It is both month and quarter end. Neither has been kind to
investors. From tonight the wheels at Stats SA start to grind and in about two
months time the GDP figure for this period will be revealed. By then the rest of
us will be grappling with who knows what other issues including the onset of
Christmas. We will have little interest in the Statistician General’s
announcement about whether we became richer or poorer in the three months after
June. Only the analysts will be attentive because it will provide us with
something to talk and write about. Real people already know that it has been a
time when most businesses are battling, jobs are scarce, prices are rising and
only leaders and their cronies seem to be flush.
Politicians obviously must know things that we mere taxpayers will
never be allowed to see. This can be the only reason why a parliament full of
them in Germany
agreed to send yet more money to the hopelessly bust Greeks when they know full
well that their own electorate think it is a very bad idea? And there is our
own Minister of Money mumbling about stuffing “a couple of hundred million
dollars” into the slotted tins being shaken by the folk whose own tax
collectors are unable to do their job. No no. Bad idea. If you and your cabinet
colleagues think it is a worth showing support for some dubious and debatable
common ideal then go ahead and use your own pension fund. Don’t you dare touch
ours. And by the way, “a couple of hundred million dollars” is a great deal of spondulicks
Somewhere down south of here, is a local authority who bask in the
charming and evocative name of Hibiscus
Coast Municipality.
I guess that most of us think of the area as a seaside holiday destination, a
wonderful place to retire to or with luck to live in and quite a lot of sugar
cane. But there is something big happening down there. They have grand plans to
become an aviation centre for the country, for why else would they be calling
for tenders for the supply of an aircraft training simulator. Have the ratepayers been asked about this?
The Department of Labour has been running a large full-colour
advertisement reminding businesses in a slightly hectoring tone of an
approaching deadline. Owners and managers must yet again devote resources to
compiling and submitting a report about some aspect of their firms which you
can be sure has nothing to do with enhancing productivity. But the crowning
insult for those who employing people and working to cover their tax
liabilities, is the large slogan across the panel proclaiming: “Department of
Labour, working for you.” Eish!
For a few days I have been experiencing a very annoying intermittent
fault on the Telkom line that I use for delivering all the data that I use to
pretend that I am a proper stockbroker. My fault report was handled courteously
and efficiently and while there is still no sign of improvement – you may
receive this letter later than expected – I am reluctant to point out that Telkom
has issued a trading statement warning of much lower earnings. With an
effective virtual monopoly over large segments of the industry, a fearsome
tariff structure and a seeming tacit
government approval to keep the country in the bandwidth dark ages it has been
a very disappointing share to own.
That ‘bok performance against Samoa
this morning was rather worrying. But the good news is that they need to win
only three more matches to become the World Champions. The Lions have further
to go to hoist the Currie Cup and the chaps down at the bowling club are
suddenly looking rather cocky about the Sharks.
James Greener
30th September 2011
