The British Protectorate of Uganda was a protectorate of the British Empire from 1894 to 1962. In 1893 the Imperial British East Africa Company transferred its administration rights of territory consisting of Buganda Kingdom to the British Government. In 1894 the Uganda Protectorate was established, the territory was extended beyond the borders of Buganda to an area that corresponds to that of present-day Uganda. From 1885 to 1887 the kingdom of Buganda fell into a religious civil war with Protestants and Muslim factions vying for control. Apolo Kagwa, still in his twenties, was from early on recognised as the leader of the Protestant faction; the Muslims were in ascendancy in the early part of the war, Kagwa and other Protestants spent some time in exile in the neighboring kingdom of Ankole. King Mwanga, temporarily deposed, was restored in 1890 with the assistance of the Protestants, Kagwa was named Katikkiro. King Mwanga was again deposed in 1897 when he rejected British rule and led an unsuccessful fight for independence.
An infant prince, Daudi Chwa, was named King with Kagwa as one of three regents. Kagwa was one of the negotiators of the Uganda Agreement, by which Buganda became a British protectorate with limited internal autonomy; the Uganda Agreement of 1900 solidified the power of the Protestant'Bakungu' client-chiefs, led by Kagwa. London sent only a few officials to administer the country, relying on the'Bakungu' chiefs. For decades they were preferred because of their political skills, their Christianity, their friendly relations with the British, their ability to collect taxes, the proximity of Entebbe to the Buganda capital. By the 1920s the British administrators were more confident, had less need for military or administrative support. Colonial officials taxed. There was popular discontent among the Baganda rank-and-file, which weakened the position of their leaders. In 1912 Kagwa moved to solidify'Bakungu' power by proposing a second'Lukiko' for Buganda with himself as president and the'Bakungu' as a sort of hereditary aristocracy.
British officials vetoed the idea. Instead British officials began some reforms and attempted to make the'Lukiko' a genuine representative assembly. Although momentous change occurred during the colonial era in Uganda, some characteristics of late-nineteenth century African society survived to reemerge at the time of independence; the status of Protectorate had different consequences for Uganda than had the region been made a colony like neighboring Kenya, insofar as Uganda retained a degree of self-government that would have otherwise been limited under a full colonial administration. Colonial rule, affected local economic systems in part because the first concern of the British was financial. Quelling the 1897 mutiny had been costly—units of the British Indian Army had been transported to Uganda at considerable expense; the new commissioner of Uganda in 1900, Sir Harry H. Johnston, had orders to establish an efficient administration and to levy taxes as as possible. Johnston approached the chiefs in Buganda with offers of jobs in the colonial administration in return for their collaboration.
The chiefs, were more interested in preserving Buganda as a self-governing entity, continuing the royal line of kabakas, securing private land tenure for themselves and their supporters. Hard bargaining ensued, but the chiefs ended up with everything they wanted, including one-half of all the land in Buganda; the half left to the British as "Crown Land" was found to be swamp and scrub. Johnston's Buganda Agreement of 1900 imposed a tax on huts and guns, designated the chiefs as tax collectors, testified to the continued alliance of British and Baganda interests; the British signed much less generous treaties with the other kingdoms without the provision of large-scale private land tenure. The smaller chiefdoms of Busoga were ignored; the Baganda offered their services to the British as administrators over their conquered neighbours, an offer, attractive to the economy-minded colonial administration. Baganda agents fanned out as local tax collectors and labour organizers in areas such as Kigezi and Bunyoro.
This subimperialism and Ganda cultural chauvinism were resented by the people being administered. Wherever they went, Baganda insisted on the exclusive use of their language and they planted bananas as the only proper food worth eating, they regarded their traditional dress—long cotton gowns called kanzus—as civilized. They encouraged and engaged in mission work, attempting to convert locals to their form of Christianity or Islam. In some areas, the resulting backlash aided the efforts of religious rivals—for example, Catholics won converts in areas where oppressive rule was identified with a Protestant Muganda chief; the people of Bunyoro were aggrieved, having fought the Baganda and the British. In 1907 the Banyoro rose in a rebellion called nyangire, or "refusing", succeeded in having the Baganda subimperial agents withdrawn. Meanwhile, in 1901 the completion of the Uganda Railway from the coast at Mombasa to the Lake Victoria port of Kisumu moved colonial authorities to encourage the growth of cash crops to help pay the railway's operating costs.
