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Accounting is a very important term to our modern society. It is the career for men and women who at the start have their eyes set on top positions in industry, management, government, and general business. Accounting is a basic need of every businessmen, from the operator of a filling station to the government of the United States. It”s so important to our society. None of the business organization can operate without is. They are there-somewhere-in every business. In small business, people use pen, ink and skill keep teh records.

In large business, modern accounting machines are used to operate. Men and women are directing these machines in the accounting process. Wise businessmen enter business must have some accounting knowledge. Accounting is a vital element of business. It records the way a business has grown and, after analyzing figures, suggests the way it should go in the future. Furtunes are gambled on the advice of accountants. If your friend has ever operated a business and you saw him placing figures in ledgers, then you saw him doing bookkeeping.

If you have worked at a service station or supermarket and have seen books with large sheets lined in green and red lying on the manager”s table or desk, you saw books of accounting. Accounting is one of the fastest growing fields in the United States It expands each time a new store, a factory, a filling station, or a school goes up, whether in a large city or a small town. In today”s society, the demand for good accountants for exceeds the supply.

As our country has expanded, business and industry have become more and more complex, so control here is very important. And control depends on a great deal of the bookkeepers and accountants who can analyze figues and advise management on what should be done. They are using more scientific ways changing money, figuring change, and collecting sales taxes. Moreover, department stores and other companies now have plants and offices widely scattered throughout the country. A new set of bookkeepers and accountants, is needed at each branch.

I know there are many managements supervisory, and junior or senior executive positions are bing filled by people who started as accountants because accountants have the knowledge of methods and finance and comprehension of the fundamentals of business, and accounting is the foundation of sound business. The two kinds of accountants, public accountants and private accountants serve different important functions in business organization. Business enterprises, government agencies, and nonprofit institutions, such as universities and churches more are more likely use public accountant.

They offer their services to the general public on a fee basis in much the same way as do lawyers, doctors, and dentists. In addition, the larger firms have professional accountants on their staff who work for a salary, but are also considered public accountants. The two important areas, auditing and tax services are also the job for public accountants. In a single business enterprise or nonprofit organization, the main job for private accounts in to handle the finanacial records. Manufacturing or other concerns are also need accountants, in that situation, they are often called industrial accountants.

In addition, accountants are employeed by all branches of federal state, and local government, including government-owned corporations. Accountants in private and government work customarily specialize in the performance of a single type of accounting service, they may do any of the types of accounting service just described above. They also tend to become specialists in a narrow field of employment such as a particular branch of manufacturing, public utilities, or transportation.

Except public accountants and private accountants, there are some other general category of accountants who are taking important parts in business organizations. They are managerial accountants, controller, cost accountant, government accountant, internal accountant and teaching accountant. Each of the accountant serves different function in business organization. A company needs well-organized management. Managerial accountant is a kind of person hired by a company and trained to be a manager one day. The managerial accountant, needs to learn all aspects of the company-people, products, plants, and equipments.

They should know how to handle management responsibility, and administrative skills. A company needs somebody to record its financial operating datas, and measure performance, and it needs somebody to interpret results of operations, and to plan and make recommendations for actions. Controller is this kind person of the company and is responsible for the records of the company”s operation. His or her job is not only deal with finances, but also deal with people, products, equipments and material. In addition, he or she also needs to concern about sales and profit of the company.

Like the president or vicepresident, controller has opportunities to exercise imagination and judgement and to make rewarding contribution to the company. A corporation may exist many different items in managactures, and those items go hundreds of various sized and priced componenets. The sales office will have to know the production cost of each item in order ot arrive at a sales price that will contain a profit for the company. A cost accountant works on it. He studies the items one by one, figures the cost of every parts of the products, and then arrives at the production cost of each item.

Organizations of federal, state, or municipal government also need accountants to help their business. Government accountants come to do a variety of financial management work. They may deal with auditing, designing and maintaining. They may do budgeting and administrative duties requiring the use of accounting information. A modern business organization needs internal accountant to see whether the assets of a business are properly protected and accounted for, that current trasactions are completely recorded, or the company”s waste and loss whether to be saved or not.

High schools, colleges or universities are also need accounting professors to teach students accounting techniques. Teaching accountants, who know a great deal about accounting and has had some practical experience in dealing with persons and businesses, ready to pass along their knowledge and experiences to students and future accountants. In small schools, teachers have other duties besides their work in the classrooms. They serve as school secretaries, bookkeepers, statistical clerks, and managers in lunchrooms.

In addition to the accounts mentioned above, you may also find tax accountant, a systems and control accountant, a budget accountant, or an auditor. Working people need to pay taxes. Tax is so important to our society. It”s a main financial imcome of the government. People have to pay different kinds of tax according to their imcome. For example, they need to pay imcome tax, social security tax, state unemployment tax, federal excise tax, state and local sales and miscellantous taxes, property taxes, and federal and state taxes on corportation imcomes.

As an accountant, one of the job he needs to do is to hepl people to pay taxes. Taxes and accounting are intervined. In dividual tax liabilities are arrived at by an accounting process. Large corporations that pay taxes in the hundreds of thousands of dollars, hire many accountants. Thus, accountant is tightly related to the tax adminatration. Accountants use skills in tax matters to help prepare people yearly report. According to the statistics, “In California, individual CPA practitioners report that around 21 percent of their business is tax work.

Public accountant practitioners, who are closer to the small income earners, report that 25 percent of their business is tax work. ” Especially public accountants, their large percentage of income is come from tax work. Because of the development of the modern society and increasement of peoples” income, more and more accountants are needed for tax work. Sound business needs good record, so control accountants are needed for this. They can help and advice managers to well develop their business. Some government firms and other organizations such as banks, stores, schools, churches, need auditors to operate the business.

The auditor”s report will be of particular value to stockholders and creditors, since it shows an impartial opinion of the company is financial condition. For the management of the company, the auditor can often make very valuable suggestions for cutting costs, minmizing tax liabilities, and finding new ways to increase profits. Let”s look some accounting jobs in government. There are two million federal employees are working for the government , dealing with problems of population, education, transportation, national security, welfare and others.

Accountants, auditors, system analysts, and budget administrators are helping to maintain the stability in modern governmental operations. United Stated is teh largest enterprise in the world today, we can imagine how complexity of the business got to be, so accountants take important parts in the operation of these business. They work for department of Agriculture, department of Commerce, department of Defense, department of Health, Edaucaiton, and Welfare, post offic edepartment and department of teh Treasury.

Department of Agriculture deal with agricultural production, chemistry, economics, engineering, marketing, conservation, price support, and production adjustment problems. The department nees accountants to help its programs. The main job for accountant in this agency is to develop and maintain financial management systems, prepare and analyze budgetary and program lost statements, check costs of commercial food processors and producers, audit various operations in the office and in the field, and check records of commercial, cooperative, and state and municipal organizations participating in agricultural programs.

Department of Commerce performs a wide range of operations. It gathers information about domestic and foreign industries and trade, publishes technical information for the government, and handles allocations of materials necessary to military and atomic energy programs. It”s also a place which needs accountants. Accountants here maintain regulatory and cost accounting systems, and audit steamship, railroad, and utility companies. Department of defense is an department which includes departments of the Army, Navy, and Air Force. This department has established an ideal career program to help recruit auditors and accountants.

