Article -New York Times Essays - Pornography Law,

Article -New York Times The New York Times Hearings End in Online Pornography Case By PAMELA MENDELS PHILADELPHIA -- A federal online pornography law will either unconstitutionally chill free speech on a variety of commercial Web sites or spur the creation of sensible screens between children and sites that exist to sell pornography. Those were the opposing views expressed Wednesday during the final day of hearings in United States District Court here to decide whether the new law, the Child Online Protection Act, should be blocked by a preliminary injunction. Judge Lowell A. Reed Jr. had asked both sides to be prepared to respond to a list of 19 questions he had regarding the case. And in their answers, lawyers continued to try to build their cases for or against the law. Ann Beeson, a lawyer for the American Civil Liberties Union, which is fighting the law, said that the statute would require free Web sites containing certain sexually explicit material either to eliminate that content or risk driving viewers away through registration or age-verification mechanisms. Therefore, she said, the law creates a very strong financial disincentive to create or publish work, adding that there is a risk of a chilling effect on free speech. But Justice Department lawyers, defending the law, argued that its language is clear enough to apply only to sites that exist to promote pornography. Furthermore, said one of the lawyers, Rupa Bhattacharyya, The First Amendment allows you to speak freely; it does not necessarily guarantee you a profit to speak. The law requires operators of commercial Web sites to bar those under 17 years of age from any sexually explicit material defined as harmful to minors. Violators face penalties of up to 6 months in prison and $50,000 in fines. Judge Reed is expected to issue a decision sometime Monday before the midnight expiration of a temporary restraining order that has blocked the law from being enforced. The law was signed last October by President Clinton, but it has never gone into effect. In response to one of the judge's questions, Christopher A. Hansen, another lawyer for the ACLU, which is challenging the law with 16 other groups and businesses, indicated that the statute's wording could put at risk all kinds of businesses not engaged in selling pornography. The Justice Department has said that only sites that produce material harmful to minors in the regular course of business would be subject to the law. But Hansen argued that this phrase could apply to any work produced by a Web publisher regardless of whether it is a common endeavor for the site. The point is significant because many of the plaintiffs in the case are online news operations, booksellers, art galleries or other sites that do not exist to post sexually explicit materials but, on occasion, might. A gallery, for example, could well post an image of a nude or a news organization may have posted the report by the Whitewater independent counsel, Kenneth Starr, with its sexually graphic passages. We believe it [the regular course of business] refers to a record made as part of the business, Hansen said. Karen Y. Stewart, a Justice Department lawyer, insisted, however, that the term applied to businesses that regularly produce material harmful to minors. The character of its business is defined by communications of that sort, she said. The lawyers also disagreed about a number of other fine points. Hansen, for example, argued that the law could apply to links and not just content or images on Web sites; Bhattacharyya disputed this. The judge, whose measured tone throughout the six days of hearings has betrayed little indication of which way he might be leaning, also wondered why the words educational and medical were omitted from the definition of harmful to minors. Under the law, sexually explicit material is considered harmful to minors if it meets all parts of a three-part test. The third part is that the content must lack scientific, literary, artistic, or political value for minors. Is sexually explicit educational or medical information that is not scientific, literary, artistic, or political similarly excluded? Judge Reed wrote in his questions to the lawyers. Hansen said that the omission is significant, because many state harmful to minors statutes pointedly include the two extra words. Bhattacharyya insisted, on the contrary, that educational and medical material would be protected under the broader meaning of scientific, literary, artistic, or political content. The hearings, originally scheduled to last

Some Perennial Grammar Questions

Some Perennial Grammar Questions Some Perennial Grammar Questions Some Perennial Grammar Questions By Maeve Maddox The DWT team appreciate the great feedback to Daniels question What topics do you want to see covered in the blog? and are busily responding. Questions of grammar and usage are never out of date. Doubtless well be writing new posts on topics that have been dealt with in the past. Preposition usage, for example, could fill a book. Here are some of the recent suggestions, together with links to archived posts that may have already addressed them. Verbs used intransitively and transitively†¦ English grammar 101 introduction to the English verb †¦if you could address who/whom it would be great Beware of whom the difference between principle and principal Principle or principal the difference between assume and presume. Is there a difference between assume and presume? I’d like to know when (or if) it became acceptable to refer to an individual in the military as a troop, i.e. â€Å"Three troops were injured today.† Soldiers or Troops? Plural possessives? The possessive apostrophe When to form a plural with an apostrophe give a list of ALL the parts of speech†¦ English grammar 101 parts of speech use of the subjunctive subjunctive if I was The subjunctive mood I wish I were Do you have an archive so I could catch up on topics already covered? Archives Please do a blog on the difference between lie (recline) and lay and their conjugations. Lay/lie moribund but not dead yet Mixing up lay and lie the difference and usage of ‘passed’ and ‘past’ Passed vs past Confusing passed with past Taking another pass-at â€Å"passed† I recall an experience from my days of classroom teaching. Id just given a lesson on the use of the apostrophe to form the possessive. The students had been attentive and I was certain that my explanations and illustrations had been especially inspired. Still glowing as I passed a senior teacher, I shared my feeling that Id settled the apostrophe problem for that group of students once and for all. I can still see the kind, but pitying expression that flitted across her face. Common errors are common for a reason. At some level, the error makes sense to us. Once an error is habitual, effort and repetition are required to rid ourselves of the habit. And the first explanation is not necessarily the one that will prove effective in clarifying the matter. Keep those suggestions coming. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Grammar category, check our popular posts, or choose a related post below:70 Idioms with HeartComma Before ButHow often is "bimonthly"?

Classification of Classical Criminology Term Paper

Classification of Classical Criminology - Term Paper Example Statistics reveal the grim situation prevalent in political, social, economical, educational, entertainment, and even familial circles. The controversy on treating criminology as an academic stream exists and it is difficult to argue either in favor of it or oppose it. For instance, the issue of capital punishment is raging currently with the proponents and opponents engaged in a war of words in print and electronic media. In this cacophony and confusion, the Human Rights' Commission and their supporters claim that: the death sentence amounts to state or judiciary-sponsored murder, that it does not serve the purpose as a deterrent to potential killers, it does not take into account the basic rights of the dependants of the condemned man for a decent livelihood, and finally, that the state should rather reform the convicts so that they learn to lead a better life in society and atone for his wrongdoing by engaging in social services under the state's dictum. Every civilized society in the world has penal codes and most contain the capital punishments. The civilized society's contention is that obliteration of capital punishment from the statute book will only prod lawbreakers to commit their wanton acts with impunity. The eye-for-eye and tooth-for-tooth kind of justice prevalent in some countries like Saudi Arabia and other Arab countries have succeeded in maintaining a healthy sense of fear of the law among its citizens. So, on the one hand, justice has to be done to the perpetrator of the crime in a way that metes out punishment for the crime and at the same time also leaves him enough scope to transform. Also, the ordinary citizens longing for an orderly peaceful society has the assurance at all times that their security concerns are not compromised while dispensing justice to the criminal. (Criminology). Crime can be broadly classified into two groups of categories.     

