Problems Caused by Mercantilism for the American Colonists :: American America History

Problems Caused by Mercantilism for the American ColonistsAccording to the theory of mercantilism, the colonies only existed to serve the interests of Britain. But it seemed as if Britain was abusing their right over the colonies. They enforced many policies such(prenominal) as the Stamp pretend, the Townshed Duties, and the Tea actuate which caused many problems for the colonists. One problem that the colonists faced was the Stamp Act of 1765. This act imposed a new task on legal documents, newspapers, playing cards and dice. The Americans did not agree with it. It was not the cost of the stamp that angered them, it was the principle. They had no say in what the British parliament did. The tax provoked a fire storm of protests, and the boycotting of British goods began. Some colonists did not limit their protests to words. In several cities, groups of people attacked officials who defended British policy. The Stamp Act was not a good idea, and one year later it was repealed. But that wasnt the end. The Townshed Duties posed as another difficulty. These duties required the colonists to pay minor import duties on tea, lead, oil, papers and painters colors. Since Britain had imposed unnecessary taxes on the colonies before, this was not new. John Dickinson encouraged protesters to join in the battle by writing the first twelve letter from a Farmer in Pennsylvania. Protests began once again and cut British trade in half. Britain sent troops to be stationed in capital of Massachusetts to enforce the Townshed Duties, and the colonists refused to quarter the troops. The Townshed Duties were repealed in 1770, three years after it began. And three years after that, a new act arose. Parliament passed the Tea Act in an attempt to save the East India Company from bankruptcy and reassert its right to tax. A group of Boston patriots destroyed a shipment of tea in a protest known as the

And Then there were none. :: essays research papers

Two policeman, Sir Thomas Legge and Inspector Maine, discuss the perplexing Indian Island case. They have reconstructed much of what happened on Indian Island from diaries kept by various guests. It is clear to them that the murderer was not Blore, Lombard, or Vera. When they arrived, the police found the chair Vera kicked away to hang herself mysteriously desexualise upright against the wall. We learn that Isaac Morris, who hired Lombard and Blore and bought the island in the name of U. N. Owen, died of an apparent sleeping-pill overdose the night the guests arrived on the island. The police suspect that Morris was murdered. The police know that the people of Sticklehaven were instructed to brush off any distress signals from the island they were told that everything taking place on the island was part of a game being played by the wealthy owners of the island and their guests.The rest of the epilogue takes the establish of a manuscript in a bottle, found by a fisherman and give n to the police. It is written by Judge Wargrave, who writes that the manuscript offers the solution to an unsolved crime. He says he was a sadistic child with both a lust for killing and a strong sense of justice. Reading mysteries always well-provided him. He went into law, an appropriate career for him because it allowed him to indulge his zeal for death within the confines of the law. Watching guilty persons squirm become a new plea authentic for him. After many years as a judge, he developed the desire to play executioner. He wanted to kill in an extraordinary, theatrical way, age adhering to his own sense of justice. One day, a doctor mentioned to Wargrave the number of murders that must go unpunished, citing a recently deceased woman he felt sure was killed by the married couple who worked as her servants. Because the couple withheld a needed drug in order to kill her, the murder could never be proven. This legend inspired Wargrave to plan multiple murders of people who had killed but could not be prosecuted under the law. He thought of the Ten Little Indian rhyme that he loved as a child for its series of inevitable deaths.Wargrave took his time gathering a list of victims, bringing up the topic of unpunished murders in casual conversations and hoping someone would mention a case of which they knew.

Elizabethan Society Exposed in King Lear Essay -- King Lear Essays

Blood gushing from stabbed eyes. Sipping poison slipped by ones very avouch sister. Fathers turning against their sons. Such are the horrid outcomes of the characters in index Lear. Shakespeare has written one of the greatest tragedies of all time with this play and from the very start, has provided no jounce of happiness for his viewers. They are immediately thrust into a world of turmoil-Lears favorite daughter is banished by him, Gloucester is deceived by his younger son, Lear is sent into a coerce by his ungrateful heirsand the list goes on. Yet, what is it that causes these wretched consequences? Is it because there are many diabolical personalities in the play? Many mistakes made by fathers in doubting their trustworthy children? No. The answer is that society is ultimately responsible for the end results of the play. The world of King Lear demonstrates for the audience, by illustrating with its various characters and their doings that a society create aro und a social hierarchy and material wealth will always be a place of unhappiness, filled with people committing wicked actions. Shakespeare scribbled King Lear away between the years 1603 and 1606. This was a tumultuous time because Queen Elizabeth I had died but had left no heir and no husband to claim her monarchy. Therefore, the citizens were worried and the competition for her regency was strong. In writing the play, Shakespeare broached this uneasy topic by creating the character King Lear, who is unsure of whom to pass down his power too. Thus, Shakespeare builds a setting with many of the current concerns and problems of his Elizabethan world (yet they are approached in a disguised manner). This time period in England was one where... ...me blind trance if the sisters had never stolen their fathers trust, he would never have gone crazy, Goneril would never have poisoned Regan and committed suicide and Cordelia would not have died. Thus, the tragic split in th e tragedy would not exist just as a world without the unhappiness would be happy.Works CitedKing Lear Background on Shakespeare. PBS. PBS, n.d. Web. 20 Jan. 2014..Signet Classic Edition Teachers Guide. Hern, Leigh Ann Ellis, W. Gieger Reed, Aretha J. S. (co-eds.), Penguin. WebShakespeare, William, Barbara A. Mowat, and Paul Werstine. The Tragedy of King Lear. New York Simon & Schuster Paperbacks, 2009. Print.The Stucture of Elizabethan Society. Walter Nelson. N.p., n.d. Web. 20 Jan. 2014..

Interracial Dating Explored in Save the Last Dance Essay -- Films Movi

Interracial Dating Explored in Save the Last Dance The movie, Save the Last Dance, goes on with all of our discussions and conversations about the visual difference between the black and white cultures and the stereotyping that Hollywood does of the two cultures. The movie shows the difference in the two cultures, according to Hollywood.you brook your typical white middle-class suburban girl (Sarah) and your typical low-class black boy (Derrick). Save the Last Dance is a love stratum about the pros and cons that comes along with interracial dating. Hollywood displays Sarah as your typical white girl whose forced to move into a low-class neighborhood (with her father, Roy), which is inhabited generally by blacks, after her mother dies in a tragic car accident on her way to one of her audition. The theme of the movie is really transparent and simple. Sarah has always wanted to become a ballerina and attend Julliard, a school of performing arts in brisk York, however, after the de ath of her mother, she loses the resentment for her dream. Like I mentioned above, Sarah was forced to move with her father, Roy, who lived in an old ratty house deep in a ghetto (inhabited mostly by blacks) in New York City. It had to have been a huge culture shock for Sarah, I mean, here is this white middle-class girl who feels that she?s to blame for her mothers death. And in an instant, she?s taken away from her home, neighborhood, and friends and forced to live and attend school in a black ghetto....

A Most Remarkable Teacher Essay -- Medicine College Admissions Essays

A Most Remarkable Teacher A most remarkable high school teacher first aroused my interest in medicine when he invited me to take a special advanced microbiology course at night. He (Mr. Wiles) had worked for years in the medical field before retiring to teach school. Spending many hours with us, he constantly reaffirmed his belief that we could make a positive contribution to participation through a career in medicine. Shortly after my graduation, Mr. Wiles died of lung cancer. During his last months, as I visited him, walked with him, chopped wood for him, I anguished over my weakness as his pain grew and his life diminished. The doctors couldnt do much to reverse that process, but at least they could t to ease his pain or Blow the airing disease. I admired and envied that ability. In the ensuing years, I found myself embracing two seemingly different career paths. I loved being rough people and thrived on the interaction, but I was fascinated by the technical intricacies of science. With a love for my science courses, I found that I could readily sweep up the logic of scientific thought. Then I left school and went to Europe as a volunteer missionary. In addition to learning a irrelevant Language (French) I spent that year and a half learning to work with people and help them with their problems. This strengthened my desire to work with people in some kind of clinical setting. It was... ...e good, some not as good--as they made their rounds. The really good ones seemed able to comfort their patients in more than just a physical sense. One oncologist seemed never to fail to bring a smile to his patients faces, such was his genuine caring. I believe, now, the words of Mr. Wiles. I believe that as a physician I can make a very real contribution to society. I can see myself offering all I stomach to help a patient smile again, using all my resources to find the best scientific solution. And as I become more of a scientist, so must I become even m ore skilled with people--people with needs and feelings. For medicine is the culmination of that art and science-requiring the best of both worlds.

A Most Remarkable Teacher Essay -- Medicine College Admissions Essays

A Most Remarkable Teacher A most remarkable high school instructor first aroused my interest in medicine when he invited me to take a special advanced microbiology course at night. He (Mr. Wiles) had worked for years in the medical field before retiring to teach school. Spending many hours with us, he constantly reaffirmed his belief that we could make a positive contribution to lodge through a career in medicine. Shortly after my graduation, Mr. Wiles died of lung cancer. During his last months, as I visited him, walked with him, chopped wood for him, I anguished over my helplessness as his pain grew and his life diminished. The doctors couldnt do much to reverse that process, but at least they could t to ease his pain or Blow the counterpane disease. I admired and envied that ability. In the ensuing years, I found myself embracing two seemingly different career paths. I loved being nigh people and thrived on the interaction, but I was fascinated by the technical intricacie s of science. With a love for my science courses, I found that I could readily go with the logic of scientific thought. Then I left school and went to Europe as a volunteer missionary. In addition to learning a unlike Language (French) I spent that year and a half learning to work with people and help them with their problems. This strengthened my desire to work with people in some kind of clinical setting. It was... ...e good, some not as good--as they made their rounds. The really good ones seemed able to comfort their patients in more than just a physical sense. One oncologist seemed never to fail to bring a smile to his patients faces, such was his genuine caring. I believe, now, the words of Mr. Wiles. I believe that as a physician I can make a very real contribution to society. I can see myself offering all I sacrifice to help a patient smile again, using all my resources to find the best scientific solution. And as I become more of a scientist, so must I become even more skilled with people--people with needs and feelings. For medicine is the culmination of that art and science-requiring the best of both worlds.