The department needs a well-qualified accountants and auditors. Those accountants are needed to handle cost accounting, property and inventory accounting, inernal and external auditing, and budgeting. Under the department of Health, Education, and Welfare, there are Public Health Servide, the Food and Drug Administration, the Office of Education, the Social Security Administration, and the Office of Vacational Rehabilitation. Those offices are located every where in the United States, so countless accountants are needed to operate in these organizations.

The work mostly involves cost accounting, hospital accounting budgeting, auditing, and financial mangement. Post Office Deartmetn is another place which needs accountants assistants. This large department employs more than 560,000 persons and operates over 35,000 post offices. Besides that, it provides money-order and postal-saving services. All this naturally involves large sums of money and huge volumes of transactions. To handle it all, “The depatment has set up within its organization a Bureau of Finance, which looks after the the accounting, budgeting, cost accounting, keeping statistics and financial data, nd financial management work. “

Department of the Treasury serves as the government”s banker, bookkeeper, disburser, collector, trustee, investor, lender, printer of the currency, coiner of money, supervisor of national banks, and financial advisor to the President and Congress. It”s not hard to see that each of these duties involves accounting. The Treasure Department needs men and women educated and trained in accounting, auditiing, budgeting, and financial management.

Here accountants may be systems accountants, general accountants, cost accountants, internal auditors, revenue agents, bank examiners, budget and fiscal officers, management analysts, tax analysts, and public debt analysts. There are also a nember of independent agencies with which an accountant may find interesting and challenging work. There are the Atomi Energy Commission, the Farm Credit Administration, the Interstate Commerce Commission, the Securities and Exchange Commission and other important commissions, an accountant can find an easy way upward to general administrative and managerial positions.

There is a overseeing department is called the United States Greneral Accounting Office. Just as a company president is the top man over many men and departments below him. The department generally oversees all the other agencies of the government. This vital department is headed by the comptroller General of the United States. As the President is called the Chief Executive of the nation, you could call the comptroller General the Chief Accountant of the nation.

His office, an independent agency in the legislative branch, has the vitally important job of making audits of the programs, activities, and financial responsibilities of federal departments and agencies. It even checks government contracts. Since women”s position has been improved in the U. S, accounting also opened its door to women. It can be the world of achievement for the women who is looking for a higher ststus than what is offered by ledgers and journals. Accountants in today”s society is expected to know a great deal about management, business practice and theory, taxes, cost accounting, auditing, and systems and controls.

To the woman who can train these and other subjects gose the opportunity to work at the management level with executives and leaders of business. Women also have opportunities for specialization and self-employment in an accounting firm. That”s why I say accounting is the door which widely open to women, and more and more women are stepping into it. According to the statistics “By 1910, there were about 190,000 women engaged in the occapation. From 1940-1950 the increase in female bookkeepers was 37,395. An estimate, based on the 1950 census, showed 556,229 women bookkeepers compared to only 164,748 men in the same employment. The figures show women occupy a large percentage in accounting field.

Accounting is every where. Non eof the business or nonbusiness organization can stay longer without it. There is no doubt that all the business require some people who have some experience or knowledge in bookkeeping and accounting. More and more employers prefer employees with some knowledge of bookkeeping and accounting. There are other some examples of accounting job are required in different business: Office Manager-accountant, excellent salary, may advance to plany controller.

The tractor industry reported a strong 28. 3% growth in sales volumes during 2009-10, thereby ending the phase of cyclical correction that had pulled down tractor sales during the preceding two years (200709). Significantly, the revival of 2009-10 happened despite the drought-like conditions in many States during the kharif1 season dampening sentiments. The key factor enabling the demand growth of 2009-10 was strong rural liquidity, which in turn was sustained by several factors, including higher minimum support price (MSP) for crops; the greater ability of farmers to make cash purchases (including the usage of Kisan Credit Card which is increasingly being used to part-finance tractor purchases); enhanced employment opportunities (with rural employment schemes being implemented by the Government of India); an improved credit environment; and continuance of replacement demand.

These factors apart, non-agricultural use of tractors (for haulage in construction and infrastructure projects) continued to increase, benefiting tractor demand. Also, with infrastructure projects and rural employment schemes increasing employment opportunities, availability of labour for agricultural activities continued to decline, persuading even farmers with medium-sized land holdings to either rent or purchase tractors. On a regional basis, the performance of the eastern, northern and western parts of the country was robust during 2009-10 in terms of tractor demand, while that of the southern region was moderate. Strong growth in tractor volumes, albeit on a low base, was witnessed in the eastern States, including Bihar, Orissa and Jharkhand, which had a good paddy crop. Tractor volumes in the northern and western regions also reported strong growth during 2009-10, especially in the second half (H2) of the year, benefiting from a low base (H2, 2008-09) and a satisfactory Kharif crop in some States. The southern region reported moderate performance in terms of tractor demand (growth of 11. 9% in 2009-10), being impacted largely by the de-growth in Andhra Pradesh (AP)—a key southern market—where rainfall was irregular in 2009-10.

However, in Karnataka and Tamil Nadu, higher MSPs for rice along with some revival of interest of public sector banks (PSBs) in tractor financing led to strong tractor sales volumes. Historically, tractor demand has been fairly volatile, being influenced by cyclical trends, availability of finance, and crop patterns (monsoon). After four years of strong growth during 2003-07, the fiscal years 200708 and 2008-09 both reported a marginal decline in tractor sales volumes, largely reflecting cyclical corrections. In addition to the cyclical dips, during H2, 2008-09, the industry also had to cope with the 1 Kharif season in India is during the south-west monsoon (June-October) ICRA Rating Feature Tractor Industry: An ICRA Perspective liquidity crunch, which pushed up interest rates, even as financiers resorted to more stringent lending norms in the face of rising non-performing assets (NPAs). However, the situation improved during 200910 as credit availability improved on the strength of greater liquidity in the banking system. While tractor financing has traditionally been done by PSBs, of late, private banks and non-banking finance companies (NBFCs), despite their higher interest rates vis-a-vis the PSBs, have been able to increase their penetration of this market on the strength of faster loan processing and use of more liberal credit norms. Overall, with tractor demand is closely linked to agricultural output, growth in farm mechanisation and farmers’ remuneration, the long-term demand drivers for the industry remain robust. The currently low levels of tractor penetration in India, strong Governmental focus on the availability of finance for agriculture mechanization tools and on rural development, increase in the use of tractors for nonagricultural purposes, and the growing emphasis on tractor exports augur well for the industry.

Chart 1: Annual Trends in Tractor Sales Volumes Chart 2: Monthly Trends in Tractor Sales Volumes Source: Industry, ICRA’s estimates Source: Industry, ICRA’s estimates The tractor industry reported a compounded annual growth rate (CAGR) of over 20% in volume terms during the period 2003-07. The long up-cycle in demand was supported by several factors, including excise duty exemptions on tractors (2004-05), thrust on rural development, improved availability of finances for tractor purchase, and low-interest rates. The growth also came on a low base, with the preceding three fiscal years (2000-03) having witnessed a prolonged phase of volume correction. The cyclical correction during 2000-03 had been aggravated by the build-up of channel inventory with the major players having pushed aggressively for larger sales.

