rail to Montreal where the first backstamp was applied. This is dated Ja 22 1864 which is rattier a long tinge for this journey. Here the mail would be sorted and sent on the next part of its journey by rail to Quebec where the second backstarnp, dated ja 23 1864, was added. From Quebec the mail left for Lake Temiscouta, a distance of 150 miles, being carried on a light carriage where the road was passable. When the ice and snow conditions became too bad the freight was strapped on to a sleigh and towed on the track or over the ice of the frozen rivers. This leg of the trip was scheduled to take 40 Hours. Between Lake Temiscouta and Grand Falls the qq 1 ^1►11gPd^^I M^I/^M^I if M IIi1rilfi Jill[ I'4'r VolI 'I j lr IIII ICI ^t^N^u 4U II T T 1111111, 1^'^^^^ 111.
Load more

Recommended publications
  • THE ATLANTA CONSTITUT '' SERVICE Dauy and Sunday, Carrier Delivery, Is Ceata Weekly
    ASSOCIATED STANDARD SOUTHERN PRESS NEWSPAPER THE ATLANTA CONSTITUT '' SERVICE DaUy and Sunday, carrier delivery, is ceata weekly. VoL XI/VTL-^No. 229. TLASTTA, GA., , SATUBDAT , JANUARY so, 1915.— FOURTEEN PAGES. Single conic* om toe BtrcetB «md mt aemutaBda. B eeata, Era of Prosperity LOCATION OF GERMAN AlRSHlt* STATIONS FROM WHICH RAIDS CAN BE CONDUCTED Russia Admits Repulse Dawning, Says Wilson; In Carpathian fight; Business Is Now free e On Henceforth Enterprise ^ v Not Be Checkedv , Asserts ROCKEFELLER, )R., Czar's Forces Battling Hard President, and Business in Endeavor to Pierce Not Suspected Simply Be- Through to cause It's Big. " ""' " T^ogress* UNCERTAINTIES REMOVED, LEGISLATION OVER WITH, HAAS IELLS COURT GERMANS DEFEATED > His Philanthropy Never Ex- PROGRESS CAN BE MADE IN ATTEMPT TO CROSS tends to Starving Em- Shows Checks for $500 and AISNE, ASSERTS PARIS ployees in Colorado, De- "Rules of the Game" Are for. $1,000 Givfirt-ftepresen- clares Official of the Mine tativesvfor "V^|||&j>one in Laid Down f of Business in Illaly Preparing for Worst. Workers. 'the Frank>-^^^ Address Before American £Royal Decree Calls VMore "Electric Railway Associa- Soldiers\ to Colors-^TurrvS SAYS THOUSANDS WISH JIM CONLEY ON tion. THEY WERE IN BELGIUM This map' shams in birdseye •d'iew .successfully sent Zeppelins, apparently sen wit/hi aferppla.nes. The1 location of Are Advancing, Cairo Re- iorm the airship situation as far as from Ouamaven or Ayilhelmshaven, to the many 'German airship stations in FQR JUST FIVE MINUTES Yarmouth ; and other toivns within ; a Germany amd Belgium v! from • which v Washington, January 29.--Another the invasion, of England and France hundred miles from Eondon,.
    [Show full text]
  • RCNA Planchet.Indd
    N IO IT ON D 2009PE A SPECIALS RCNARCN CONVENTION EDITION VOL 56. ISSUE 7 August 2009 $4.25 Edmonton RCNA Convention Kicks off As hundreds of convention attendees until the late 1990’s. By 1981 West ood into Edmonton, it is only tting Edmonton Mall the world’s largest that we look back on the history of mall of the time, opened its doors this beautiful city. Anthony Henday, to the public making Edmonton a an explorer hired by the Hudson’s hotspot for tourists from around Bay Company, is thought to be the world. In 1987, an F4 tornado the rst European to set foot in the swept thru Edmonton killing and Edmonton Area in 1754. By 1795 injuring dozens of people. According Fort Edmonton was established to then mayor, Laurence Decore, to facilitate fur trading with the Edmonton’s response showed it to be aboriginal peoples. The name of the a true “City of Champions”. In the This Issue fort was chosen after Edmonton, last decade Edmonton has become England, the home town of the HBC Canada’s economic engine with Anatomy of a Medal governor, Sir James Winter Lake. The many of its residents working in the On L.S.D. rich land and economic prosperity in booming oil sector. Canadian Coin History the region drew many settlers, and in The rst CNA convention to be 1904 Edmonton was incorporated as held in the city took place in 1979, Tax Time a city with a population of 8,350. In then under the Edmonton Coin Club.