How does Harold's article on The Sopranos either complicate or further Essay

How does Harold's article on The Sopranos either complicate or further the arguments put forth in Garrett's text about TV Anti-Heroes and what they represent in our society - Essay Example This argument has been furthered by â€Å"A Man Never Never Land†, this is because the article postulated that the heroes of today have colossal psychological flaw; this is because they have a self-serving lies. They are normally filled with self-pity, venality, sloth, and lust. They are regarded to be self-deceiving and morally blind. Additionally, they are deemed obnoxious, unfaithful, and brash. This is supplements the argument of Garrett which that â€Å"We live in Post-World War II era†. According to Tony Soprano, the issue of morality was white and black; it was compared to Nazis vs. us. The Nazis were rated as bad people. However, in the war of today, the wrangles and conflict are ambiguous, including using torture. â€Å"A moral Never Never Land: Identifying with Tony Soprano† argued that people now have to employ morally unacceptable mechanism of fighting terrorists and the moral ambiguity is engraved in the upcoming anti-hero. Harold further explains that to add to the heroes that were heavily flawed, there are pressure from the prison system, big business, bureaucracy, and the structure of power that is full of bribe in conforming to forces that are not good. Rather they have rebelled against themselves, even if using the trickery a nd dishonesty could be portrayed as heroic. â€Å"A moral Never Never Land: Identifying with Tony Soprano† further argues that there is confidence crisis in the democratic leaders and processes that created a surrounding of nihilistic, disaffected, and cynical hero. This turning point during the Morally Deformed Hero Regime, happened with â€Å"A moral Never Never Land: Identifying with Tony Soprano†, when millions of people loved him. The ruthless sociopath and businessperson became close that the moral boundaries blurred in the regime of the hyper-competitive Darwinism. In the docket, both Nazis and Us failed in effecting the change in

In your opinion, would having different times for different ages to Essay

In your opinion, would having different times for different ages to Trick-or-Treat be a good idea, why or why not - Essay Example However, the fear, anxiety and to the extreme trauma caused by these images to the young children has raised recent discussions on the means of reducing their impact on these children. Arguments raised in objection of the treat-or-treat these images may be very disturbing to the children, as they exposes the children to all types of horrific characters. As a suggestion therefore, some people propose age and time restr4ictions to these events. The argument hold that the young should go on the door to door trick-or-treat visit early in the day, while the juveniles wait until later in the night to seek their treat. Personally, I do not think this will solve any problem due to a number of reasons, as expressed in this essay. The argument appears to disobey the very meaning of the event, â€Å"Halloween†. Additionally, the children, whether indoors or outdoors, cannot avoid the images of Halloween as they can see them anyway. Finally, It is not the treat associated with Halloween t hat is the biggest fun, and largely, some children do not need the treat anyway. In fact, most the teenagers who take part hope to miss the candy and the goodies, for them to do their trick. As such, it is the fun, the eerie feeling presented by the horrific images, and the fear that teenagers instil on other people with their dressing that is the greatest fun. What is the main reason for dressing in such attire if not to create fear and anxiety? Some of the costumes that children put on cost a fortune, one that the candy and the goodies cannot repay. Choosing to dress in the scariest and horrifying costumes, the children hope to have as much fun as they can. After all, this is an annual festival. Therefore, a policy that seeks to separate children and teenagers into different groups would spoil the much fun that Halloween offers. The children choose their most convenient time to go for the treat-or-trick event. When they feel ready to go, they alert their parents, who tag along and take care of them, especially by providing security. Therefore, Halloween is an optional event only the interested people take part in. They stay indoors, protecting their children from the trauma and the anxiety created by the images. By being not a mandatory festival, most of the parents who wish not to take part in the Halloween leave their goodies and candy at their gate or doorstep, where the Halloween children would find them and leave without any tricks or showing their Halloween costumes. Those who feel that the event causes too much fear, anxiety, and trauma to their children should adopt this method of protecting their children, instead of spoiling the entire event. Further, such parents can, if their children want to take part in the event, decide to let them take part early in the day, and by evening let them in to avoid the images caused by Halloween. Children, whether indoors or outdoors cannot avoid the Halloween images completely. Being indoors, other children seeki ng for a treat have to visit their homes. Children, with their curiosity can peep through the windows to see the Halloween costumes that other children have put on. This way, they can see them, therefore creating the fear and anxiety in them. Outdoors, there are countless billboards and posters, as well as live advertisements of Halloween parties in