In contrast to this phase of cyclical slowdown, the one that happened during 2007-09 was less severe, with volumes declining by around 3%, despite the intermittent tightening of the liquidity situation during H2, 2008-09. The demand slowdown during H2, 2008-09 also impacted the profitability of the original equipment manufacturers (OEMs), that is, the tractor manufacturers, because of the high price inventory they were carrying. However, the situation improved on the cost structure front in H1 2009-10 with the softening of commodity prices preparing the ground for the industry to earn higher profitability margins. The pickup in volumes also lowered the overhead expenses for the tractor manufacturers, boosting their profitability. While the OEMs did not lower the listed sales price of tractors, the benefit of lower steel prices was passed on to the end customers via discounts. This is an accepted practice in the industry; given that once prices are lowered it is difficult to raise them subsequently. However, during H2 2009-10, the tractor majors increased the prices with the reversal of commodity prices and the discounts have also come down. ICRA Rating Services Page 2 ICRA Rating Feature

Chart 3: Trends in Profitability Margins of Select Players Tractor Industry: An ICRA Perspective Source: Company releases, ICRA’s estimates; refers to Profit before Interest and Tax (PBIT) and volume in the tractor segment Capacity utilisation in the tractor industry had hit a low during 2002-03, following large capacity additions and a volume slump. After that, capacity utilisation improved steadily but remained moderate at around 50% during 2008-09. In 2009-10, the tractor volume growth has helped the OEMs improve their capacity utilization; however, there is still excess capacity in the industry. Thus, over the medium term, most tractor manufacturers would not need to make any significant capital investments in building capacities. As discussed, the domestic tractor industry has to cope with demand volatility on account of cyclical trends and the strong linkages it has with agricultural production and monsoon rains. Many of the industry players have thus diversified into related products, including generator engines and cranes, besides focusing more on exports, to gain some insulation against the volatility in domestic tractor demand.

As for tractor exports, while a major part of that currently goes to the USA, the OEMs are now exploring various other markets across Europe, Asia and Africa for future exports. Industry Trends by Region The biggest markets for the tractor industry include States like Uttar Pradesh (UP), Andhra Pradesh (AP), Madhya Pradesh (MP), Rajasthan, and Maharashtra, which together accounted for around 50% of the total tractor sales in India during 2009-10. The tractor industry witnessed a strong y-o-y growth of 28. 3% during 2009-10, with most of the States reporting positive growth during the year.

Chart 4: Trend in Tractor Sales across regions Chart 5: Trend in Tractor sales across States Source: Industry, ICRA’s estimates Source: Industry, ICRA’s estimates The northern region remains the largest tractor market in India with sales of around 1,67,000 units as of 2009-10. This region reported a growth rate of 35. 7% in volume sales in 2009-10 over the previous fiscal, with the key contributors including UP, Punjab, Haryana and Rajasthan. The northern region benefited from higher MSPs (for crops), limited availability of labour (forcing higher mechanisation), and increasing non-agricultural use of tractors. Additionally, increased infrastructure development activities (especially highways) led to an appreciation in land values and the use of tractors for non-agricultural purposes. In some cases, farmers also received compensation for the Government’s acquisition of select land patches (adjoining highways), which increased the availability of cash with them. Feedback from industry players ICRA Rating Services Page 3 ICRA Rating Feature Tractor Industry: An ICRA Perspective suggests cash purchases (including purchases using Kisan Credit Card) in some northern States increased to 35-40% of the total tractor volumes in 2009-10 from 10-15% in the past.

Tractor volumes in UP grew by 42. 7% during 2009-10, with H2, 2009-10 reporting particularly strong growth (around 51% y-o-y) mainly on the back of high sugarcane prices for the Kharif crop and improved irrigation facilities. In the case of Punjab, tractor volumes remained strong for the fifth straight year in 2009-10 (y-o-y growth of 42%). In Rajasthan however, growth in tractor volumes was relatively subdued in 2009-10 (around 24% y-o-y) as compared with the figure for the northern region as a whole. Tractor sales in Rajasthan were especially low in H2, 2009-10 versus H1, 2009-10, due to lower Kharif output on account of deficient rains and inadequate financing availability. In the eastern region, tractor volumes continued to report strong growth in 2009-10, albeit on a small base and went up by 53. 8% over 2008-09, being driven mainly by the higher MSPs announced for paddy. Within the region, however, many financiers remained reluctant to finance tractor purchases in some states like Bihar. Nevertheless, in Bihar, tractor volumes grew 66% over 2008-09 to around 29,000 units in 2009-10, thereby accounting for over 50% of the total sales in the eastern region. The Bihar market, where tractor penetration had been low historically, has shown sustained growth over the last few years and become one of the important markets for the tractor industry. Overall, in the eastern region, growth in tractor volumes is expected to moderate, going forward, as the benefit of a low base gets diluted gradually. The western region reported sales of around 92,000 tractor units during 2009-10—a growth rate of 35. 7% over the previous fiscal—benefiting particularly from the strong performance that Maharashtra, Gujarat and MP posted during H2, 2009-10 (55% y-o-y growth over H2, 2008-09). The factors contributing to the strong growth in the region during H2, 2009-10 included a benign base effect, higher crop prices (of sugarcane and cotton in Maharashtra, and of cereals and soybean in MP), and greater availability of retail finance. The performance of the southern region in terms of tractor sales was relatively modest during 2009-10, with the growth rate being around 11. 9% over the previous fiscal. While most states in the region reported healthy growth, AP, which is the largest tractor market in the south, de-grew by 10. 4% in 200910.

The AP market has been undergoing a volume correction since 2007-08, with the preceding four to five years have witnessed a large and sustained volume growth; this factor apart, the de-growth of 2009-10 was also aided by irregular monsoons. The other big market in the southern region, Karnataka, reported growth of 74% in tractor volumes in 2009-10 mainly on the strength of higher MSPs for rice; however, volume growth is expected to moderate in 2010-11 because of the base effect. In Tamil Nadu, tractor sales were flat during H1, 2009-10, but the performance improved in H2, 2009-10 mainly because of improved retail financing by the PSBs. Industry Trends by Tractor Horse Power (HP) The Indian tractor market has traditionally been a medium HP market, with 31-40 HP tractors accounting for around 47% of the total industry volumes. In 2008-09, the 31-40 HP category had reported sales of 157,602 tractor units, which was about the same as the previous year’s figure but lower than the 2006-07 statistic by 7%. In 2009-10 however, this category reported a strong revival, with the volume growing by 22%2 over 2008-09; the revival was led by UP, Karnataka and Madhya Pradesh. The other major segment in the

Indian tractor market is the 41-50 HP range, which accounts for around 23% of the total industry volumes. This segment grew by around 10% during 2009-10, thereby underperforming the growth in overall tractor volumes (around 19%) that year. The main reason for this underperformance was the low growth that the southern region, the biggest market for this segment, reported in 2009-10. 2 The HP wise y-o-y growth rates are based on 9M 2009-10 tractor volumes. Page 4 ICRA Rating Services ICRA Rating Feature Tractor Industry: An ICRA Perspective. The >51 HP segment of the Indian tractor market also underperformed the industry growth rate in 200910 mainly because of the de-growth in the exports which is a key demand area for these high HP tractors. Some Long-Term Demand Drivers for the Industry Low penetration of tractors in Indian agriculture: Indian agriculture is characterised by low farm mechanisation, fragmented land holdings, and high dependence on monsoon rains (in the absence of adequate irrigation facilities). Tractor penetration in India is low at around 13 tractors per 1,000 hectares as against the global average of 19 and the US average of 29.

