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If you are asking for only one stock for 2022 then I will go with Reliance Industries. Let’s tell me why ?My first choice will be Reliance IndustriesReliance is giving a good return to there investorsFundamentals of the stock is very good sales and EBITA in increasing continuouslyBalance sheet:Profit and loss :You will see 03–2017 & 03–2016 have no much difference, it’s due to JIO effect, but now JIO earning will also increase the company balance sheet. Jio, which will start contributing from the next financial year, can reach operating income of over $5 billion by March 2025.My second chocice will be Petronet LNGPetronet LNG Limited (PLL) is engaged in sale of re-gasified liquefied natural gas (RLNG). The Company is engaged in the import and re-gasification of liquefied natural gas (LNG). The Company operates through the segment of natural gas business. The Company's terminals include Dahej LNG terminal, Kochi LNG terminal, Gangavaram LNG terminal and Solid cargo port. The Company's Dahej LNG terminal is LNG receiving and regasification terminal with an original nameplate capacity of approximately five million metric tons per annum, located at Dahej, Gujarat. The Kochi LNG terminal is LNG receiving, regasification and re loading terminal with nameplate capacity of approximately five million metric tons per annum, located at Kochi, Kerala. . The Company is building a third terminal at Gangavaram, Andhra Pradesh. Solid Cargo Port Terminal has facilities to import/export bulk products, such as coal, steel and fertilizer.Net profit at Rs 589 crore in July-September was 28 per cent higher than Rs 460 crore net profit in the same quarter of previous year.ReturnsIt is giving very good return in past years. Company fundamental is very good.Look at the company balance sheet.Profit and Loss statementResult :After looking these statement , I would say it's a safe investment for me and will give a good return.Bharat ElectronicsBEL successfully moved up the defence manufacturing value chain.Going forward, rising demand for electronic warfare systems will augur well for the company.If have chosen 16 stocks for 2018 you can see the complete list in below link :My_Portfolio_for_2018Here is the my 10 share list for year 2018 which is between 100–200.Manappuram Finance Ltd (CMP 118.95 ): is a non-banking financial company (NBFC). The Company is engaged in offering gold loans, microfinance, housing loans and commercial vehicle loans. The Company operates in financing segment. Its geographical segment includes domestic. Its activities include Gold Loan/Loan Against Gold, Money Transfer, Domestic Money Transfer, Foreign Exchange, SME & Loan Against Property, Depository Services and Commercial Vehicle Loans. It provides loans against property to self employed professionals/non professionals and individuals/proprietorship, partnership and limited companies. It provides Commercial Vehicle Loans to first time users/buyers, captive customers, fleet owners, individuals/proprietorship, partnership and limited companies, and schools and colleges. Its securities available for Dematerialization (Demat) include equity shares, debt instruments, such as bonds and debentures (NCD) government securities, and mutual fund units.Profit increased 113.56% in compare to FY16 355.16 Cr. to 758.49 Cr.I am very optimistic with Manappuram Finance Ltd performance in 2018.2. Federal Bank Ltd (CMP 108.15 ) is in the Banks sector, having a market capitalization of Rs. 21,167.82 crores. It has reported a sales of Rs. 2,379.60 crores and a net profit of Rs. 263.70 crores for the quarter ended September 2017.Federal bank profit increased from FY16 487.90 to 853.32 Cr. FY17 73.39 %.3. PTC India Ltd (CMP 121.40 ) is in the Trading sector, having a market capitalization of Rs. 3,284.23 crores. It has reported a sales of Rs. 5,289.31 crores and a net profit of Rs. 130.54 crores for the quarter ended September 2017.4. Jain Irrigation Systems Limited (CMP 126.05 ) is an agri-business company. The Company is engaged in manufacture of plastic products, and manufacture of fruit or vegetable juices, their concentrates squashes and powder. Its segments include Hi-Tech Agri Input Products, Industrial Products and Non-conventional Energy. The High-Tech Agri Input Products segment consists of micro and sprinkler irrigation systems, polyvinyl chloride (PVC) pipes, tissue culture and other agri inputs. The Industrial Products segment includes various business lines, such as PVC sheets, polyethylene (PE) pipes for industrial applications, fruit processing, onion and vegetable dehydration and solar/green energy. The Non-conventional Energy segment consists of wind energy, solar and bio-gas. It provides various plastic piping systems that are used in conveyance of fluids, semisolids, gases and cables. It manufactures a range of precision-irrigation products. The Company has approximately 30 manufacturing plants globally.It has reported a consolidated sales of Rs. 1,598.21 crores and a net profit of Rs. 14.33 crores for the quarter ended September 2017.5. Ashok Leyland Limited (CMP 117.40 ) is a holding company. The Company is engaged in Commercial vehicles and related components. Through its subsidiaries, it is engaged in manufacturing and trading in Medium and Heavy Commercial Vehicle, Light Commercial Vehicles, Passenger vehicles, automotive aggregates, vehicle financing and engineering design services. It offers a range of 18 to 80-seater buses under categories, such as city application and electric buses. It offers a range of trucks, which include long haul trucks, mining and construction trucks, and distribution trucks. It designs, develops and manufactures defense vehicles for armed forces. It offers Light Vehicles, which include DOST, PARTNER, STiLE and MiTR. It offers power solutions for electric power generation, agricultural harvester combines, earth moving and construction equipment, and marine and other non-automotive applications. It has operations in India, Sri Lanka, Bangladesh, Mauritius, the Middle East and Africa.Ashok Leyland Ltd is in the Automobiles sector, having a market capitalization of Rs. 33,061.64 crores. It has reported a sales of Rs. 6,046.89 crores and a net profit of Rs. 334.26 crores for the quarter ended September 2017.6. Power Finance Corporation Limited (CMP 121.40) is a non-banking financial company engaged in business of financing companies. The Company's principal products/services include interest on loans and income from other services. The Company's principal business is to provide financial assistance to the power sector. Its fund-based financial policies/products include takeout financing, asset acquisition, bridge loan, buyer's line of credit, credit facility for purchase of power through power exchange, financing of fuel supply projects and equipment manufacturers, lease financing for purchase of equipments, lease financing for wind power projects and line of credit for import of coal. Its non-fund based financial policies/products include guarantee, letter of comfort and policy for guarantee for credit enhancement. The Company also provides consultancy and capital advisory services. Its subsidiaries include PFC Consulting Limited, PFC Green Energy Limited and PFC Capital Advisory Services Limited.It has reported a sales of Rs. 7,033.42 crores and a net profit of Rs. 1,886.59 crores for the quarter