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exchange tales

from the

The London Stock Exchange’s long and illustrious history has had its fair share of scandal, legend and drama. Here, as Brewin Dolphin celebrates 250 years of making the most of clients’ wealth, Stuart Sangan, Head of Brewin Dolphin in the Channel Islands, takes a look at some of the Exchange’s most famous – and infamous – moments

Trade to victory When the Second World War broke out in September 1939, officials were naturally concerned about the prospect of air raids affecting the operation of the Exchange. However, a mere six days after war was declared, the Exchange re-opened its doors for business. Astonishingly, only one day’s trading was lost during the entire six years of the war. Although incendiary bombs hit the Exchange on the night of 29 December 1940, the resulting fires were extinguished quickly and trading was only slowed, not halted. The Exchange stayed open until 1945, when a day’s trading was lost due to damage from a German V2 rocket – the most feared and deadly bomb of the war. London’s traders weren’t to be stopped, however, and work continued for the rest of the war in the basement.

They almost got away with it, too… On February 21, 1814, a uniformed man claiming to be Colonel du Bourg showed up at a Dover inn with news that Napoleon had been killed and, therefore, that the Napoleonic Wars were over. Word of this spread quickly and had a significant effect on the London Stock Exchange, driving up the value of government securities that same day. In the afternoon, though, the Government confirmed that this news of peace

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was a fabrication and stock prices immediately returned to their previous levels. After a Stock Exchange investigation, it was discovered that a package of more than £1m of government stocks had been sold on the 21st, most of which had been purchased the previous week. Three people connected with the purchase were charged with fraud: naval hero Lord Cochrane, his uncle Andrew Cochrane-Johnson and Richard Butt, Lord Cochrane’s financial adviser. After being found guilty, each member of the trio was sentenced to a year in prison, a £1,000 fine and an hour in the public pillory each. Lord Cochrane, however, continued to protest his innocence and was granted a free pardon in 1832. The real fraudster was never found.

All at South Sea Back in the 1700s, Britannia undoubtedly ruled the waves. This gave a large section of the population enough disposable income to invest in stocks, which were then traded at the Royal Exchange. When the South Sea Company underwrote the English national debt – which stood at £30m – on a promise of 5% interest from the Government, shares in the South Sea Company rose from about £100 to £1,000 a share in just one year, which led to a craze in speculation across the country. The speculation bug bit people from all social classes, and it wasn’t just South Sea Company shares they were after. Among the many companies that went public in 1720 was the infamous enterprise that advertised itself as “a company for carrying out an undertaking of great advantage, but nobody to know what it is”. But the South Sea Company was too poorly run to break even, and its management team realised that the value of their personal shares in no way reflected what the company or its earnings were worth. So they sold their stocks in the summer of 1720 and hoped that news of the company’s failure wouldn’t leak to other shareholders. Inevitably,

it did, and the panic selling of worthless certificates gripped England. The South Sea bubble burst and only the economic position of the British Empire prevented the banking system from going down with it.

An equal exchange Fast-forward to the 1970s, and critics in the media were routinely describing the Exchange as the “last bastion of misogyny” for its refusal to admit women as members. In March 1973, after years of campaigning, women members were admitted for the first time in March 1973 in a major breakthrough for women in finance. Although they were allowed into the Exchange, under the agreement women still could not enter the trading pit – they would have to wait a further six months for that. It would be another 28 years, though, before the top post at the Exchange was awarded to a woman. In 2001, Clara Furse took over as Chief Executive, a position she held until 2009.

A Rich Heritage and a Wealth of Investment Experience 2012 marks the 250th anniversary of Brewin Dolphin and as one of the founding members of the Stock Exchange, we are proud to have reached this milestone. Our focus is on providing investment advice that is as unique as each client’s needs. We have worked this way for generations, delivering individually crafted investment solutions that help our clients to create and preserve wealth.