Most Appropriate Ethics System For The Accounting Profession Philosophy Essay

Most Appropriate Ethics System For The Accounting Profession Philosophy Essay I am only one, but still I am one; I cannot do everything, but still I can do something; And because I cannot do everything, I will not refuse to do the something that I can do (Brown, 2008, p. 1). The world we live in comes in diverse and multifaceted societies. The United States is considered to have violent societies in the industrialized world. One set of apprehensions has to do with crime and destructive behavior rioting, shooting or mugging. However, concerns for the moral improvement of professionals deal with different issues. Professionals, by virtue of having made it through years of schooling and supervised work, usually have average impulse control, self-discipline, self-regulation abilities, ego strength, and social skills (Rest Narvaez, 1994). The United States has a long tradition of creation of wealth through stakeholders. For more than a decade, however, the public has shown a rising sensitivity to unethical behavior due to the pursuit of power and money. Public trust in the services offered by professional accountants has declined in recent years due to occurrences of unethical behavior in the profession (Spiceland, Sepe, and Tomassini, 2004). The unethical behavior of managers is an issue that is likely to stay in the public eye for quite some time. A 1987 popular movie portrayed the dishonest dealings of people involved in securities trading based on nonpublic information. The primary character was portrayed by actor Michael Douglas, who, in a dramatic scene says, Greed is good! The connotation is that greed is an acceptable motivation and that people in business will do anything to make money, which includes engagement to unethical behavior. Accountants have significant role in the public eye. In performing their task they are asked to take certain roles. They accept at the same time the resulting obligations and moral responsibilities by accepting certain roles. Accountants can be found performing daily tasks in situations governed by a complex set of rules, principles, and practices (Riahi-Belkaoui, 2004). In performing their roles, accountants face formal or legal rules of behavior, but also moral elements created by specific situations. According to Theodore Roosevelt, To educate a person in mind and not in morals is to educate a menace to society. The societies are governed with values by which people live. The system of values is referred to as philosophy. The principles and rules people use to decide what is right or wrong are referred to as moral philosophy. Ethics is the study that is concerned with the nature of ultimate value, and the standards by which human actions can be judged right or wrong (Rainbow, 2002). Society has higher expectations ethically of professionals and, as a consequence, the law holds them to a higher standard of due care. One of the characteristics that differentiate a profession from an occupation is the code of ethics that guides the profession. It is true that ethical standards cannot be codified to cover every situation. However, if professionals desire to strive for the higher levels of ethical behavior, there needs to be a more effective understanding and application of clear and uniform standards of right and wrong. Various accounting organizations promote high standards of ethical behavior. One of which is the American Institute of Certified Public Accountants (AICPA), which is a professional organization that serves certified public accountants who work for public accounting firms or other organizations. The code of the American Institute of Certified Public Accountants (AICPA) emphasizes the obligations of the certified public accountants to serve the public interest, and their responsibility to act with integrity, objectivity, independence and in professional care. Specific responsibilities of the accounting profession are expressed in the various codes of ethics promulgated. According to Zucker (1986), the basis upon which the accounting profession was founded and continues to exist is public trust, which is the degree to which the public has confidence in the services provided by the accounting profession. There are various categories of ethical perspectives or models of ethical thinking that are applicable to accounting. Two well-known frameworks of ethical system theories are utilitarian and the deontological. Accountants can best understand these ethical views by comparing and contrasting the fundamental moral principles of each ethical theory, and determining which ethics system is most appropriate for the accounting profession. Utilitarian Ethics Utilitarianism is an ethical system that is most often attributed to philosophers such as John Stuart Mill and Jeremy Bentham. Utilitarianism is the ethical principle that considers an action to be morally right or wrong based solely on the consequences that result from performing it. The right action is the one that brings the best consequences or the greatest amount of utility. It advocated the rule and goal of the greatest happiness of the greatest number. Maximizing the happiness within the society is believed to be the most ethical thing to do. It is thus frequently considered as consequentialism since it believes that outcomes can be predicted and because it judges actions based on their outcomes. John Stuart Mill says: Utility, or the Greatest Happiness Principles, holds that actions are right in proportion as they tend to promote happiness, and wrong as they tend to produce the reverse of happiness. Happiness is intended to be pleasure, the absence of pain, and the privation of pleasure. Utilitarianism is an ethical theory of conduct where, under any given circumstances, an action is objectively right, if it will generally produce the greatest amount of happiness, taking into account all whose happiness is affected by the conduct. Under this system, the merits of an action are evaluated by considering the total benefits and the total cost created by the action for human society (Darwall, 2003). The rules ensure the greatest good for the most people and speed-up the decision-making process. The rules do not guarantee a positive outcome all the time, but generally following the rules generates positive outcomes. One of the major problems of utilitarianism is the ambiguity of the statement, The greatest good for the greatest number of people. For example, there are ten units of pleasures to be distributed to ten people. The easiest way to give them out is giving each a unit of pleasure. But suppose four people passionately love the units of pleasure and the other six do not care about the units of pleasure. Then would it make sense if two units of pleasure will be given to the four people who passionately love them, and none to the five or six people who do not care? So the problem of fairness is present, as well as the problem of how things should be distributed. Ultimately, when goods are maximize, some people get much and the others get a few or nothing at all. For example, an accountant takes a companys money for a few days and deposits it in his own account before putting it in the account of the company, thereby personally gaining the interest on the businesss money. It might be in his best interest, but in the best interest of the greater number of people. It is an unethical action since it will clearly harm more people more that it will help; the action is unjustified since it can harm others. Another example is the act of bribery, which is generally wrong. Bribery could be considered a general guideline by the utilitarian ethical system. If paying a bribe generated a contract which would keep a firm in business and people gainfully employed, a utilitarian may conclude that bribery is justified. The utilitarianism recognizes this subjection, and assumes it for the foundation of that system, the object of which is to rear the fabric of felicity by the hands of reason and of law. Ethical systems which attempt to question this way of livi ng, deal in sounds instead of sense, on impulse instead of reason, in darkness instead of light (Alexander, 2007, p. 1). Furthermore, in utilitarianism, the decision of which things should be counted as good is also dilemma. The system assumes that what people prefer is what is good, thus the good can only be judged by demand. Utilitarianism asserts that one should always act so as to produce the greatest ratio of good to evil for everyone (Tsalikis and Fritzsche, 1989). An act will be considered ethical if it produces a greater balance of good over evil in any given situation; the question then lies with whose good is trying to be promoted. Therefore, some will argue that this system supports egoism, because most likely a person will promote the good of the individual. The ultimate goal, though, was not the happiness of the individual, but the happiness of society (Rossouw, 1998). Deontological Ethics Deontological ethics is the ethics of duty and obligations. One of the most significant insinuations of deontology is that a behavior of the person can be wrong even if it results in the best possible outcome, and an act can be considered righteous even if it results in a negative outcome. According to Reindenbach, Robin, and Dawson (1991), deontologists have a duty to satisfy legitimate claims. These claims are determined by applying logic to an ethical principle, bearing in mind that one owes many diverse duties to others. Deontology is referred to as non-consequentialism, ethical formalism, or ethics of respect-for-persons (Ferrell Fraedrich, 1997). The deontology principle states that decisions should be judged on the circumstances in which they are made, rather than by their consequences. It means, specifically, ethics based on duty in spite of consequences. There are many variations of deontology. The most significant attempt to construct a deontological approach to ethics is found in Immanuel Kants Groundwork of the Metaphysics of Morals. He begins this work by observing that only a good will is unconditionally good. For Kant, it is impossible to conceive anything in the world, or even out of it, which can be taken as good without qualification, except a good will. So what about intellectual qualities such as intelligence or good judgment or qualities of character, such as perseverance or courage? Kants answer has no basis for these good qualifications. Although such qualities are considered good in many situations, they can also be used for evil purposes as well. Deontologists hold that some choices cannot be justified by their effects; no matter how morally good their consequences, some choices are morally prohibited. On deontological accounts of ethics, one cannot make certain wrongful choices, even if by doing so the number of wrongful choices will be minimized-others will be prevented from engaging in similar wrongful choices. Deontologists believe that what makes a choice right is its conformity with a moral norm. Such norms are to be simply obeyed by each moral agent; such norm-keepings are not to be maximized by each agent. In this sense, for deontologists, the right has priority over the good. If an act is not in accord with the right, it may not be undertaken, no matter the good that it might produce-this includes even a good consisting of acts in accordance with the right. Correct decisions include all choices where the voluntary actions of any one person can be harmonized in reality with the voluntary actions of every other person (Kant, 1965, p. 1). Kant explains that this idea is according to the universal law of freedom. The formality of this approach may be considered a weakness, but it is, in fact, strength; it permits for considering all possible conditions. Furthermore, it is transformation into positive law is the core of the art of legislation. Ultimately, deontology promotes a duty of making the best moral decision. Kant gives several formulas to help decide what makes-up this duty. For Kant, all practical judgments are imperatives. The qualified ones are referred to as the hypothetical imperatives and the unqualified oaths are referred to as categorical imperatives. What determines the goodness or badness is whether the decisions accomplish the goal. For example, a person is situated in the fourth floor of the building and desires to go to the cafeteria that is situated in the next building. So what can he do now? One choice is to could jump out of the window. Of course he or she could probably break a leg; such action would be imprudent. So the prudent thing to do is to take an elevator down or walk down the stairs in order to transfer to the next building to the cafeteria. The deontological theory states that people should adhere to their obligations and duties when analyzing an ethical dilemma. This means that a person will follow his obligations to another individual or society because upholding his duty is what is considered ethically correct. For instance, a deontologist will, all the time, keep his promises to a friend, as well as follow the law. A person who follows this theory will produce very sound decisions that are consistent, since they will be based on the individuals set duties (Rainbow, 2002). AICPA Code of Ethics The AICPA Code of Professional Conduct consists of two main parts: Principles and Rules. The Principles provide the framework for the rules. The Rules provide specific guidance in the performance of professional services of AICPA members. The Principles are set out in six Articles and a Preamble. The Preamble articulates the role that the Principles play. à ¢Ã¢â€š ¬Ã‚ ¦Guide members in the performance of their professional responsibilities and express the basic tenets of ethical and professional conduct. The Principles call for an unswerving commitment to honorable behavior, even at the sacrifice of personal advantage (AICPA, 2008, Preamble). Article I consist of the responsibilities of the AICPA member. It admonishes members as a group to carry out special responsibility of self governance. Article II states that the accounting profession has a duty to serve the publics interest. The public to be served consists of clients, credit grantors, governments, employers, investors, the business and financial community, and others who rely on the objectivity and integrity of certified public accountants to maintain the orderly functioning of commerce. Since the public relies on accountants, the accountant has a reciprocal obligation to be dedicated to professional excellence. Article III calls for an accountant to act with integrity. This requires the accountant to be completely honest and without deception. The honesty exhibited by a person acting with integrity can never compromise that obligation of client confidentiality. However, personal gain can never be put ahead of public interest. Persons acting with integrity will nev er be deceitful. Article II measures integrity in terms of what is right and just. Article IV specifically addresses the two traits of objectivity and independence-the hallmark of an accountant. Objectivity requires a freedom from conflicts of interest, honesty and impartiality. Independence requires freedom that may compromise objectivity. Article V sets out the standards for the services rendered as due care. Each person is expected to evaluate his or her own competence and to obtain the advice of others when necessary. Diligence means that the person will be prompt, thorough, careful and timely. Appropriate planning and supervision will be done by one who is diligent. Finally, Article VI states that each person will consider all the ethical principles when deciding to accept or reject a request for services. Last, the second section of the Code of Professional Conduct consists of a series of rules related to each of the above stated principles. The rules are very specific in thei r application. Rules are thought of as should nots. Conclusion The Code of Professional Conduct sets the standards and rules for professional accountants, regarding their moral and professional obligations toward one another, their clients, and society as a whole. Accountants must obey this code. Having canvassed the two main frameworks of ethical systems, it is not difficult to assess which of the two ethical systems is generally best for the accounting profession. On one hand, the utilitarian perspective about ethics claims that humans are supposed to take those actions that lead to the greatest balance of good consequences versus bad consequences. The utilitarian ethical system is plagued by an indirect and direct paradox. Indirectly, why follow the rules when not doing so produces better consequences? This, however, directly collapses into: do not follow the rules whenever better consequences can thereby be produced. Utilitarians will depart from the rules mistakenly, believing better consequences will result. On the other hand, the deontological perspective is about categorical imperative, moral obligation and duty. It leaves space for agents to give special concern to their friends, families and projects. It places a cap on that dutys demands. Deontological morality, therefore, avoids the overly demanding and alienating aspects of utilitarianism and accords more with conventional notions of our moral duties. The acts for a deontological system are not morally wrong. Furthermore, deontological system can account for strong, cross-cultural moral intuitions better than utilitarian system. With a comprehensive set of rules, the AICPA yearns is for its members to follow them. Almost everyone believes that the law or rules has a very important function morally. Not all accounting decisions will turnout the best results, but working towards a good decision with a good result should be goal of all accountants, as well as all people. Thus, deontological ethics is the best choice for the accounting professions, and matches-up with the AICPAs code of conduct.