ended September 2017.7. Gujarat State Fertilizers & Chemicals Limited (CMP 149.95) is engaged in the development of crop nutrition solutions. The Company operates through two business segments: Fertilizer Products and Industrial Products. It offers fertilizer products, such as urea, ammonium sulphate, di-ammonium phosphate, ammonium phosphate sulphate and traded fertilizer products. It also offers chemicals. The Company's industrial products include Caprolactam, Nylon-6, Nylon Filament Yarn, Nylon Chips, Melamine, Methanol, Polymer products and traded industrial products. Its agro products include Sardaramin Granules/Liquid, Bio-Fertilizers, Plant Tissue Culture, Seeds and Sardar Nirmal. The Company is also engaged in the business of trading pesticides, zinc sulfate, magnesium sulfate and muriate of potash, among others. It offers sulphuric acid, phosphoric acid, monomer, pellets and sheets, among others. The Company's plants are located at Vadodara, Surat and Jamnagar. The Company's subsidiary is GSFC Agrotech Limited.It has reported a sales of Rs. 1,540.29 crores and a net profit of Rs. 79.23 crores for the quarter ended September 2017.8. L&T Finance Holdings Limited (CMP 180.95) is a non-banking financial institution-core investment company. The Company's segments include Retail and Mid Market Finance, which consists of rural products finance, personal vehicle finance, microfinance, housing finance, commercial vehicle finance, construction equipment finance, loans and leases, loan against shares and supply chain finance; Wholesale Finance, which consists of project finance and non-project corporate finance to infra and non-infra segments across power-thermal and renewable; transportation-roads, ports and airports; telecom, and other non-infra segments; Investment Management, which consists of assets management of mutual fund and private equity fund, and Other Business, which consists of wealth management and financial product distribution. It offers a range of financial products and services across retail, corporate, housing and infrastructure finance sectors, as well as mutual fund products and investment management services.It has reported a consolidated sales of Rs. 2,383.82 crores and a net profit of Rs. 360.24 crores for the quarter ended September 2017.9. Power Grid Corporation of India Limited (CMP 202.80) is a transmission company engaged in the power transmission business with responsibility for planning, implementation, operation and maintenance of Inter-State Transmission System and operation of National and Regional Load Dispatch Centers. The Company's segments include Transmission, Telecom and Consultancy. The Transmission segment includes extra high voltage/high voltage (EHV/HV) networks and grid management. It also owns EHV alternating current (AC) and HV direct current (HVDC) sub-stations. The Consultancy segment includes planning, design, engineering, load dispatch, procurement management, operation and maintenance, financing and project management. The Telecom segment includes transmission infrastructure, enterprise services and topologies. It owns and operates over 129,350 circuit kilometers of EHV transmission lines. It has approximately 210 sub-stations. Its Smart Grid enables real time monitoring and control of power system.It has reported a sales of Rs. 7,252.84 crores and a net profit of Rs. 2,141.04 crores for the quarter ended September 2017.10. The India Cements Limited (CMP 183.85 ) is a cement company. The Company's brands include Sankar Super Power, Coromandel King and Raasi Gold. These brands are also available under sub brands, such as Shankar Shakti and Coromandel Super Power. The Company's plants are located in various locations in India, including Malkapur, Vishnupuram, Chilamkur, Yerraguntla, Vallur, Sankari, Dalavoi, Sankarnagar, Banswara and Parli. The Company, based on customer requirement, also supplies its brands in High-density polyethylene (HDPE), Paper and Laminated packing. It produces both the variants viz Blended Cement, as well as Ordinary Portland Cement under different grades. The Company's subsidiaries include ICL Securities Ltd., ICL Financial Services Ltd., ICL International Ltd., Industrial Chemicals & Monomers Ltd., Trishul Concrete Products Ltd., PT. Coromandel Mineral Resources, Trinetra Cement Ltd., Coromandel Mineral Pte Ltd., Coromandel Electric Company Ltd. and India Cements Infrastructures Ltd.It has reported a sales of Rs. 1,268.26 crores and a net profit of Rs. 23.67 crores for the quarter ended September 2017.I am very bullish with these 10 stocks and they will perform good in 2018 as per my analysis.All stocks CMP date is 21–12–2017.Edit 1 : Included a Excel sheet to see current price from recommended date.100 percent return in 2018P.S. : You have to update according to market, Update your portfolio, when you achieve your target for a particular stock, Please study yourself or consult your financial adviser.Image source : Stock Edge APP, UpdtoxBusiness & Financial News, U.S & International Breaking News | Reuters

In its simplest sense because parliament voted for it.But there is a background to it. A background of monetary policy, central banking and commodity money.The global silver flowIn the mid 16th century the Ming dynasty switched to the silver standard for accounting and fiscal purposes. China which lacks rich silver mines and hadn’t used it extensively for centuries did not have a large supply of silver stored somewhere. Since China had around a quarter of the world population this caused such a demand its effects were felt throughout the globe.Europe on the other hand was relatively rich in silver especially following the 16th century South German mining boom and the discovery of silver in the Americas.Huge pile of silver in one place of the globe and a small pile and huge demand on the other side; you can guess what happened with regards to the global flow of silver. Between 1500 and 1800 China imported around 30% of new world silver which it financed with silk, porcelain and gold.The fact that silver was a medium exchange in both places also had another very important ramification. The European economy ‘backed’ by a large amount of silver had very high silver wages while China had low silver wages. In modern parlance one could say that the ‘euro’ was a very strong currency while the ‘yuan’ was a very weak one. A factor further compounded by differences in real wages. As any modern economist can tell you this affects trade, a weak currency makes it easier to export goods while limiting import while a strong currency is detrimental to export but allows for cheap import.Being on opposite sides of the Eurasian landmass the lands in between represented a gradient with regards to silver price. A kilogram of silver in England might have a 115% purchasing power in the Ottoman Empire, 140% in India and 200% in China. Merchants were keenly aware of this fact and its effects on their bottom line [i.e. profit and return on investment]. The 17th century trade of the English East India Company and the Levant company, which traded with the Ottomans, shows this dramatically.English agents in India noted that it was hard to sell things like English woollen because the people could not afford it. The end result was that English export to India consisted for 70% of specie and bullion while 30% consisted of other goods.In the Ottoman empire during that same time the