While this does indicate the relative backwardness of Indian agriculture, it also points to the significant scope that exists for raising tractor penetration, which bodes well for tractor demand over the long term. Government support for the agricultural sector: Although agriculture contributes just around 20% to India’s GDP, it provides employment to a large rural population, which is why the sector remains a strong focus area for the Government. The tractor industry benefits significantly from the Governmental focus on agriculture, with measures such as nil excise duty on tractors (even the excise duty on tractor parts has been lowered from 16% to 8%) and inclusion of tractor financing under priority sector lending (by PSBs) serving as long-term demand drivers. Financing of tractor purchase is of great significance for the industry, it is a key demand facilitator. Export of tractors: Indian tractor manufacturers have been increasingly targeting the international markets over the last few years. The industry exported a total of around 37,900 tractors during 2009-10, with the USA, Africa, South America, and some Asian countries being the top destinations.

The industry leader, Mahindra and Mahindra (M&M), has acquired Yancheng Tractors, the fourth largest tractor manufacturer in China (in terms of FY2008 volumes), to improve its presence in the country. In the developed markets, Indian tractors have a relatively marginal presence, with sales being largely restricted to the hobby farming segment. Outlook Tractor sales are expected to remain healthy in fiscal 2010-11, given the good rabi crop this time around, the continuing firmness in the prices of agricultural products, and the healthy monsoons anticipated during the coming Kharif season. Moreover, improving farm mechanisation levels (with labour availability in rural areas declining), increasing non-agricultural use of tractors, higher credit disbursements for agriculture, and sharper Governmental focus on the farm sector (larger budgetary allocations) are also expected to encourage tractor sales. The industry’s profitability is however expected to remain moderate in the medium term, considering the high competitive intensity and low capacity utilisation levels, although larger players could benefit from scale economics. As for margins, while they have seen an improvement in 2009-10, they would remain vulnerable to adverse changes in commodity prices. While some states in the northern region have achieved high levels of tractor penetration and farm mechanisation, on an all-India basis, the penetration remains low, which along with the current shortage of farm labour and consequently rising labour costs, may be expected to lead to greater mechanisation and use of tractors.

The long-term prospects for the Indian tractor industry hinge on agricultural growth and Government support in areas such as financing availability, tax exemptions, and fiscal stimulus for rural development. Overall, ICRA expects the long-term growth rate for the Indian tractor industry to trend around the historical average of 6-8%, supported by increasing tractor penetration. ICRA Rating Services Page 5 ICRA Rating Feature Tractor Industry: An ICRA Perspective Annexure I: Structure of the Indian Tractor Industry has around 13 national players and a few regional players. The industry is dominated by Mahindra and Mahindra (M&M) with a market share of around 41. 1%, followed by Tractors and Farm Equipments TAFE, which holds around 22% of the market. The other major players include Escorts (12. 1%), L&T-John Deere (7. 8%), and International Tractors Limited (8. 9%). During the last few years, the industry has seen some consolidation with M&M acquiring Punjab Tractors (PTL) and TAFE acquiring Eicher Tractors.

Most of the tractors sold in India are in the 21-50 HP range, with the 31-40 HP category alone accounting for around 50% of this. The long-term prospects of the Indian tractor industry are highly dependent on Government policies for the agriculture sector. Historically, most tractor sales are done on credit even as over the last few years financial institutions, facing an increase in their non-performing assets (NPAs), have resorted to some tightening of credit norms. Also, during 2009-10, there has been a sharp increase in cash purchases, reflecting the rise in disposable incomes in the rural markets. Most of the tractor financing done by banks come under priority sector lending, a directed-lending mechanism of the Government of India. In terms of volume, India is one of the largest tractor markets in the world, besides China and the USA. The prospects of the domestic industry are highly linked to monsoon rains, which remain a key factor in determining agricultural production. Better irrigated States like Punjab and Haryana have a high tractor density (over 100 per 1,000 hectares), while States like Rajasthan, Gujarat, Himachal, Tamil Nadu, Maharashtra, Andhra, MP and West Bengal has low levels of tractor penetration—a pointer to the substantial growth potential that the latter set offers. On an all-India basis, tractor penetration remains low at around 13 per 1,000 hectares. Besides being used in farming, tractors find application in activities such as harvesting and irrigation, land reclamation, drawing water and powering agricultural implements. In addition, lately, the tractors are also being used for non-agricultural purposes including haulage in construction and infrastructure projects which has expanded the tractor market.

The Indian tractor market, thus, is expected to grow in future and remain one of the biggest tractor markets in the world. Chart 6: Trend in State wise market share Source: Industry, ICRA’s estimates Annexure 2: Region-wise Market Shares of Various Players The market shares of the top four players in the Indian tractor industry did not change much during 200910 in comparison with 2008-09. M&M remained the market leader with around 41. 1% market share, followed by TAFE with a market share of around 22%, Escorts with around 12. 1%, and International Tractors (ITL) with around 8. 9%. ICRA Rating Services Page 6 ICRA Rating Feature Tractor Industry: An ICRA Perspective.

Chart 7: Movement in Regional Market Shares of Select Players 2009-10 vs. 2008-09 (bps) Source: Industry, ICRA’s estimates M&M remains particularly strong in the southern region (50. 4% market share during 2009-10). However, L&T John Deere (LT-JD) was able to increase its market share in the region by around 250 bps in 2009-10, mainly at the expense of M&M (market share down by 140 bps) and Escorts (down by 140 bps). In the western region too, LT-JD performed well in 2009-10, increasing its market share by 190 bps, even as TAFE lost market share by around 90 bps there. In the northern region, where M&M has been traditionally weak, the company increased its market share by 140 bps during 2009-10, even as ITL and Escorts lost market shares by around 90 bps and 60 bps respectively, there. In the eastern region, M&M was able to raise its market share by around 140 bps in 2009-10 at the expense of Escorts and TAFE.

Agriculture is defined as “the cultivation of land for the purpose of producing food for man, feed for animal and fibre or raw material for industrial companies. It also includes the processing marketing of crops. In other words, it embraces all activities involved in the primary and controlled production of plant and animals, such as fishing, forestry, farming, livestock, poultry and small scale industries connected with processing of agricultural products. The agricultural sector forms the background of Nigeria economy despite concerted effort in industralisation.

