Meeting notes from Tuesday 14thJuly 2009

President Brian welcomed member/guest speaker, Barry Edmundson & his wife, Robyn, the returning Ross Warden, visitor, Noel Zammit & Anne Davies, a visitor from Scone & a friend of Sheila Warby.

Secretary Julie mentioned that we had received letters of thanks from several charities to which we had made donations. A card was sent around for Anne Connor who has been quite ill. Roger Norman requires the club projector for various presentations to other clubs. Julie will publicise the dates so that there is no confusion as to its whereabouts. Please ALWAYS arrange any borrowing of it through Julie.

Tiger Mason reported that Paul LeMay is making slow progress but could return in 2 weeks from now.

Pam Pritchard spoke of the Ensemble Theatre Party to see "Duet" on Wednesday 19th August. All 20 tickets have now been spoken for. Please see Pam to PAY! She is still seeking assistance from members for the setting up of the Lifeline Book Fair to be held at Know Grammar School on the weekend of 25/26th July.

Paul Rickard spoke of the very successful Gordon Markets on Sunday 12th, with takings of over $3,500. There was to be a committee meeting after the dinner meeting to review the activities of the Youth Committee.

Roger Norman took the floor for 15 minutes to speak about PR & the club.
1. Reach out to local businesses, the community, partners & members.
2. Club's website should be maximised & include a list of projects & a calendar.
3. We need articles for local newspapers , District magazines & newsletters
4. We must continue to promote the Graffiti removal Project to other clubs.
5. Support & promote new & existing projects.
6. We should compile a photographic record of the year's club activities.
7. If you go to some Rotary event, take a photo & send it to him.
8. Wear your green Rotary Shirt (Paul R won a bottle for guessing this)
9. Volunteer to help.
10. Make suggestions

Sergeant Bob Burnett held a lengthy session with daunting stipulations for said sessions for the year. Like, named fine = $1. Group or subsequent fines 50c. Likewise, Good News/Bad News now encouraged whereas jokes are not! So the fines ranged over cricket, education, the weather, China, (Peter Headley), declining to play bowls (Guy)

Heads & Tails AND the Raffle were BOTH won by Grahame Marr - a reward for scribing?

GUEST SPEAKER

Introduced member, Barry Edmundson who went from South Africa to England to work as an insurance broker in 1960, having entered that profession in 1956. He later came to Australia in 1966.

BARRY gave a well-researched presentation on Lloyds of London. The organisation made a huge impression on him when he went to work with them in London. He outlined the history, its having begun in a coffee house owned by Edward Lloyd in Tower Street London in1688. It was popular place for sailors, ship-owners and merchants to exchange shipping news.
Gentlemen who were merchants got together to each accept a portion of the value of a given vessel plying the seas- spreading the risks of pirates, sinking etc. amongst fellow merchants.
They started to sit in cubicles called "boxes" to have privacy for transactions.

Between 1688 and 1807 the main source of business was the insurance of ships engaged in slave trading. I was surprised to learn Lloyds is NOT an insurance company but a market comprising both corporates and individuals who accept the risk Individuals became known as "Names".

Brokers gather essential information on the "Risk". The broker rejects or accepts the risk. They deal with some of the biggest and most complex, hazardous risks in the world, including off shore oil rigs, terrorism, liabilities for asbestosis and oil spills.

Barry went on to talk about the huge "Room" and some of the characters involved.
("Tell me a joke first".)

1988-96 was traumatic time with accusations of fraud and withholding information when integrity had previously been impeccable.

It now faces challenges: terrorism, huge risks (a Jumbo jet?), uncertain financial times and "long tail claims".

Gidley thanked Barry for his excellent presentation. He included a reference to Brook Shields' legs (premium?) and to actuaries, said to have entered that profession because they lacked the personality to become an accountant. (Oh! The irony!)

Guests were thanked, the raffle drawn, the National Anthem sung & members followed up various matters in the usual post-meeting fashion!

Scribe: Grahame Marr