difference in silver price was smaller which meant that European produce could compete with silver. The Levant company exported 70% English woollen and 30% specie and bullion, in fact Ottoman demand sustained the entire wool industry of several English counties.The high silver value in China also made Chinese gold very cheap. The Portuguese arrived in Macau right around the time of a Japanese silver boom which gave it an exchange rate close to that of Europe. In a time when trade between the two countries was limited the Portuguese were able to export Chinese gold to Japan with a 60% profit margin. For the record; the 15th century Venetians who had a monopoly on European pepper import pocketed a relatively modest 40% profit. While it is not often mentioned along silk and tea the Chinese gold export was also a considerable source of revenue.Another quirk of silver was that, because it was currency across much of the world, it was extremely liquid. The Dutch who managed to corner a very large segment of the spice trade and exported spices to China found that the English were still getting the better of them because their specie was more liquid. Selling all the spices in China took time, sometimes months, whereas the extremely liquid silver could be traded as soon as a stock of tea was available. In a time when getting the first fresh tea to Europe resulted in higher profits this was important. Furthermore interest rates were commonly above 10% annually which meant that having goods for sale for any period of time (having ‘dead stock’) was tantamount to burning money.Already in the 17th century one Dutch employee mentioning trade with India recommended selling goods at a loss if it did not sell quick enough simply because keeping ‘dead’ or slow selling stock was even worse.A final note would be that especially Spanish coins were valuable. The face of a Spanish king and some latin inscription on itself were not particularly interesting in Asia (though they did lead to them getting funny local names such as ‘fat Buddha’). Because these Spanish coins were well known for being of reputable quality with regards to weight and silver content they became the de facto currency of global trade. In the 17th century an English employee in India already noted that they were more liquid than other European silver coins and it traded several percent above remelt value.In short, it was incredibly profitable to export silver to Asia and this fact was not lost on European merchants. While there were some reservations early on the East India trading companies of Europe were granted exemptions on general bans on bullion export in the 17th century. Not doing so would have hurt their bottom line or profit which was not acceptable. The fact that the owners of these companies were often the same people running the government probably helped this.A note on government salariesWe briefly have to look at the Ming Dynasty.The founding Hongwu Emperor was a fan of tax cuts.He reduced government tax to roughly a fourth of what it had been during the Song dynasty. This despite the fact that Ming China would grow to have a larger population and larger government apparatus. To cut cost some checks and balances on government employees were removed which lead to officials having combined functions such as administrator, tax collector and judge. Government wages were also massively reduced below previous levels and became fixed. In some cases wages simply weren’t paid at all.By the 15th century, about half of salaries were paid in grain, and half in commodities such as silk fabrics, cotton cloth, pepper and sapanwood. By 1434, however, it was estimated that the value of the commodity payments was only 4% of the scheduled amount. In 1432, some officials were paid with confiscated garments and salvaged materials, and in 1472, peas were used as payment. In the following year in Nanking, it was found that the peas were suitable only for feeding horses (Huang, 1974, p. 48). From this account, it is apparent that salaries steadily fell over the course of the Ming and by the mid-1400s, half of the salaries was effectively unpaid!…In 1012, nominal annual salaries for Sung civil servants ranged from 96 kuan for low-level to 4800 kuan for top-level officials (Wong, 1975). This is considerably higher than Ming salaries in 1392 of 60 piculs of grain for low-rank to 1044 piculs for the top-rank officials (Huang, 1974). Comparing the Sung to the Qing, Deng (1999, pp. 302–3) reported that the First Rank Sung official was paid about 10 times his Qing counterpart. Although this latter number may be too high to be taken literally, it is clear that Sung officials were paid much higher than Ming and Qing officials.Now you might imagine that making government officials much more powerful while simultaneously reducing their official pay would lead to massive corruption but for this the first few Ming Emperors had a solution. Corruption was sought out and punished, officials were flayed alive, had their skins stuffed with straw and displayed as a warning. Other favourites were Lingchi (death by a thousand cuts) which saw a thirty fold increase in its application and Nine familial exterminations which, while not always applied entirely, did entail executing much of the immediate family of the corrupt official.However subsequent emperors were a little more relaxed in their application of such measures which caused corruption to grow. The Qing Dynasty who displaced the Ming in the 17th century largely kept the Ming tax and salary institutions. Though an attempt was made to limit corruption by increasing salaries threefold this did not reverse the course;Official salaries were raised significantly during the Qing in the hope of curbing corruption. In the early Yung-cheng period (1727), allowances called yang-lien (honesty nourishment) were instituted to supplement regular salaries. Key provincial and local officials, as well as military officers, also received an additional allowance known as kung-fei (administrative expenses). Chang (1962, p. 38) reported from Qing records that the total legal annual income to all officials amounted to about 6.3 million taels of silver including 1.4 million in salaries, 4.3 million yang-lien, and 0.6 million kung-fei. On average, the extra allowance intended to curb corruption was over three times regular salary. It is not surprising that the salary reform had little impact on curbing corruption because even though the salary increases were generous, compensation was still negligible compared to incomes from corruption. The Ming and Qing economies were much larger than the Sung economy. Increases in population (fivefold) and expansion of cultivated land (threefold) during the Ming and Qing increased the potential gain from corruption, especially among the top rank of the government. Chang (1962) estimated that around 1880, aggregate extra-legal income was about 115 million taels of silver, shared among 23,000 Chinese officials, with more than half of the income shared among 1700 top officials. In other words, corrupt income was 18.3 times legal income! This extraordinary amount came from office-holding alone and did not include the officials’ income through land-holding and other activities in commerce, where they also enjoyed advantages over common citizens.This widespread supplementation of official salaries is rather important with regards to the Canton