    [Show full text]
  • Atlanta-Constitution
    THE TOE ST ItfBARJD STANDARD SOVTHERff SOUTHERN NEWSPAPER THE ATLANTA CONSTITUTION NEVTSPAPER\ Dally Md S»n««3>, carrier delivery, 12 cent* weekly. Vol. XLVIL—^o. 190. ATLANTA, TUESDAY MOKNIN0, DECEMBER 22, 1914. —SIXTEEN PAGE& Sburlf eoplea on tfce »t»e««» and at aemnrtand*, 0 eeata. ZEPPELIN SHEDS 9 -n HAIL OF BULLETS SET ON FIRE BY ILL ACT This Russian Princess Only Woman Fighting Fierce in West ALLIED AVIATORS Aviator in ^Actual Service in War Fl London, December Sa.—(3:35 a m.)— As Allies Press Germans A Dunkirk dispatch to The Daily Mail says that aviators of the allies visited Brussels and dropped bombs on th« All Along Battle Front Zeppelin sheds, Which were set afire. AT MEETING TODAY In a nisrht raid the airmen of the allies flew from Dunkirk over the German coast positions and dropped twelve French (Official Statement Mrs. Fair Dodd's Alarm bombs, doing considerable damage. Advocates of the Proposed v Claims Advance on Entire Results in the Capture of They returned in safety. \ Election Are ^ Confident Line, But Germans Also Alleged Turkey Thief by That Necessary Steps Will Claim Victories in This Be Taken This Afternoon. Captain Si Donaldson. ALEXANDER Section and the Capture of Prisoners. ROBBERIES CONTINUE » MAYSON MAKES DRAFT Prohibition Measure, Voted DESPITE NEW PATROL E OF HORSEY OF BOND ORDINANCE On in House Today, Ex- pected to Lack Necessary RUSSIANS MAKING Frank Attorney Leaves for DETERMINED STAND Supernumeraries Are In- Estimated Atlanta's School Two-Thirds Vote. Washington to Make Ef- IN WARSAW ATTACK formed That Their Jobs Pfqperty Is Worth $1,716,- fort There to Secure Su- By John Corrigan, Jr.
    [Show full text]
  • Stitutiqn Associated
    'n ** t??f ASSOCIATED STANDARD SOUTHERN PRESS NEWSPAPER THE ATLANTA STITUTIQN SERVICE Dally «*<* Su»«»y, carrier delivery. J2 cf»tn »r*e«Uy. Vol., XLVH.-TNo. 253. ATLANTA, GA., TUESDAY MORN^Te, PEBBUABY 23, 1915.—TWELVE PA&ES. £!•*!« eautea «• the Mreete amd at ne«nHt»BdB, B ceMte. WHERE MERCHANT SHIPS HAVE BEEN SUNK AROUND BRITAIN TRAFFIC BLOCKED AND THE DISTANCES TO THE GERMAN SUBMARINE BASES NO FREE PASSES , Calais Is Bombarded INSPECTORS FORJETP/ES By Zeppelin Airship Decreasing Revenue Forces ARE "LOCKED OUT' Street Car Company to Retrenchment, Says Presi- And Civilians Killed If Demands of Carmen' dent Arkwright. Union Are Not Granted a Bombs Were Dropped Preston S Arkwright, president of Sympathetic Strike of Rail- the y Georgia Bailway and Power com- on French Port by German pany, • told the city's street railway Air Raider, But the Ma- road Men May Be Called committee Monday afternoon, in ex- v planation of the street car company's terial Damage Was Unim- refusal to issue free ride passes to cits DISCHARGE OF ONE MAN detectives, that decreasing revenue and portant. a policy of retrenchment caused the .1 CAUSE OF THE TROUBLE directors to abolish the 900,000V free passes issued annually. i President Arkwright informed the GERMANS SHELL RHEIMS; committee that, despite the, fact that MANY CIVILIANS KILLED Labbr Representatives Say the free list (his been absolutely abol- Submarine War Inaugurated ished, and despite the further fact that That He Was Let Out Be- every employee of the company, from by the Kaiser to Influence \ cause He Declined to With- the president to the humblest office Gai^ns for the Anglo-French hoy, must now pay a nickel or wal'k Policies of tfie Allies in draw HisCa^d From Union the company loses'about $50,000 a year Forces Are Claimed at toy allowing- policemen, firemen and Regard to Contraband.