February Action †creative writing Essay

So, after my great holidays, back to reality. In this case, it meant moving flats. I moved let on of my friends flat and in with two Mexican siblings, girl (spoilt acting student) and boy (pain in the ass lawyer student). (The statements in this part are highly influenced by later experiences with the two people, I got along with them and their family fine. ) And when I moved I found the flat under water. So the first thing I did was fall out hours soaking towels. Apart from that the two were always handsome to me, the guy was almost never there and the girl went home on weekends, so I had the puzzle to myself a lot, which was great.The flat was on the ground floor, so despite great sunny weather outside, I lived in freezing conditions. But it was well-located for work and genial life. My room consisted of a bed and a built in cupboard (already provided) and a very useful box (which I found on the highroad and stayed with me until I moved out). I started working too giving Engl ish classes in the Bank of Mexico, some 20 hours a week, all 1-1 classes with mostly gratifying students. As I had already found a football team, it meant I had found friends who took me out, to the cinema and every sunday the PUMAS (one of the local teams) game was a must.I was introduced to the stadium, the anthem ( ) and the during match entertainment (beer and crisps) and the after match entertainment (more beer, discussion of game, and strange activities like having electric shocks outside of the stadium). Although not completely my description of a great time, it was good fun nevertheless. I otherwise spent quite lazy weekends, enjoying the company of my friend Itziar and playing football. At the end of February, the football girls had a huge party, which was great great fun, a lovely, welcoming group of girls who know how to party.There I became better friends with a lot of them, which was very nice. The party was abounding of good food, dancing, dancing and dancing and whe n it ended, we decided to go to a friends house to continue the party, but we all ended up falling asleep there. So some good weekend action. I was invited by the family of my flatmates to Cuernavaca, which is the getaway for inha figureants of the big City. (btw, if New York City is the monumental Apple, Mexico City must be something like the Big Papaya)I went out on the Saturday morning by bus and then spent quite a relaxed time in the house, which is quite a bit outside of the city center. We had a lovely meal and then they took me into the city center, where they, interestingly enough, put me on the tourist bus and I went around on that. Pity really, because the main square had some really interesting and fun dancing and singing going on, surrounded by people selling handcrafts and other oddities. So the bus ride was quite amusing, lots of historically interesting information that I forget while the guide is finishing the sentence.Cuernavaca is a nice city and the bus also took us on a walk through some park/ravine, which was also umm nice. Then in the evening I met the family to have supper at a very good Italian restaurant before we headed back to their house, where I fell right to sleep (tired from the party, obviously). Sunday respectable meant a long sleep, another nice meal and then the return journey back to the city. So I got a look at what Cuernavaca was like, which was enjoyable. succeeding(a) time, Ill just go by myself to see more of the place instead of seeing it wizzing by from the Touribus.

Malala yousafzai essay Essay

How does Malala Yousafzai adapt the features and functions of spoken language to achieve specific outcomes in different outcomes?On 12th July 2013 Malala Yousafzai gave her United Nations speech on her sixteenth birthday. Throughout the speech Yousafzai displays many paralinguistic and prosodic features associated with formal situations, for pillowcase she is standing on a stump in the center of the room facing the audience with a row behind and on the side of her, she is standing up straight which creates a intellect of ceremony and officialism. Also she greets many people in the beginning of her speech while looking at them, making them feel special and with that she creates vibrancy with them. In the first part of the speech she totalresses all those who have fought for education, peace, and equality, then, she announces all she wants to speak up for, like, childrens education, to be much specific, daughters education, and gender division inequalities.The second and triad sections she uses personal anecdotes that explain what has hap published to herself and she references other campaigners for human rights. The final section includes her calling upon various institutions/nations/individual people to reject oppression and prejudice to gain license and equality. During the Jon Stewart show Yousafzai and stewart display many prosodic and paralinguistic features related to an informal situation, for example Yousafzai asks rhetorical questions and twain of them use humour and a faster pace. During the show both yousafzai and stewart are sitting down facing each other and Stewart is leaning towards Yousafzai making him seem interested in what she is saying and with that he creates a rapport with her. Yousafzai uses many more fillers and backtracks a lot as it is not a rehearsed script and she is communicate a different language to her first.The Jon Stewart show starts on a serious note as they start their conversation with when she was targeted by the Taliban, to which she replies with an elongated answer which is effective because if it is broken up into other questions, each situation allow for seem less than it is, w here(predicate)as if she includes it all in one answer it is overwhelming for the audience and hits them with more gravity than it would have. Jon Stewart is also affected by her answer that he shows through his body language, he rocks back as if toget a better look at her and blows out very slowly which lead us to believe he is on awe of her, furthermore when he puts his hands over his mouth in shock.As the interview progresses Yousafzai uses long sentences to get her flush across and once again overwhelms the audience but introduces humor on the middle of her answer by saying Malala, just take a garment and hit him she is referring to what would happen if she saw a talib and he was going to kill her, this is humorous but also reminds us of her innocence and manipulates our emotions in her favor. Stewart uses humor to buoy the mood and end the interview on a positive note by asking, You knowI know your father is backstage and hes very proud of you, but would he be mad, if I adopted you? this builds a strong rapport with Malala and encourages back channeling form the audience when he looks to them and laughs.Contrasting, in her U.N. speech Yousafzai structures her speech into four different sections, which I have mentioned in the introduction, she also starts off her speech stating things she wants to accomplish and what others can do to help here but the further she goes into her speech the more inclusive it beats she starts saying this is what we have to do, rather than isolating herself from the audience she now builds a relationship with them. She also repeats the articulate Dear brothers and sisters this again builds a rapport with the audience, however, by the end of the speech she is saying Dear sisters and brothers therefore creating gender equality in her speech and gainsay societys structure of listing genders.For this speech Malala wished to establish herself not as a victim of violence, but as a single against it, for example .it is an honor for me that today I am wearing a shawl of the late Benazir Bhutto.This is a familiar reference to a female Pakistani leader, a champion of education, who was assassinated by terrorists. Furthermore, Benazir Bhutto had also spoken at the UN, and would have been known by many of those in the audience, thus creating a rapport with them. A convertible summon of power appears later, in a tri colon This is the compassion that I have learned from Mohammed, the prophet of mercy, Jesus Christ, and Lord Buddha. This is the legacy of change I have inherited from Martin Luther King, Nelson Mandela, and Mohammed Ali Jinnah.This is the philosophy of non-violencethat I have learned from Gandhi, Bacha Khan and Mother Teresa To speak in groupings of three is a classical technique, and as Malala delivers this roll-call, she ma rshal the presence of those leaders, alive and dead, to stand behind her on the stage, this is also many familiar references for the audience and helps build a stronger rapport with them. Malala then drops the power level, as she summons the presence of two more individuals And this is the forgiveness that I have learned from my mother and father. Mentioning her parents helps remind us she is still a little girl, doing her GCSEs and not a world leader, it reminds us of her innocence and makes her speech even more powerful. This pattern of power-build followed by drop-back to humility reappears in the fourth paragraph.Malala uses the technique of climax, where poetry are grouped so that they climb in a sequence from small to large There are hundreds of human rights activists,. thousands of people have been killed by terrorists and millions have been injured. Hundreds. Thousands. Millions. This rise leads the audience to see an ever larger and more horrifying amount. The succeeding( prenominal) number we hear is one, she singles her self out therefore making her seem alone and isolated and by this manipulating our emotions in her favor. I am just one of them. So here I stand, one girl amongst many. This is anti-climax. Having built up an image of afflicted millions, Malala collapses it all back down, to just her, one child.Malala then uses contrast to make each point seem more powerful Dear sisters and brothers, we realize the importance of light when we see darkness. We realize the importance of our voice when we are silenced. In the same way, when we were in Swat, the north of Pakistan, we completed the importance of pens and books when we saw the guns. Light and darkness. Voice and silence. These paired opposites are examples of contrast. Malala then uses this foundation to create an analogy we realized the importance of pens and books when we saw the guns. The wise saying, The pen is mightier than the sword. It is true. The extremists are afraid of pens an d books. The power of education frightens them. Here, the well known commonplace The pen is mightier than the sword is used to move the tune to its next stage Extremists are afraid of education. They are afraid of women. The power of the voice of women frightens them.This is whythey killed 14 innocent students in the recent attack in Quetta. And that is why they kill female teachers. That is why they are blasting schools every day, because they are afraid of change and the equality that we will bring to our society. Having earlier set the argument that extremists are afraid of education, Malala then builds that argument to demonstrate the link between womens education and society, until she concludes her argument with an anecdote And I remember that there was a boy in our school who was asked by a journalist Why are the Taliban against education? He answered very simply by pointing to his book, he tell A Talib doesnt know what it written inside this book. The anecdote provides a d ramatic punchline, but also hints that the illiterate are more likely to become Taliban. If Talibs cant read, then the ultimate sword with which to win the war against the future Talib, is to teach the children to read. Referring to how the Taliban sought to silence and intimidate her, Malala uses antithesis to deliver the words .weakness, fear, and despondency died. Strength, power and courage was born. Strength, power and courage in the face of adversity are the key messages of Malalas speech.In conclusion, Yousafzai manages to use a range of speaking tecniques to manipulate our emotions in her favour while still delivering her message making both dialogues powerful and effective. She uses body language to convey the formality and her emotions, her pace to add power and strength to her words and contrast to make each point seem more important and dominant than the last. She uses quotations and personal anecdotes to include us in her experience, repetition to make her point and mo rality to show her maturity and manipulate our emotions. Overall her speech is filled with strength, power and courage in the face of adversity.

Human senses Essay

Our human senses are the major and needed parts to serve up with Thinking or whatever bodily activity in general. No matter if we Disagree that our senses are stainless or weak we still wasting disease and need Them on a day-to-day basis. Our sense of sight, hearing, touch, smell And Taste helps us guide ourselves to our thought destinations. If Human beings werent developed with any senses at all we would Not be able to experience a lot of many wonderful aspects through Our lives. The sense of taste makes sure we get the accurate and Adequate amount of nutrition needed to digest our daily meals or Anything that we consume. All of our senses provide accurate Information for the situations we are faced within our daily living. Some of our senses are very weak mainly when it pertains to the Thought process. We mainly forget to regard before we speak on Certain occasions. In the pepperiness of the moment we tend to react on Temporary with some permanent decisions.Some permanentDe cision we conclude with are by and by on regretted later on in our Lives. If a study was performed on a number of correctionalFacilities throughout the United States or any other country I guarantee many of the individuals that are a part of theCorrectional system truly regret the choices they chose to Make during the height of the moment. At any given momentThere are 1,000 thought, feelings and emotions that travel through Our brain when we are excited and anxious. When we as enter These type of situations it is best that we sit, pause and think about What we are being faced with. Going through every day in life Requires a lot of thought and reaction whether its a good or bad Reaction. We must realize that no matter what we go through, we Have to use one of our senses we are blessed with to maintain and Menevour our thoughts. Our minds are some truly unique vessels That are designed and separated to work uniquely with our entire Body to function as a whole. We must accurately re ly on our Senses to successfully succeed in life.

