title: Credit losses in Australasian banking

authors: Hess, Kurt

subjects: banking

abstract: We analyse determinants of bank credit losses in Australasia. Despite sizeable credit losses over the past two decades, ours is the first systematic study to do so. Analysis is based on a comprehensive dataset retrieved from original financial reports of 32 Australasian banks (1980- 2005). Credit losses rise when the macro economy is weak. Asset markets, particularly the equity market, are also important. Larger banks provide more for credit losses while less efficient banks have greater asset quality problems. Strong loan growth translates into significantly higher credit losses with a lag of 2-4 years. Finally, the results show strong evidence of income smoothing
activities by banks.

text: Credit losses in Australasian banking We analyse determinants of bank credit losses in Australasia. Despite sizeable credit losses over the past two decades, ours is the first systematic study to do so. Analysis is based on a comprehensive dataset retrieved from original financial reports of 32 Australasian banks (1980- 2005). Credit losses rise when the macro economy is weak. Asset markets, particularly the equity market, are also important. Larger banks provide more for credit losses while less efficient banks have greater asset quality problems. Strong loan growth translates into significantly higher credit losses with a lag of 2-4 years. Finally, the results show strong evidence of income smoothing
activities by banks.

year: 2008-08

title: Restiad bog development and nutrient dynamics of the dominant species

authors: Clarkson, Beverley R.

subjects: bog succession

abstract: Vegetation and peat in lowland restiad (dominated by Restionaceae) raised bogs on North Island (Waikato region) and Chatham Island, New Zealand, were sampled to investigate the main environmental controls of pattern and change. Vegetation classification based on a chronosequence of Waikato restiad bogs revealed a sequence from sedges, through Empodisma minus, the main peatforming restiad, to phases dominated by a second restiad, Sporadanthus ferrugineus. The sequence paralleled temporal successional patterns and was used for interpreting plant-nutrient dynamics along a successional gradient. As succession proceeds, von Post (an index of peat decomposition), total P, total N and % ash in peat decrease. Empodisma was considered to be the key species in restiad bog development. It is tolerant of a wide environmental range, establishing early in minerotrophic wetlands to initiate restiad bog development, and persisting through to late ombrotrophic phases. On Chatham Island, the ecological role of Sporadanthus traversii in restiad bog development is similar to Empodisma in Waikato, being the main peat former and occupying a wide environmental range. Peat under S. traversii had significantly higher total N, total K, available P, bulk density and von Post, and lower pH than Waikato peats under S. ferrugineus or Empodisma. This was attributed to a strong oceanic influence and long history of sea-bird nutrient inputs. 
Nutrient responses in the heath and restiad components of the bog were compared by measuring plant ¹⁵N natural abundance across N and P gradients. Heath shrubs revealed considerable isotopic variation (-2.03 to - 15.55 for Leptospermum scoparium), with foliar δ¹⁵N strongly positively correlated with P concentrations in foliage and peat. In contrast, restiad species revealed little isotopic variation, with Empodisma and S. traversii having δ¹⁵N levels around 0‰, and S. ferrugineus being significantly more depleted (mean -4.97‰). The differences in ii isotopic signatures between heath shrubs and restiads were linked to contrasting nutrient demands, acquisition mechanisms, and root morphology. Leptospermum shrubs on low nutrient peats were stunted, with low foliar %P and high N:P ratios, suggesting they were P-limited. The concurrence of δ¹⁵N depletion and %P in plant tissues suggests N fractionation is promoted by P limitation. In contrast, the constancy in δ¹⁵N of the restiad species through the nutrient gradients indicates these may not be P-limited. 
The contrasting δ¹⁵N signatures of co-habiting Empodisma and S. ferrugineus in late successional bogs suggest the species are accessing different sources of N. Empodisma has a thick layer of cluster roots overlying the deeper S. ferrugineus roots, and would be better positioned to intercept aerially derived N. The hypothesis that this root disposition allows Empodisma to preferentially access the primary N input from rainfall was tested using a ¹⁵N-enriched tracer. At plots codominated by Empodisma and S.ferrugineus, 1.6 mmoles m-2 of 99 atom% excess ¹⁵N as (NH4)2S04 was applied to the peat surface, followed by deionised water, simulating a rainfall event of 34 mm. After 5 hours, cores were harvested and analysed for ¹⁵N. Approximately 90% of the recovered isotope was in the upper Empodisma root layer. Seven weeks after tracer application, young shoots of Empodisma were significantly enriched whereas adjacent Sporadanthus shoots were not. The results confirm that species acquire nutrients from different rooting zones, with Empodisma accessing nutrients at the surface from rainfall and S. ferrugineus acquiring nutrients from deeper peat layers. Niche differentiation facilitates species co-existence, which, on a successional time scale, may be a mechanism for slowing the rate of competitive displacement.