Agriculture occupies the pride place as the source of livelihood for over 70 percent of the population. It is recognized as a pre-requisite to economic development. With large scale dependence on agriculture for food, raw-material for industries etc, one would expect production to increase, rather it is disheartening to note that this is not the case. Agriculture has suffered some neglect due to lack of investment since the inception of oil boom in 1970. In fact, Nigeria is experiencing a decline in the space of agricultural production in general, this situation is causing a great concern to the government.

Throughout the 1960s, Agriculture contributed 61. 5%. in the 1970s, it declined miserably be 2. 3%. This decline may be attributed to the domination of the nations export by oil since 1970 which accounted for 57. 6% of total export income and rose steadily, attaining an overwhelming proportion of 98% in 1981. As a result there was an absolute neglect in agriculture to both God (Gross Domestic Product) and export earnings which has been the major factor dictating the need to reactivate our agricultural products.

The need for this re-activity and in effort to revamp this sector has been the reason for raising budgetary allocation in recent years to it. It rose from 6% in 1970s to 22% in 1984. this increase acts as incentive and motivation to farmers, but these farmers while engaging in these agricultural ventures are exposed to a lot of problem like diseases and pest attacks, fire destructions, industrial pollution, machinery breakdown and other problems. To these problems, the farmers need some aids in solving or minimizing them. Finance has been one of the

most significant problems in the expansion of agricultural production. This was as a result of the neglect of the agricultural sector following the oil boom of 1970s, when the oil sector become a major aspect of the Nigerian’s foreign exchange earning. This contributed to the inadequate funding of the agricultural sector unlike before the boom. Also the establishment of industries in the urban areas during the 1990 – 1994 National Development plan to boast industrialization drew the rural populace with constitute the farming population to urban cities for search of white color jobs.

A stage has reached, that average Nigerians are now underfed. In the words of or P. N. C. Akimbo in 1990 “The average Nigerian consumed on the average, some 20. 23 calories per day and 56. 46 grammes of protein per day compared to the food and agricultural organization (FAO)minimum of 21. 91 calaries and 53. 8 grammes of protein. The average Nigerian was and still, is among the worst fed in the world.

As a result of these situations; the successive Nigerian Governments showed concern over the decline situation of Agricultural production through policies and programmes aimed at revamping the agricultural production in attempt to encourage increase food production “The federal Government in 1993 tried the National Accelerated food production in programme (NAFPP) during the General Yakulu Gowon’s regime; Under the leadership of General Obasanjo, the Operation feed the Nation programme “(OFN) in 1976; Green Revolution came up under President Shehu Shagari and Directorate of food Road and Rural infrastructure under the regime of General Basangida regime. Neither of these measures halted the Agricultural decline or any lasting effect on food production.

This is because “little or no meaningful attempt has been made to change the under developed status of the rural dwellers notwithstanding that these people constitute about 95 percent of the total population engaged in Agricultural in Nigeria. It has been attributed that inadequate funding of agricultural project and programme has contributed in large measures to the government low production of Agriculture in Nigeria, and the government and other financial institutions forms the major sources of finance for Agriculture though policies and programmes. Then what role and impact has the central Bank of Nigeria (CBN) as the bank at the apex of Nigeria Banking system, (Bank of last resort, bank to the government and Banker to other banks)” played to reinforce the government policies or revamp the agricultural sector of the economy.

The under – developed characteristic of the Nigerian economy has made the central Bank of Nigeria to be activity involved in the promotion of rapid economic development of other sector especially agriculture through its development roles unlike in developed economics where the role of central Bank is restricted to development of the financial system. According to Dr Belshaw in his book entitled “Agricultural credit in economically under-developed countries he wrote that “in respect of agricultural credit, a central Bank has an important part to play by helping to establish, strengthen and promote the extension of commercial banking facilities and agricultural credit institutions. Professor G.

Nwankwo also wrote “it for instance mistaken to think and believe that only the function of a central Bank is to control or regulate the financial system; it was not conoinced nor thought to be an appropriate function that a central Bank also has to the task of developing the financial system if non existed and of organizing and mobilization of resources for development. To this end, the central Bank of Nigeria embarked on some programmes and policies to curb the under economic development and low trend in agricultural production. These policies include the following : i. The provision of credit to marketing board for the purchase of some agricultural produce for export.

This has become the sole responsibility of the central Bank of Nigeria since May 1968, when the commercial financial still was abolished by the federal Government. ii. The establishment of the Nigeria Agricultural Bank (NAB) in 1976, this Nigerian Agricultural co-operative societies, improve agricultural production and storage facilities and promote marketing of agricultural products through liberal credits to farmers at softer terms. The bank started with a capital of #6 million which has increased to #250 million in 1991 with the CBN contributing 40 percent while the Federal Government has 60 percent share. The functions of the banks includes: grant in of loans to small and medium scale farmers. iii.

The CBM also used another instrument in financing of agriculture, this is through its credit guidelines contained in its monetary and fiscal policies circulars which required the commercial banks to give preferential treatment to Agriculture. iv. The establishment of Agricultural credit Guarantee scheme fund (ACGSF) in 1977 by both the federal Government and the central Bank of Nigeria. The Act provided #100 million subscribed by the federal government, and the CBN at the ration of 60 percent or #60 million to the federal Government, 40 percent or #40 million to CBN. This is to grantee for loan default made by commercial banks to farmers for Agricultural purposes to the time of 75% of the default. The CBN was also appointed the managing agent of the fund. 2. STATEMENT OF PROBLEMS

Despite the various policies and programmes mapped out annually for the economic development of Nigeria with emphasis on Agriculture, the agricultural production level remained very low and recently on the decline. Finance has been traced to be the major handicap to the typical Nigeria farmer, inadequacy of modern farming equipment, inputs, basic infrastructure and storage facilities, marketing and distribution system. Then the central Bank of Nigeria – the apex bank has been mandated by the federal Government of Nigeria to find a solution to these problems. Consequently, the central bank of Nigeria through its agencies grant credit for the purpose of agriculture. But was faced with the following problems. – Inadequate public enlightenment – Mismanagement – Technological constraints – Poor land tenure system – Environmental constraints

– Above all financial constraints. Identifying financial constraints as the major handicap to increase agricultural production. The federal government increased its spending on agriculture by 12. 7 percent in 1981 as against 6. 5 percent in 1970’s. a total of #8 million was allocated to agriculture during the five years National Development plan 1981 – 85. still not much has been achieved in food production. To this end, the federal Government through the CBN policies and programmes aimed at adequate financing to increase agricultural productivity, for a nation that can not feed herself is said to be economically undeveloped. 3. OBJECTIVE OF THE STUDY

The major objective of this study is to determine and appraise the performance of the central Bank of Nigeria and its agencies to agricultural finance and development. This involves: i. To identify the central Bank of Nigeria policies in relation to Nigeria Agriculture. ii. To evaluate various measures introduced to boost agricultural production and agricultural financing and how this affected the realization of the agricultural goals and iii. To identify the problems associated with the implementation of these policies and suggest solution so as to improve agricultural production. 4. SIGNIFICANCE OF THE STUDY Unless the cause of a problem is found, any attempt at solving the problem would likely be effort in futility. But when the basic causes of a problem are identified, solution would be easily found.