Evaluating La Donna Beatty’s “What Makes a Serial Killer”

In exploring the concept of the serial killer, La Donna Beatty come outs toward the fury of modern society, biology, and family. In addition, she observes the possible correlations between the de-institutionalization of the American psychological health system as well as alcoholism. However, as with any attempt to map the workforcetality of the modern day serial killer, she is left largely with theories and stupid statistics. Given the broad range of factors which contri notwithstandinge to human behavior and experiences, the pursuit continues while evidence, both complimentary and contradictory, builds.I expect that La Donna would largely keep that while she sets out to explore What Makes a Serial Killer, she comes no closer to a conclusive definition than where she began. While the facts she provides are compelling, her personal interpretations and conclusions are at times based on fallacy rather than consistently proven logic. Beatty begins her presentation of theories by touching on the most popular of modern theories for the preponderance of violence in American society violence in the media.While she does briefly address it later, upon initially presenting this issue, Beatty does not look at the large do of people who are also exposed to media violence but do not grow up to be serial killers. Taken a measure farther in relation to criminal impulses, just as not every person who is exposed to convulsive video games or movies flexs violent, those who do become violent do not always become serial killers. In fact, only a small percentage could ever be classified in this manner.This does not, of course, discredit the possibility of media violence as disturbing a child already inclined to such behavior and like much of the evidence in defining serial killers, the problems with the argument do not negate the possibility of somewhat effect. Such media violence naturally leads into the subject of personal experiences with violence. I jib with the as sertion that the high incident rate of domestic abuse in the childhoods of serial killers proves too common to be simple coincidence.Combined with the visibility of violence in society, such violence in the home could be volatile in the future killers behavior. However, some of Beattys connections are more than forced than naturally conclusive. In particular she notes, with 79 percent of the population believing that slapping a twelve-year-old is either necessary, normal, or good, it is no wonder that serial killers come to tales of physical abuse (Beatty).In this, Beatty is drawing a connection that does not truly exist in her initial argument. While she should gull tried to manoeuver the extreme types of parental attitudes serial killers may go for experienced as children she instead shows the general publics feelings of parental discipline. The issues of alcoholism and de-institutionalization of the American mental health system can be addressed together for the assumptions at the basis of Beattys fallacies on these issues.As with the problem of media violence, Beattys sources fail to look at the broader issues of the human rights of the mentally ill or the inconsistencies of the argument that the de-institutionalization of mental hospitals unleashed a wave of violence. While restrictions of unlawful and forced stays may grow issues, as in the notable cases of Richard Chase and Edmund Kemper, it is impossible and potentially cruel to re-evaluate a system that is built to serve a broad spectrum of people where these kinds of violent men are not the norm.In her discussion of alcoholism, Beatty presents an even more illogical idea when she supposes that had Jeffrey Dahmer been treated for alcoholism he may not have become an infamous murderer. I cannot say with certainty that he would have killed had he gotten his alcoholism under control. Certainly, sobriety would have brought some self-control but it would be oversimplifying a complex issue and broad r ange of crimes by calling it a case of alcoholism gone badly.Taken individually, no conjecture presented by Beatty has yet to clearly define a serial killer class or disorder in our society. More likely, it is a combination of factors, some presented in Beattys essay and others of a more personal significance that may never consistently present itself in every killer. However, in the search for the reason behind their compulsions should we look for a solution? Should we attempt to find a way to stop those situations that damage these individuals, making their pain so knifelike that it demands bloody revenge (Beatty)?Even Beatty seems at a loss to decide between knowledgeable prevention and/or treatment and the reality of such men as Ted Bundy who she quotes at the end of her essay. Bundy certainly did not feel himself capable of being saved but, unspoken, is the question of whether he could be prevented. Like Beatty and Bundy, I have no answer but remain open to the theories that though they may not ever make it possible to stop everyone of these killers, can help us understand how they can veer so far from the beaten moral path.

Penny Byrne Essay

Penny Byrne is an Australian born artist. She was born in Mildura, Victoria, Australia. She lives in Melbourne and owns her own studio. She is interested in ceramics and works as a ceramics conservator. She did a bachelor of fine arts ceramics in Melbourne in 1987 and graduated from west Dean College in the UK after doing ceramics and codswallop conservation and restoration. She also did a bachelor of laws at La Trobe uni in Melbourne and uses her knowledge of political and social issues in her art.Penny Byrne uses her knowledge of ceramics and knowledge of orb issues combined with simplicity and in your face messages in her artwork how much can a polar bear 2 (2008, sculpture, ceramic, 9. 5x7x11cm). Her artwork traces a humanity comment on the melting polar ice caps due to global warming and the effect that this is having on the polar bears. Byrne uses her knowledge of ceramics in this sculpture as she beguiles this ready-made ceramic polar bear figure. She has taken a polar be ar figure and put scuba diving gear on it to make it innocent and helpless.She uses relevant choices of material as she isnt creating more waste, putting across this environmentally friendly message. The message she is putting across is made translucent by means of her use of scuba diving gear and the title of the work. She wants people to think about the polar bears and the environment she cares so much about and she achieves this through simplicity and easy understanding. The overall meaning of this artwork is that the polar bears are struggling, to find food sources, to adapt to new climate and that we arent helping, in situation we are making it worse.This is obviously a topic that Byrne feels strongly about. I find that she works well to channel her personal interests into the work and her uses of materials are appropriate to her knowledge, and the message she is putting across. Overall with the simplicity of the message and the use of appropriate materials are effective and work well with the knowledge and personal interest shown in her work. She uses this in many of her of her other works such as the four horse men of the 21st century apocalypse.