To find out more about what our Jersey office can offer you, please contact Nick Browning on 01534 703126 or nick.browning@brewin.co.uk


Brewin Dolphin Ltd is a member of the London Stock Exchange and regulated in Jersey by the Jersey Financial Services Commission.

The value of your investment can fall and you may get back less than you invested.

Brewin Dolphin is proud sponsor of the Commodores Cup and Jersey Regatta Brewin Dolphin is one of the UK’s largest independent private client investment managers, with 41 offices throughout the UK and Channel Islands. Committed to personal service, we offer a wide range of financial solutions to help you make the most of your investments. For more information please contact Nick Browning in Jersey on (01534) 703126 or at nick.browning@brewin.co.uk brewin.co.uk/jersey


Most people don’t need enhanced insurance cover. You’re not most people. If you have possessions which need extra protection, turn to Rossborough. We’ll work closely with you to create a bespoke insurance solution which is tailor-made to your requirements; offering superior, flexible, cover which reflects your personal lifestyle and protects your most important assets. You’re not like most people. And we’re not like most brokers.

R A Rossborough (Guernsey) Limited is licensed by the Guernsey Financial Services Commission. Registered in Guernsey No. 2873. Registered Office: Rossborough House, Bulwer Avenue. R A Rossborough (Insurance Brokers) Limited is regulated by the Jersey Financial Services Commission. Registered in Jersey No. 1944. Registered Office: 41 La Motte Street. Rossborough Insurance (IOM) Limited is registered with the Insurance and Pensions Authority in respect of General Business. Registered in Isle of Man No. 110231C. Registered Office: Bourne Concourse, Peel Street, Ramsey, Isle of Man IM8 1JJ.


C SAILING THE SEAS OF

philanthropy Richard Tribe, Director, Coutts & Co Channel Islands discovers Coutts’ links with T.B. Davis, Jersey’s greatest philanthropist

If you would like to find out more about Coutts, please call Richard Tribe on +44 (0)1534 282434 or visit www.coutts.com where we provide details of our services and geographic presence.

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outts & Co’s charitable history can be traced back for centuries, but perhaps the best known philanthropist within the bank was Angela Burdett-Coutts (1814-1906). She inherited the family fortune in 1837 and funded charitable and philanthropic initiatives in Britain and overseas. Parallels have often been drawn between Angela Burdett-Coutts and Jersey’s own great philanthropist, T. B. Davis. Although he was born into poverty, Davis amassed a fortune during his lifetime and gave away an estimated million pounds between 1922 and 1940, to what he deemed to be good causes. Davis was also the benefactor of several Jersey landmarks, including Howard Davis Park, Howard Davis Farm and the Howard Hall at Victoria College. Like Davis, Angela believed in giving practical skills and education to those in need, particularly young people, encouraging and enabling them to build their own future. Inspired by this goal, Angela founded schools for orphaned children and technical colleges for young adults. Like him, she also founded social housing projects. Also, like Davis, Angela often chose to make her donations anonymously, preferring to sign herself “Lady Unknown”. Coutts also has connections with T.B. Davis through his seafaring career and yachting interests and is proud to sponsor the Jersey Maritime Museum exhibition, T. B. Davis – The Only Sailor in the Fleet. From as far back as the 18th century, Coutts has supported both charities and private clients through a range of maritime ventures. In 1987 Coutts & Co formalised its charitable giving by setting up the Coutts Charitable Trust. Coutts & Co recognises that philanthropy is equally important to its clients and the philanthropy team helps clients make the most of their charitable giving. Coutts & Co Channel Islands’ clients may benefit from these services in addition to their expertise in setting up and managing charitable trusts. It is a testimony to Coutts & Co’s philanthropic ethos that the good works that were so important to Angela Burdett-Coutts in her time continue today.