This research work on the impact of central bank of Nigeria policies in relation to Nigeria agriculture would be of immense importance to the policy and credit guideline makers in ascertaining the efficiency of these policies on agriculture in particular and the economy in general. Also from the recommendations and suggestions, the problems and causes of failures in implementation would be taken care of. As the policies involves many financial and other credit institution the research would be of great worth to these institution, for instance, It would help in assessing the performance and cause of default in credit extension under the Agricultural credit Guarantee scheme fund (ACGSF), the Nigerian Agricultural co-operative bank (NACB) Credit and loan system. The research work when completed will be of use to the following: -The farmers and Agriculturist -The central bank of Nigeria (Federal Government).

-The entire economy -Finally, this work will serve as an addition to the already existing literature and references in the area of policies of central Bank of Nigeria agricultural financing, monetary economics and finance in general. 5. LIMITATION OF THE STUDY The major source of some very vital data on the work of course is the central bank of Nigeria but because of its own policies, the major information areas are not accessible to the public. To this regard, the research has selected the salient roles of the central bank necessary for the research and finically examined and evaluated the effects of these policies in relation to agriculture.

It is also very pertinent to state that the scope of this work generally is restricted to the programmes of agricultural financing that are directly under the supervision and control of the central bank of Nigeria. 6. STATEMENT OF HYPOTHESIS The central bank of Nigeria (CBN) through its policies and programmes has made remarkable impact in Agricultural financing in Nigeria. The central bank of Nigeria (CBN) through its policies and programmes has made no impact in Agriculture financing in Nigeria. The Central Bank of Nigeria (CBN) through its polices and programmes has evaluated various measures introduce to boost agricultural production. The Central Bank of Nigeria (CBN) through its policies and programmes has made no remarkable measure to boost agricultural production. 7. DEFINITION OF TERMS

It is necessary here to introduce operational definition of some concept to be commonly used in this study for better understanding of the study. These terms are as follows. Development: this means the process of sustained increase in both per capital income and total income accompanied by structural modification of the social economic and political environment. Economic growth: This refers to the steady process by which the productive capacity of the economy is increased over time to bring about rising levels of national income. Economic Development: This can be known as nothing less than “The upward movement of the entire social system or it many be interpreted as the attainment of a number of ideas of modernization such as a rise in productivity, social and economic equal section.

Modern knowledge, improved institutions and attitudes and a traditionally co-ordinate systems of policy measures that can remove the host of undesirable conditions in the social system that have perpetuated a state of under development”. Financial Institution: These are institutions either private or public that channels loanable funds from savers to borrowers. Example commercial banks and development banks. Policy: This is a cause oaf action pursed by the government to achieve some development is also a source of raw materials for the teaming industries the product for which modern man has virtually become over dependent on”. Butterssing these parts.

Enikanselu (1985) stated thus” agriculture besides providing food for the people contributes positively to capital accumulation for the purpose of financing the industrial sector”. He maintained that the role of Agriculture in the economic development of a nation includes providing an initial stage of development, the purchasing power for the industrialization of the economy by supplying the necessary raw – materials for industries. Uka (1986) in his own opinion on the importance of Agriculture to Nigeria economy assert that “Food is a basic necessity of life; and it is only on a firm basis of food production that virile economy can be founded.

Besides, dependent on external sources of food supply has grave instability consequence because it ties the nations independence to the international policies. Writing on the importance of Agriculture and the preferential treatment given to it by the central bank of Nigeria in policy consider eration and allocation, Egba (1978) Stressed that “since 1969 when the first circular was issued to banks, the CBN has consistently given preferential treatment to agriculture which was included in the broad sector refered to as production”. This preferential treatment covers both the volume of loans allocated to the sector and the interest rate chargeable on such loans.

Agriculture provides the greatest avenue for employment, income and food for Nigerian populace. Also the position of agriculture as a source of raw-materials for key industries and a major foreign exchange earner. Thus the government has given such priority to agricultural production because of its realization of the numerous contributions. A highly developed agricultural sector could make to the development of the Nigerian economy Olayade (1986) said “the agricultural sector provides employment for about 67% of the active population in the country. It is abundantly clear therefore that this sector has constituted the back bone of our economy until only recently.

Bank is a financial institution whose main aim is to earn profit through exchange of money and credit instruments. A banking company must perform both of the essential function accepting of deposits and lending or investing the same. If the purpose of acceptance of deposits is not to lend or invest, the business will not be called banking business. It may be said that banking in its most simple form, is as old as authentic history. As early as 2000 B. C. Bany Lonians has developed a system of banks.

In ancient Greece and Rome the practice of granting credit was widely prevalent. According to some authorities the word “Bank” is derived from the words banco, bancus, banque or bance. All of these words mean a bench upon which the mediaeval European bankers used to sit with their coins to transact banking business. When a banker failed to meet his obligations, the angry people used to break up his “banco”. The account for origin of the word “Bankrupt” which means bank failure but whatever be the origin of the bank, the word came to be used in Europe from the middle age in connection with the business of bank.

Money also links the history of banking. It created a logical necessity of banks. However, the birth of present day banking is not sudden. It has come to its present stage through a process of development. During the last decade, banking became the most competitive industries of Bangladesh with a huge amount of growth. A large number of new banks have made their way in the industry and yet there are more to come. In such a highly competitive service industry, ‘customer satisfaction’ is a very important factor to consider. High customer atisfaction and loyalty give an organization a better base than its competitors and allows it to flourish in the industry.

General Objective The general objective of preparing this report is to fulfill the requirement of project work as well as completion the BBA Program through gaining the experience and view the application of theoretical knowledge in the real life. Also find out the Operational Process of the Bank and it’s overall Performance.

The nature of this report is descriptive with some survey or using sampling method. Most of the necessary information has been collected by a questionnaire, officers working in Retail Banking.

It provides ATM service through other banks too. Mr. A. Rouf Chowdhury is the Chairman of Bank Asia. Bank Asia is operated by the experienced, qualified, professional management teams whom have exposure in the international market. In the year 2003 the Bank again came to the limelight with over subscription of the Initial Public Offering of the shares of the Bank, which was a record (55 times) in our capital market’s history and its shares commands respectable premium. Bank Asia is maintaining it’s competitiveness by leveraging on its Online Banking Software and modern IT infrastructure.

I consider the major challenges facing the prison service over the next 5 years, are preventing the introduction of drugs into prisons and managing prisoners with drug problems. Drug finds in prison doubled over the last 5 years, i. e. approximately 6 drugs finds per day in Scottish Prisons. 69% of the prison population report drug use compared to 8% in the community. Research has identified defined routes into prison. The main routes being visits, mail, prisoners on admission, over the wall, prison staff and concealed in clothing sent in.

These routes are organised and concealed by individuals using illicit mobile phones, which are free from monitoring and provide real time direction. The prison service has the difficult task of allowing prisoners’ access to their families in decent humane surroundings, whilst at the same time preventing the introduction of drugs into the prison. Some prisoners` apply pressure on their friends and family to introduce drugs at visits; this may be done reluctantly and has serious consequences for the drug mule if he or she is caught.