Hong Kong Style

HONG KONG stylus An Interview with Victor Fung BY JOAN MAGRETTA UPPLY CHAIN MANAGEMENT is Working its Way onto the strategic agendas of CEOs in an expanding list of industries, from autos to personal computers to fashion retailing. Propelling t wear change is the restructuring of global competition. As companies focus on their core activities and out man-made lake the rest, their success increasingly depends on their skill to control what happens in the rate strand out align their protest boundaries. In the 1980s, the focus was on provider conk outnerships to improve cost and quality.In straightaways faster-paced markets, the focus has shifted to innovation, flexibility, and speed. Enter Li et) Fung, Hong Kongs largest export trading company and an innovator in the development of supply mountain range worryment. On behalf of its nodes, primarily Ameri stop and European retailers, Li et) Fung works with an always expanding network PORTRAIT BY LANCE HIDY 103 SUPPLY CHAIN MANA GEMENT, HONG KONG STYLE of thousands of suppliers around the globe, sourcing c plenitudehing and other consumer goods ranging from toys to fashion accessories to luggage.Chairman Victor Fung sees the company as part of a newfoundfangled(a) breed of profession onlyy portion outd, focused enterprises that d lancinating on Hong Kongs expertise in distribution-process technology-a host of selective instructionin 10sive service functions including fruit development, sourcing, financing, shipping, handling, and logistics. Founded in 1906 in southern China by Victor Fungs grand begetter, Li &) Fung was the offset Chinese- avowed export company at a clip when tbe China trade was controlled by foreign mercantile houses. In the early 1970s, Victor was t individu entirelyying at the Harvard Business School, and his younger brother, William, was a newly minted HarvardM. B. A. The two young men were call ined home from the United States by their father to breathe new life into the co mpany. Since whence, the brothers beat led Li et? Fung through a series of transformations. In this interview with HBR editor-at-large foan Magretta, Victor Fung lists how Li &) Fung has make the transition from get agent to supply chain manager, from the old economy to the new, from traditional Chinese family conglomerate to innovative public company. Victor and William Fung atomic number 18 creating a new affable of international, unrivalled that remains entrepreneurial despite its growing size and scope.Victor Fung is also chairman of a privately held retailing arm of the company, which focuses on joint ventures with Toys R Us and the Circle K convenience-store chain in Hong Kong. He is also chairman of the Hong Kong Trade Development Council and of Prudential Asia. How do you limit the diHerence between what Li & Fung does today-supply chain prudenceand the trading transaction founded by your grandfather in 1906? ing which quotas suck been used up in Hong Kong, for example, tells you when you have to start buying from Taiwan. Understanding harvest-homes was also more(prenominal) complex. We knew that in Taiwan the synthetics were stop, ut that Hong Kong was the place to go for cottons. We could provide a package from the in all percentage rather than a oneness overlap from Hong Kong. By working with a larger number of countries, we were able to assemble components we call this assortment packing. Say I sell a tool kit to a major discount chain. I could buy the spanners from one coun raise and the screwdrivers from another and put together a harvest-home package. That has som. e pry in it-not great entertain, but some. In the second stage, we took the companys sourcing-agent dodge one step further and became a manager and deliverer of manufacturing programs.In the old model, the customer would say, This is the item I want. Please go out and find the best place to buy it for me. The new model works this way. The Limited, one of our big customers, comes to us and says, For next season, this is what were takeing about-this persona of attend, these colors, these quantities. Can you come up with a output program? Starting with their designers sketches, we rese sheerh the market to find the right type of yarn and dye swatches to match the colors. We take product cin one casepts and realize them in prototypes. Buyers can then look at the samples and say, No, I dont eally uniform that, I wish well this. Can you do more of this? We then create an entire program for the season, specifying the product mix and the schedule. We contract for all the re starts. We work with facto- When my grandfather started the company in Canton, 90 stratums ago during the Ching dynasty, his value added was that he spoke EngUsh. In those days, it took trey months to get to China hy hoat from the West a permitter would take a month. No one at the Chinese factories spoke English, and the American merchants spoke no Chinese. As an interpreter, my grandfathers commission was 15%. Continuing through my fathers generation, Li &Fung was fundamentally a broker, charging a fee to put buyers and sellers together. But as an intermediary, the company was squeezed between the growing power of the buyers and the factories. Our margins slipped to 10%, then 5%, then 3%. When I returned to Hong Kong in 1976 after t all(prenominal)ing at Harvard Business School, my friends warned me that in ten years buying agents like Li & Fung would he extinct. Trading is a sunset industry, they all said. My brother and I felt we could turn the business into something different, and so we took it through several stages of development. In the first stage, we cted as what I would call a regional sourcing agent and ext stop our geographic reach by establishing offices in Taiwan, Korea, and Singapore. Our k flatledge of the region had value for customers. Most hig buyers could manage their admit sourcing if they needed to deal only with Ho ng Kong-theyd know which ten factories to deal with and wouldnt need any help. But dealing with the whole region was more complex. In textiles, quotas govern world trade. Know104 HARVARD BUSINESS round off September-October 1998 SUPPLY CHAIN MANAGEMENT, HONG KONG STYLE ries to plan and monitor production so we can ensure quality and on- succession deli rattling.This strategy of delivering manufacturing programs carried us through the 1980s, but that decade brought us a new challenge and led to our third stage. As the Asian tigers emerged. Hong Kong became an increasingly expensive and uncompetitive place to manufacture. For example, we completely lost the low-end transistor-radio business to Taiwan and Korea. What beard us was that China began to open up to trade, allowing Hong Kong to fix its cost problem by pathetic the labor intensive portion of production across the b erect into southern China. So for transistor radios we created little its-plastic bags interested with all the components needed to build a radio. Then we shipped the kits to China for assembly. after(prenominal) the labor-intensive work was completed, the finished goods came back to Hong Kong for final testing and inspection. If you missed a screw you were in trouble the whole line stopped cold. Breaking up the value chain as we did was a novel concept at the time. We call it dispersed manufacturing. This method of manufacturing concisely spread to other industries, giving Hong Kong a new lease on life and also transforming our economy. Between 1979 and 1997, Hong Kongs position as a trading ntity travel from number 21 in the world to number 8. All our manufacturing playd into China, and Hong Kong became a huge service economy with 84% of its gross domestic product coming from services. So dispersed manufacturing means breaking up the value chain and rationalizing where you do things? Thats right. Managing dispersed production was a real breakthrough. It forced us to get smart not o nly about logistics and transportation but also about dissecting the value chain. view a popular childrens hoot-one similar to the Barbie doll. In the early 1980s, we designed the dolls in Hong Kong, and we also produced the olds because civilise machinery was needed to make them. We then shipped the molds to China, where they would shoot the plastic, assemble the doll, paint the figures, make the dolls c copehing-all the labor-intensive work. But the doll had to come back to Hong Kong, not just for final testing and inspection but also for packaging. China at that time couldnt deliver the quality we needed for the printing on the boxes. Then we used Hong Kongs welldeveloped banking and transportation infrastructure to distribute the products around the world. You can sec the model clearly the labor-intensiveHARVARD BUSINESS REVIEW September-October 1998 place portion of the value chain is still done in southern China, and Hong Kong does the front and back ends. Managing dispers ed manufacturing, where not everything is done under one roof, t akes a real change of mind-set. But once we figured out how to do it, it became clear that our reach should extend heyond southern China. Our viewing was, for example, if wages arc lower farther inland, lets go there. And so we began what has turned into a con- forced us to get smart about dissecting the value chain. stant search for new and snap off sources of supply.Li& Fung made a quantum leap in 1995, nearly doubling our size and extending our geographic scope hy acquiring Inchcape Buying Services. IBS was a large British hong w ith an estahlished network of offices in India, Pakistan, Bangladesh, and Sri Lanka. The acquisition also brought with it a European customer base that complemented Li &. Fungs predominantly American base. This Hong Kong model of borderless manufacturing has become a new paradigm for the region. Today Asia consists of multiple networks of dispersed manufacturing-high-cost hubs that do th e sophisticated planning for regional manufacturing.Bangkok works with the Indochinese peninsula, Taiwan with the Philippines, Seoul with northern China. Dispersed manufacturing is whats behind the hollo in Asias trade and investment statistics in the i99os-companies moving raw materials and semifinished parts around Asia. But the region is still very dependent on the eventual(prenominal) sources of command, which are in North America and westbound Europe. They start the whole cycle going. What happens when you get a typical order? Say we get an order from a European retailer to produce 10,000 garments. Its not a simple matter of our Korean office sourcing Korean products or ur Indonesian office sourcing Indonesian products. For this customer we might decide to buy yarn from a Korean producer but have it woven and dyed in Taiwan. So we ointment the yarn and ship it to Taiwan. The Japanese have the best naughts and buttons, but they manufacture them nearlyly in China. Okay, so we go to YKK, a big Japanese zipper manufacturer, and we order the right zippers from their Chinese SUPPLY CHAIN MANAGEMENT, HONG KONG STYLE LI & FUNGS GLOBAL REACH Li & Fung produces a rightfully global product by pulling apart the manufacturing value chain and optimizing each step.Today it has 3 5 offices in 20 countries, but its global reach is expanding rapidly. In 1997, it had revenue of around $1. 7 billion. San Francisco Paris Oporto, Portugal San Pedro Sula, Honduras Brussels Istanbul Cairo Mauritius plants. Then we determine that, because of quotas and labor conditions, the best place to make the garments is Thailand. So we ship everything there. And because the customer needs affectionate delivery, we may divide the order across five dollar bill factories in Thailand. Effectively, we are customizing the value chain to hest meet the customers needs. Five weeks after we have received the order, 0,000 garments bring forth on the shelves in Europe, all looking like they came from one factory, with colors, for example, perfectly matched. Just think about the logistics and the coordination. This is a nev*? type of value added, a truly global product that has never heen seen hefore. The label may say made in Thailand, but its not a Thai product. We dissect the manufacturing process and look for the best solution at each step. Were not asking which country can do the best joh overall. Instead, were pulling apart the value chain and optimizing each step and were doing it globally. 106Not only do the benefits outweigh the costs of logistics and transportation, but the higher value added also lets us charge more for our services. We deliver a sophisticated product and we deliver it fast. If you talk to the big global consumer-products companies, they are all moving in this directiontoward heing best on a glohal scale. So the multinational is essentially its own supplychain manager? Yes, exactly. Large manufacturing companies are increasingly doing g lobal supply-chain heed, just as Li & Fung does for its retailing customers. Thats certainly the case in the auto industry.Today assemhly is the easy part. The inviolable part is managing your suppliers and the flow of parts. In retailing, these changes are producing a revolution. For the first time, retailers are sincerely creating produets, not just sitting in their offices with salesman after salesman viewing them samples Do you HARVARD BUSINESS REVIEW September-October 1998 SUPPLY CHAIN MANAGEMENT, HONG KONG STYLE Beijing Dalian Qingdau Shanghai Liuyang New Delhi Karachi Guangzhou . Shantou Dhaka Hanoi f Bombay Bangalore Taipei Zhanjiang Bangkok manilla paper Saipan Colombo JohorBaharu . . Singapore Jakarta want to buy this?Do you want to buy that? Instead, retailers are participating in the design process. Theyre now managing suppliers through us and are even reaching down to their suppliers suppliers. Eventually that translates into much better management of inventorie s and lower markdowns in the stores. Explain why that translates into lower markdowns for retailers? Companies in consumer-driven, fast-moving markets submit the prohlem of old inventory with a vengeance. That means there is enormous value in heing able to huy closer to the market. If you can curve your buying cycle from three onths to five weeks, for example, what you are gaining is eight weeks to develop a better sense of where the market is heading. And so you go out end up with substantial savings in inventory markdowns at the end of the selling season. HARVARD BUSINESS REVIEW September-October 1998 Good supply-chain management strips away time and cost from product delivery cycles. Our customers have hecome more fashion driven, working with half-dozen or seven seasons a year instead of just two or three. Once you move to shorter product cycles, the prohiem of obsolete inventory increases hammyally.Other businesses are facing the same tolerant of pressure. With customer tastes changing rapidly and markets segmenting into narrower niches, its not just fashion products that are becoming increasingly time fine. Several years