trade. Prohibitions issued in Beijing often turned into regular items of trade thanks to the payment of ‘extra legal taxes’. Both Chinese and European merchants knew full well that sometimes a ‘gift’ was needed to make trade happen.The Canton tradeDuring the Qing dynasty trade was concentrated in the city of Canton where a number of Chinese (Hong) merchants gained a government licensed monopoly on trade with European merchants. Their number varied from 5 to 26 but was often around the 10–12 mark. While many items were traded between these groups of merchants the most important one was the tea trade which saw Spanish coins being traded for tea.The Thirteen Factories in CantonNow as mentioned earlier this silver import was rather important as it was the bulk of the Chinese silver supply. Furthermore the case of coins is worth mentioning. The Ming Dynasty, while on the silver standard so to speak, didn’t actually mint silver coins and the later Qing dynasty did make some attempt but those coins never really found much popularity in the coastal provinces, de facto the coastal provinces of China were ‘on the dollar’.This effectively meant that a handful of European companies were the money supplier of southern China, or in other words; the central banking function of the Qing had been outsourced to European merchants supplying Spanish dollars.This was not without problemsIn 1783 the British went to war in Europe and this caused the their silver export to China to be reduced to exactly zero kilograms for four years and then the next year it was only around 4000 kilograms. This sudden contraction in trade seems to have caused deflationary forces in southern China and caused the British East India Company a loss of revenueFurthermore war between Europeans could not only cause trade to halt but also resulted in more silver being used to pay for wars. Both the European merchantsWhen ships did not show up, Chinese were left with bulging inventories and no funds to meet obligations. And because war consumed silver reserves, ships that arrived in China during war years were often lacking sufficient capital to purchase return cargos. Some of these private commission merchants such as the Armenians, Muslims, Parsees and Americans operated outside the nationalistic companies and colonies so they were not usually embroiled in these conflicts. Because of their 'neutrality', they were often sought by everyone in China who needed a loan.The Seven Years' War (1756-63) provides a good example of how war affected the China trade. In these years, Suiqua's (Cai Ruiguan) house [Hong merchant] accumulated large debts when the French ships did not arrive. Poankeequa's (Pan Qiguan) Manila trade was interrupted when the English attacked the Spanish there and occupied the place from 1762 to 1764. Hunqua, Monqua and Chetqua were forced to pay higher interest on their loans because of a lack of silver coin arriving in China. The war drained the EIC of silver making it difficult for supercargoes in the early 1760s to get enough money for the advances needed for tea orders. The depleted silver supplies from English and French ships in China gave the Dutch, Swedish and Danish companies a strategic advantage in negotiating loans and trade with their merchants. By January 1764, the EIC had become so drained of funds from financing the war that supercargoes had to run to private financiers in Macao for an emergency loan of 72,000 Spanish dollars. As we saw in the last chapter, this was the same time that the opium trade became more competitive and widespread. Other war years were no different. In the early 1780s, Tsjonqua's (Cai Xiangguan) house, which was already in a poor state, was forced into bankruptcy when the VOC ships were lost to enemy attack and did not arrive in China. As Plates 3 and 6 reveal, private commission merchants were often the only source of funding for Hong merchants and foreign companies during years when capital was short. An emergency loan could help them through difficult times, but resulted in some Chinese becoming deeply indebted to these financiers.The fickle nature of the flow of silver and thus a highly liquid currency hurt the bottom line of European and Chinese merchants on multiple occasions.This is where Opium comes in.You see the Emperor had banned it already in 1729 when it was barely used but since his court was roughly 2000 kilometers from the port of Canton and since most officials supplemented their salary with gifts such a ban amounted to nothing. Prohibitions on the trade of some European luxury goods and export of gold and certain silk had been widely skirted since the beginning of the Canton trade.However initially the large chartered European companies avoided Opium like the plague because they feared it might hurt their trade;The Swedes, English, French, Dutch and Danes clearly acknowledge in their records that opium was a forbidden article in China. The companies' ban on the drug seems somewhat contradictory, given the fact that many of them traded regularly in other forms of contraband such as gold and illegal silk. Opium was a regular and legitimate item of trade for the English, Dutch and Danish companies in other Asian ports, but not China. For large companies, the tea trade was far too important to risk for the sake of a few chests of opium. In 1750 security merchants for the EIC were perturbed to learn that a private English trader had tried to market the drug in Canton. Chinese merchants were also worried that they would incur the Hoppo's wrath if the attempted trade was reported. The supercargoes immediately inquired into the matter and issued instructions to all EIC officers to 'use the most effectual means to prevent its [opium] being landed hereThe Hoppo is perhaps also worth mentioning as he was effectively the person in charge of handling customs duties. Unlike many other officials he was somewhat less corrupt in that he actually send the revenues directly to Beijing rather than having it go through channels where some of it was skimmed off.His job, in short, was to get as much revenue directly to the Qing court as possible. This meant that promoting trade was in his interest and it put him in something of an awkward position when the silver supplies were interrupted and when opium started to become an increasingly more useful item.Essentially a perfect storm occurred.As the downsides of the limited silver supply became more obvious while the ability of opium to replace it more acknowledged there wasn’t much to stop it. The Hoppo keen on seeing an expansion of trade, the mandarins who lined their pockets, the Europeans who saw their profit margins rise and the Chinese merchants who saw its advantages.Dealing opium was a way for Chinese merchants to produce quick capital and much needed silver. They needed silver to purchase opium, but they sold it for silver as well so like tea, it could increase their capital reserves. With tea, they had to give silver payments in advance so it might be six months or more before they saw returns on their investments. But opium, in good years, could be sold within days of its purchase [i.e. it was very liquid] so silver supplies could be replenished very quickly. A few quick sales of opium at the beginning of a season gave Chinese merchants more silver to buy tea and less need to take out high-interest loans from foreigners. Except for a few bribes to the Mandarins, no duties had