    [Show full text]
  • A Bitcoin Standard: Lessons from the Gold Standard
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Weber, Warren E. Working Paper A Bitcoin standard: Lessons from the gold standard Bank of Canada Staff Working Paper, No. 2016-14 Provided in Cooperation with: Bank of Canada, Ottawa Suggested Citation: Weber, Warren E. (2016) : A Bitcoin standard: Lessons from the gold standard, Bank of Canada Staff Working Paper, No. 2016-14, Bank of Canada, Ottawa This Version is available at: http://hdl.handle.net/10419/148121 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu Staff Working Paper/Document de travail du personnel 2016-14 A Bitcoin Standard: Lessons from the Gold Standard by Warren E. Weber Bank of Canada staff working papers provide a forum for staff to publish work-in-progress research independently from the Bank’s Governing Council.
    [Show full text]
  • SCHOOL COLOURS Comprehension Questions 1. What Does Arthur Kent
    PROGRAMNR 51465/Tv1 MAN ALIVE: SCHOOL COLOURS Comprehension questions 1. What does Arthur Kent say about teenagers today? 2. How many countries are represented at Kipling collegiate? 3. Which four cultural groups were involved in the violence in September? 4. Who is Kim Robinson? 5. How did the administration respond: aggressively or thoughtfully? 6. What are Kim Robinson and her colleagues trying to teach the students? 7. What does Tyson think is the biggest problem facing the students? 8. What does Kasera want to be when she leaves school? 9. What is Sue most worried about? 10. Why are the staff out in the corridors? Students discuss their answers in groups after the programme. Give each group one of the following questions to discuss and feed back to the whole class. 1. What do you think caused the violence at Kipling Collegiate? 2. What do you think about the school’s method of dealing with the violence? Writing Task 1. Have you, or someone you know, ever experienced racial or gang violence in your school or neighbourhood? Write an account of what happened, giving details of when and where, what you did and how your parents and teachers reacted (and perhaps how they should have reacted). 2. You have been asked by an anti-racism organisation to design a website that will appeal to people of your school year. The homepage is to contain an outline of the problem and what the organisation intends to do to help solve it. Write the page. Canada Quiz 1) The capital of Canada is: A) Montreal B) Ottowa C) Toronto 2) The population is: A) 28.2 million B) 35.3 million C) 50.0 million 3) The official languages are: A) French and Spanish B) Spanish and English C) English and French 4) The currency of Canada is: A) The Canadian pound B) The Canadian dollar C: The Canadian crown 5) The colours of Canada’s flag are: A) Red and white B) Red, white and blue C) Blue and white 6) The symbol on the Canadian flag is: A) An oak leaf B) Moon and stars C) A maple leaf 7) Canada’s longest river is: A) The St.
    [Show full text]
  • Official Journal of the British North America Philatelic Society Ltd
    Vol. 50, No. 3 MAY-JUNE 1993 Whole No. 455 5¢ RLS OVERSEAS COVERS D D OFFICIAL JOURNAL OF THE BRITISH NORTH AMERICA PHILATELIC SOCIETY LTD. We buy and sell all of the above, from single items to large collections. Please contact us whenever you feel that we may assist. Our experience and facilities are always at your disposal. GEORGE S. WEGG LTD. 53 Adelaide Street E.ast, TORONTO - CANADA MSC 1 K6 Tetep"one (416) 363-1596 TRADE INQUIRIES WELCOME PUBLIC STAMP AUCTION NEXT AUCTION • SUMMER 1993 JIMHENNOK Licensed Auctioneer Will Sell at Public Auction Without Reserve CANADA, NEWFOUNDLAND & PROVINCES British Commonwealth & Foreign FEATURING A large selection of better Canada, Postal History and British Commonwealth TO BE HELD IN OUR AUCTION GALLERIES FREE INTRODUCTO RY CATALOGUE 185 Queen East Toronto, Ontario JIM A. HENNOK IJO. Canada MSA 152 Tel: (416) 363-n57 BNA TOPICS I MAY-JUNE 1993 / 1 JSSN 0045 · 3 I 29 m(illffi TOPICS OFFICIAL JOURNAL OF THE BRITISH NORTH AMERICA PHILATEUC SOCIETY LTD. VOL. 50, NO. 3 MAY-JUNE 1993 WHOLE NO. 455 CONTENTS BUSINESS Editorial Page . 3 The President's Corner . • . 5 BNAPEX '93 -Toronto, Ontario . 6 SNAPS Study Group Meetings -Toronto '93 .......... ...................• . 9 Ambassadors and Speakers Bureau . • • . • . • 12 Calendar . • . • . • . • . 43 Information for Members . 47 From The Secretary . • . 52 Classified .• . ...•........•..••...... .................. : . 56 COLUMNS The RPO Cowcatcher .... ... .• . .............. .... William G. Robinson 14 Study Group Excerpts - The R.P.O. Newsletter . William G. Robinson 33 Dealer Doings/Auction Action . VIc Willson 44 The Study Group Centerline .................... .. ... .... Peter McCarthy 48 ARTICLES 5¢ RLS Overseas Covers . George B. Arfl<en 18 Kiusalas Gauge Measurements .