ago, I had a conversation about ladies fashion garments with Stan Shih, CEO of Acer, the large Taiwan-hased PC manufacturer. I jokingly said, Stan, are you going to entrench on our territory? He said, No, no, hut the PC business has the same basic problems you face. Things are changing so fast you dont want to wind up with inventory. You want to plan close to the market. He runs his husiness to cut down the delivery cycle SUPPLY CHAIN MANAGEMENT, HONG KONG STYLE and minimize inventory exposure by assembling PCs in local markets. So what I have to say about supply chain management for fashion products really applies to any product thats time sensitive. Supply chain management is about buying the right things and shortening the delivery cycles. It requires reaching into the suppliers to ensure that certain things happen on time a nd at the right quality level. Fundamentally, youre not taking the suppliers as a fountainn. The classic supply-chain manager in retailing isMarks ik Spencer. They dont own any factories, but they have a huge team that goes into the factories and works with the management. The Gap also is known for stretching into its suppliers. Can you give me an example of how you reach into the supply chain to shorten the buying cycle? Think about what happens when you outsource manufacturing. The easy approach is to place an order for finished goods and let the supplier worry ahout espial for the raw materials like fabric and yarn. But a single factory is relatively miniature and doesnt have much buying power that is, it is too mall to demand faster deliveries from its suppliers. We come in and look at the whole supply chain. We know the Limited is going to order 100,000 garments, but we dont know the style or the colors yet. The buyer go forth tell us that five weeks before delivery. The tr ust between us and our supply network means that we can stockpile undycd yarn from the yarn supplier. I can lock up capacity at the mills for the weaving and dying with the promise that theyll get an order of a specified sizc five weeks before delivery, we go out let them know what colors we want. Then I say the same thing to the factories, I ont know the product specs yet, but I have orga- the retailer hold off before having to commit to a fashion trend. Its all about flexibility, response time, petite production runs, small minimum-order quantities, and the ability to shift direction as the trends move. Is it also about cost? Yes. At Li & Fung we think about supply chain management as tackling the soft $3 in the cost structure. What do we mean hy that? If a typical consumer product leaves the factory at a impairment of $1, it will invariably end up on retail shelves at $4. Now you can try to squeeze the cost of production own 10 cents or 20 cents per product, hut today you hav e to be a genius to do that because everybody has been working on that for years and theres not a lot of fat left. Its better to look at the cost that is spread throughout the distribution channels-the soft $3. It offers a bigger target, and if you take 50 cents out, nobody will even know you are doing it. So its a much easier place to effect savings for our customers. Can you give me an example? Sure. Shippers always want to engorge a container to capacity. If you tell a manufacturer, Dont fill up the container, hell think youre crazy.And if all you care about is the cost of shipping, theres no question you should fill the containers. But if you think instead of the whole value chain as a system, and youre trying to lower the total cost and not just one piece of it, then it may he smarter not to fill the containers. Lets say you want to distribute an assortment of ten products, each manufactured hy a different factory, to ten distribution centers. The standard practice would be fo r each factory to ship full containers of its product. And so those ten containers would then have to go to a consolidator, who would remove and epack all ten containers before shipping the assortment to the distribution centers. Now suppose instead that you move one container from factory to factory and get each factory to fill just onetenth of the container. Then you ship it with the assortment the customer needs directly to the distribution center. The shipping cost will be greater, and you will have to be careful about stacking the goods properly. But the total systems cost could be lower because youve eliminated the consolidator altogether. When someone is actively managing and organizing the whole supply chain, you can save costs like that. We think about supply chain management as tackling the soft in the cost structure. nized the colors and the fabric and the trim for you, and theyll be delivered to you on this date and youll have three weeks to produce so many garments. Ive certainly made life harder for myself now. It would be easier to let the factories worry about securing their own fabric and trim. But then the order would take three months, not five weeks. So to shrink the delivery cycle, I go upstream to cram production. And the shorter production time lets 108 HARVARD BUSINESS REVIEW September-October 1998SUPPLY CHAIN MANAGEMENT, HONG KONG STYLE So when you talk about organizing the value chain, what you do goes well beyond simply contracting for other peoples services ot inspecting their work. It sounds like the value you add extends almost to the point where youre providing management expertise to your supply network. In a sense, we are a smokeless factory. We do design. We huy and inspect the raw materials. We have factory managers, people who set up and plan production and balance the lines. We inspect production. But we dont manage the workers, and we dont own the factories. Think ahout the scope of what we do.We work with about 7,500 suppliers in more than 26 countries. If the average factory has 200 workers thats probahly a low estimate then in effect there are more than a million workers engaged on behalf of our customers. Thats why our policy is not to own any portion of the value chain that deals with running factories. Managing a million workers would he a colossal undertaking. Wed lose all flexihility wed lose our ability to fine-tune and coordinate. So we deliherately leave that management challenge to the individual entrepreneurs we contract with. Our target in working with factories is to take nywhere from 30% to 70% of their production. We want to he instantant to them, and at 30% were most likely their largest customer. On the other hand, we need flexibility-so we dont want the responsibility of having them completely dependent on us. And we also benefit from their exposure to their other customers. If we dont own factories, can we say we are in manufacturing? Absolutely. Because, of the 15 steps in the manufacturing value chain, we prohably do 10. Our basic operating unit is the cleavage. Whenever possible, we will focus an entire naval division on serving one customer. We may serve smaller customers hrough a division structured around a company of customers with similar needs. We have, for example, a theme-store division serving a handful of customers such(prenominal) as the Warner Brothers stores and Rainforest Cafe. This structuring of the organization around customers is very important remember that what we do is close to creating a customized value chain for every customer order. So customer-focused divisions are the building hlocks of our organization, and we keep them small and entrepreneurial. They do anywhere from $20 million to $50 million of business. from each one is run hy a What we do is close to creating customized value chain for every customer order. / The way Li & Fung is organized is unusual in the industry. Can you describe the link between your or ganization and your strategy? Just about every company I know says that they are customer focused. What, in fact, does that mean? normally it means they design key systems that fit most of their customers, they hope, most of the time. Here we say-and do-something different We organize for the customer. Almost all the large trading companies with extensive networks of suppliers are organized geographically, with the country units as their profit centers.As a result, it is hard for them to optimize the value chain. Their country units are competing against one another for husiness. HARVARD BUSINESS REVIEW September-October 1998 blend in entrepreneur-we sometimes call them little crapper Waynes because the image of a guy standing in the middle of the wagon train, shooting at all the had guys, seems to fit. Consider our Gymhoree division, one of our largest. The division manager, adenosine deaminase Liu, and her headquarters team have their own separate office space within the Li & Fu ng building in Hong Kong. When you straits through their door, every one of the 0 or so people you see is focused solely on meeting Gymhorees needs. On every desk is a computer with direct software links to Gymhoree. The lag is organized into specialized teams in such areas as technical support, merchandising, raw material purchasing, quality assurance, and shipping. And Ada has dedicated sourcing teams in our branch offices in China, the Philippines, and Indonesia because Gymboree buys in volume from all those countries. In maybe 5 of our 26 countries, she has her own team, people she hired herself. When she wants to source from, say, India, the branch office helps her get the joh done.In most multinational companies, fights hetween the geographic side of the organization and the product or customer side are legendary and predictable. From the product side, its How can I get hetter service for my customer? It may be small for you in Bangladesh, hut its important for my product l ine globally. And from the country side, its Look, I cant let this product group take unfair advantage of this particular factory, hecause it pro109 SUPPLY CHAIN MANAGEMENT, HONG KONG STYLE duces for three other product groups and Im responsible for our relationships in this country overall. Heres our solution to this classic prohlem Our primary alignment is around customers and their needs. But to balance the matrix, every productgroup executive also has responsibility for one country. It makes them more sensitive to the prohlems facing a country director and less likely to make unreasonahle demands. Can you tell us more about the role of the little John Waynes? The idea is to create small units dedicated to taking care of one customer, and to have one person running a unit like she would her own company. In fact, we hire people whose main alternative would be to run their own business.We provide them with the pecuniary resources and the administrative support of a hig organizati on, hut we give them a great deal of autonomy. All the merchandising decisions that go into coordinating a production program for the customer-which factories to use, whether to stop a shipment or let it go forward-are made at the division-head level. For the creative parts of the business, we want entrepreneurial behavior, so we give people considerable operating freedom. To motivate the division leaders, we curse on substantial monetary incentives by tying their compensation directly to the units bottom line.Theres no cap on bonuses we want entrepreneurs who are motivated to move heaven and earth for the customer. Trading companies can be run effectively only when they are small. By making small units the We think of our divisions as a portfolio we can create and collapse, almost at will. heart of our company, we have been able to grow rapidly without becoming bureaucratic. Today we have about 60 divisions. We think of them as a portfolio we can create and collapse, almost at w ill. As the market changes, our organization can adjust immediately. What role, then, does the corporate center play?When it comes to financial controls and operating procedures, we dont want creativity or entrepreneurial behavior. In these areas, we centralize and manage tightly. Li &. Fung has a standardized, fully computerized operating system for executing one hundred ten and tracking orders, and everyone in the company uses the system. We also keep very tight control of working capital. As far as Im concerned, inventory is the root of all evil. At a minimum, it increases the complexity of managing any business. So its a word we dont tolerate around here. All cash flow is managed centrally through Hong Kong.All letter of credit, for example, come to Hong Kong for approval and are then reissued by the central office. That means we are guaranteed payment before we execute an order. I could expand the company by another 10% to 20% hy giving customers credit. But while we are very a ggressive in merchandising in finding new sources, for example-when it comes to financial management, we are very conservative. I understand though, that Li & Fung is involved in venture capital. Can you explain how t hat fits in? Weve set up a small venture-capital arm, with offices in San Francisco, London, and Brussels, hose primary purpose is corporate development. If you look at a product market grid, Li &. Fung has expertise in sourcing many types of products for many types of retailers, but there are also holes in our coverage. A big piece of our corporate development is plugging those holes-the phrase we use is change in the mosaic and we use venture capital to do it. Lets say Li &. Fung is not strong in ladies fashion shoes. Well have our venture group look for opportunities to buy into relatively young entrepreneurial companies with people who can create designs and sell them but who do not have the ability to source or to finance.Thats what we bring to the deal. More i mportant, doing the sourcing for the company lets us build presence and know-how in the segment. At the same time, we think its a good way to put forward our returns. All venture capitalists will tell you that they bring more than money to their investments. In our case, we are ahle to back the companies with our sourcing network. One of our biggest successes is a company called Cyrk. We wanted to fill a hole in our mosaic in the promotional premiums business-clothing or gift items with company logos, for example. We bought a 30% stake in Cyrk for $200,000 in 1990. We ended p doing all the M&M gum hall dispensers with them, but the real coup was a full line of promotional clothing for Philip Morris. After five years, we sold our investment for about $65 million. Were more than happy with our investment results, but our real interest is in corporate developHARVARD BUSINESS REVIEW September-October 1998 SUPPLY CHAIN MANAGEMENT, HONG KONG STYLE SUPPLY CHAIN MANAGEMENT HOW LI & FUNG AD DS VALUE LI & Fung does the high-value-added front- and back-end tasks in Hong Kong front end design engineering production planning back end quality control testing logistics It organizes the ower-value-added middle stages through its network of 7,500 suppliers, 2,500 of which are active at any one time. raw material and component sourcing ment, in filling in the mosaic. Were not looking to grow by taking over whole companies. We know we cant manage a U. S. domestic company very well because were so far away, and the culture is different. By hacking people on a minority basis, however, we improve our sourcing strength and erect our ability to grow existing client relationships or to win new ones. Thats real synergy. Youve grown substantially both in size and in geographic scope in the last five years.Does becoming more multinational bring any fundamental changes to the company? Since 1993, weve changed from a Hong Kongbased Chinese company that was 99. 