to be paid to the government. Thus, opium had the unique characteristics of producing profits in its own sale, expanding tea sales and reducing usury costs both of which increased tea profits, and it did all of this without creating new debts (duties owed). The minimal risks involved in trading opium in China in the 1760s meant that there was much more to be gained in selling it than lost in avoiding it so the trade continued to expandIt was also around this time that the British realised they possessed the land in India which produced the highest grade opium;The EIC continued to ban opium on company ships going to China, but encouraged private traders to purchase the drug from the company in India and then smuggle it to the delta. The EIC benefited from this commerce in two ways: from the profits on the sales in Bengal and from the silver that it received for the opium that was sold in China. Large quantities of silver were needed to purchase tea, and opium was about the only commodity that could be readily exchanged for that specie. The EIC sold its opium and such articles as Indian textiles to the country traders in exchange for silver, which it then used to buy tea.Rather than having to bring their own silver or taking out loans the company could now rely on silver provided by private traders who could sell their opium within days rather than having to wait months for other goods to sell. In fact once the opium trade really got going the flow of silver started to reverse.…bribes were fixed amounts that did not change from one year to the next, which reduced risks and made it easier to project profits and attract investors. Connivance procedures for products such as gold and illegal silks were already well established by the early decades of the eighteenth century. The normalisation of smuggling enabled contraband traders to anticipate their expenses and calculate their profits with as much clarity and reliability as legitimate tradersIn fact, in some aspects, the contraband trade was less risky than the legitimate trade in tea. Unlike tea, which could lose 50 percent of its value if held over for a season, opium was less prone to deterioration if properly stored. Moreover, the sales of Chinese exports were often tied to the purchase of foreign imports, such as cotton and textiles (a practice known as 'truck'). Plate 19, for example, shows the SOIC supercargo Charles Irvine exchanging cochineal and cloth in 1744 with the Hong merchant Tan Suqua (Chen Shouguan) for chinaware. After the Chinese merchants made the agreements, they took the import goods into their factories in September or October and sold the items before mid November or December when the new tea arrived.Revenues from the sale of imports were used to purchase tea and porcelain, which meant that goods had to be sold at a time when the market was saturated and prices were at their lowest level. Merchants could not always afford to warehouse their import goods until prices had recovered, so this was a precarious situation for them.Chinese merchants could not contract tea unless they agreed to buy a certain amount of textiles and other imports, and they could not pay for the tea until those products were sold. By the early nineteenth century import duties also had to be paid by late October or early November, so imports had to be sold immediately. There was no way of knowing how many ships would arrive each year or how much of one commodity would be dumped onto the market. Larger merchant houses in Canton tried to bring a little more security into these arrangements by buying up all the supply of a certain product to control its price. But this also required an enormous outlay of capital, which most merchants could not produce. Thus, for many of the Chinese merchants in Canton, the tea trade was risky business.If prices plummeted, all that merchants could do was to sell their import goods at a loss and hope to recoup their outlay with tea sales. The tea market, however, was also highly competitive, which meant that profit margins were extremely slim even in good years. Moreover, tea sales required huge advances, often with high interest rates. Thus, it was not likely that profits from tea would make up for losses from imports. Opium, on the other hand, was a cash-and-carry commodity. If the markets were saturated, opium could be stored until prices recovered because it was not tied to the sale of exports.…By the 1810s and 1820s the smuggling procedures were so established, indeed, commonplace, it was no longer necessary to sell the goods aboard the ships at Whampoa. Foreigners could arrange for all contraband to be shipped direct to Canton, where they began warehousing such contraband items as opium and selling them directly out of their factories. Chinese buyers could go there and sample the goods instead of having to travel to Whampoa, as in the example of the Disco [a ship]. The contraband trade was, by degrees, becoming almost as secure and stable as the legal trade. The legal trade was protected by Chinese imperial decrees and policies, and the contraband trade was protected by long-established local practice and procedures.Brokering houses were set up in Macao and Canton to arrange the sales and pay all the connivance fees. These commission merchants dealt in legitimate items as well which is why they were allowed to stay in China. It is probably safe to assume that without the funds generated from the contraband trade, the legitimate trade would not have grown as fast, as extensively or as consistently as it did for 140 years. Thus, it was in the interests of the Hoppos to tolerate these illegal activities so that the tea trade would not be affected. Toleration was perhaps the easiest and most effective way to ensure that the flow of revenues sent to Beijing was uninterrupted. If no unnecessary ripples were made in the system, such as launching a campaign to wipe out corruption and opium, then the revenues from the legitimate trade might even increase during each of the three years that a Hoppo was in office. This was the optimum outcome.Something even more profitable, more elastic in supply and locally available supplanted silver. It caused a massive increase in the tea trade which the Hoppo and Chinese merchants were all to happy with. The British for their part could use a little additional revenue too, wars had left them deeply indebted. The surge in the tea trade was exactly what was needed.In the minds of company officials, the tea and porcelain trades were too important to be allowed to diminish or go to ruin for the sake of a lack of silver. There was not enough of a deterrent in Canton or the delta to discourage private traders or government officials from benefiting from the trafficking, so pressures of supply and demand for silver encouraged the continual expansion of the opium trade. In this way, the growth of opium trade went hand-in-hand with the growth of legitimate trade in tea.