text: Restiad bog development and nutrient dynamics of the dominant species Vegetation and peat in lowland restiad (dominated by Restionaceae) raised bogs on North Island (Waikato region) and Chatham Island, New Zealand, were sampled to investigate the main environmental controls of pattern and change. Vegetation classification based on a chronosequence of Waikato restiad bogs revealed a sequence from sedges, through Empodisma minus, the main peatforming restiad, to phases dominated by a second restiad, Sporadanthus ferrugineus. The sequence paralleled temporal successional patterns and was used for interpreting plant-nutrient dynamics along a successional gradient. As succession proceeds, von Post (an index of peat decomposition), total P, total N and % ash in peat decrease. Empodisma was considered to be the key species in restiad bog development. It is tolerant of a wide environmental range, establishing early in minerotrophic wetlands to initiate restiad bog development, and persisting through to late ombrotrophic phases. On Chatham Island, the ecological role of Sporadanthus traversii in restiad bog development is similar to Empodisma in Waikato, being the main peat former and occupying a wide environmental range. Peat under S. traversii had significantly higher total N, total K, available P, bulk density and von Post, and lower pH than Waikato peats under S. ferrugineus or Empodisma. This was attributed to a strong oceanic influence and long history of sea-bird nutrient inputs. 
Nutrient responses in the heath and restiad components of the bog were compared by measuring plant ¹⁵N natural abundance across N and P gradients. Heath shrubs revealed considerable isotopic variation (-2.03 to - 15.55 for Leptospermum scoparium), with foliar δ¹⁵N strongly positively correlated with P concentrations in foliage and peat. In contrast, restiad species revealed little isotopic variation, with Empodisma and S. traversii having δ¹⁵N levels around 0‰, and S. ferrugineus being significantly more depleted (mean -4.97‰). The differences in ii isotopic signatures between heath shrubs and restiads were linked to contrasting nutrient demands, acquisition mechanisms, and root morphology. Leptospermum shrubs on low nutrient peats were stunted, with low foliar %P and high N:P ratios, suggesting they were P-limited. The concurrence of δ¹⁵N depletion and %P in plant tissues suggests N fractionation is promoted by P limitation. In contrast, the constancy in δ¹⁵N of the restiad species through the nutrient gradients indicates these may not be P-limited. 
The contrasting δ¹⁵N signatures of co-habiting Empodisma and S. ferrugineus in late successional bogs suggest the species are accessing different sources of N. Empodisma has a thick layer of cluster roots overlying the deeper S. ferrugineus roots, and would be better positioned to intercept aerially derived N. The hypothesis that this root disposition allows Empodisma to preferentially access the primary N input from rainfall was tested using a ¹⁵N-enriched tracer. At plots codominated by Empodisma and S.ferrugineus, 1.6 mmoles m-2 of 99 atom% excess ¹⁵N as (NH4)2S04 was applied to the peat surface, followed by deionised water, simulating a rainfall event of 34 mm. After 5 hours, cores were harvested and analysed for ¹⁵N. Approximately 90% of the recovered isotope was in the upper Empodisma root layer. Seven weeks after tracer application, young shoots of Empodisma were significantly enriched whereas adjacent Sporadanthus shoots were not. The results confirm that species acquire nutrients from different rooting zones, with Empodisma accessing nutrients at the surface from rainfall and S. ferrugineus acquiring nutrients from deeper peat layers. Niche differentiation facilitates species co-existence, which, on a successional time scale, may be a mechanism for slowing the rate of competitive displacement.