5% Chinese and credibly 80% Hong Kong Chinese into a truly regional multinational with a workforce from at least 30 countries. We used to call ourselves a Chinese trading company. (The Japanese trading companies are very hig, and we wanted to he a big fish in a small pond, so we defined the pond as consisting of Chinese trading companies. ) As we grow, and as our workforce hecomes more nationally diverse, we wonder how Koreans or Indians or Turks will feel bout working for a Chinese multinational. HARVARD BUSINESS REVIEW Septtmber-October 1998 managing production Were torn. We know that if we call ourselves a multinational, were very small compared to a nose or a Unilever. And we dont want to he faceless. We are proud of our cultural heritage. But we dont want it to be an impediment to growth, and we want to make people commodious that culturally we have a very open architecture. We position ourselves today as a Hong Kong-based multinational trading company. Hong Kong itself is hoth Chinese and very cosmopol itan. In five years, weve come a ong way in rethinking our identity. As we grow and become more multinational, the last thing we want to do is to run the company like the big multinationals. You know where you have a corporate policy on medical leave or housing allowances or you name it. How do you bar setting policies, a path that would seem inevitable lor most companies? We stick to a simple entrepreneurial principle. For the senior ranks of the company, the mobile executives, we encash-that is, we translate the value of benefits into dollar figures-as much as we can. Cash gives individuals the most fiexihiiity. I annot design a policy to fit 1,000 people, so when UI SUPPLY CHAIN MANAGEMENT, HONG KONG STYLE in distrust we give people money instead. You want a car? You think you deserve a car? Wed rather give you the cash and let you manage the car. You buy it, you service it. The usual multinational solution is to hire experts to do a study. Then they write a manual on car wil l power and hire ten people to administer the manual. If you ask yourself whether you would rather have a package of benefits or its equivalent in cash, m. ayhe youll say, I dont want such a nice car, hut Id prefer to spend more money on my home leave.Cash gives individuals a lot more freedom. Thats our simplifying principle. month is still doing so this month. The committee of 30 not only shapes our policies hut also translates them into operating procedures we think will he effective in thefield. And then they hecome a vehicle for implementing what weve agreed on when they return to their divisions. There are few businesses as old as trading. Yet the essence of what you do at Li & Fung-managing cultivation and relationships-sounds like a good description of tbe information economy. How do you reconcile the new economy with the old?At one level, Li &. Fung is an information node, fiipping information hetween our 350 customers Since you operate in so many countries, do you and our 7,500 suppliers. We manage all that today have to index cash equivalents to local economies? with a lot of yell calls and faxes and on-site visits. Thats the guts of the company. Soon we will need Wherever we operate, we follow local rules and hest practices. We do not want uniformity for lower- a sophisticated information system with very open architecture to accommodate different protocols level managers. If they say in Korea, We dont rom suppliers and from customers, one rohust want bonuses hut everyhody gets i 6 m onths enough to work in Hong Kong and New York-as salary, thats the market. What we do would probwell as in places like Bangladesh, where you cant ahly drive the HR department in a multinational crazy. But it works for us for the top people, we fig- always count on a good phone line. ure out a cash equivalent for henefits, and for the loI have a picture in my mind of the ideal trader for cal staff, we follow local hest practices. Its fine if todays world. The trader is an executive wearing e do things differently from country to country. a pith helmet and a safari jacket. But in one hand is a And rememher, we are an incentive-driven commachete and in the other a very high-tech personalpany. We try to make the variable component of computer and communication device. From one compensation as hig as possible and to extend that side, youre getting reports from suppliers in newly principle as far down into the organization as possi- emerging countries, where the quality of the inforhle. Thats the entrepreneurial approach. mation may he poor. From the other side, you ight have exceedingly accurate point-of-sale information from the United States that allows you to reAs you spread out geographically, how do you hold plenish automatically. In other words, youre mathe organization together? The company is managed on a day-to-day hasis by neuvering between areas that have a lot of catching the product group managers. Along with the top up to do-youre f ighting through the underbrush, so to speak-and areas that are already clearly fomanagement, they form what we call the policy committee, which consists of about 30 people. We cused on the twenty-first century. meet once every five to six weeks.People fly in As the sources of supply explode, managing inforfrom around the region to discuss and agree on polimation becomes increasingly complex. Of course, cies. Consider, for example, the topic of compliwe have a lot of hard data about performance and ance, or ethical sourcing. How do we make sure our ahout the work we do with each factory. But what suppliers are doing the right thing-by our cuswe really want is difficult to pin down a lot of the tomers standards and our own-when it comes to most valuable information resides in peoples issues such as child lahor, environmental protecheads.What kind of attitude does the owner have? tion, and country-of-origin regulations? Do we work well together? How good is their interCompliance is a v ery hot topic today-as well it nal management? That kind of organizational memory is a lot harder to retain and to share. We should be. Because our inspectors are in and out of see the capturing of such information as the next the factories all the time, we probably have a hetter frontier. You could look at us as a very sophisticated window on the prohlem than most companies. If IT system. So thats the modern side of who we are. we find factories that dont comply, we wont work ith them. However, because there is so much subcontracting, you cant assume that everyone is doWbat about the more traditional side? ing the right thing. That is, you have to make sure In the information age, there is an impersonality that a supplier that was operating properly last that seems to say that all the old-world thoughts 112 HARVARD BUSINESS REVIEW September-October 1998 SUPPLY CHAIN MANAGEMENT, HONG KONG STYLE about relationships dont matter anymore. Were all taken with the notion that a bright you ng guy ean bring his great idea to the Internet, and its okay if no one knows him from Adam. Right?Maybe. But at the same time, the old relationships, the old values, still matter. I think they matter in our dealings with suppliers, with eustomers, and with our own staff. Right now were so big, three of our divisions could be seheduling work with the same factory. We could be fighting ourselves for factory capacity. So Im in the process of creating a database to track systematically all our supplier relationships. We need something that everyone in the company ean use to review the performance history of all our suppliers. One of my colleagues said, Wed better guard that with our lives, because if somebody ever ot into our system, they could mistake one of the companys greatest assets. Im not so worried. Someone might steal our database, but when they call up a supplier, they dont have the long relationship with the supplier that Li & Fung has. It makes a difference to suppliers w hen they know that you are dedicated to the business, that youve been honoring your commitments for 90 years. I think there is a similar traditional mark to our customer relationships. In the old days, my father used to read every telex from eustomers. That made a huge difference in a business where a detail s small as the wrong zipper color could lead to disastrous delays for customers. Today William and I continue to read faxes from customers-certainly not every one, but enough to keep us in personal toucb with our customers and our operations on a daily basis. Through close attention to detail, we try to maintain our heritage of customer service. As we have transformed a family business into a modern one, we have tried to preserve the best of what my father and grandfather created. There is a family feeling in the company thats difficult to describe. We dont care much for titles and hierarchy.Family life and the companys business spill over into each other. When staff members ar e in Hong Kong to do business, my mother might have tea with their families. Of eourse, as we have grown we have had to change. My mother cant know everyone as she once did. But we hold on to our wish to preserve the intimacies that have been at the heart of our most successful relationships. If I had to capture it in one phrase, it would be this Think like a big company, act like a small one. A TRADITION OF INNOVATION In the companys early years, Li & Fung dealt in porcelain and other trnditidnal Chinese products, inclLidinK bamboo nd rattan ware, jade and ivory handicrafts-and fireworks. Li ik Funjs invention of paper-sealed fireerackers in 1907 to replaee the traditional mudsealed firecracker was a major breakthrough. At that time, the U. S. import duty on firecrackers was hased on weight. The paper-sealed fireeraekers not only ineurred lower unport duties by being lighter but also eliminated the problem of excessive dust produced by the discharge of the mud-sealed variety. Li &. Fungs paper-sealed manufaeturing process has become the industrys standard. i Is the growing importance of information technology good or bad for your bnsiness?Frankly, I am not unhappy that the business will HARVARD BUSINESS REVIEW September-October 1998 113 SUPPLY CHAIN MANAGEMENT, HONG KONG STYLE be more dependent on information technology. The growing value of dispersed manufaeturing makes us reach even further around the globe, and IT helps us accomplish that stretching of the company. As Western companies work to remain competitive, supply chain management will become more important. Their need to serve smaller niche markets with more frequent changes in products is pushing us to establish new sources in less developed countries.Were forging into newly emerging centers of production, from Bangladesh to Sri Lanka to Madagascar. Were now landing in northern Africa in Egypt, Tunisia, Morocco. Were starting down in sulphur Africa and moving up to some of the equatorial countrie s. As the global supply network becomes larger and more far-flung, managing it will require scale. As a comminuted intermediary, our margins were squeezed. But as the number of supply chain options expands, we add value for our customers by using information and relationships to manage the network. We help companies navigate through a orld of expanded choice. And the expanding power of IT helps us do that. So the middle where we operate is broadening, making what we do more valuable and allowing us to deliver a better product, which translates into better prices and better margins for our customers. In fact, we think export trading is not a sunset industry but a growth business. Was the professional management training you and William brought with you from the United States helpful in running an Asian family business? Its an interesting question. For my first 20 years with the company, I had to put aside-unlearn, in act-a lot of what I had learned in the West about management. It j ust wasnt relevant. The Li & Fung my grandfather founded was a typical patriarchal Chinese family conglomerate. Even today, most companies in Asia are built on that model. But a lot has changed in the last five years, and the current Asian financial crisis is going to transform the region even more. Now, instead of managing a few relationshipsthe essence of the old model-were managing large, complex systems. It used to be that one or two big decisions a year would determine your success.In the 1980s, for example, many of the Asian tycoons were in asset-intensive businesses like real estate and shipping. You would make a very small number of very big decisions-you would gravel a piece of land or decide to build a supertanker-and you were done. And access to the deals depended on your connections. 114 The Li & Fung of today is quite different from the company my grandfather founded in 1906. As it was in a lot of family companies, people had a sense over the years that the companys pu rpose was to serve as the familys livelihood. One of the first things William and I did was to persuade my father o separate ownership and management by taking the company puhlic in 197 3. When our margins were squeezed during the 1980s, we felt we needed to make dramatic changes that could best be done if we went back to being a private company. So in 1988, we undertook Hong Kongs first management buyout, sold off assets, and refocused the company on its core trading business. Later we took our export trading business public again. Im sure some of our thinking ahout governance structure and focus was influenced by our Western training. But Im more struck by the changes In the companys decision making.Right now in this building, we probably have 50 buyers making hundreds of individual transactions. Were making a large number of small decisions instead of a small number of big ones. I cant be involved in all of tbem. So today I depend on structure, on guiding principles, on managing a system. Of course, I think relationships are still important, but Im not managing a single key relationship and using it to leverage my entire enterprise. Instead, Im running a very focused business using a systems approach. Thats why I say that in the last five years, everything I learned in business school has come to matter. Li &