Another result of the railway construction was the 1902 dec
History of Uganda
The history of Uganda comprises the history of the territorial lands of present-day Uganda in East Africa and the peoples inhabiting therein. Britain granted independence to Uganda in 1962, the first elections were held on 1 March 1961. Benedicto Kiwanuka of the Democratic Party became the first chief minister. Uganda became a republic the following year. In succeeding years, supporters of a centralized state vied with those in favor of a loose federation and a strong role for tribally-based local kingdoms. Political maneuvering climaxed in February 1966, when Milton Obote, the Prime Minister, suspended the constitution and assumed all government powers, removing the positions of president and vice president. In September 1967, a new constitution proclaimed Uganda a republic, gave the president greater powers, abolished the traditional kingdoms. After a military coup on 25 January 1971, Obote was deposed from power and the dictator Idi Amin seized control of the country. Amin ruled Uganda with the military for the next eight years and carried out mass killings within the country to maintain his rule.
An estimated 300,000 Ugandans lost their lives at the hands of his regime, many of them in the north, which he associated with Obote's loyalists. Aside from his brutalities, he forcibly removed the entrepreneurial Indian minority from Uganda, which left the country's economy in ruins. Amin's atrocities were graphically recounted in the 1977 book, A State of Blood, written by one of his former ministers after he fled the country, Henry Kyemba. In 1972, the so-called "Africanization" of Uganda forced 580,000 Asian Indians with British passports to leave Uganda. 7,000 were invited to settle in Canada. Amin's eight-year rule produced economic decline, social disintegration, massive human rights violations; the Acholi and Langi ethnic groups were particular objects of Amin's political persecution because they had supported Obote and made up a large part of the army. In 1978, the International Commission of Jurists estimated that more than 100,000 Ugandans had been murdered during Amin's reign of terror.
Some authorities placed the figure as high as 300,000 — a statistic cited at the end of the 2006 movie The Last King of Scotland, which chronicled part of Amin's dictatorship. A border altercation involving Ugandan exiles who had a camp close to the Ugandan border of Mutukula resulted in an attack by the Uganda army into Tanzania. In October 1978, the Tanzanian armed forces repulsed an incursion by Amin's troops into Tanzanian territory; the Tanzanian army, backed by Ugandan exiles, waged a war of liberation against Amin's troops and the Libyan soldiers sent to help him. On 11 April 1979, Kampala was captured and Amin fled with his remaining forces to Libya. Amin's reign ended after the Uganda-Tanzania War in 1979, in which Tanzanian forces aided by Ugandan exiles invaded Uganda; this led to the return of Obote, deposed again in 1985 by General Tito Okello. Okello ruled for six months; this occurred after the so-called "bush war" by the National Resistance Army operating under the leadership of Yoweri Museveni, various rebel groups, including the Federal Democratic Movement of Andrew Kayiira, another belonging to John Nkwaanga.
During the Bush War the army carried out mass killings of non-combatants. After Amin's removal, the Uganda National Liberation Front formed an interim government with Yusuf Lule as president and Jeremiah Lucas Opira as the Secretary General of the UNLF; this government adopted a ministerial system of administration and created a quasi-parliamentary organ known as the National Consultative Commission. The NCC and the Lule cabinet reflected differing political views. In June 1979, following a dispute over the extent of presidential powers, the NCC replaced Lule with Godfrey Binaisa. In a continuing dispute over the powers of the interim presidency, Binaisa was removed in May 1980. Thereafter, Uganda was ruled by a military commission chaired by Paulo Muwanga; the December 1980 elections returned the UPC to power under the leadership of President Milton Obote, with Muwanga serving as vice president. Under Obote, the security forces had one of the world's worst human rights records. In their efforts to stamp out an insurgency led by Yoweri Museveni's National Resistance Army, they laid waste to a substantial section of the country in the Luwero area north of Kampala.