…This blending of legal and illegal trade, the willingness of Chinese on all levels to accommodate smugglers, the uniformity in connivance fees and practices, and the need for large quantities of silver to exchange for tea, all contributed to a flourishing opium trade. Because the illicit trade supported the legitimate trade, it was easy to justify or, at least, to tolerate. As a result, the efforts that the government made to stamp out smuggling before 1835 were always too little and too late, and often ill-matched to the situation.However the fact that silver started being used increasingly less and the fact that opium was increasingly bought and consumed resulted in silver actually moving out of China.By the early 1830s, the outflow of silver was putting severe strain on administrative budgets to the point that Chinese officials in both Canton and Beijing began considering legalizing the opium trade as a means of curbing it, on the one hand, and taxing it on the other. The government could generate new revenues from its sale, and it was suggested that the trade could be controlled if the distribution and use of opium were tightly regulated. At the heart of these discussions, of course, was the silver problem. Many suggestions were put forth to limit the amount of opium purchases to one-third silver, or to only allow bartering where opium was exchange for other goods.In this new environment where officials in both Beijing and Canton were now more open in considering alternative measures of controlling the contraband, a very accurate and comprehensive report was handed to the emperor of the extent of smuggling and effects it was having on the empire. After better understanding the situation, and after realizing the large number of officials who were involved in the smuggling, it was decided that controlling it was impossible. Legalization would only lead to more problems and would not solve the silver crisis. The emperor then began sending a series of edicts to Canton to put an end to the opium trade.Some today mention an abstraction like a ‘trade deficit’ but I hope the above shows such a thing is rather complicated when talking about commodity money. The import of tea was covered by the export of silver, both of which are obviously commodities rather than money in abstraction. Ready cash, rather than money, formed an obstacle which opium was to overcome.An unholy trinity of tea, silver and opium blew up too such proportions that when the crackdown came the British backed most of their tea with the opium trade. A trade that was now almost four times the size it had been when silver was predominantly used.Thus the destruction of (what amounts to several billion in today’s money) worth of opium combined with the prospect of not being able to use opium to buy tea but having to revert back to silver made those involved in the Tea trade rather afraid. The private fortunes of individuals came to depend on the newly expanded trade and a contraction could entail reduced income or even bankruptcy.To get back to the vote in Parliament.A lot had become pinned to the opium trade, not just profits on its sale in India but the fact that it allowed the tea trade to grow exponentially. This must have weighed heavily on those who had little qualms about opium in the first place.Yet for all of this the vote was only carried with 50.84% in favour and 49.15% against, a narrow margin.Thomas Macauley, the Secretary of State for War, argued in parliament, “I beg to declare my earnest desire that this most rightful quarrel may be prosecuted to a rightful close. . . . that the name not only of English valour but of English mercy may be established”. William Gladstone, a member of Parliament who had tried and failed to cure his sister of opium addiction, responded to Macauley’s flag waving speech by focusing on the high moral ground:“Does [Macauley] know that the opium smuggled in to China comes exclusively from British ports, that is, from Bengal and through Bombay? . . . That we require no preventive service to put down this illegal traffic? We have only to stop the sailing of the smuggling vessels . . . it is a matter of certainty that if we stopped the exportation of opium from Bengal and broke up the depot at Lintin and checked the cultivation of it in Malwa and put a moral stigma on it we should greatly cripple if not extinguish the trade in it. They [the Chinese] gave you notice to abandon your contraband trade. When they found you would not do so they had the right to drive you from their coasts on account of your obstinacy in persisting with this infamous and atrocious traffic . . . justice, in my opinion, is with them; and whilst they, the Pagans, the semicivilized barbarians, have it on their side, we, the enlightened and civilized Christians, are pursuing objects at variance both with justice and with religion . . . a war more unjust in its origin, a war calculated in its progress to cover this country with a permanent disgrace, I do not know and I have not read of. Now, under the auspices of the noble Lord, that [British] flag is become a pirate flag, to protect an infamous traffic”The Canton Trade, 1700–1842 - Paul A. Van DykeHigh corruption income in Ming and Qing China - Shawn Ni, Pham Hoang VanThe East India Company and the Export of Treasure in the Early Seventeenth: K. N. Chaudhuri

EI-AKL Vickers Viscount V808 St Colman joined the Aer Lingus fleet on 14 June 1958 with characteristic shamrock on tail.There’s a few interesting facts about Aer Lingus included in the outline history of Aer Lingus within relevant early Irish Aviation history from 1936 to 1960 below.AER LINGUS - The EARLY YEARS 1936 to 1960Part 1 - 1928 - 1936: Pre Formation of Aer LingusAs early as 1928, a committee appointed by Patrick Mc Gilligan, the then Minister for Industry and Commerce, had reported that a nationally operated air service would require financial assistance in its early years and the then government decided to take no action. An Irish Air Corps Officer Major James Fitzmaurice, had taken part in the first successful 11 April 1928 east-west crossing of the Atlantic in the Junkers W33 Bremen flown by Captain Hermann Koehl and Günther Freiherr Von Hünefeld but his desire to establish a national Irish airline, in the years following his return, were thwarted by the lack of interest and cost fears from the incumbent Cumann na nGaedheal government.Richard F O'Connor, who was County Cork Surveyor proposed an international airport (Seaplane) at at Belvelly, Cork in 1933. Other early national Airport candidates included a sea and air port proposed by Sir John Purser Griffith for Galway in 1929, even a technical feasibility study for a civil airport in Phoenix Park near Dublin in 1935, the expansion of the private commercial “airport” established in Kildonan near Finglas village 8km north of Dublin in 1931 and a proposal for an air base at Merrion Strand on the South Dublin coast in 1935. In parallel to some of these fanciful schemes, the government were also investigating with Imperial Airways the possible establishment of a transatlantic air base for flying boats in the Shannon Estuary on the west coast of Ireland which would come into fruition in 1937 and was a precursor to the current Shannon Airport on the west coast of Ireland but initially has a separate story to that of Aer Lingus. On July 1st 1933 a Fox Moth from the Iona aviation company EI-AAP carried one passenger from Kildonan Airfield Finglas to Liverpool and onto Croydon. Another passenger was picked up at Eastbourne and returned to Cork after refueling in Bristol^.While there were numerous schemes it fell to a Scottish company, Midland and Scottish Air Ferries to operate the first scheduled commercial service between Ireland (the then Free State) and Britain which would operate from 13 August and 30 September 1933 between Hooton, near Liverpool and Baldonnel