Saturday, April 09, 2005

she rites dark poetry .....
she is the DE VILE

wat she rites is dark poetry
so she says

but she dont lie
she is dark

no amount of fair and lovely creams
gonna change dat

about the poetry
i tink it SUXS

but u be the judge
click here


De.vile said...

u love me so much that u just cant stop hating me can u? n get me the fuckin portrait. hated peanuts. try garfield or archies. me like em betta

Keshi said...

devile isnt dark...she's a sweet heart who has been in darkness more than any of her fellow mates would have...


Anonymous said...

the De Vile just posted a very tot provoking article

a must read for all
especially for those who are quick to condemn

like me


Pithaly said...

Where it began: The answers are obscured in the mists of time. Historical records, as and where they exist, rarely speak about business and speculative activity except in passing. However, one can probably say that the seeds of stock broking in India were probably sown by the British East India Company way back in the 18th century. The term paper (promissory notes, debt instruments) floated by the company to finance its activities is one of the first recorded instances of group speculative activity of any kind in India.

But is this as far as official records go? Speculation existed in India even prior to the advent of British rule in India, at various points in time. Hundis or bills of Exchange were vigorously bought and sold by almost all trading communities in India, especially in the medieval ages.

One cannot, however, classify this as an organised speculation. That is built around an Exchange, which requires political and economic stability, an enforceable legal code and the rudiments of uniform business practices. And it was only when John Company's, (as the East India Company was commonly known) power and reach began to extend across India that a whole new field of speculation emerged, built around the trading company's loan securities.

The 19th century saw Indian business enterprises flourish and merchants and speculators in Western India began to actively trade in the loan securities and shares of companies.

This was facilitated by the formation of joint stock companies that sprung up around banking, real estate and the cotton industry. Trading was irregular and revolved around a select group of businessmen who hailed from prosperous trading zones of India.

Around 1860-61 Indian business received a big boost, when demand for cotton was generated by the onset of the American Civil War. Prior to the Civil War, mills in England imported only around 20 per cent of their requirements from India. But the Civil War pushed up cotton prices and by 1865 Bombay registered a whopping 70 million pound sterling in the cotton trade.

A surge in business activity led to speculation. Brokers sprang up to deal in barter stocks of companies that were doing great business- banks, real estate and cotton companies.

By January 1865, Bombay had 31 banks, eight land reclamation companies, 16 cotton-pressing companies, 20 insurance companies, and 62 joint stock companies.

But it took took one man- as it often does- to bring matters to a head. That was Premchand Roychand. He was the first big bull of speculative trading in India and had a fan following and prestige in Bombay that was unrivalled even by some of the biggest businessmen of the times.

Known variously as the Cotton King, and the Bullion King, Roychand's life is the stuff of romance. He came to Mumbai in search for work and became one of the most successful traders in the city. He made his first fortune during the cotton boom, and founded the Bank of Bombay. He lived in a huge mansion in Mazagaon. In fact, he donated money for the famous Rajabai Clock Tower (named after his mother) and the library in the University of Mumbai.

Roychand’s market operations were simple. Realising that an aggressive business community had discovered ways of making quick money through buying and selling of shares, he proceeded to create the conditions that would best suit these speculators. Hundred years later, Harshad Mehta, the controversial broker would follow his example. Roychand utilised a loophole in the law that allowed banks to give advance on government securities and other public companies. He promised banks quick returns on their loans. Banks became interested in lending funds to buy securities that purportedly had sound fundamentals. Roychand’s Bank of Bombay also was in this game.

This money was then used to ramp up stock prices of the same scrips, and the classic boom cycle was underway. Prices soared and one particular stock, The Back Bay Reclamation share, traded at Rs.50,000! Factoring for inflation this is probably the most expensive share in the history of the bourses even now! Backbay Reclamation Company, was the leader of a series of land reclamation schemes extant at that time in Mumbai.

Not surprisingly, broking housing almost quadrupled in five years to 250 by the beginning of 1865. The business was still unstructured with no common meeting place or a trading room. Trading took place at predetermined spots in and around what is today known as Dalal Street in Mumbai.