The Royal Bank of Scotland International Limited. Registered Office: P.O. Box 64, Royal Bank House, 71 Bath Street, St. Helier, Jersey JE4 8PJ. Regulated by the Jersey Financial Services Commission. Business address: 23-25 Broad Street, St Helier, Jersey JE4 8ND. Regulated by the Guernsey Financial Services Commission and licensed under the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002 and the Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended. Guernsey business address: P.O. Box 62, Royal Bank Place, 1 Glategny Esplanade, St. Peter Port, Guernsey, GY1 4BQ. Licensed by the Financial Supervision Commission of the Isle of Man and registered with the Insurance and Pensions Authority in respect of general business. Business address: Royal Bank House, 2 Victoria Street, Douglas, Isle of Man IM99 1NJ. The Royal Bank of Scotland International Limited trades in Jersey and Guernsey as Coutts & Co Channel Islands and as Coutts, and in the Isle of Man as Coutts & Co Isle of Man and as Coutts. Calls may be recorded.


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where the

are

Image © Gerardo Garcia

Durrell Wildlife Conservation Trust is not your usual wildlife park, true, it offers breeding programmes and is home to a wide range of animals but its main aim is to help save threatened species from extinction

Madagascar Pochards

S Meerkat

et up by author and animal-lover Gerald Durrell in 1959 the Durrell Wildlife Conservation Trust has grown to become a worldwide organisation offering protection for endangered animals all over the globe. A headquarters for the organisation, the trust is centered in Trinity on the island of Jersey and it is here that many of the breeding programes take place. The Durrell Wildlife Conservation Trust has focused its efforts on many animals and has made a significant difference to more than

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30 endangered species worldwide. Breeding of animals whose numbers are quickly declining is a priority for the trust, with the emphasis not only on providing bespoke breeding schemes but also training the people in the local area as Head of Business Development Ivo Le Maistre Smith explains, “we work together with the communities, fitting in with their culture. Protecting species is important and one of our priorities is to educate locals about which animals are rare as well as assisting them in developing alternative incomes.”


New and Exclusive to Jersey! Durrell Wildlife Camp is a unique new holiday option for visitors to Jersey. With over fifty years of experience in caring for some of the most endangered animals in the world, Durrell Wildlife Conservation Trust know more than a little about ‘creature comforts’. Durrell have pulled together their knowledge of providing natural shelter, the beautiful landscaping of the world famous Durrell Wildlife Park and the sights and sounds seldom seen or heard – outside exotic and far-flung islands such as Madagascar – and created luxury camping that everyone can enjoy! Accommodation is in ‘pods’; purpose made ‘geodesic domes’ set on their own individual wooden decking. No wet groundsheets, in fact, none at all... fitted with a double bed, wood burning stove, cooking and electricity – even equipped with high speed WiFi connections, Durrell Wildlife Camp pods ‘have you covered’. Never fear, nature lovers, as the secluded wooded copse that provides the setting is not only overlooking ‘Lemur Lake’ – a mixed, open enclosure for several species of the endearing and agile mammals – but a haven for native birdlife, flowers and fruits. It’s the civilized way to get back to the wild!

Top: Mountain Chicken. Above left: Western Lowland Gorilla Above right: Livingstone's Fruit Bat

just include the well-known animals,” insists Ivo, “yes Gerald Durrell cared about all species but he was conscious of the LBJs and their equal importance.” The LBJs, a phrase coined by Gerald Durrell, as Ivo explains is an acronym for ‘Little Brown Jobs’, the small mammals and reptiles that are often overlooked in favour of their larger, more attractive counterparts. “We do have large mammals at Durrell,” Ivo adds, “but perhaps not the tigers, pandas and rhinos that many associate with wildlife conservation, instead we have some of the rarest and most unusual animals in the world.” The importance of the ‘LBJs’ is the important part they play in the earth’s eco-system for example controlling the insect population. One of the trust’s greatest projects has been that of the Mountain Chicken, an amphibian that is not as its name would suggest a chicken,

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Please see www.durrell.org/camp for details, availability and bookings.