    [Show full text]
  • EU025 269517 Cover.Indd
    Putnam World Trust 31 | 12 | 14 Semi-annual report Report and unaudited fi nancial statements for the period ended 31 December 2014. An Umbrella Unit Trust authorised by the Central Bank of Ireland and established as an undertaking for collective investment in transferable securities pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended), (the “Regulations”). Table of contents Contents Page Contents Page Background to the Trust 3 Notes to the Financial Statements 133 Investment Objectives 4 Schedule of Portfolio Changes Policies 5 Putnam Asia Pacific (Ex-Japan) Equity Fund 155 Investment Manager’s Report 6 Putnam Emerging Markets Equity Fund 156 Total Expense Ratio (“TER”) 16 Putnam Global Core Equity Fund 157 Portfolio Turnover Rate (“PTR”) 16 Putnam Global Fixed Income Alpha Fund S2 158 Schedule of Investments Putnam Global High Yield Bond Fund 159 Putnam Asia Pacific (Ex-Japan) Equity Fund 17 Putnam Total Return Fund 160 Putnam Emerging Markets Equity Fund 20 Putnam U.S. Large Cap Growth Fund 161 Putnam Global Core Equity Fund 24 Important Information for Investors in Germany 162 Putnam Global Fixed Income Alpha Fund S2 29 Organisation 163 Putnam Global High Yield Bond Fund 60 Putnam Total Return Fund 74 Putnam U.S. Large Cap Growth Fund 111 Profit and Loss Account 115 Balance Sheet 122 Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders 130 This Report includes, inter alia, information in relation to Putnam Asia Pacific (Ex-Japan) Equity Fund, Putnam Emerging Markets Equity Fund and Putnam Global Core Equity Fund. These Funds have not been registered for distribution with the German Financial Regulator (the BaFin) pursuant to section 310 of the German Capital Investment Act (nor does their distribution benefit from the transitional rules under section 355 German Capital Investment Act) and Units in those Funds will not be marketed to investors within Germany.
    [Show full text]
  • Propose Reserve Currency Table – for PDF Copy
    WORLD NATION INTERNATIONAL CURRENCIES IN THE WORLD World Nation International Currencies or WNIC is a program and project of having an International Currencies of our Nations in the world. WNIC his purpose is to propose the additional currencies as also a second national and international currencies of each nations in the world. Aside of second national currencies it also propose to be the reserve currencies of each nations in the world and to promote to be a solution and support in the economic crisis of each nations involving and relating to the currencies services and issues. The Basic and Official names use and been hold of World Nation International Currencies, currencies program or the name that use by the world nation international currencies is came from the Nations or Nationality after his reserve currencies use. Like in Nation of Philippine: The “Philippine Dollars” will the basic and official names of World Nation International Currencies propose in the Philippine as Dollar currency will be the reserve currency of Philippine Nation and in Japan if we going to use the reserve currency of Dollar or Piso it will have a basic and officially name of Japanese Dollar or Japanese Piso as propose WNIC Currency. World Nation International Currencies or WNIC as starting of the program only use some of the reserve currencies name that will be included in the proposal and this is the currencies of: Dollar, Piso (Peso), Pound, Euro, Franc, Dinar, Rial, as we following the currencies that has a top rated in the world and other is study for consideration.
    [Show full text]
  • The Pennsylvania State University Schreyer Honors College
    THE PENNSYLVANIA STATE UNIVERSITY SCHREYER HONORS COLLEGE DEPARTMENT OF FINANCE AND THE SMEAL COLLEGE OF BUSINESS A STATISTICAL ANALYSIS OF INTERNATIONAL EXCHANGE RATE FORMULAS DAVID PESLAK SUMMER 2011 A thesis submitted in partial fulfillment of the requirements for a baccalaureate degree in Finance with interdisciplinary honors in Finance and International Business Reviewed and approved* by the following: Laura Field Associate Professor of Finance Thesis Supervisor Terrence Guay Clinical Associate Professor of International Business Honors Adviser James Miles Professor of Finance Honors Adviser *Signatures are on file in the Schreyer Honors College. ABSTRACT This research thesis analyzes four important international financial exchange rate formulas. Interest Rate Parity, Covered Interest Arbitrage, Uncovered Interest Arbitrage, and Purchasing Power Parity will be tested by statistically analyzing their exchange rates from Bloomberg over the course of the last twenty years. In theory, Interest Rate Parity should hold at all times. If IRP does not hold, there is a potential for significant arbitrage. In this case, the theories of Covered Interest Arbitrage and Uncovered Interest Arbitrage will be examined. In addition to these, Purchasing Power Parity will also be tested to see if it can determine the appropriate change in exchange rates based on the price of a basket of goods. Overall, the international financial formulas that were tested, for the most part, held true over the course of time. The greatest deviations were seen in the calculations of Uncovered Interest Arbitrage. This result was expected because Uncovered Interest Arbitrage has significant currency risk. Uncovered Interest Arbitrage does not lock in its potential profit with a forward rate, so its value is subject to the fluctuating spot exchange rates.