near Dublin. An earlier scheduled service by the same company had operated from Aldegrove near Belfast to Scotland from 30 May 1933. In this era of protectionism they were informed by the Dept that they would have to form an Irish company to continue the service. The main factor in their closure was that payloads were low, only 62 passengers were carried on 20 flights during this period and many businessmen continued to use the regular sea ferry services^. The far sited Seán Lemass Minister for Industry & Commerce (1932–1948) of the incoming 1932 government of Fianna Fáil would state in the Dail during May 1934 that a state owned national airline was being dealt with. A former RAF base at Collinstown in North County Dublin was being reviewed at this time as a possible location for a commercial airport for Dublin and although still viewed as late as Dec 1935 as not quite suitable, work would begin on this site in 1937.Part 2. - 1936–1939: Formation of Aer Lingus & Early YearsAer Lingus was founded on 15 April 1936 and Aer Lingus Teoranta formally incorporated on 22 May 1936 (this is the date it was registered as an airline). This was the era of state ownership of Airlines, Aer Lingus was established as the national Irish airline under the Air Navigation and Transport Act (1936). KLM was set up in 1919, Lufthansa in 1926 and Air France in 1933, all were state owned and competition restricted by state intervention. During the debates on the formation of the Irish State Airline one of the opposition TDs, former Minister, Patrick Mc Gilligan, probaly making reference to the private individuals who had air service applications refused, had queried whether the Minister’s investment in the shares of the company was to be by the way of State socialism or State capitalism.Initially the airline was pronounced air ling-us (as the Irish Aer Loingeas is pronounced) later this would be pronounced air ling-gus. The name Aer Lingus had been proposed by the aforementioned aviation enthusiast Richard F O'Connor.The first Aer Lingus flight occurred on 27 May 1936 when a De Havilland DH84 Dragon, the six seater EI-ABI “Iolar” (Eagle) took off from (Dublin) Baldonnel for Bristol with five passengers on board, the first flight of the new ‘Irish Sea Airways’ service. Aer Lingus was initially associated with Blackpool and West Coast Air Services who provided the funds for the De Haviland purchase. Blackpool and West Coast Air Services and Aer Lingus operated initially together as "Irish Sea Airways". The first flight took off from the Irish Air Corps military Aerodrome in Baldonnel near Dublin as Dublin Airport did not open until 1940. This original Aer Lingus EI-ABI DH84 aircraft was eventually sold in the UK in February 1938 and was apparently shot down over Wales during WWII. Another 1930s vintage DH84 would later be restored and used for the Aer Lingus 50 year commemorative celebrations in 1986.The first Aer Lingus plane, the original six seater EI-ABI “Iolar” DH84 at Baldonnel Aerodrome in 1936.Three days later, on 30 May 1936 Aer Lingus opened a new route to the Isle of Man and in August 1936 the luggage allowance was increased to 33 pounds (15Kg) from 30 pounds.On 14 September 1936 Aer Lingus purchased a second aircraft, the larger fourteen passenger DH86, named "Éire". This aircraft was used on the same day to extend the Dublin-Bristol Service to London (Croydon), thus inaugurating the first air link between Dublin and London. The popular Lord Mayor of Dublin Alderman Alfie Byrne was one of the passengers to London on this inaugural flight (From such humble beginnings Dublin-London route is today the second busiest route worldwide). The smaller DH84 was now switched from the Bristol route, providing the inaugural Aer Lingus service to Liverpool on the same day. It would seem at that time according to anecdote that Irish passengers arriving at Croydon were still viewed as “local” passengers and would be directed to wait for the local train to Victoria station segregated from “International” passengers arriving from the Continent who would be bussed directly into London.The Second Aer Lingus plane, the larger four engineered fourteen seater DH86 "Éire would inaugurate the first Aer Lingus Dublin-London flight (via Bristol) on 14 September 1936. Note the shamrock featured under Éire which would later become a much more prominent part of the Aer Lingus liveryThe split between Airline and Airport provider would not occur until the mid 1960s. A new company, Aer Rianta, was set up by the government in 1937 to assume financial responsibility for the new airline and the entire country's civil aviation infrastructure. In April 1937, Aer Lingus became wholly owned by the Irish government via Aer Rianta. Aer Lingus and Aer Rianta although technically separates companys would share many board members and other overlaps.Future Minister of Transport and Power (He was also a future President of Ireland) Erskine H Childers* applied to become General Manager of Aer Lingus in May 1938 but was unsuccessful. During the 1960s he would be the government Minister responsible for Irish air transport.In Feb 1938, a de Havilland DH 89 Dragon Rapide (EI-ABP) “Iolar II” replaced Iolar, and in October the company purchased a second DH86B (EI-ABT) “Sasana” secondhand from Imperial Airways for £5,000) At this time a free bus service from Dublin city center quays ferried passengers to Baldonnel. Two new “modern” Lockheed 14s monoplanes arrived in 1939, an advance in comfort and speed on the DeHavilland Bi-planes.Aer Lingus' first all-metal aircraft, the Lockheed 14 WF-62 (this one is EI-ABV) flew from the new Dublin Airport at Collinstown to Liverpool on 19 Jan 1940 and would be sold to Guinea Air in April 1940. Wind tunnel testing with scale models was used by Lockheed to produce the streamlined shape.Part 3 - 1939–1945: The War YearsThe flights to Liverpool switched from Baldonnel to the new Dublin Airport at Collinstown to Liverpool commenced on 19 January 1940 in the all metal Lockeed 14 but were suspended between Jan 21 and Feb 12 due to air attacks on Liverpool. Barton Aerodrome, Manchester would be sometimes was used as an alternative to Liverpool during the war depending on UK security requirements.Established routes to Bristol, London, the Isle of Man and Liverpool were suspended in September 1939 at the outbreak of World War 2, the service to Liverpool was allowed to resume daily in October in order to maintain an air link between Britain and neutral Ireland.Oats grown in the fields near Dublin Airport and other rural activities contributed to airline revenue during the War (Emergency) period.The outstanding Terminal building at Dublin Airport (still standing photo below) opened in early 1941 was designed by Architect Desmond Fitzgerald, brother of future Irish Taoiseach Garrett Fitzgerald who would work as an Aer Lingus employee in the building designed by his brother. Aer Lingus operations were moved to Dublin Airport Collinstown in 1940.The two Lockeed 14s were sold to Guinea Airways in April 1940 and the same month the components of the first Aer Lingus DC-3 landed in Antwerp, the plane was rebuilt in Deurne Military Airport by Fokker and flown to Brussels as the German Army advanced into the Netherlands. Painted Orange the DC-3 (EI-ACA) took off for Dublin via Britain displaying the Irish Flag. This was the last DC3 to be built by Fokker in the Netherlands and Aer