Causes of World War 1 :: essays research papers

Causes of World War 1 The Causes of World War I The murder of the Archduke Franz Ferdinand and his wife on the 28th of June caused the lead up to World War I. The Archduke heir to the Austro-Hungarian throne was assassinated in his car during a drive in Sarajevo. The assassination was the work of a terrorist group known as the Black Hand. This caused Austria-Hungary to call on Germany as an ally and discuss how far Germany would support them. The result of this meeting was the `Blank Cheque' which gave Austria Germany's full support. Austria sent an ultimatum to Serbia asking for `complete surrender' on 23rd July and Serbia agreed 99%. Austria declared war on Serbia on the 28th of July, which created a war that would split Europe in two. War plans and war strategies a crucial to win a war so they must be planned to perfection with no flaws. In World War I Germany believed they had a perfect war plan were as if Russia mobilizes then Germany would have forty days to destroy and invade France (Russia's Ally) this flawless plan was known as the Schlieffen. The Schlieffen plan was created by Count Alfred von Schlieffen and was created to protect Germany from fighting a war on two fronts. After Schlieffen died his successor was a man named Helmuth von Moltke and he modified the plan slightly by not invading so much neutral territory. During the war the plan was an absolute failure and Germany had to fight a war on two fronts and lost. The plan was a failure because it had to many flaws e.g. Britain was not brought into the equation, France was stronger than expected. In this war plan trains with strict timetables were used to create an army of 4,000,000 to march into Paris. Once Germany mobilizes the trains would not stop or change route for anybody. When the Kaiser asked Moltke to stop the trains going to France, Moltke's reply was: "That we can't do! The whole army would be thrown into confusion. We would lose any chance of victory." Moltke This proves that the Kaiser was not in control after mobilization has started. It also proves that the trains could not be stopped by anyone after they have started without complete chaos occurring and defeat enviable. The alliances in Europe created a tension, which would snap, and a major war would occur that would split Europe in two.

