Next week will be the last of the Autumn Series of four- (or
fewer) day weeks that we enjoy here on the southern tip each year. Productivity
is not a part of our culture. Neither, any
longer is mining, at least as far as the stock market is concerned. None of the
top five market cap counters on the JSE is a mining company. Booze and smokes
take the top three places with Naspers, a media company, number four and
Richemont, the luxury goods outfit in number five. What an amazing turnaround
from the good old days of open outcry trading on “The Floor” where the man (and
only much later the woman) who held the de Beers “pad” was the rain maker. Today
three out of the four (all very small) listed diamond mining companies are loss
making.
By contrast all but one of the more than two dozen companies
in the Consumer Goods sector are reporting profits. We are a nation of
consumers. A fact supported by the astonishing crowds who thronged the opening
of a new and very large shopping mall between Joburg and Pretoria yesterday. Reportedly
the traffic jams were awesome and some of the shoppers went home in cars that
did not belong to them. Both of these phenomena confirming out national competitive
advantages of breaking and stealing stuff.
Before fretting about the news that our largest trade union
(metalworkers) believe their members deserve a 20% pay rise this season,
consider the take home package increases of more than double that being scored
by some bank bosses and the severance pay for a cell phone company executive.
Now the whole field of executive remuneration is a minefield patrolled by eagle
eyed consultants and administered by hardly disinterested remuneration committees
and commented upon by jealous scribes. Almost the only shareholder to grumble a
bit is the state pension fund. It all rather adds to the unreality that is this
country.
A further example is the epidemic
of State of the Nation/Province/City addresses by head honchos whose domain is
not always not in a state deserving boastful claims. Presumably displeased that
his shindig will not be televised to a rapt audience, Executive Mayor Parks Tau
of Johannesburg has bought pages of print space to assure everyone that no
fewer than 13 radio stations will clear their schedules in order to relay his
words to adoring ratepayers. Well run entities don’t need to boast.
In a quaint and moving but perhaps rather colonial ceremony, various National Orders were awarded to a long list of deserving worthies yesterday. A common theme in the citation for the recipients of the bravery order (most of who are now dead) was that they had a steadfast belief in the equality of all citizens. How disappointed they would now be to see how that cherished hope has been trashed. The difficulty of naming public places after people was highlighted when it turns out that The Order of the Companions of OR Tambo has nothing to do with a convivial airport but is awarded to grateful but perhaps startled foreign nationals who were thoroughly friendly, particularly in their support for “the struggle”. This year’s list of recipients included an Algerian diplomat, a Dutch arts and culture manager and the president of Chile.
Sports minister Mabalula wants to
impose retribution on certain sporting bodies who ins his view still select
ability before race. Even if he has the authority (debatable) he certainly doesn’t
have the money to help solve what he sees as the problem. One of his department’s tasks is to develop and
promote sport for youngsters so as to reveal passion, talents and skills.
Clearly this task requires cooperation and understanding from schools and
teachers willing to provide resources like facilities and adult supervision and
coaching. Realistically at this time in our history this is not possible for everyone,
so to punish those who do emerge from this morass is just silly.
James
Greener
29th
April 2016