Basic tools such as observation, intelligence, CCTV out with the visit area and x-ray equipment can disrupt this practice, however, is not wholly effective. Items concealed in mail and include clothing sent in through the postal service, are well known to prison staff who routinely x-ray all items. This practice is risky for the small amount of drugs that can be concealed in these items. The searching constraints on prisoners on reception from court who have drugs concealed in body orifices is a difficult practice to tackle and can involve sizeable amounts of drugs being brought in through this route.

Packages thrown over prison walls during exercise periods have become a profitable route of introduction. Prison staffs are advised not to intervene during this highly populated and sensitive period, but to monitor and deal with the recipients after the event; this allows the package to be secreted before intervention. Corrupt prison staff, for a variety of reasons i. e. debt, pressure or blackmail, introduce drugs, money mobile phones etc into the prisons. This relatively safe route is extremely problematic as the quantities involved are dependent on the reasons, nerve and desire of the corrupt staff member.

For those participating in drug use in prison, there is a financial and health cost. Limited supply and high demand result in inflated prices. The debt incurred is paid for through a variety of means i. e. through canteen purchases, payments from families outside, selling or trading their own belongings or trading services i. e. inflicting violence on a nominated individual or acting as a drug runner, collecting debts or distributing drugs. The health costs are those associated with drug use i. e. lood-borne viruses from sharing equipment, anxiety, depression, paranoia, weight loss and malnutrition. Reducing drug introduction and managing drug users, are different sides of the same coin and cannot work in isolation. These drug markets are associated with violence and intimidation, continued drug use in prison will increase the chances of dependent drug use when released. It is generally regarded that the take-up of treatment services in prison is correlated to the availability of drugs within the area.

Increased security measures without adequate drug treatment programmes could be problematic. A robust clinical person centred detoxification scheme coupled with investment in a Counselling, Assessment, Referral, Advice and Throughcare service (CARAT) have shown to have a positive impact in drug use reduction. Drug free blocks, coupled with voluntary drug testing, have also shown to significantly reduce drug use amongst the population. Enhanced regimes which include employment and greater privileges have also proven successful.

My recommendations to reduce the introduction of drugs into prisons and to manage prisoners with drug problems are as follows; * Nominate a Drug Strategy co-ordinator whose key role is to give equal weight to drug treatment and supply reduction measures within the establishment. * Have dedicated Drug Supply Reduction Teams. Motivated teams produce better results than less interested teams. * Improved liaison with local police, important for tackling all routes of external supply and should be included in the local prison drug strategy. Established prisons should move the prisoners to exercise areas away from prison walls. New builds should be designed to protect the exercise yard away from prison walls. * Security in and around the visit areas should be enhanced by the use of passive drug dogs, on site CCTV and trained motivated dedicated Drug Supply Reduction Teams. * Literature for visitors and prisoners on the impact, consequences and penalties of drug use and supply should be displayed and available for perusal. Passive drug dogs should be used in the searching of prisoner’s property, mail and accommodation area as a matter of course. * Cultivate a greater awareness amongst staff of the use and importance of intelligence reporting and feeding this into the National Intelligence Model. * Where possible block mobile phone signals, however the use of the Body Orifice Scanner System (BOSS) Chair should be used in all searches to detect plastic and metal. Identification and tracking of vulnerable staff should be addressed by the Drug Strategy Co-ordinator in collaboration with local police. * All prisons should have a person centred clinical detoxification scheme with recognition of the potential for misdirection and misuse of prescribed intervention. * Follow up and aftercare is as important as pharmaceutical detoxification, CARAT services with investment in staff is crucial to the effectiveness of work undertaken. Links and referral to Throughcare Addiction Services (TAS) will ensure continuity of treatment and care on release. Voluntary Testing Programmes provide support and incentives for drug users to remain drug free, resources should be allocated to continue the service. With skilful co-ordinated intervention, the reduction in drugs being introduced into prison will result in an increase in drug users seeking intervention. The challenge is to constantly review and adapt strategies to block new routes of introduction and to offer alternatives and support to those who wish to remain drug free.

Luther Burbank 7 March 1849 – 11 April 1926 Mercedes Moshier 3rd Hour Luther Burbank a man said to be the Edison of the garden. Born on March 7, 1849 in the small town of Lancaster, Massachusetts. Burbank grew up on a farm, always treating the plants just like humans. The garden his mother built was a haven for Luther, spending all his time there Burbank had little friends and usually kept to himself, even though he was the 13th child of 15 brothers and sisters. Luther received only a elementary education before he dropped out at age 15.

He also visited the vocational college Atlantic Union during the wintertime for four years. Almost all of his knowledge came from the science books at his local library that he hovered over for hours on end. The book The Variation of Animals and Plants under Domestication by Charles Darwin sparked his curiosity and pushed him to learn more about evolution and botany. At the ripe age of 21 his father died leaving him a little inheritance. With this money Luther bought a 17 acre of land near Lunenburg, Massachusetts. In 1870 Burbank picked up the lifestyle of market gardening.

Where people were very competitive so he had to learn the secrets of the garden. The use of cold frames, hotbeds, fertilizers and the professionalism lead Burbank to making his first ‘creation’ the Burbank Potato. Which is now called the Russet Burbank Potato because of its color, and is known and used world wide and highly popular. Scrabbling for money after his discovery, Burbank sold the rights the the Russet Burbank Potato for 150$ in 1872 to a man named Gregory J. Using his well earned money, Burbank moved to Santa Rosa, California, where three of his brother were living at the time.

In Santa Rosa Burbank purchased a 4 acre plot of land, where he built a nursery, greenhouse and a experimental fields. With these fields he tested crossbreeding many types of plants and trees. He soon named this plot of land the Luther Burbank Home and Gardens, which is now a National Historic Landmark as of 1964. Not only did he become famous for his Burbank Potato, but Burbank also came up with thousands of other crossbreeds and plants and discoveries! Some of his most famous would be the Shasta daisy which he cross breeded with four different daisies.

The Oxeye daisy, English field daisy, Portuguese field daisy and the most important one was the Japanese field daisy. The result was a bright white petite flower instead of the wild tall dull white flower. Creating 117 new varieties of prunes and plums which most are used in juices we drink everyday. Also making 169 new types of nuts and berries , Luther Burbank earned himself the key to California. For he also increased quality and growing rate and wealth of crops, added defenses to environmental pressures to 46 trees and plants, which helped them withstand extreme temperatures, drought and other things.

Luther also helped create plants and concoctions that were resistant to viruses, fungi and bacterias. His added defense also helped with insects that would normally destroy the plant, and the tolerance to herbicides helped with production and distributing for it was almost always perfect. With a garden filled with all the colors of the rainbow, all of which Burbank had discovered and/or cross pollinated himself, Luther needed more space. So with the grants he received from the Carnegie Institution, which was a grant for 10,000 a year for a p of ten years.