but instead a large species of frog. The Mountain Chicken, so named because of its wide thighs similar to a chicken’s wing, is a great delicacy in its home on the island of Montserrat. As well as threat of hunting by humans the Mountain Chicken has also been threatened by feral cats and dogs and the fungus chytridiomycosis. These factors together with Monserrat’s recent volcanic eruption that spurted tons of ash has caused a major decline in the population as the frog breathes through it’s skin, leading the species to be classed as critically endangered. Ivo explains more; “We have been working with the Mountain Chicken since 1999 when we took 13 frogs from Montserrat to breed them in Jersey. Mountain Chickens had never been bred successfully in captivity before so the team did a lot of research about their lifestyle so that they would be settled in their habitat.” The

project was a success with the new frogs creating a safety-net in case those in the wild should become extinct. Together with critically endangered Ploughshare Tortoises and Madagascar Pochards the Mountain Chicken has benefited greatly from the help of The Durrell Wildlife Conservation Trust. But the trust is not financially independent, it relies on fundraising and important donations. “We’re a charitable organisation,” says Ivo, “we may not be the biggest name in the industry but it’s the conservation work that is important and not the name.”

For more information about Durrell Wildlife Conservation Trust visit www.durrell.org


durrell wildlife conservation trust

Opp: Durrell’s Honorary Director, Lee Durrell, Longueville Owner Malcolm Lewis and Maître d’Hôtel Paulo get ready for lunch with Badongo. Below: Longueville kids and friends visit Durrell.

badongo longueville and

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his year has seen Longueville Manor select conservation experts Durrell Wildlife Conservation Trust as their official charity for 2012. In particular the hotel has chosen to support new resident Badongo, the western lowland gorilla, for the year and has the challenge of raising £20k to help cover his food and veterinary bills. “Durrell is a fantastic charity,” enthuses Longueville Manor owner Malcolm Lewis, “they do terrific work throughout the world protecting endangered or potentially endangered species with their breeding program and other projects.” Badongo arrived in Jersey at the Durrell centre for breeding in July 2011 and has so far been getting on extremely well with the three female gorillas at Durrell. “The Jersey team has high hopes for reproduction,” explains Malcolm, “and we wanted to help show our support as much as possible which is why we have chosen to contribute.”

The western lowland gorilla which originates from west and central Africa is currently an endangered species. They live in dense rainforest which makes it difficult for scientists to estimate how many exist in the wild. Smaller than their mountain cousins, western lowland gorillas have shorter hair and longer arms and live in communities of up to 30 gorillas. The troop tends to include a number of females and a few young males living with a leader, the silverback who leads the pack through their daily movements of eating, nesting and traveling. At present predictions show that the western lowland gorilla could become extinct in the next 15-20 years with destruction of habitat, weather issues and political issues all affecting the gorilla population. Although the likelihood of saving the gorilla in the wild is low Durrell is working hard to improve these chances and animal adoption and financial support is crucial for the breeding programme.

Malcolm Lewis and the team at Longueville Manor are positive about reaching their £20k fundraising target, “we’re doing very well so far,” Malcolm says, “we have put together a number of in-house special events to raise awareness and are also asking our guests to donate £2 to the end of every residents bill. Above all we have been amazed by the amount response shown towards the charity. It is a difficult economic period but people have really warmed to the story of Badongo, they can see that it is for the future of the planet.”

Find out more about Badongo and how to sponsor an animal at the Durrell Wildlife Conservation Trust website visit www.durrell.org

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Upon arriving as a youngster in the U.S. with just a few dollars in his pocket, Thom Richard had just one dream: to fly aircraft. A seasoned pilot who has clocked up more than 9,000 flight hours, he now lives his passion to the full – in particular by taking part in the famous Reno competitions at the controls of Precious Metal, the most legendary of all race planes. His next challenge is to set the world speed record and to win Reno. On his wrist is the Chronomat, an ultra-sturdy and ultrareliable instrument powered by a high-performance "engine", a 100% Breitling movement. For Thom Richard, it is quite simply the world’s best chronograph. 5-YEAR BREITLING WARRANTY £ 4606*

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Longueville Manor Summer 2012 Magazine