Obote ruled until 27 July 1985, when an army brigade, composed of ethnic Acholi troops and commanded by Lt. Gen. Bazilio Olara-Okello, took Kampala and proclaimed a military government. Obote fled to exile in Zambia; the new regime, headed by former defense force commander Gen. Tito Okello, opened negotiations with Museveni's insurgent forces and pledged to improve respect for human rights, end tribal rivalry, conduct free and fair elections. In the meantime, massive human rights violations continued as the Okello government carried out a brutal counterinsurgency in an attempt to destroy the NRA's support. Negotiations between the Okello government and the NRA were conducted in Nairobi in the fall of 1985, with Kenyan President Daniel arap Moi seeking a cease-fire and a coalition government in Uganda. Although agreeing in late 1985 to a cease-fire, the NRA continued fighting, seized Kampala and the country in late January 1986, forcing Okello's forces to flee north into Sudan. Museveni's forces organized a government with Museveni as president.
Since assuming power, the government dominated by the political grouping created by Museveni and his followers, the National Resistance Movement (NRM or the
Reuters is an international news organization. It has nearly 200 locations around the world; until 2008, the Reuters news agency formed part of an independent company, Reuters Group plc, a provider of financial market data. Since the acquisition of Reuters Group by the Thomson Corporation in 2008, the Reuters news agency has been a part of Thomson Reuters, making up the media division. Reuters transmits news in English, German, Spanish, Russian, Arabic, Japanese and Chinese, it was established in 1851. The Reuter agency was established in 1851 by Paul Julius Reuter in Britain at the London Royal Exchange. Paul Reuter worked at a book-publishing firm in Berlin and was involved in distributing radical pamphlets at the beginning of the Revolutions in 1848; these publications brought much attention to Reuter, who in 1850 developed a prototype news service in Aachen using homing pigeons and electric telegraphy from 1851 on in order to transmit messages between Brussels and Aachen, in what today is Aachen's Reuters House.
Upon moving to England, he founded Reuter's Telegram Company in 1851. Headquartered in London, the company covered commercial news, serving banks, brokerage houses, business firms; the first newspaper client to subscribe was the London Morning Advertiser in 1858. Afterwards more newspapers signed up, with Britannica Encyclopedia writing that "the value of Reuters to newspapers lay not only in the financial news it provided but in its ability to be the first to report on stories of international importance." Reuter's agency built a reputation in Europe and the rest of the world as the first to report news scoops from abroad. Reuters was the first to report Abraham Lincoln's assassination in Europe, for instance, in 1865. In 1872, Reuters expanded into the far east, followed by South America in 1874. Both expansions were made possible by advances in overland telegraphs and undersea cables. In 1883, Reuters began transmitting messages electrically to London newspapers. In 1923, Reuters began using radio to transmit a pioneering act.
In 1925, The Press Association of Great Britain acquired a majority interest in Reuters, full ownership some years later. During the world wars, The Guardian reported that Reuters "came under pressure from the British government to serve national interests. In 1941 Reuters deflected the pressure by restructuring itself as a private company." The new owners formed the Reuters Trust. In 1941, the PA sold half of Reuters to the Newspaper Proprietors' Association, co-ownership was expanded in 1947 to associations that represented daily newspapers in New Zealand and Australia; the Reuters Trust Principles were put in place to maintain the company's independence. At that point, Reuters had become "one of the world's major news agencies, supplying both text and images to newspapers, other news agencies, radio and television broadcasters." At that point, it directly or through national news agencies provided service "to most countries, reaching all the world's leading newspapers and many thousands of smaller ones," according to Britannica.
In 1961, Reuters scooped news of the erection of the Berlin Wall. Reuters was one of the first news agencies to transmit financial data over oceans via computers in the 1960s. In 1973, Reuters "began making computer-terminal displays of foreign-exchange rates available to clients." In 1981, Reuters began making electronic transactions on its computer network and afterwards developed a number of electronic brokerage and trading services. Reuters was floated as a public company in 1984, when Reuters Trust was listed on the stock exchanges such as the London Stock Exchange and NASDAQ. Reuters published the first story of the Berlin Wall being breached in 1989; the share price grew during the dotcom boom fell after the banking troubles in 2001. In 2002, Brittanica wrote that most news throughout the world came from three major agencies: the Associated Press and Agence France-Presse. Reuters merged with Thomson Corporation in Canada in 2008. In 2009, Thomson Reuters withdrew from the LSE and the NASDAQ, instead listing its shares on the Toronto Stock Exchange and the New York Stock Exchange.