Monitoring & Evaluating Marketing Comm

supervise and evaluating merchandise communications is a difficult process with imprecise outcomes. Critic all(prenominal)y review this statement for both on-line and off-line fronts, qualification reference to appropriate theory, the organisation and tools previously selected. irreproachable shake regarding Veg Pots supervise and evaluating argon different but complementary functions, which mutually reinforce unrivaled a nonher. Monitoring is an enduring function that physical exertions the systematic collection of data on specified indicators to provide management and the main stakeholders of an on-going development intervention.Evaluation is the systematic and objective assessment of a continuing or established project, programme or policy, (Third International Roundtable, 2007). Monitoring and evaluating marketing communications tramp be a difficult process as there are no real metrics for measuring advertisements within a course, advertise is not seen as a scienti fic or numeric process and and then evaluating the effectuality of the rouse holistically hindquarters be made challenging.A wide range of criteria could be use by innocent to monitor durability of the Veg Pot campaign, ranging from awareness or advertizement through absorption of product contentedness and other intermediate factors to gross revenue, the closer the sales figures are the better. Innocent Veg Pots offline/online campaign is take oned with mixed-media tools, the differences in the way different mediums work stick out mean that they complement one another, in a mixed-media campaign each enriches what the other conveys.Magazine ads butt joint communicate additional ideas, and besides make the television advertising work harder billboards can result in awareness and responses resulting on online hits, what this shows is that monitor but also evaluating can be done not statistically but making consumers aware of the full product campaign through all mediums. Pe lsmacker et al (2004) demonstrates with the use of figure 1. 1 different tests and research how monitoring and evaluating advertising campaigns can work. Figure 1. below illustrates the advertising planning process by stages, different advertising research regularitys can be adopted at certain points in the planning process. Innocents Veg Pot campaign can work in accordance with this get, at the different planning processes Innocent can carry out the research/tests as appropriate in order to in effect(p)ly emend decision making in each process and successfully move on to the next stage knowing that previous stages are fully completed and justifiable reasoning can be made as to why the next stage was therefore carried forward in the planning process.The pre- test is an rating method but can be seen as a monitoring method in assessing whether the campaign at that time matches to the expectations of the set objectives for the campaign, objectives should be mensurable in order to quantify the long suit of the marketing communications (Ouwersloot and Duncan, 2007), the post-test could then help evaluate how well the advertising has been, through typical methods as commend or recognition analysis as suggested by Pickton and Broderick (2005) but have been criticised for association with several methodological problems by Singh et al,(1988 pp72-80).Figure 1. 1 Stages in the development of an advertising campaign and the role of advertising and advertising research Figure 1. 2 below shows the objectives of a pre-test, they could help to monitor if the set objectives are going to be met but also the pre-tests could be carried out to see whether the created adverts for the campaign are effective from the consumers perspective this may then allow Innocent to be efficient with time and money as they have already spent a lot previously promoting the Veg Pots which have been around since 2008, (Leahul, 2008).Figure 1. 2 Objectives of a Pre-Test Monitoring website de meanor has been made easier through advances in technology over the years, web servers automatically collect data of visitors of whom visit websites Nielsen data are one firm who read these views with the help of cookies it allows experts to see consumers who revisit the website or where they go after leaving the advert they had just been exposed to on a certain website which helps evaluation of effectiveness of online adverts.Viewing of television commercials tends to be relatively passive, whereas exposure to magazines is more active. The process of scanning the pages means constantly taking decisions, with relatively high attention, and this active selection is well-kept throughout the reading of the issue. Typically, all or almost all of the pages of a magazine are opened, (Consterdine, 2000).Reading a magazine requires more mental engagement than regard television, magazines are purchased voluntarily and purchased based on interest so it is likely that the consumer is to acti vely seek out discipline from that magazine, television which is another of Innocents chosen mediums can however engage with more of the senses than magazines, visual stories can be formed and viewed, jingles and catchy music can be a form of retrieval cues whilst the consumer is obtain.Monitoring television can be done by investigating how many people were watching during that advert break, monitoring magazines could be done by issues sold evaluating the effectiveness of the ad can be seen through sales after exposure, however it cannot be stated that the step-up in sales is because of the adverts it could be through oomph of product and the attractiveness of the offer it has along with it.Monitoring campaigns as Innocents mixed media one has proven to have its difficulties but shown to be reduced by Pelsmacker et al (2004) work of test marketing, evaluating the campaign is not any easier as there are many challenges in the way. Post-testing is one possible solution to evaluati ng the campaign communication effectiveness.Post-testing is carried out after an advert has been exposed to the target market the post-test hopes to find if the advert exposed has generated demand and increase sales figures. Post-test areas include media evaluation, sales affect, message content & design of the marketing communication and lastly the effect of that marketing communication on awareness, attitude, purchase intention, claimed purchase behaviour and the like, (Pickton and Broderick, 2005 and Pavlou and Stewart, 2000).Pelsmacker et al (2004) instal that recognition tests which consist of evaluation of message content on the basis of an awareness of the marketing communication, (Pickton and Broderick, 2005) are better than recall tests which are an evaluation of message content on the basis of aided or unaided recollection of the stimulus material (Pickton and Broderick, 2005), in measuring ad effectiveness if this is the case then Innocent could use recognition tests to evaluate the campaign of the Veg Pots however Singh et al (1988) suggested that recall and recognition tests have methodological problems in both broadcast media and shanghai media Pelsmacker et al (2004) did also find that in recognition tests consumers can lie or guess creating erroneous results, single ads would be more difficult for a consumer to recognise or recall but similar ads that are part of a campaign will be more likely to recognised and recalled. Innocent is creating several different adverts all in line with each other to help consumers have the thought of Veg Pots in the top of their mind whilst they are shopping or just hungry. When monitoring and evaluating the effectiveness of mixed-media campaigns special care is necessary if attempting to isolate the contributions of each medium. Isolating the effect of an advertising campaign is not of all time obvious according to Pelsmacker et al (2004), if Innocent are to fulfil their objective of change magnitude family c onsumers and advertise that free Veg Pots are available to limited consumers, that may increase the demand of the Veg Pots but the question is, is the increase in demand attributable to the advertising efforts or the attractiveness of the offer, (Pelsmacker et al, 2004), because of this it makes it difficult to assess the effectiveness of the individual tools used within the campaign to see what contributions each tool has brought. In order to assess this issue Pickton and Brodericks (2005) concept of assessing the whole campaign through corporate marketing seems a much more appropriate method to use than struggling to assess individual tools effectiveness used within a campaign. Campaign evaluation research focusses on the effectiveness of the whole campaign rather than just one ad in which a post-test does. incorporate marketing suggests it is irrelevant to assess the effects of a single ad the effects of the whole campaign should be carried out, (Pickton and Broderick, 2005) w hich is agreed upon by the workings of Pavlou and Stewart (2000). Almost half of all personal computers are in the same room as the television set, and simultaneous viewing of television and access to the Internet are common, (Cox 1998) what this means for Innocent is that their mixed-media tools for the Veg Pot campaign work in accordance with each other suggesting that one medium helps the other in generating more and more awareness, in a campaign like Innocents it is impossible to state that effectiveness of one medium is more useful or successful than the other as it may perchance be that one medium helps the other gain its credibility for example the television advert may direct the consumer to the website for more information which then offers information regarding vouchers in certain magazines therefore creating a triangular formation of continuative between the campaign tools. Figure 1. 3 Continuum of integration . Figure 1. above illustrates that increasing levels of inte gration results in marketing communications benefiting from synergy creating positive effects, this ties in with the work of Yeshin ( 2005) and Pelsmacker et al (2004) who stated integrated marketing is better than assessing the effects of one single medium which is irrelevant therefore the whole communications mix should be assessed, however Pickton and Broderick (2005) also state in their three levels of integration model (figure 1. 4) that not huge integration is needed like a military station just some integration is needed to keep a connection flowing through the hierarchy to avoid any communication failures. Figure 1. 4 Innocents new commercials that have been proposed to be created for the Veg Pot range is sure to not interest the entire audience the commercial is exposed to, Heath (2005, in Pickton and Boderick) said If the advert generates an interest for the person watching, that individual has more attention on the advert as it appeals to them compared to an individual wa tching the advert who does not have an interest in the product beingness advertised.The AIDA model could be an evaluation method that demonstrates how the appeal of the advert leads to purchasing of the Veg Pot as the awareness creates the interest then leading to desire ending in purchase, however the AIDA model has been brush aside by Consterdine (2000) as to why consumers switch brands or select the brand because of an advert. There is now wide agreement that advertising works in different ways for different products in different situations, which doesnt have to comply with the findings of the simplistic AIDA model. Unlike the findings of Pelsmacker et al (2004) and Pickton and Broderick (2005) who talk about evaluation of effectiveness being through tests, Ouwerloot and Duncan (2007) suggest that evaluation can be done through feedback in forms of interviews, meetings and general discussion not only internally but outwardly out of a company too, this then creates qualitative i nformation for a company such as Innocent to use constructively.Speed, scope and scale of interactivity are what the mediums Innocent had for the Veg Pot campaign allowed. The degree of the success of the campaign can to an extent be evaluated through the mediums used. The internet can be used to fill out a questionnaire relating to the Veg Pots finding out whether consumers would purchase again, where and if they saw any of the campaign relating to the Veg Pots, television commercials can direct consumers to other more informative mediums, magazines can offer coupons when they are redeemed, billboards offer awareness, all these mediums combined can be evaluated not singularly though as found by Pelsmacker (2004), Pickton and Broderick, (2005) and Pavlou and Stewart (2000). Monitoring and evaluating marketing communications is a difficult process with imprecise outcomes this statements to an extent has been found to be true to an extent as many challenges are faced when monitoring a nd evaluating as there are no real metrics to underpin the exact effectiveness of campaign communications it is hugely based upon perceived head and estimated predictions it is helped however through pre and post-tests yet through those tests it is still unclear the exact amount of people the campaign proved to be a success towards. Monitoring and evaluating marketing communications of Innocent can be difficult but hardship can be reduced through different methods, by examining the objectives of the campaign of the Veg Pots and seeing whether or not they had been reached can possibly answer the question has the campaign been a success, but the actual monitoring of a campaign can be easier than evaluating a campaign, adverts that are singularly produced and not part of a campaign can be better evaluated and monitored as there will be no other influences or support with that particular advert.Saying that monitoring and evaluating can have imprecise outcomes is not generally true as s trategies and tactics are put in place throughout campaigns an outcome is always known as measureable objectives are put in place at the beginning therefore knowing in the mind where or what the end result should be. References Consterdine, G. (2000) Magazine advertising effectiveness. Online http//www. consterdine. com/report. asp? articleid=50 Cox, Beth (1998), Report TV, PC Get competent Time,Advertising Report Archives, InternetNews. com (November 17). De Pelsmacker, P. and Geuens, M. and Van den Bergh, J. (2004), Marketing Communications, Prentice Hall, Harlow Leahul, D. (2008) Innocent Tackles food with Veg Pot. Brand Republic Online Accessed on 2nd April 2012 http//www. brandrepublic. com/news/844321/innocent-tackles-food-veg-pots/ Ouwersloot, H. nd Duncan, T. (2007) Integrated Marketing Communications, Mc-Graw Hill Pavlou, P. A. and Stewart, D. W. (2000) Measuring the Effects and Effectiveness of Interactive Advertising. Journal of interactive advertising, 1(1) Pickton, D. and Broderick, A. (2005) Integrated Marketing Communications, Prentice Hall Singh, S. N et al (1988) designation versus Recall as Measures of Television Commercial Third International Roundtable. (2007) Monitoring and Evaluation Enhancing Development Results. Vietnam. Online Accessed on 2nd April 2012 http//www. mfdr. org/rt3/Glance/Documents/E&M_final. pdf Yeshin, T. (2004) Advertising. Thompson London