year: 2005

title: Maori Te Aroha before the opening of the goldfield (mostly through Pakeha eyes)

authors: Hart, Philip

abstract: The various names of the peaks of the mountain and the legends concerning it reflected a violent past. As proof, several pa have been located, both at Te Aroha and at Waiorongomai, and the names of some of the streams indicate the nature and consequences of the battles fought in this contested area.
Ngati Rahiri was subdivided into three hapu: Ngati Tumutumu, Hgati Hue, and Ngati Kopirimau, descendents of these ancestors. In the nineteenth century, when the population was small, Hou was the senior rangatira, with Tutuki being the subordinate rangatira of the plains. A pa (later known as Tui pa) was constructed at Omahu, to the north of the hot springs, which were prized by Maori and increasingly enjoyed by Pakeha. Some of the land was cultivated, though visiting Pakeha considered that settlers could do much more to develop the agricultural potential. Most Ngati Rahiri were regarded as being ‘friendly’, welcoming (and benefiting from) visitors. Elaborate welcoming ceremonies were held for officials and rangatira, and a hotel operated by a rangatira’s son provided basic accommodation. Under Maori auspices the first race day was held in January 1878. 
Also in 1878, negotiators obtained an agreement to make a road to Paeroa, using Maori workers, and as the benefits of such improvements became apparent there was increased willingness to permit the construction of more roads, a bridge, and the snagging of the river, over the objections of a minority. Pakeha disapproved of how money raised through land sales in particular were wasted on extravagant displays of mana, which were not possible after the end of the 1870s because of lack of money, necessitating seeking paid employment. Friendly contact increased steadily, apart from occasional worries prompted by such events as the shooting of Daldy McWilliams, and a football match in May 1880 reportedly revealed ‘the utmost friendly feeling’ existing between Maori and Pakeha.

text: Maori Te Aroha before the opening of the goldfield (mostly through Pakeha eyes) The various names of the peaks of the mountain and the legends concerning it reflected a violent past. As proof, several pa have been located, both at Te Aroha and at Waiorongomai, and the names of some of the streams indicate the nature and consequences of the battles fought in this contested area.
Ngati Rahiri was subdivided into three hapu: Ngati Tumutumu, Hgati Hue, and Ngati Kopirimau, descendents of these ancestors. In the nineteenth century, when the population was small, Hou was the senior rangatira, with Tutuki being the subordinate rangatira of the plains. A pa (later known as Tui pa) was constructed at Omahu, to the north of the hot springs, which were prized by Maori and increasingly enjoyed by Pakeha. Some of the land was cultivated, though visiting Pakeha considered that settlers could do much more to develop the agricultural potential. Most Ngati Rahiri were regarded as being ‘friendly’, welcoming (and benefiting from) visitors. Elaborate welcoming ceremonies were held for officials and rangatira, and a hotel operated by a rangatira’s son provided basic accommodation. Under Maori auspices the first race day was held in January 1878. 
Also in 1878, negotiators obtained an agreement to make a road to Paeroa, using Maori workers, and as the benefits of such improvements became apparent there was increased willingness to permit the construction of more roads, a bridge, and the snagging of the river, over the objections of a minority. Pakeha disapproved of how money raised through land sales in particular were wasted on extravagant displays of mana, which were not possible after the end of the 1870s because of lack of money, necessitating seeking paid employment. Friendly contact increased steadily, apart from occasional worries prompted by such events as the shooting of Daldy McWilliams, and a football match in May 1880 reportedly revealed ‘the utmost friendly feeling’ existing between Maori and Pakeha.

year: 2016