Role of Money Market in Economic Development of Nigeria

Discount Houses Operations, the Money Market and the Nigerian Economy: A Preliminary Investigation C. B. Ezirim and F. E. Enefaa Abstract This paper investigates the relationships subsisting between the operations of discount houses and the performance indices of the money market and the general economy. The method used involved the estimation of regression models and subsequent analysis of results using conventional statistics. The findings indicate that positive and significant relationships existed between the indicators of discount houses and those of the money market and the macro economy.Thus, the operations of these houses reserve the potentials to boost the performances of the money market and the economy considerably. This calls for policy options that would favor the encouragement of existing houses and licensing of new ones to adequately carter for the needs of the overall economy. Introduction It has been underscored that discount houses play very important roles in stimu lating investments in the economy and in boosting the general operations of the money market.Not only do they serve as catalyst in the market, they are, on their own, large-scale investors in the money market as well. Their role in facilitating profitable open market operations is worth stressing (CBN, 2004; Ezirim, 2005). Notwithstanding these and other roles performed by discount houses in a typical economy, the Nigerian money market operations are said to be sub-optimal in terms of engineering desired growth in the economy. The observed sub-optimality of the Nigerian money market is blamed, in part, on the poor performance of discount houses and other money market institutions.Discount houses, from the onset of their operations in the country, were expected to cause the Nigerian money market to operate optimally. Since the money market is yet to achieve this objective, can we then say that the discount houses have failed in their expected duties? It is the burden of this study to ravel the true position by x-raying the relationships between relevant variables representing the operations of the money market and those of the discount houses.Furthermore, the entire activity of the discount houses is expected to directly or indirectly boost aggregate domestic investment, output, and income. The levels of these macro magnitudes, even with the advent of discount houses, have left much to be desired. Does this suggest that these institutions, alongside others, have failed in their critical duty to the economy? The need to investigate the relationship between the 94 operations of these financial institutions and relevant macro indicators is only rife.It is, therefore, main purpose of this study to analyze the operational performance of discount houses in a bid to see how they relate with the general performance of the money market and the macro economy. Theoretical Framework and Review Concept and Roles of Discount Houses Discount houses are recent but novel develo pments that are meant to further the catalytic processes in the economic advancement of the less developed countries (LDCs) like Nigeria, especially in the money market sub-sector.By definition, discount houses are financial institutions devoted to trading in money market securities in the secondary market. As in Ezirim (2005), discount houses (DHs) were established to serve as financial intermediaries between the Central Bank of Nigeria (CBN), licensed banks, and other financial institutions. DHs mobilize funds for investments in securities by providing discounting/rediscounting facilities in government short-term securities.According to Central Bank of Nigeria (2004: 1) Revised Guidelines for discount houses in Nigeria, â€Å"a discount house means any person in Nigeria who transacts a discount house business which in the main consists of trading in and holding of treasury bills, commercial bills and other securities and whose operations are in the opinion of the CBN those of a d iscount house†. Local Banks and other financial institutions including insurance companies, with or without the participation of international finance institutions acceptable to the CBN, can subscribe to the shares of a iscount house business. However the maximum permissible equity holding for any single investor in a discount house is 40%. Kakawa Discount House Ltd. (2005) provided a distinct approach to understanding the discount house phenomenon. To them, a discount house is a specialist financial institution, which intermediates in the money market by accepting short-term monies for onward investment in short-term financial securities from commercial, universal, investment and development banks, building societies, other financial institutions and high net worth individuals.They are credited with playing a vital role in the Nigerian Monetary System by sitting at the centre of the money market, and offering the safest avenues available for investment in Nigeria today. They invest mainly in government treasury bills and to a lesser extent in commercial bills issued by blue chip companies, and accepted by creditworthy bank. Their principal specialization is in providing primary liquidity in the Nigerian financial sector through the buying and selling of security in huge volumes for very short period of time.A discount house in Nigeria is a specialist financial institution that acts as an agent for facilitating the Open Market Operation (OMO) allocations; and as a market marker in Nigeria money market. Ajie and Ezi (2001) maintained that the establishment of discount house in Nigeria has been an important development that led to an increased level of activity, fund flows and growth of the money market. 95 Establishment and Raison d’etre of Discount Houses in Nigeria Discount Houses were set up by the provisions of Section 28, of the Central Bank of Nigeria (CBN) Decree No. 4 of 1991 and sections 61 of Banks and Other Financial Institutions (BOFID) Decree No. 25 of 1991 as amended. Three discount houses commenced operations in 1993 while two others joined between 1995 and 1996. Discount Houses were primarily created in Nigeria to carry out the following functions: (a)Promotion of rapid growth and efficiency in the money market; (b) Acting as an intermediary between the CBN and licensed banks in Open Market Operations (OMO) transactions and other eligible transactions; (c ) Facilitating the issuance and sale of short termGovernment securities, (d) Providing discount/re-discount facilities for Treasury Bills, Government Securities and other eligible financial instruments; (e) Accepting short-term investments on an intermediary basis from banks and wholesale investors; and (f) Providing short term financial accommodation to banks. The CBN injects or withdraws funds from the money market through the Discount Houses, whose operations will enable them serve as a mirror with which the CBN gauges the liquidity position in the market. Discount Houses help banks to adjust their books on a daily basis, resulting in the stimulation of the money market and paving the way for healthy growth, efficiency and professionalism. Following the recent CBN 2004 Guidelines, the functions of a Discount House were expanded to include: (a) Providing portfolio and funds management services, (b) Providing financial and business solutions, and (c ) Other functions that may be prescribed by the CBN from time to time (CBN, 2004).Regulation and Control of Discount Houses in Nigeria The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) regulate and control the activities of the Discount Houses. In a bid to keep Discount Houses secure, the CBN strictly regulates them through daily, weekly, monthly, semi-annual and annual reporting of their statement of affairs while relevant quarterly reports are sent to SEC. This keeps the regulatory agencies continuously informed of the situation prevailing in the Discount H ouses on a daily basis ( Kakawa, 2005).In terms of prudential requirements, the CBN (2004) required that every discount house shall: (a) transfer to the statutory reserve a minimum of 15 percent of profit after tax if the reserve fund is less than the paid-up capital and a minimum of 10% if the reserve fund is equal to or more than the paid-up capital; (b) maintain capital funds to risk assets ratio of 1:13 and cash asset ratio (CAR) of 10% or as may be prescribed by the CBN from time to time; (c ) not exceed a maximum ratio of 50:1 between its total borrowing and capital plus reserves without the prior approval of the CBN; (d) not grant to any bank, facility of more than 75% of its shareholders’ funds unimpaired by losses without the prior approval of the CBN; (e) (i)at all times maintain not less than 60% of total borrowing in government securities; (ii) Any discount house which fails to maintain the 60% of borrowings in government securities is guilty of offence and liable to fine as stipulated in Section 15(4)(b) of BOFIA as amended. (f) shall classify and make provision for its risk assets in line with prudential guidelines for banks; (g) maintain proper books of accounts; (h) every discount house shall display its daily rates or interest in a conspicuous position in all its offices; (i) 96 hanges in the discount house’s top management and Board of Directors shall be subject to the prior approval of CBN; (j) every discount house shall appoint an auditor approved by the CBN whose duties shall be to make to the shareholders a report of their annual balance sheet and profit and loss account. The qualifications, duties, powers and responsibilities of the approved auditors shall conform to the provisions of Section 29 of BOFIA 1991, as amended; and (k) all repurchase transactions (Repos) by discount houses shall be reported on the balance sheet if the securities used are owned by the discount houses with the affected assets remaining in the books of the sellers (discounting houses), while the cash received by them shall be recognized as a liability (CBN, 2004). Services and Financing of Discount Houses Discount Houses offer a wide range of financial products to Banks, Non-Bank Financial Institutions and the general public.The main services include: (a) Securities trading which includes buying and selling of: Treasury Bills, Treasury Bonds, Government Bonds, and Commercial Bills; (b) Accepting short-term investments from banks and providing short-term accommodation to banks; (c) Short-term financial intermediation through the acceptance of funds and simultaneous investment of the funds in: Commercial Papers, Bankers Acceptances, Government Securities; (d) Providing personalized wealth management to high net-worth individuals through a network of investment managers, financial consultants and other specialists; (e) Effective portfolio management on both discretionary and non-discretionary basis through the provision of medium to long term investment management services to: Pension funds, Private clients, Employee Schemes, Trustees of family settlements and charities; and (f) Providing Business Solutions in: Financial Arrangement and Management, Mergers and Acquisitions, Privatization, Business Assessment, Business Structuring, and Data Resource and Management (kakawa Discount House Ltd. , 2005) The Sources of funds for discount houses in Nigeria included: (a) Equity – Paid- up Capital and Reserves. (b) Call money and short-term borrowings of not more than three years maturity. (C) Call money placed by banks with discount houses shall form part of the specified liquid assets of the respective banks for the purpose of the liquidity ratio requirement. d) A discount house that is short of funds may: (i) obtain from the CBN an overnight advance against acceptable collateral. However such an advance shall not exceed 20 percent of the total assets of the discount house and shall not in any event be gran ted if the discount house has exceeded the borrowing limit as prescribed by CBN; (ii) sell short-term bills and/or other securities to the CBN. The CBN shall provide rediscounting facilities for treasury and other eligible securities; and (iii) enter into Repurchase transactions with the CBN using eligible securities. The short-term nature of the liabilities of a discount house requires that its assets be substantially liquid.The assets of a discount house shall consist of the following: a) Treasury Bills; b) Treasury Certificates; c) Negotiable Certificates of Deposit (NCDs); d) Bankers’ Acceptances; e) Commercial Papers (eligible); f) Asset-Backed Securities (of not more than three years to maturity); g) Federal Government Development 97 Stocks (development stocks not exceeding five years); h) Eligible State Bonds (bonds with not more than five years to maturity); i) Promissory Notes issued by State Governments; and j) Any other securities that may from time to time be appr oved by the CBN. Discount Houses, Open Market Operations, and the Money Market Open Market Operations (OMO) is an indirect monetary policy technique that is used to control the level of money supply.It involves the sale/purchases of money market instruments in the open market. In Nigeria, the money market instrument used for OMO auctions is the Treasury Bills. Discount houses are the exclusive agents, in the conduct of OMO in Nigeria. OMO auction are held on a weekly basis. Presently, the notice is put out on Wednesday. Banks and other participants forward their bids to the discount houses on Thursday whilst the results are released the following day, Friday. The Discount House submits bids from authorized dealers, including its needs for OMO instruments, to the Central bank and facilitates the payments and settlement of the transactions.The money market is a wholesale market for low risk, highly liquid, short-term debt instruments. Shortterm refers to a tenor of less than one year. In Nigeria, the instruments traded in the main are Treasury Bills, Bankers Acceptances and Commercial Paper. The heart of activity in the money market occurs in the dealing rooms of discount houses and banks. Each day, billion of Naira is traded between operators in the money markets (CBN, 2004; Kakawa, 2005). Performance of Discount Houses in Nigeria Since inception, the discount houses have especially increased the level of activity in the secondary market for government securities. This is apparent from the volume of treasury bills currently held by banks. This increased from N5,181. million in 1992 to N38,286. 8 million in 1994. This is very remarkable when we consider that the treasury bills issued by the CBN had shown a downward slide from N81152. 1 million in 1992 to N30633. 2 million in 1994 and N20247. 7 million in 1996. As at 2002, there were 5 discount houses operating in Nigeria. Relative to their performance in 2001, they recorded significant growth in 2002. The total assets of the 5 operating Houses amounted to N57. 3 billion at December 2002 and N67. 3B as at the end of 2004 ( See Table 1 below). Total funds available amounted to N28. 7 billion compared with N9. 7 billion in 2001. The funds were sourced mainly from money-at-call (N13. billion), other amounts owed to bank and non-bank customers (N11. 7 billion), accretion to capital and reserves (N1. 6 billion), and reduction in cash and balances with banks (N1. 5 billion). 