Singapore Company Law

SAMPLE ONLY MID-SEMESTER TEST raceLAW2464 COMPANY LAW examine17/03/2012 TIME ALLOWED1 hour 40 minutes (including 10mins instruction time) perplexity (Prospectus Topic) In July 2011, Ah Beng was at his accountants office to talk ab expose taxation matters. Whilst there, his accountant gave him a course catalogue issued by Ionic Ltd. , a association listed on the capital of Singapore Stock Exchange, to bow out home to read and if interested, to line the instructions about investing in new-fashioned shargons in the comp some(prenominal) which were to be quoted on the Exchange.After class period the prospectus, Ah Beng was convinced that he was going to make a lot of m wizardy investing in the familiarity which had stated that it had discovered a huge gold deposit in Western Australia. The prospectus contained a report by a geologist which stated that the gold was near the grow and therefore, easily mined. The prospectus to a fault contained estimations of the amount of pro fits which it could make based on the current gritty price of gold. (False and/or tawdry lines) Criminal Lability Under S253(Jail and/or fine comp whatever is likely if it is an entity. Directions are liable.Statements are materi on the wholey obstinate from viewpoint of investors including Ah Beng. Who else is liable? The controller? No advice or false or misleaeding statement. Did he act measuredly or recklessly? No. No Lability. Could Geologist be liable? Yes, as his a conman. Actions were in xtional. S254 Civil Lability Directors liable whatsoever defences under s255 SFA? Any defences under s255 SFA? Reasonable reliance on geologist, reports is reliance here reasonable. He is a conman. Not reasonable. Inquries Defence, May fail. Geologist liable to compensate no defence. Accountant assuming he make statements.Yes, if not. No. Ah beng volition receive compensation for his loss. ALTERNATIVE Misrepresentaton. False Statement Made during negotiation that induces one into co ntract Geologist is dishonest and fraudulent misrepresentation. Recession of contract of sale of shares and indemnity for the tort of deceit. After applying for the shares, Ah Beng was issued 50,000 shares at the price of $1. 00 per share in September 2011. In January 2012, the local parolepaper published an article about the arrest of a geologist in Western Australia who was claiming discovery of mines which turned out to be non-existent.A week subsequently, news broke out that the arrested conman was the geologist whose report was contained in the Ionic Ltds prospectus and there was actu totallyy a very small deposit of gold very deep in the ground which would make any mining a loss-making venture. The price of the shares in Ionic Ltd outright plunged and job in the shares had to be halted. Ah Beng has flat come to you for advise as he has been informed that Ioninc Ltd shares are without delay worthless and that the association will soon be wound-up. REQUIREDCan Ah Beng ta ke action against any one or to a greater extent persons with regard to his loss? Explain. (8 marks) QUESTION TWO Dinosaur Rocks Pte Ltd (Dinosaur Rocks) is a family company whose 2 shareholders and directors are Fred and his wife, Betty. They live in a house in Pasir Panjang owned by the company. The company owns a business of supplying rocks and gritrock to construction companies. In August 2011, Fred borrowed $1 million from U-O-Me swan. The loan was secured by a mortgage guidance over the Pasir Panjang place owned by Dinosaur Rocks.The loan was to be apply by Fred for personal expenses. consort to the articles of association, the mortgage/charge document was to be executed by way of affixing the common seal in the presence of cardinal directors as security guardes. Fred signed the document as witness but he also forged Bettys signature. By early January 2012, Fred had defaulted on his last two loan repayments. It has since emerged that Fred had skipped the country wi th the $1 million in October 2011 and is now purportedly living the high sprightliness in the Maldives.U-O-Me Bank has started proceeding to enforce the mortgage/charge against the Pasir Panjang property owned by Dinosaur Rocks. Betty comes to you for advice. She is more than distressed about losing the Pasir Panjang property than losing Fred and does not want to vacate the house which she will have to when the Bank sells the property. REQUIRED instruct Betty as to whether the mortgage/charge is valid and enforceable against the company. (8 marks) QUESTION THREE (Separating of legal entity concept, Lifting of corporate veil and leak of legal obligations, case GM v Horne, Jones V Lipman fraud.Re Darby. Solution is to bring the veil and consider genus Athene and Grecian as one. Each is liable for the acts of debts of the other. Athena is a hair-dresser. cardinal months ago, she agreed to sell all the hair-dressing machines and supplies in her salon in Bukit Timah to Hera as sh e was moving to a new business location in Orchard road. The purchase price was to be paid three months later whereupon Athena would deliver all the goods to Hera. Athena was intending to buy new machines and supplies for her new salon but a month ago, her application to maintain a bank loan was not approved.Needing equipment and supplies at the Orchard Road location, Athena registered a company called Grecian Pte Ltd (Grecian) with herself as the sole director and member last week. She immediately moved all the machines and supplies from her Bukit Timah salon to the new Orchard Road location of Grecian. Athena then told Hera the think was off as she no considerableer owned the machines and supplies. Hera wants the machines and supplies as agreed under the contract as the machines are identical to the ones in her own salon. REQUIRED Advise Hera. (6 marks) QUESTION FOURWhen incorporated in January 2010, the inventory and articles of association of cocoa junky Pte Ltd (Coffee A ddict) contained the following clauses- 1. The objects of the company is the import and supply coffee beans to retail outletsin Singapore 2. 3. Gloria is to be employed as the sales manager of the company for a period of five age at an annual requital of $100,000. In January 2012, Coffee Addict entered into a joint-venture agreement with Jean Ltd to variant a row of ten shops in Clementi Road. Both parties are to inject $2 million distributively into the project.Also in January 2012, the circuit board of Directors of Coffee Addict resolved to terminate Glorias appointment as the sales manager. REQUIRED a) Is the contract with Jeans Ltd a valid contract since it is contravenes the objects clause. Explain. (4 marks) b) Can Gloria prevent her removal as sales manager? Would it make any difference if she is also a shareholder? Explain. (4 marks) Total 4 + 4 = 8 marks QUESTION FIVE Potterfied Ltd ( Potterfied) has its own set of articles which entitles preference shareholders to a n annual dividend of ten cents per share.The Board of Directors of Potterfield wanted the articles amended so that the dividends are to be reduced to four cents per share and last week, persuaded more than half of the members to pass a resolution at a members run into to the effect. The members were also told that there was energy they could do as long as the majority of all shareholders agreed to the change. Harriet is a preference-shareholder who voted against the amendment to the articles at the members meeting last week. REQUIRED Advise Harriet. Assupmtion that this variation of class rights affects all preferences shareholders rights to receive dividentds of 10cent per share, S74(1) applies. If 5% or more of shareholders dissent then can apply to philander to stay the resolution to change the article until and unless the court confirms it, the change is ineffective. ) (6 marks) QUESTION cardinal REQUIRED Discuss the validity of the following statement The Privy Council in the case of Lee v Lees Air Farming Ltd did not apply the tenet set out in Salomon v Salomon & Co Ltd. (4 marks) *Separating entity was appliedSingapore Company LawSAMPLE ONLY MID-SEMESTER TEST COURSELAW2464 COMPANY LAW DATE17/03/2012 TIME ALLOWED1 hour 40 minutes (including 10mins reading time) QUESTION (Prospectus Topic) In July 2011, Ah Beng was at his accountants office to talk about taxation matters. Whilst there, his accountant gave him a prospectus issued by Ionic Ltd. , a company listed on the Singapore Stock Exchange, to take home to read and if interested, to follow the instructions about investing in new shares in the company which were to be quoted on the Exchange.After reading the prospectus, Ah Beng was convinced that he was going to make a lot of currency investing in the company which had stated that it had discovered a huge gold deposit in Western Australia. The prospectus contained a report by a geologist which stated that the gold was near the surface and there fore, easily mined. The prospectus also contained estimations of the amount of profits which it could make based on the current high price of gold. (False and/or Misleading Statements) Criminal Lability Under S253(Jail and/or fine company is liable if it is an entity. Directions are liable.Statements are materially adverse from viewpoint of investors including Ah Beng. Who else is liable? The Accountant? No advice or false or misleaeding statement. Did he act intentionally or recklessly? No. No Lability. Could Geologist be liable? Yes, as his a conman. Actions were intentional. S254 Civil Lability Directors liable any defences under s255 SFA? Any defences under s255 SFA? Reasonable reliance on geologist, reports is reliance here reasonable. He is a conman. Not reasonable. Inquries Defence, May fail. Geologist liable to compensate no defence. Accountant assuming he made statements.Yes, if not. No. Ah beng will receive compensation for his loss. ALTERNATIVE Misrepresentaton. False Sta tement Made during negotiation that induces one into contract Geologist is dishonest and fraudulent misrepresentation. Recession of contract of sale of shares and damages for the tort of deceit. After applying for the shares, Ah Beng was issued 50,000 shares at the price of $1. 00 per share in September 2011. In January 2012, the local newsprint published an article about the arrest of a geologist in Western Australia who was claiming discovery of mines which turned out to be non-existent.A week later, news broke out that the arrested conman was the geologist whose report was contained in the Ionic Ltds prospectus and there was actually a very small deposit of gold very deep in the ground which would make any mining a loss-making venture. The price of the shares in Ionic Ltd immediately plunged and trading in the shares had to be halted. Ah Beng has now come to you for advise as he has been informed that Ioninc Ltd shares are now worthless and that the company will soon be wound-up . REQUIREDCan Ah Beng take action against any one or more persons with regard to his loss? Explain. (8 marks) QUESTION TWO Dinosaur Rocks Pte Ltd (Dinosaur Rocks) is a family company whose two shareholders and directors are Fred and his wife, Betty. They live in a house in Pasir Panjang owned by the company. The company owns a business of supplying rocks and sand to construction companies. In August 2011, Fred borrowed $1 million from U-O-Me Bank. The loan was secured by a mortgage charge over the Pasir Panjang property owned by Dinosaur Rocks.The loan was to be used by Fred for personal expenses. According to the articles of association, the mortgage/charge document was to be executed by way of affixing the common seal in the presence of two directors as witnesses. Fred signed the document as witness but he also forged Bettys signature. By early January 2012, Fred had defaulted on his last two loan repayments. It has since emerged that Fred had skipped the country with the $1 milli on in October 2011 and is now purportedly living the high life in the Maldives.U-O-Me Bank has started proceedings to enforce the mortgage/charge against the Pasir Panjang property owned by Dinosaur Rocks. Betty comes to you for advice. She is more distressed about losing the Pasir Panjang property than losing Fred and does not want to vacate the house which she will have to when the Bank sells the property. REQUIRED Advise Betty as to whether the mortgage/charge is valid and enforceable against the company. (8 marks) QUESTION THREE (Separating of legal entity concept, Lifting of corporate veil and evasion of legal obligations, case GM v Horne, Jones V Lipman fraud.Re Darby. Solution is to lift the veil and consider Athena and Grecian as one. Each is liable for the acts of debts of the other. Athena is a hair-dresser. Two months ago, she agreed to sell all the hair-dressing machines and supplies in her salon in Bukit Timah to Hera as she was moving to a new business location in Orch ard Road. The purchase price was to be paid three months later whereupon Athena would deliver all the goods to Hera. Athena was intending to buy new machines and supplies for her new salon but a month ago, her application to obtain a bank loan was not approved.Needing equipment and supplies at the Orchard Road location, Athena registered a company called Grecian Pte Ltd (Grecian) with herself as the sole director and member last week. She immediately moved all the machines and supplies from her Bukit Timah salon to the new Orchard Road location of Grecian. Athena then told Hera the deal was off as she no longer owned the machines and supplies. Hera wants the machines and supplies as agreed under the contract as the machines are identical to the ones in her own salon. REQUIRED Advise Hera. (6 marks) QUESTION FOURWhen incorporated in January 2010, the memorandum and articles of association of Coffee Addict Pte Ltd (Coffee Addict) contained the following clauses- 1. The objects of the company is the import and supply coffee beans to retail outletsin Singapore 2. 3. Gloria is to be employed as the sales manager of the company for a period of five years at an annual salary of $100,000. In January 2012, Coffee Addict entered into a joint-venture agreement with Jean Ltd to build a row of ten shops in Clementi Road. Both parties are to inject $2 million each into the project.Also in January 2012, the Board of Directors of Coffee Addict resolved to terminate Glorias appointment as the sales manager. REQUIRED a) Is the contract with Jeans Ltd a valid contract since it is contravenes the objects clause. Explain. (4 marks) b) Can Gloria prevent her removal as sales manager? Would it make any difference if she is also a shareholder? Explain. (4 marks) Total 4 + 4 = 8 marks QUESTION FIVE Potterfied Ltd ( Potterfied) has its own set of articles which entitles preference shareholders to an annual dividend of ten cents per share.The Board of Directors of Potterfield wanted the articles amended so that the dividends are to be reduced to four cents per share and last week, persuaded more than half of the members to pass a resolution at a members meeting to the effect. The members were also told that there was nothing they could do as long as the majority of all shareholders agreed to the change. Harriet is a preference-shareholder who voted against the amendment to the articles at the members meeting last week. REQUIRED Advise Harriet. Assupmtion that this variation of class rights affects all preferences shareholders rights to receive dividentds of 10cent per share, S74(1) applies. If 5% or more of shareholders dissent then can apply to court to stay the resolution to change the article until and unless the court confirms it, the change is ineffective. ) (6 marks) QUESTION SIX REQUIRED Discuss the validity of the following statement The Privy Council in the case of Lee v Lees Air Farming Ltd did not apply the principle set out in Salomon v Salomon & Co L td. (4 marks) *Separating entity was applied