In 1885 Luther bought an 18 acre plot of land in Sebastopol, CA, which he named Luther Burbank’s Gold Ridge Experimental Farms. Which was the main place that was promoted in Luther’s newly issued catalog “New Creations” which was released in 1893. Which newspapers said that this, at that time, was what made Luther Burbank famous. This catalog included many type of seeds, trees, flowers, fruits and vegetables that Luther was willing to sell and make profit from. A lot of the thing were highly expensive, but he claimed ‘Perfection and its riches was not cheap. Shortly after the catalog was released, Burbank was now making a recurring profit for all of hard work he has been doing. Claiming that he has just made the best of all Japan plums, the ‘Perfection Plum’ he named it. Burbank sold it for 2,500, and people wanted a bite of this perfect fruit. Although Burbank was highly known for his creation of the Shasta daisy, he also made many other flowers and seedlings. Also known for his blue Shirley poppy, Fire poppy, the fragrant Calla and the state flower of California.

Since Luther lived in the vast land of California, there were many cattle there, and also droughts and bone-dry deserts. Plus there were so many types of cacti, most of them had edible juices, but the spikes were always a problem. And some farmers and cattle and cow raisers didn’t have the tools or wits to be able to cut into a spiky cactus without stabbing themselves. Luther, being the wizard he was claimed to be, came up with the spineless cactus. Making it billions of times easier for animals and people to eat and drink cactus without hurting themselves in the process.

Some of his other achievements would have to be his involvement in many honorary clubs of leading scientific societies all over the world. Including one of the invitation only American Association for the Advancement of Science and of the Royal Horticultural Society. Which Burbank took great pride in, for many people took interest in his work and congratulated him. He also shared his work with other scientists and people of that nature. Such as Thomas Edison and Henry Ford. He also was the heroine of the song, ‘All Hail to Luther Burbank’ which is quoted in all of his schools, communities, businesses, and corporations.

Luther Burbank’s name has been used for titles in 36 plants, schools, buildings, towns, streets, banks and corporations. Including the school he had attended as a child in Lancaster, Mass. With all these dedications before and after his death, people started this ‘Fanclub’ called The Burbankens. California even got on the bandwagon of the Burbankens, and had parades dedicated and representing Luther Burbank. There are still Burbankens to this day that try to do what Luther did, learned and experimented for over 50 years.

Two weeks after Luther’s 77th birthday, he suffered a severe heart attack from gastrointestinal complications and was immediately transmitted to a hospital. On April 10, 1926. Around 6:00 pm, Burbank slipped into a coma. 15 minutes after midnight, Luther’s heart stopped. Luther Burbank died on April 11, 1926. Cites: The Garden of Invention by Jane S. Smith ffrf. org/legacy/fttoday/back/burbank. php bookrags. com/biography/luther-burbank/ A Gardener Touched with Genius, the Life of Luther Burbank by Peter Dreyer people. famouswhy. com/luther-burbank/

Ernesto Hernandez Rodriguez Deacon Orr Economics October 9, 2012 President Andrew Jackson Vetoes Bank Bill—July 10, 1832 President Andrew Jackson veto against the bank bill is truly a communication to Congress but it is also like a political manifesto. He states that the privileges possessed by the bank are unauthorized by the Constitution, subversive of the rights of the States, and dangerous to the liberties of the people. In McCuloch v Maryland, the court turned to the “necessary” and “proper” clause which grants Congress enumerated powers which include the power to regulate collect taxes.

President Jackson explains the necessity in regards to the functions that the bank is trying to fulfill: The “degree of its necessity,” involving all the details of a banking institution, is a question exclusively for legislative consideration (Jackson). It is not question for the judicial department. As stated in the Constitution the one that has the job to determine what is “necessary” in cases where the law is not prohibited or really calculated, is the legislative department. President Jackson gives major points in describing the reason why the bank was not “necessary” and “proper”.

At first the bank was established by Congress because of the power to determine what was necessary. But in the years 1816 and 1832 Congress proposed and took away from their successors the power of establishing banks for twenty years and then for fifteen years more. This contradiction that Congress did of bartering away or divesting itself from the powers is unconstitutional because of using discretion upon itself; Congress was limiting the discretion of their successors. And the Constitution does not grant Congress the power to inflict this in itself. The bank affected the rights of the Sates in a subversive way.

It gave up, surrendered the right of the States to tax the banking institutions. Under the operation of this act resident stockholders and citizens would be taxed 1 per cent. Stock held in the States would be subject to taxation, meanwhile stocks from the branches and those foreign stockholders would have been exempted from this burden. Their annual profits would be 1 per cent more than the citizen stockholders. As annual dividends of the bank estimated at 7 per cent, the stock would be worth 10 or 15 per cent more to foreigners than to citizens of the United States.

Another important aspect was the benefits foreign stockholders received through this act. Not only citizens received bounty from government, more than eight millions of the stock was held by foreigners. And the bank act would not permit competition in the purchase of this monopoly. A fourth part of the stock is held by foreigners and the residue is held by a few hundredths of US citizens, chiefly of the richest class. As annual dividends of the bank estimated at 7 per cent, the stock would be worth 10 or 15 per cent more to foreigners than to citizens of the United States.

Of the twenty-eight millions of private stock in the corporation, $8,405,500 was held by foreigners, mostly Great Britain. The amount of specie drawn from those States through its branches within two years was about $6,000,000. More than a half a million of this amount passes on to Europe to pay the dividends of the foreign stockholders. When by a tax on resident stockholders the stock of this bank was made worth 10 or 15 per cent more to foreigners than to residents. The bank would have sent across the Atlantic from two to five millions of specie every year to pay the bank dividends.

Shockingly almost one third of foreign stock that was not represented in elections curtails the suffrage of the directors. The entire stock would have serious chances to fall into the hands of few citizen stockholders causing temptation to secure the control in their own hands by monopolizing the remaining stock. There was also a danger that a president and directors would then reelect themselves from year to year without the responsibility to control manage the whole concerns of the bank. The American people would have suffered an adverse effect in many ways. This ct excludes the whole American people from competition in the purchase of this monopoly and dispose of it for many millions less than it is worth. The fourth section provision secures to the State banks a legal privilege in the Bank of the United States which is withheld from all private citizens. There was a lack of equality when paying with notes. A State bank that had notes by a particular branch could pay the dept to the Bank of the United States with those notes, but a citizen couldn’t pay with those notes but must have sold them at a discount or sent them to the branch to be cashed.

This does not measure out equal justice to the high and the low, the rich and the poor. The president of the bank said that most of the State banks existed by its forbearance, the abstention of enforcing the payment of the debt. The influence of the self elected directory which is identified with those of the foreign stockholders may become concentered in a particular interest that could affect the purity of elections and the independence of the country when it goes to war.

Their influence could have been so great as to influence elections and control the affairs of the nation. Works Cited Jackson, Andrew. «Miller Center. » 10 de July de 1832. Miller Center. Monday October 2012. <http://millercenter. org/scripps/archive/speeches/detail/3636>. McBride, Alex. «pbs. » s. f. The Supreme Court. Monday October 2012. <http://www. pbs. org/wnet/supremecourt/antebellum/landmark_mcculloch. html>.