98 Table 1: Selected Indicators of Discount Houses, Money Market and Nigerian Economy Discount Houses Shareholders’ Funds (DHSF) NM 1993 436. 0 1994 565. 7 1995 865. 6 1996 1251. 7 1997 1430. 5 1998 1710. 3 1999 2136. 5 2000 3730. 7 2001 4948. 6 2002 6511. 0 2003 7679. 0 2004 9924. 5 Source: CBN Annual Reports, various years. Year Discount Houses Assets (DHASS) NM 4,461. 8 9,583. 2 3,431. 9 1,178. 4 6,996. 1 7,842. 6 15,049. 6 30,260. 8 32,353. 7 57,282. 52,731. 2 67,346. 2 The funds were largely utilized for investmen ts in government securities (N19. 7 billion), settlement of claims to banks (N2. 4 billion), and acquisition of other assets (N2. 4 billion) among other uses (CBN, 2002: 42, 43). The Central Bank (2004a) reported that the level of activities of discount houses recorded relatively improved performance in 2004 relative to compared with what obtained in 2003. The total assets/liabilities rose from N52. 7 billion in 2003 to N67. 3 billion in 2004, representing an increase of N14. 6 billion or 27. 7 per cent, while the total funds sourced amounted to N22. 6 million, compared with N15. billion in the preceding year See Table 1). The funds were sourced mainly from non-bank customers (N8. 1 billion), reduction on claims by banks (N5. 7 billion), and an increase in reserves (N2. 2 billion). The funds were utilized mainly in the purchase of Federal Government securities of less than 91-days maturity (N16. 2 billion). Discount houses’ investment in Federal Government securities of less than 91 days maturity amounted to N38. 1 billion at end-December 2004, representing 80. 1 percent of their total deposits liabilities. This was 20. 1 percentage points higher than the prescribed minimum of 60. 0 per cent for fiscal 2004 (CBN, 2004a).These show how important the impact of the discount houses has largely been felt in the level of activity and nature of holding of government debts instruments. Research Methodology Design of the study and Data: The study investigates the effect of the operational Performance of the discount houses on the Nigerian economy. The method employed included the estimation and analysis of regression models. For the purpose of this study, the research design used was the investigative research method which is mainly biased to inferential statistical analysis (Baridam, 2005). This study was intended to cover the entire discount houses operating in Nigeria.Accordingly, time series annual data 99 covering the period of 1993 through 2004 were obtain ed and analyzed. The Annual Report and Statement of Account of the CBN for various years constituted the sources of the time series data for the estimations. Operational Measure of the Variables: The dependent variables in this study are the operational performance indices of the money market and the entire economy, namely the total value of operations of the money market and the real GDP respectively. The independent variables are the operational performance indices of the discount houses, namely the discount houses shareholders’ fund (DHSF) and discount houses assets (DHAS).Data Analysis Techniques: Besides the desk research method which informs an extensive review of the theoretical underpinnings related to this topic, the study involved the estimation of conventional regression models as earlier mentioned which assisted in analyzing the data. The ordinary least square (OLS) technique was also adopted using the SPSS software for the estimation of the variables. The tand F- tests were used to test for significance of the results obtained. Hypotheses, Estimation Results, and Analysis Two hypotheses were formulated to the intent of finding the nature and magnitude of relationship existing between discount houses operations, on one part, and the money market operations and the general economic activity of the country, on the other. The resultant linear regression models were estimated and analyzed below. Relation between Discount Houses’ and Money Market Operations The first ypothesis states that: there is no significant relationship between the country’s money market operational performance and the operations of discount houses in the country. As expected the regression statistics were calculated using the SPSS computer software programme. The indicator of the money market, namely money operations from 1993 through 2004 were regressed against the indicator of discount houses, namely, the total capital injections (shareholders fund – DHSF) of discount houses on one part, and total assets of discount houses (DHAS) on the other. This procedure yields two subhypotheses: one relating money market operations (MMOP) with discount houses shareholders’ fund (DHSF) and the other linking MMOP with discount houses assets (DHAS).The results of the computations are summarized on Table 2 which depicts the regression results of relations between the above variables. In each case, the MMOP remained the dependent or explained variable, while the DHSF and DHAS were the independent variables. As shown by the Table, for the MMOP-DHSF relation, the observed coefficient of regression was 0. 995, while the same statistic was observed as 0. 978 for the MMOP-DHAS relation. 100 This suggested that the degree of association between the money market performance and the discount houses’ operations was very high, being at least 97%. The observed high degree of relationship was confirmed by each of the coefficient of determinat ion (r2) of 0. 91 and 0. 957 respectively. The results of the r2 showed that at least 95. 7% of the variations in money market operations can be attributed to the effects of discount houses’ operation, when the explanatory variable was DHAS. Table 2: Regression Results Showing Relationship between Discount Houses and Money Market Operations Independent Variables Statistics DHSF DHAS Coefficient of Regression (R) . 995 . 978 Coefficient of Determination (r2) . 991 . 957 Adjusted R Square . 990 . 952 F-Ratio 1050. 12 220. 522 Significance Level of F . 000 . 000 Regression Coefficient (beta) . 995 . 978 t-Statistics 32. 406 14. 85 Significance level of t . 000 . 00 * Dependent variable is MMOP. Source: Computer Printout (SPSS) The level of explained variation when the explanatory variable was DHSF was 99. 1%. The range of the degree of explained variation attributable to the models, thus, was between 95% and 99%. After adjusting for the effects of small sample size (number of ob servations) and number of independent variable (which remained constant however in each case implying that only sample size was adjusted), the adjusted coefficient of determination, r2, were 0. 99 for DHSF and 0. 952 for DHAS. By implications after the necessary adjustments, the proportion of explained variation remained at between 95% and 99%.The F-ratios of 1050. 12 for DHSF variable and 220. 522 for DHAS variable are all significant at 1% level or less (P = . 000 in each case). This implies that the relationships between MMOP and DHSF and DHMS are statistically significant at the conventional levels. The relative effects of each independent variable as denoted by the t-statistics are equally computed to be statistically significant as expected (t = 32. 406 for DHSF and t=14. 85 for DHAS; P= . 000 in each case) at 1% level of significance. Given these, we cannot accept a null hypothesis of no significant relationship between operations of the money market and those of the discount houses.Thus, there is a statistically significant relationship between discount houses operations and money market performance in Nigeria. Discount houses operating in Nigeria affect the Nigerian money market both positively and significantly. Relationship between Aggregate Economic Performance and Discount Houses Operations The second hypothesis attempts to know whether or not the general economy has been significantly impacted by the discount houses’ operations in the country. This hypothesis stated in the null is as 101 follows: There is no significant relationship between the aggregate economic performance represented by the GDP and the operations of discount houses in Nigeria.Table 3: Regression Results Showing Relationship between Discount Houses’ Operations and Real DGP Independent Variables Statistics Coefficient of Regression (R) Coefficient of Determination (r2) Adjusted R Square F-Ratio Significance Level of F Regression Coefficient (beta) t-Statistics Sign ificance level of t DHSF . 971 . 943 . 937 163. 97 . 000 . 971 12. 805 . 000 DHAS . 947 . 898 . 887 87. 705 . 000 . 947 9. 365 . 000 * Dependent variable is real GDP. Source: Computer Printout (SPSS) The regression statistics were calculated using the SPSS computer software program. The indicator of the economy namely Real GDP from 1993 through 2004 were regressed against the indicators of iscount houses, namely, the total capital injections (shareholders fund – DHSF) of discount houses on one part, and total assets of discount houses (DHAS) on the other. This procedure yielded two subhypotheses: one relating Real GDP (RGDP) with discount houses shareholders funds (DHSF) and the other linking RGDP with discount houses assets (DHAS). The results of the computations are summarized on Table 3 which depicts the regression results of relations between the above variables. In each case, the RGDP was treated as the dependent or explained variable, while the DHSF and DHAS were the in dependent variables. As shown by the Table, for the RGDP-DHSF relation, the observed coefficient of regression was 0. 971, while the same statistic was observed as 0. 947 for the RGDP-DHAS relation.This suggested that the degree of association between the aggregate economic performance and the discount houses’ operations was very relatively high, being at least 94%. The observed high degree of relationship was confirmed by each of the coefficient of determination (r2) of 0. 943 and 0. 898 respectively. The results of the r2 showed that at least 89% of the variations in aggregate economic activities can be attributed to the effects of discount houses’ operations, when the explanatory variable was DHAS. The level of explained variation when the explanatory variable was DHSF was 93. 7%. The range of the degree of explained variation attributable by the models thus was between 89% and 94%. 102After adjusting for the effects of small sample size (number of observations) and number of independent variable (which remained constant however in each case implying that only sample size was adjusted), the adjusted coefficient of determination, r2, were . 937 for DHSF and . 887 for DHAS. By implications after the necessary adjustments, the proportion of explained variation remained at between 88% and 93%. The F-ratios of 163. 97 for DHSF variable and 87. 7 for DHAS variable are all significant at 1% level or less (P = . 000 in each case). This implies that the relationships between RGDP and DHSF and DHAS are statistically significant at the conventional levels. The relative effects of each independent variable as denoted by the t-statistics are equally computed to be statistically significant as expected (t = 12. 8 for DHSF and t = 9. 4 for DHAS; P= . 00 in each case) at 1% level of significance. Given these, we cannot accept a null hypothesis of no significant relationship between aggregate economic activities of Nigeria and operations of the discount houses . Thus, there is a statistically significant relationship between discount houses operations and economic performance of Nigeria. Discount houses operating in Nigeria affect the Nigerian economy both positively and significantly. Concluding Remarks It was thus the main purpose of this study to analyze the operational performance of discount houses in a bid to see how they relate with the general performances of the money market and with the macro economy.Put simply, the study investigated the effects of the operational Performance of the discount houses on the Nigerian money market and the economy. The method employed included the estimation and analysis of regression models. The results indicated that: there is a statistically significant relationship between discount houses operations and money market performance in Nigeria. Discount houses operating in Nigeria affect the Nigerian money market both positively and significantly. Furthermore, there is a statistically significant rel ationship between discount houses operations and economic performance of Nigeria. Discount houses operating in Nigeria affect the Nigerian economy both positively and significantly.The results suggest that the establishment of discount houses has been shown to be one of the potent measures that have tremendous potentials to strengthen and cause real growth to the money market and the economy. In keeping with the above, the Government and the Central Bank should endeavor to license more discount houses since their operations are beneficial to the country. The five discount houses currently operating are too few to satisfy the requirements of a vast country like Nigeria. The opearational Houses and the authorities should also endeavor to awake the consciousness of the investing and the business public to proper usage of the facilities and services provided by discount houses.Candid awareness should be provided and information made available to the investor public to know which discoun t house is performing better and good for patronage. The management of the operating discount house should endeavor to improve in their service offerings to their customers especially in the area of making their discount charges to be reasonably competitive. This could also improve the clientele level of the 103 operating discount houses in the economy. It is important that discount houses’ management, investors and government critically analyze and understand the effect of under-utilization of services or facilities provided by discount houses.It is the humbly suggestion of the authors that further empirical works be carried out on the identified relationships using more powerful and sophisticated tools and larger number of observations such as in the cases of monthly and quarterly data. Comparisons between the Nigerian experiment and the experiences of other developing countries should also be made. These would assist the general understanding of the unique roles of discoun t houses in the less developed countries. 104 References: Ajie, H. A. and Ezi, C. T. (2001) Financial Institutions and Markets, Paragraphics Publishers, Enugu. Baridam, D. M. (2005) Research Methods in Administrative Sciences. NTA Road, Port Harcourt. Sherbrooke Associates. Central Bank of Nigeria (2002) Annual Report and Statement of Accounts. Abuja: CBN Press. Central Bank of Nigeria (2004) Revised Guidelines for Discount Houses. CBN Press.Central Bank of Nigeria (2004a) Annual Report and Statement of Accounts. Abuja: CBN Press. Ekezie, E. S. (1990) Elements of Banking. Ibadan: University of Ibadan Press. Ezirim (2005) Finance Dynamics: Principles, Techniques, and Applications. Port Harcourt: Markowitz. Federal Government of Nigeria (1991) Banks and Other Financial Institutions (BOFID) Decree No. 25 of 1991. Lagos: Government Press. Federal Government of Nigeria (1991) Central Bank of Nigeria (CBN) Decree No. 24 of 1991. Lagos: Government Press. Kakawa Discount House Limited (2005 ) Discount Houses in Nigeria. www. Google. com, Accessed October 2005. Layi Afolabi (1992) Law and Practice of Banking. Lagos: Lagos University Press. 105