The last surviving member of the Reuters family founders, Baroness de Reuter, died at age 96 on 25 January 2009. The parent company Thomson Reuters is headquartered in Toronto, provides financial information to clients while maintaining its traditional news-agency business. In 2012, Thomson Reuters appointed Jim Smith as CEO; every major news outlet in the world subscribed to Reuters as of 2014. Reuters operated in more than 200 cities in 94 countries in about 20 languages as of 2014. In July 2016, Thomson Reuters agreed to sell its intellectual property and science operation for $3.55 billion to private equity firms. In October 2016, Thomson Reuters announced relocations to Toronto; as part of cuts and restructuring, in November 2016, Thomson Reuters Corp. eliminated 2,000 worldwide jobs out of its around 50,000 employees. Reuters employs 600 photojournalists in about 200 locations worldwide. Reuters journalists use the Reuters Handbook of Journalism as a guide for fair presentation and disclosure of relevant interests, to maintain the values of integrity and freedom upon which their reputation for reliability, accuracy and exclusivity relies.
In May 2000, Kurt Schork, an American reporter, was killed in an ambush while on assignment in Sierra Leone. In April and August 2003, news cameramen Taras Protsyuk and Mazen Dana were killed in separate incidents by U. S. troops in Iraq. In July 2007, Namir Noor-Eldeen and Saeed Chmagh were killed when they w
Copper is a chemical element with symbol Cu and atomic number 29. It is a soft and ductile metal with high thermal and electrical conductivity. A freshly exposed surface of pure copper has a pinkish-orange color. Copper is used as a conductor of heat and electricity, as a building material, as a constituent of various metal alloys, such as sterling silver used in jewelry, cupronickel used to make marine hardware and coins, constantan used in strain gauges and thermocouples for temperature measurement. Copper is one of the few metals; this led to early human use in several regions, from c. 8000 BC. Thousands of years it was the first metal to be smelted from sulfide ores, c. 5000 BC, the first metal to be cast into a shape in a mold, c. 4000 BC and the first metal to be purposefully alloyed with another metal, tin, to create bronze, c. 3500 BC. In the Roman era, copper was principally mined on Cyprus, the origin of the name of the metal, from aes сyprium corrupted to сuprum, from which the words derived and copper, first used around 1530.
The encountered compounds are copper salts, which impart blue or green colors to such minerals as azurite and turquoise, have been used and as pigments. Copper used in buildings for roofing, oxidizes to form a green verdigris. Copper is sometimes used in decorative art, both in its elemental metal form and in compounds as pigments. Copper compounds are used as bacteriostatic agents and wood preservatives. Copper is essential to all living organisms as a trace dietary mineral because it is a key constituent of the respiratory enzyme complex cytochrome c oxidase. In molluscs and crustaceans, copper is a constituent of the blood pigment hemocyanin, replaced by the iron-complexed hemoglobin in fish and other vertebrates. In humans, copper is found in the liver and bone; the adult body contains between 2.1 mg of copper per kilogram of body weight. Copper and gold are in group 11 of the periodic table; the filled d-shells in these elements contribute little to interatomic interactions, which are dominated by the s-electrons through metallic bonds.
Unlike metals with incomplete d-shells, metallic bonds in copper are lacking a covalent character and are weak. This observation explains the low high ductility of single crystals of copper. At the macroscopic scale, introduction of extended defects to the crystal lattice, such as grain boundaries, hinders flow of the material under applied stress, thereby increasing its hardness. For this reason, copper is supplied in a fine-grained polycrystalline form, which has greater strength than monocrystalline forms; the softness of copper explains its high electrical conductivity and high thermal conductivity, second highest among pure metals at room temperature. This is because the resistivity to electron transport in metals at room temperature originates from scattering of electrons on thermal vibrations of the lattice, which are weak in a soft metal; the maximum permissible current density of copper in open air is 3.1×106 A/m2 of cross-sectional area, above which it begins to heat excessively. Copper is one of a few metallic elements with a natural color other than silver.