    [Show full text]
  • A Bitcoin Standard: Lessons from the Gold Standard∗
    A Bitcoin Standard: Lessons from the Gold Standard∗ Warren E. Weber October 2015 Abstract This paper imagines a world in which countries are on the bitcoin standard, mon- etary system in which all media of exchange are or are backed by the cryptocurrency bitcoin. It examines the lessons from the \Classical Gold Standard" period, 1880-1914, for the bitcoin standard. The paper describes the \rules of the game" that countries on the gold standard were supposed to follow. It shows how gold points permitted countries to follow interest rate policies, and it argues that monetary authorities could act as lenders of last resort because of their ability to issue fiduciary currencies. It finds that under the gold standard price levels tended to move together and there was little inflation over the period studied. It also finds that exchange rates were relatively stable and that there was good real output growth. The paper argues that because virtually no transactions costs for international transactions, countries could not follow interest rate policies under the bitcoin standard, although they would still have limited ability to act as lenders of last resort. Based on this experience during the Classical Gold Standard period, the paper conjectures that there would be mild deflation, low nominal interest rates, fixed exchange rates, and good output growth under the bitcoin standard. Keywords: gold standard, cryptocurrency, bitcoin ∗Visiting Scholar, Bank of Canada; Visiting Scholar, Federal Reserve Bank of Atlanta; Adjunct Professor, University of South Carolina. The views expressed in this paper are those of the author and do not necessarily reflect the views of the Bank of Canada, the Federal Reserve Bank of Atlanta, or the Federal Reserve System.
    [Show full text]
  • THE ATLANTA CONSTITUTION NE WSPAPER Dally and Sunday, Carrier Delivery, 12 Cento Vreeldy
    THE THE STANDARD STANDARD SOUTHERN SOUTHERN NEWSPAPER THE ATLANTA CONSTITUTION NE WSPAPER Dally and Sunday, carrier delivery, 12 cento vreeldy. Vol. XLVIL—No. 191. ATLAJSfTA, GA., WEDNESDAY MOBNINa, DECEMBER 23, 1914.—FOURTEEN PAGES. Single copies on the Ktrecta and at nemwtanda, O cent*. Prohibition Amendment Field Marshal von Hindenburg and A ids Both Allies and Germans Fails in the Lower House Deliver Furious Attacks By Margin of 61 Votes Without Decisive Results Majority Is Given Hobson Progress of French, While Resolution, and Change of Extremely Slow, May Soon 31 Votes Would Have Re- Compel the Germans to Re- sulted in Necessary Two- ANDT tire From Their Present Thirds Majority. Lines. 8 GEORGIANS VOTED BELIEVE OFFICERS FORCES OF GERMANY FOR BILL, 3 AGAINST; CROSS BZURA RIVER, EDWARDS WAS ABSENT Coroner's Jury Finds That Preachers Deeply Concern- SAYS BERLIN REPORT Young Atlanta Mining En- ed Over the Charges That Women Prisoners Are Not gineer Was Killed by "Par- Russia Claims Her Troops Prohibition Leaders Claim Given Proper Accommoda- ties Unknown." Are Now in, Strong and Result Comes Up to Their tions. Expectations, vand Prepare Safe Positions — ^00,000 SLAIN MAN HAD DRAWN More Britons Ready by to Continue Fight —Vote LACK OF SEGREGATION $800 FROM THE BANK Spring. Was Non-Partisan. ALLEGED BY PRISONERS By John Corrigaii, Jr. Letters From Girl Friend 1 London, December 22.—Heavy fight- Washingjton, December 11—(Spe- Ing is taking place on both eastern and cial.)—The national prohibition and From Little Daughter Many Women Declare Jail western fronts, 'but -without produc- amendment to the fedeial constitu- ing any material change in the posi- tion, proposed by Representative Found in Pockets of the Is Not Sanitary, Says Ma- tions of the opposing armies Richmond P.
    [Show full text]