Essay Sample on Lewis and Clark and Their Visit of Indian Tribes

Essay Sample on Lewis and Clark and Their Visit of Indian Tribes During their expedition, Meriwether Lewis and William Clark Met and Encountered many different Indian tribes. Since Lewis and Clark met so many tribes they decided that they would greet every Indian tribe the same way. Some of the tribes greeted them with gifts, while others greeted them with immediate violence. Lewis and Clark met with the Arikara Indians on October 8,1804. When they met the Arikara Indians, only a small population of their tribe had existed. They found three Arikara villages, where most of the people lived in earth lodges. There were about 2,000 people in all of these villages combined. Arikara men wore buffalo robes, leggings and moccasins, and many warriors wielded guns that they had acquired in trade. Women were clad in fringed antelope dresses. Most of the Arikara were farmers. When crops did not grow well they resorted to shooting buffalo. Arikara men wore buffalo robes, leggings and moccasins, and many warriors wielded guns that they had acquired in trade. Women were clad in fringed antelope dresses. The Arikaras agreed to send a group east to meet with President Jefferson. However York, Clarks slave, impressed the Indians most because they never saw a black man before and because of that they thought he had special spiritual powers. Eight Blackfeet warriors encountered Meriwether Lewis and a party of the Corps of Discovery in July 1806. The Blackfeet saw the Americans as a threat to their tribe. One night the Blackfeet tried to steal the Americans guns, but failed and two of the tribes warriors were killed by Lewis and Reuben Field. From then on, the whole tribe treated the Corps of Discovery with opposition. On October 26, 1805, two Chinook chiefs and several men came to the expeditions camp to offer gifts of deer meat and root bread cakes. The captains responded by presenting the chiefs with medals and the men with trinkets. They lived next to the Columbia River in the northwestern part of Oregon. They mostly ate fish, rabbit, elk, bird eggs, and clams. For shelter they used houses made of cedar bark, teepees, and brush tents. Many of the families lived together in one house. To get around they used canoes that were hollowed out cedar trees. They also rode on horses or walked on foot. Many of the times during their encounter the Corps were stolen form and they were given unreasonable prices for food. The Hidatsa Indians lived on the upper Missouri river in North Dakota. They lived in circular earth lodges that enclosed a type of meeting place. A log wall thats purpose was to keep out invaders surrounded the village. The tribe had three villages along the Missouri river: Mahawha, Metaharta, and the largest, Menetarra. The Hidatsa became involved in trade with many of their visitors. They grew corn, tobacco, squash, and beans, which they used to trade with others. The Hidatsas did provide the Corps with a number of benefits, including key information about the route ahead. The also told them about a French trader and his wife Sacagawea. The Mandan Indians lived along the Upper Missouri River in North Dakota. They lived in two villages: Matootonha and Rooptahee. They Corps arrived at the villages in October and stayed there until the winter of 1804 where they stayed at Fort Mandan. The tribe believed that their ancestors climbed form beneath the earth by means of a grapevine. A post stood at the center of the village that symbolized its hero. At the north end of each plaza was its medicine lodge. The more powerful a family was the closer its lodge was to the center. They grew beans, squash, corn, and tobacco. Everything from meat products to horses to musical instruments was exchanged for Mandan corn. When food was running low the Corps went with the Mandans to go on a buffalo hunt. They were awed by the color of Yorks skin and they too thought he had spiritual powers because of it. The Mandans supplied the Corps with food and supplies during their stay and when spring came they bid farewell and the Corps continued on their expedition. During the first meeting of the Corps with the Teton Sioux, the Corps went through their normal ritual of meeting Indians and the tribe were not impressed by it, but instead saw the Corps as competitors for trade in the region. No one in the Corps could speak Sioux so it was very difficult for the two groups to communicate. Teton men wore hawk feathers about their heads and robes over their bodies, while women dressed in buffalo skins and robes. During the expeditionÐ ¢s stay, the Tetons held a number of celebrations scalp dances of a recent war victory over the rival Omahas. The difficulty in communication between the groups caused many misunderstandings and those little problems almost led to the point of war. But before there was a big chance of war the Corps decided to leave sooner than anything threatening to their safety could take place. The Corps met the Walla Wallas during early October in the year 1805. Since the Corps were rushing to get to the Pacific, they rejected their welcome. However the leader, Yelleppit, made them promise to return to the village on their way back. So when the Corps returned in April, they agreed to stay for a while. There were about 15 lodges in the village and because of the request by their leader, the Walla Wallas welcomed the Corps kindly. Relations between the two groups were simplified by the presence of a Shoshone woman who the Walla Wallas had captured. She translated Walla Walla to Shoshone for Sacagawea, opening the translation chain for the Corps interpreters. Yellepitt gave Clark a white horse and fish and firewood for the rest of the troops. In return Clark gave Yellepitt his sword, 100 rounds of ammunition, and other different trade objects. The Corps told the tribe their plans of leaving but Yellepitt asked them to stay one more night and they agreed to. Because of them wi lling to stay the tribe gave them horses, food, canoes, and valuable information about the next place they wanted to go. That night neighboring tribes joined the Corps and the Walla Wallas to have a big celebration where they dance to the beats played on the drums and ratlles. Throughout the duration of the journey the Corps met many different tribes that each helped them in different ways. Some supplied them with food others with supplies and others with valuable information. They were able to see that all Indians were different and none were the same. They were also able to realize that Indians werent savages; just people who were trying to get by in life. You can also order a custom essay, term paper, research paper, thesis or dissertation on Lewis and Clark topics at our professional custom essay writing service which provides students with high-quality custom written papers. 100% No plagiarism and on-time delivery guarantee!