Pure copper acquires a reddish tarnish when exposed to air. The characteristic color of copper results from the electronic transitions between the filled 3d and half-empty 4s atomic shells – the energy difference between these shells corresponds to orange light; as with other metals, if copper is put in contact with another metal, galvanic corrosion will occur. Copper does not react with water, but it does react with atmospheric oxygen to form a layer of brown-black copper oxide which, unlike the rust that forms on iron in moist air, protects the underlying metal from further corrosion. A green layer of verdigris can be seen on old copper structures, such as the roofing of many older buildings and the Statue of Liberty. Copper tarnishes when exposed to some sulfur compounds, with which it reacts to form various copper sulfides. There are 29 isotopes of copper. 63Cu and 65Cu are stable, with 63Cu comprising 69% of occurring copper. The other isotopes are radioactive, with the most stable being 67Cu with a half-life of 61.83 hours.
Seven metastable isotopes have been characterized. Isotopes with a mass number above 64 decay by β−, whereas those with a mass number below 64 decay by β+. 64Cu, which has a half-life of 12.7 hours, decays both ways.62Cu and 64Cu have significant applications. 62Cu is used in 62Cu-PTSM as a radioactive tracer for positron emission tomography. Copper is produced in massive stars and is present in the Earth's crust in a proportion of about 50 parts per million. In nature, copper occurs in a variety of minerals, including native copper, copper sulfides such as chalcopyrite, digenite and chalcocite, copper sulfosalts such as tetrahedite-tennantite, enargite, copper carbonates such as azurite and malachite, as copper or copper oxides such as cuprite and tenorite, respectively; the largest mass of elemental copper discovered weighed 420 tonnes and was found in 1857 on the Keweenaw Peninsula in Michigan, US. Native copper is a polycrystal
East African shilling
The East African shilling was the currency issued for use in British controlled areas in East Africa from 1921 until 1969. It was produced by the East African Currency Board, it is the proposed name for a common currency that the East African Community plans to introduce. The shilling was subdivided into 100 cents, a pound was equivalent to twenty shillings. In the United Kingdom, the pound sterling was divided into twenty shillings, it was normal to consider the shilling to be a subsidiary unit of the pound. In British East Africa, however though twenty shillings were equal in value to one pound sterling, the shilling was always considered the primary unit of account; this state of affairs was unique amongst all the parts of the British Empire that used the pound sterling currency. This anomalous state of affairs arose because the first currency used by the British colonial authorities in British East Africa was the rupee, not sterling; the East African shilling was introduced to Kenya and Uganda in 1921, replacing the short-lived East African florin at a rate of 2 shillings to 1 florin.
The short-lived florin had been introduced because of increasing silver prices after World War I. At that time, the Indian rupee was the currency of the British East African states; the rupee, being a silver coin, rose in value against sterling. When it reached the value of two shillings, the authorities decided to replace it with the florin. From the florin thence came the East African shilling; the currency was subdivided into 100 cents. In 1936, Zanzibar joined the currency board, the Zanzibari rupee was replaced at a rate of 1.5 East African shillings to 1 Zanzibari rupee. It was replaced by local currencies following the territories' independence. In 1951, the East African shilling replaced the Indian rupee in the Aden colony and protectorate, which became the South Arabian Federation in 1963. In 1965, the East African Currency Board was breaking up, the South Arabian dinar replaced the shilling in the South Arabian Federation at a rate of 20 shillings to 1 dinar; the shilling was used in parts of what is now Somalia and Eritrea when they were under British control.
Before 1941, these areas known as Italian East Africa, were using the Italian East African lira. In 1941, as a result of World War II, Britain regained control and introduced the shilling, at a rate of 1 shilling to 24 lira. Italian Somaliland was returned to Italy in 1949 as a UN Trusteeship and soon switched to the Italian Somaliland somalo, at par with the shilling. British Somaliland gained independence in 1960, joined what had been Italian Somaliland to create Somalia. In that year, Somalia began using the Somali shilling at par with the East African shilling. Ethiopia regained independence in 1941, with British support, began using the East African shilling. Maria Theresa thalers, Indian rupees, Egyptian pounds were legal tender at the beginning of this time, it is unclear when this status ended. Full sovereignty was restored in late 1944, the Ethiopian birr was reintroduced in 1945 at a rate of 1 birr = 2 shillings. Eritrea was captured from the Italians in 1941, began using the East African shilling, as well as the Egyptian pound.