Lingus operated this machine all through WW II.A later Aer Lingus DC-3 in flight the EI-ACK St Albert, which still exists as a static display in Tap Livery at Tap Portugal’s headquarters. Again note Shamrock below Saint’s name.There were no Air Stewardesses employed by Aer Lingus until after WW2. An internal Irish service was briefly operated by Aer Lingus between Dublin & Shannon during WW 2 from September 1942, but was suspended due to low volumes after the end of October and remarkably 463 Sheep grazed between arrivals and departures at Dublin Airport in 1943. The sole Aer Lingus route to Britain was suspended on April 15 1944 at the request of UK authorities (massive air and sea movements were in progress ahead of the imminent invasion of Europe and the British West Coast service, operating in parallel to the Aer Lingus service to Liverpool but serving the east coast, continued to operate). Transatlantic Services from Shannon Estuary did operate during WW2 but Aer Lingus was not yet flying transatlantic.Aer Lingus owned one DC3 and two DH86s, a Vickers -Submarine Walrus Amphibian and a Lockheed Hudson at the end of WW2. The latter two craft were purchased from the Irish Aer Corps in May 1945 who no longer needed them and were sold in 1946 & 1947 respectively.Part 4 - 1945 to 1960: Post War ExpansionOn 9 November 1945, regular services were resumed with an inaugural flight to London. From this point Aer Lingus aircraft, initially mostly Douglas DC-3s, were painted in a silver and green livery. The airline now introduced its first flight attendants. Aer Lingus, due to a late application, was way down (63rd) the list for United States war surplus DC-3s but in a stroke of luck a TWA pilot on loan to Aer Lingus to assist with technical and traffic development discovered at Hannau, Germany an airfield strewn with C-47s, the cargo equivalent of the DC-3 and spares. Nine were purchased, seven being converted for civilian use in Prestwick, Scotland & two parted out. In addition, two new DC-3s were delivered off the Douglas production line in February 1946 & another crashed. By July 1946 the Aer Lingus fleet had expanded to ten DC-3s, the two DH86s, the Walrus and the Hudson. The DC-3s instigated the practice from late 1945 of giving Aer Lingus planes Irish Saint’s names and included St Patrick, St Gall, St Bridget, St Aidan and many more in the first batch of DC-3s. The DC3 was a breakthrough at this time, economically efficient to run and potentially removing the need for government subsidies worldwide. Three concrete runways to serve the anticipated rise in traffic were constructed at Dublin Airport in 1946, the triangular plan allowed for different runways to be used depending on wind directionAer Lingus DC 3s taking off late 50s, not sure of vintage but Aer Lingus had one operational DC-3 as late as 1965 and the later livery is in use. Their is also a Fokker F27 shown taking off, the first of which arrived in 1957In July 1946 a third state airline company Aerlínte was set up to operate the Atlantic route. The two existing airline companies, Aer Lingus ordered five new Lockheed L-749 Constellations but owing to several post war financial constraints on Ireland at the time, the coalition government, headed by John A Costello the incoming Fine Gael Taoiseach would not finance this service (the Vickers Vikings were also a financial failure at this time). This was probably a prudent decision at the time Ireland still struggled after WW2 and growth was considerably less than other European countries at the time. Aer Lingus would not operate a transatlantic service until 1958. The Constellations were resold in June 1948 and the US offices wound up in 1948. The service in 1958 would commence initially with leased Constellations.Dublin Airport Terminal Building circa late 1940s with DC-3 in the foreground and Hanger on LHS.In April 1946 Aer Lingus was reconstituted by the 1946 Anglo-Irish agreement between Ireland and the UK as a joint company with the sole right to operate services between Ireland and the UK together with rights to Shannon feeder services and fifth freedom rights to Britain ( ie passengers could be picked up in the UK for onward conveyance to Europe). Under this arrangement Aer Lingus received exclusive UK traffic rights from Ireland in exchange for a 30% holding by British Overseas Airways Corporation (BOAC) and a 10% British European Airways (BEA). The Anglo 40% of the Hiberno-Anglo joint venture now set up probably influenced Aer Lingus' purchase of seven new British Vickers Viking aircraft in 1947, however, these proved to be uneconomical and were soon sold.In 1947 Aer Lingus acquired seven Vickers Vikings. After the reliable De Havillands, Lockheed 14 WF-62 & DC-3s, the Vickers Vikings were unreliable and not economically viable to operate and were soon sold off.Aer Lingus flew it’s inaugural flight to Paris, Le Bourget on June 17 1946 and opened new routes to Brussels, Amsterdam, Manchester and Rome in the late 1940s and early 1950s. After some initial route closures, after 1948 expansion continued and the airline became one of the early purchasers of four of the well remembered Vickers Viscount 700s in 1951 (all four brought into service in April 1954), Aer Lingus was the third airline to introduce the Viscount, the world's first turboprop airliner.The arrival of the first Vickers Viscount 700 EI-AFV "St. Patrick" on 5 March 1954 with well wishers on the roof of the elegant Terminal Building.Aer Lingus took delivery of seven Fokker Friendship 100s on 10 September 1957 and eight further Viscounts between 1957–1959 and finally on 28 April 1958, Aerlínte Éireann operated its first transatlantic service from Shannon to New York. Three Lockheed L-1049 Super Constellations were used for the twice-weekly service aboard aircraft leased from the US airline Seaboard and Western with Irish cabin crews. This arrangement continued until 1 January 1960 when Aerlínte Éireann was renamed Aer Lingus – Irish International Airlines.Another chapter would open when Aer Lingus took delivery of it’s first jet the Boeing 720–048 on 28 Sep 1960 and would later became an all jet fleet as the much loved Viscounts were phased out throughout the 1960s (color photos below) but that chapter merits a separate answer.Foot Notes:(*) Fifty years after his father ((Robert) Erskine Childers) yacht, the Asgard, landed weapons in Howth in 1914, used in the 1916 rebellion, Erskine Hamilton Childers would be the government Minister responsible for Irish air transport as Minister for Transport and Power.(^) Traynor, Michael: Iona - Ireland’s first Commercial Airline: Commemorating the 75th AnniversaryReferences:Share, Bernard: The Flight of the Iolar : The Aer Lingus Experience 1936–1986De Havilland DH84 Dragon EI-ABI “iolar”Take a look at Aer Lingus through the years for their 80th anniversaryAer Lingus Gets Its First Boeing 707Douglas DC-3 in Aer Lingus LiveryAer Lingus: The glory days - IndependentAirports in Ireland (Famgus Aviation Postcards)https://www.google.com/search?q=DH86B+EI-ABT+“Sasana”&prmd=inmv&source=lnms&tbm=isch&sa=X&ved=0ahUKEwjzkej1yozaAhVLrlQKHTHxB2cQ_AUIESgB&biw=768&bih=922#imgrc=JzSGZ2ozCb_D3M:Many of the vintage plane photos and some technical info crosschecked from the excellent Ed Coates website EUindex of vintage European civil airline plane photos eg EI-ABVClassic John Hinde Postcard at the dawn of the 1960s Aer Lingus Jet Age