ALLEN - Surname Meaning and Origin of Last Name Allen

ALLEN - Surname Meaning and Origin of Last Name Allen The Allen and Allan surname derive from aluinn, meaning fair or handsome. The Allan surname spelled with an a is generally considered to be associated with Scottish clans, including Clan Donald, Clan Grant, Clan MacFarlane, and Clan MacKay. Spelled with an e, however, the Allen surname is generally considered to be English in origin. However, a variety of names from a variety of regions might be anglicized as either Allen or Allan, so the name spelling may not point to your familys origin. Surname Origin ï » ¿Scottish, English Alternate Surname Spellings ï » ¿ALAN, ALLAN Famous People With the Surname ALLEN Ethan Allen - leader of the Green Mountain Boys and an American officer during the Revolutionary WarKris Allen - winner of American Idol, season eightLily Allen - British pop starRichard Allen - minister, educator, writer, and founder of the African Methodist Episcopal (AME) denominationMarcus Allen - National Football Hall of Fame member, inducted 2003 Genealogy Resources for the Surname ALLEN ï » ¿100 Most Common U.S. Surnames Their MeaningsSmith, Johnson, Williams, Jones, Brown... Are you one of the millions of Americans sporting one of these top 100 common last names from the 2000 census? Allen Family Genealogy ForumSearch this popular genealogy forum for the Allen surname to find others who might be researching your ancestors, or post your own Allen query. There are also separate forums for the ALLAN and ALAN variations of the Allen surname. FamilySearch - ALLEN GenealogyFind records, queries, and lineage-linked family trees posted for the Allen surname and its variations. DistantCousin.com - ALLEN Genealogy Family HistoryFree databases and genealogy links for the last name Allen. - References: Surname Meanings Origins Cottle, Basil. Penguin Dictionary of Surnames. Baltimore, MD: Penguin Books, 1967.Menk, Lars. A Dictionary of German Jewish Surnames. Avotaynu, 2005.Beider, Alexander. A Dictionary of Jewish Surnames from Galicia. Avotaynu, 2004.Hanks, Patrick, and Flavia Hodges. A Dictionary of Surnames. Oxford University Press, 1989.Hanks, Patrick. Dictionary of American Family Names. Oxford University Press, 2003.ï » ¿Smith, Elsdon C. American Surnames. Genealogical Publishing Company, 1997.

Recruitment and Selection Research Paper Example | Topics and Well Written Essays - 750 words

Recruitment and Selection - Research Paper Example he importance of effective recruitment process by envisioning the recruitments process in the organizational cultures thereby ensuring that an organization has a steady supply of qualified human resources. The recruitment process begins with the analysis of a job opening. This requires the human resource management must analyze the roles and responsibilities of the position thereby developing an effective recruitment process. The analysis should inform such features as the academic qualifications of the applicant, experiences and age among other pertinent issues that affect the productivity of employees in organization. This way, the human resource manager understands the features to look for in an individual during the recruitment process. After carrying out an effective analysis of the job position, the human resource manager begins to source for applicants. This relies on the ability of the manager to increase the awareness of the vacancy within a target population. Managers can advertise the position on mainstream media and carry out effective networking in order to attract the prospective employees. Managers thus carry out interviews among other assessment techniques to determine the appropriate employees from the numerous applicants. Such assessment techniques provide managers with appropriate platforms to interact with tea applicants thereby corroborate the claims that the applicants make in their cover letters and resumes. The process makes it possible for managers to interrogate the applicant and determine their motivations for the job and qualifications to hold such positions (Hill & Jones, 2011). This implies that the managers must have the ability to recognize the specific features in the applicants thereby recruit appropriate individuals. The panel of interviewees investigate interpersonal skills, communication abilities and grooming in order to recruits the individuals who can represent the organization in different capacities. The desire to

FORMAL LETTERS AND REPORTS Assignment Example | Topics and Well Written Essays - 500 words

FORMAL LETTERS AND REPORTS - Assignment Example Elsie Chan agreed with the report on the factor that there is a communication breakdown between some health professionals and their patients. Elsie agreed that some doctors judge patients based on past experiences of similar illnesses and on such basis may lose a point as all patients must be examined individually. The doctors failed to fully understand the patients problems as the patients were not given time to express themselves. Logan advocated for awareness to be created for all health professionals to examine patients individually and consider each situation on its own. Marion Hale considered the point of discrimination of patients to be totally unethical and that doctors should embrace the spirit of responsibility to their patients. Marion advocated for a separate office to be created in all hospitals to report cases of discrimination by doctors or nurses and the respective hospital management to reprimand such doctors accordingly. Kelly Mitchell seconded this idea. Mark Ryan advocated that all doctors should be reminded of their code of conduct and ethics which they vowed to follow when they graduated. Ryan proposed that these values be printed and posted in various sections of hospitals to remind them regularly. Nick Yanes raised concerns that patients too had a role to play in the whole scenario. He advocated for patients to be sensitized on the importance of them giving adequate information to doctors as this will help doctors assess them accordingly. Mitchell Jones advocated for strengthening of the counseling department in hospitals to assist those patients that are emotionally despaired due to their illnesses and not willing to