The lira was demonetized in 1942. When Eritrea formed a federation with Ethiopia in 1952, the birr, in use in Ethiopia, was adopted in Eritrea. A new version of the currency is proposed by the East African Community, which consists of Kenya, Uganda, Rwanda and South Sudan, it had been proposed that the Second East African shilling be introduced into circulation in 2012, but the target was not met. A second target date was set to 2015, but not met; the third target date is 2024. In 1921, notes were issued by the East African Currency Board in denominations of 5, 10, 20, 100, 200, 1,000 and 10,000 shillings, with the notes of 20 shillings and above carrying the denominations given in pounds sterling. In 1943, 1 shilling notes were issued, the only occasion. 1,000 shilling notes were only issued until 1933, with 10,000 shillings notes last issued in 1947. The remaining denominations were issued until 1964; the History of British Currency in the Middle East The last issued 10,000 shillings note was dated 1 August 1951 but the high denomination note was used for clearing internally for many years after 1951.
East African Community Images of East African banknotes
Brass is an alloy of copper and zinc, in proportions which can be varied to achieve varying mechanical and electrical properties. It is a substitutional alloy: atoms of the two constituents may replace each other within the same crystal structure. Bronze is an alloy containing copper, but instead of zinc it has tin. Both bronze and brass may include small proportions of a range of other elements including arsenic, phosphorus, aluminium and silicon; the distinction is historical. Modern practice in museums and archaeology avoids both terms for historical objects in favour of the all-embracing "copper alloy". Brass is used for decoration for its bright gold-like appearance, it is used in zippers. Brass is used in situations in which it is important that sparks not be struck, such as in fittings and tools used near flammable or explosive materials. Brass has higher malleability than zinc; the low melting point of brass and its flow characteristics make it a easy material to cast. By varying the proportions of copper and zinc, the properties of the brass can be changed, allowing hard and soft brasses.
The density of brass is 8.4 to 8.73 grams per cubic centimetre. Today 90% of all brass alloys are recycled; because brass is not ferromagnetic, it can be separated from ferrous scrap by passing the scrap near a powerful magnet. Brass scrap is transported to the foundry where it is melted and recast into billets. Billets are extruded into the desired form and size; the general softness of brass means that it can be machined without the use of cutting fluid, though there are exceptions to this. Aluminium makes brass more corrosion-resistant. Aluminium causes a beneficial hard layer of aluminium oxide to be formed on the surface, thin and self-healing. Tin has a similar effect and finds its use in seawater applications. Combinations of iron, aluminium and manganese make brass wear and tear resistant. To enhance the machinability of brass, lead is added in concentrations of around 2%. Since lead has a lower melting point than the other constituents of the brass, it tends to migrate towards the grain boundaries in the form of globules as it cools from casting.
The pattern the globules form on the surface of the brass increases the available lead surface area which in turn affects the degree of leaching. In addition, cutting operations can smear the lead globules over the surface; these effects can lead to significant lead leaching from brasses of comparatively low lead content. In October 1999 the California State Attorney General sued 13 key manufacturers and distributors over lead content. In laboratory tests, state researchers found the average brass key, new or old, exceeded the California Proposition 65 limits by an average factor of 19, assuming handling twice a day. In April 2001 manufacturers agreed to reduce lead content to 1.5%, or face a requirement to warn consumers about lead content. Keys plated with other metals are not affected by the settlement, may continue to use brass alloys with higher percentage of lead content. In California, lead-free materials must be used for "each component that comes into contact with the wetted surface of pipes and pipe fittings, plumbing fittings and fixtures."
On January 1, 2010, the maximum amount of lead in "lead-free brass" in California was reduced from 4% to 0.25% lead. The so-called dezincification resistant brasses, sometimes referred to as CR brasses, are used where there is a large corrosion risk and where normal brasses do not meet the standards. Applications with high water temperatures, chlorides present, or deviating water qualities play a role. DZR-brass is excellent in water boiler systems; this brass alloy must be produced with great care, with special attention placed on a balanced composition and proper production temperatures and parameters to avoid long-term failures. The high malleability and workability good resistance to corrosion, traditionally attributed acoustic properties of brass, have made it the usual metal of choice for construction of musical instruments whose acoustic resonators consist of long narrow tubing folded or coiled for compactness. Collectively known as brass instruments, these include the trombone, trumpet, baritone horn, tenor horn, French horn, many other "horns", many in variously-sized families, such as the saxhorns.
Other wind instruments may be constructed of brass or other metals, indeed most modern student-model flutes and piccolos are made of some variety of brass a cupronickel alloy similar to nickel silver/German silver. Clarinets low clarinets such as the contrabass and subcontrabass, are sometimes made of metal because of limited supplies of the dense, fine-grained tropical hardwoods traditionally preferred for smaller woodwinds. For the same reason, some low clarinets and contrabassoons feature a hybrid construction, with long, straight sections of wood, curved joints, and/or bell of metal; the use of metal avoids the risks of exposing wooden instruments to changes in temperature or humid
Foreign exchange market
The foreign exchange market is a global decentralized or over-the-counter market for the trading of currencies. This market determines the foreign exchange rate, it includes all aspects of buying and exchanging currencies at current or determined prices. In terms of trading volume, it is by far the largest market in the world, followed by the Credit market; the main participants in this market are the larger international banks. Financial centers around the world function as anchors of trading between a wide range of multiple types of buyers and sellers around the clock, with the exception of weekends. Since currencies are always traded in pairs, the foreign exchange market does not set a currency's absolute value but rather determines its relative value by setting the market price of one currency if paid for with another. Ex: US$1 is worth X CAD, or CHF, or JPY, etc; the foreign exchange market operates on several levels. Behind the scenes, banks turn to a smaller number of financial firms known as "dealers", who are involved in large quantities of foreign exchange trading.
Most foreign exchange dealers are banks, so this behind-the-scenes market is sometimes called the "interbank market". Trades between foreign exchange dealers can be large, involving hundreds of millions of dollars; because of the sovereignty issue when involving two currencies, Forex has little supervisory entity regulating its actions. The foreign exchange market assists international trade and investments by enabling currency conversion. For example, it permits a business in the United States to import goods from European Union member states Eurozone members, pay Euros though its income is in United States dollars, it supports direct speculation and evaluation relative to the value of currencies and the carry trade speculation, based on the differential interest rate between two currencies. In a typical foreign exchange transaction, a party purchases some quantity of one currency by paying with some quantity of another currency; the modern foreign exchange market began forming during the 1970s.
This followed three decades of government restrictions on foreign exchange transactions under the Bretton Woods system of monetary management, which set out the rules for commercial and financial relations among the world's major industrial states after World War II. Countries switched to floating exchange rates from the previous exchange rate regime, which remained fixed per the Bretton Woods system; the foreign exchange market is unique because of the following characteristics: its huge trading volume, representing the largest asset class in the world leading to high liquidity. As such, it has been referred to as the market closest to the ideal of perfect competition, notwithstanding currency intervention by central banks. According to the Bank for International Settlements, the preliminary global results from the 2016 Triennial Central Bank Survey of Foreign Exchange and OTC Derivatives Markets Activity show that trading in foreign exchange markets averaged $5.09 trillion per day in April 2016.
This is down from $5.4 trillion in April 2013 but up from $4.0 trillion in April 2010. Measured by value, foreign exchange swaps were traded more than any other instrument in April 2016, at $2.4 trillion per day, followed by spot trading at $1.7 trillion. The $5.09 trillion break-down is as follows: $1.654 trillion in spot transactions $700 billion in outright forwards $2.383 trillion in foreign exchange swaps $96 billion currency swaps $254 billion in options and other products Currency trading and exchange first occurred in ancient times. Money-changers were living in the Holy Land in the times of the Talmudic writings; these people used city stalls, at feast times the Temple's Court of the Gentiles instead. Money-changers were the silversmiths and/or goldsmiths of more recent ancient times. During the 4th century AD, the Byzantine government kept a monopoly on the exchange of currency. Papyri PCZ I 59021, shows the occurrences of exchange of coinage in Ancient Egypt. Currency and exchange were important elements of trade in the ancient world, enabling people to buy and sell items like food and raw materials.
If a Greek coin held more gold than an Egyptian coin due to its size or content a merchant could barter fewer Greek gold coins for more Egyptian ones, or for more material goods. This is why, at some point in their history, most world currencies in circulation today had a value fixed to a specific quantity of a recognized standard like silver and gold. During the 15th century, the Medici family were required to open banks at foreign locations in order to exchange currencies to act on behalf of textile merchants. To facilitate trade, the bank created the nostro account book which contained two columned entries showing amounts of foreign and local currencies. During the 17th century, Amsterdam maintained an active Forex market. In 1704, foreign exchange took place between agents acting in the interests of the Kingdom of Englan