• Creating regional stock exchanges in Sri Lanka's provincial capitals

• Christ consciousness is the only way

• Fair Field Gardens

• Courage

• Saint Aloysius Gonzaga - Patron of St. Aloysius College, Galle

• CIMA Global Leaders Summit 2005

• SLBC English service programmes

• 'Mahathir visits Padang tomorrow'

Creating regional stock exchanges in Sri Lanka's provincial capitals

Sri Lanka has only one stock exchange, the Colombo Stock Exchange (CSE). It is not easy to obtain a listing in Colombo Stock Exchange because of the fact of high capital requirements for such a listing. Only large Sri Lankan firms can obtain such a listing.

Once a company is approved for listing by the Securities Exchange Commission (SEC) and the Colombo Stock Exchange (CSE) it can proceed to issue shares to general public in country. Till now it is mostly the large Sri Lankan companies and conglomerates that obtain listing at Colombo Stock Exchange.

It is time that Sri Lanka's regulator for securities trading the Securities Exchange Commission of Sri Lanka take the initiative in this regard by paving the way for opening of provincial stock exchanges in provincial capitals of Sri Lanka. For an example, the provincial capitals of Sri Lanka are Colombo (Western Province), Kandy (Central Province), Galle (Southern Province), Ratnapura (Sabaragamuwa Province), Badulla (Uva Province), Trincomalee (Eastern Province), Anuradhapura (North Central Province), Kurunegala (North Western Province) and Jaffna (Northern Province).

The existing stock exchange in Colombo may be upgraded to the status of a national stock exchange. (ie. National Stock Exchange of Sri Lanka). Provincially located medium sized companies which want to raise capital from the public and obtain a listing in stock exchange should be requested to apply for a listing of the relevant provincial stock exchange.

(ie. If it is in Kandy, the Kandy Stock Exchange). Here the company should be first required to raise capital within the jurisdiction of its stock exchange. (ie. Kandy Stock Exchange - the Central Province). Each of these provincial stock exchanges should have their own capital requirement standards for limited companies based on business conditions and volumes in the provinces. For each province a separate Securities and Exchange Commission should be created to facilitate the smooth functioning of the provincial Stock Exchange. (ie. Central Province Securities and Exchange Commission, Western Province Securities and Exchange Commission, Southern Province Securities and Exchange Commission, etc.). The existing Securities and Exchange Commission in Colombo should be upgraded as a National Securities and Exchange Commission of Sri Lanka. Once a provincially listed public company grows in business volumes and becomes bigger with better capital levels it may be encouraged to apply for a listing in the main 'National Stock Exchange of Sri Lanka' located in Colombo. This will enable it to offer its shares to people throughout the country.

Till this status is reached, the provincial stock exchange should be like an incubator nurturing provincial business firm's growth. Also based on provincially listed company's performance, a listing in another province too may be encouraged before seeking a listing with the 'National Stock Exchange of Sri Lanka'. For this an inter provincial listing system should be introduced. Strategically, South Asian region's main stock exchanges located in India, Sri Lanka, Pakistan, Bangladesh, Nepal, Bhutan and Maldives should be linked and made a common exchange. This will allow national companies in each country to access the South Asian regional capital market. If this is done, a company whose shares are listed in the main 'National Stock Exchange of Sri Lanka' could thereafter seek a South Asian regional listing.

For this all seven countries in the South Asian should form a 'South Asian Securities and Exchange Commission' and a 'Common South Asian Stock Market'. At present, the Colombo Stock Exchange has established several branches in Matara, Kandy, Jaffna, Kurunegala. This gives some representation at provincial level to the capital market. However here the main board of the Colombo Stock Exchange is extended to provincial towns, no decentralized stock exchanges are established.

Sri Lanka must adopt a provincial level policy on capital market development in the country.

ROHAN WICKREMASINGHE - Colombo 9

Christ consciousness is the only way

Mr. Lynn Ockersz in his address on 'The humanising effect of contemporary religions on society with special emphasis on Christianity', states, "It is the love of God for man which compelled God - the creator of the universe - to send his only beloved Son - Jesus Christ into the world".

The correction version according to King James Bible is that "God so loved the world that he gave his only begotten Son".

It has now been found that the 'only begotten Son' is a wrong English translation of the Greek word 'homogenes'. The correct English version should be 'he gave his Son, begotten only of the Father'. The Latin equivalent 'unigenitus' also supports this translation. The son begotten only of the Father is certainly not Jesus as commonly understood but the essence of the Father (Cosmic Energy) pushed into creation as the 'Son of God' sustaining the whole universe. This essence sustaining the whole of creation is otherwise called the Christ consciousness.

Mr. Lynn also states, 'Jesus Christ is the principal means through which man could get back to God and be re-united with him'. This is exactly opposite to what Jesus has stated in the Bible. When the disciples complained that they saw one casting out devils in His name, he who does not belong to our company, Jesus replied and said, 'Forbid him not. He that is not against us is for us. Please see Luke 9: 49 and 50 and also Mark 9: 38-41. This is ample proof that salvation is not through Jesus alone.

Mr. Lynn further states 'Jesus' way is the Way of the Cross'. Jesus never says anywhere in the Bible that His Father sent him to die for the sins of mankind. There are numerous Old Testament verses which state that God is against sacrifices.

It is true that Jesus predicted not only his death on the cross but his resurrection too. Removing sins is a matter for the Cosmic Law of Cause and Effect. Did not Jesus himself teach 'you reap what you sow'. Although Christianity teaches love God and love man, it doesn't teach us the techniques involved in loving God and man. These techniques are contained in the secret teachings of Jesus imparted only to a few of his disciples.

The Christian Church also doesn't teach us what meditation is. But Jesus has taught that if we can attune ourselves to Christ Consciousness, we too can do better miracles than Him.

K. JEYARAJAH - Wellawatte

Fair Field Gardens

The residents at Fair Field Gardens Borella are facing immense inconvenience and damage of electrical appliances due to the drop in voltage of power supplied by the CEB authority.

This has been brought to the notice of CEB engineer on a number of occasions but no action has been taken.

We being the tax payers and the citizens of this country treated in an irresponsible manner.

AJITHA PERERA - Colombo 8

Courage

The President must be lauded for her true display of courage and statesmanship by signing the P-TOMS. This is the only way in which a strong friendship can be built with those who live in the North and the East. The President never wavered or succumbed to political pressure. All Sri Lankans must stand by the President in this defining moment in the history of this country.

This type of leadership is rarely seen in the history of mankind.

Upali Senaratne (Senior Attorney-at-Law)

Saint Aloysius Gonzaga - Patron of St. Aloysius College, Galle

Aloysius Gonzaga was born into an affluent family in Italy in the year 1568. Deeply religious and with a head full of love for God, and charity to all fellowmen around him, he joined the vibrant Society of Jesus as a novice, pledged to devote all his life, all his energies, to the service of mankind. He was struck by the life of his founder, St. Ignatius and vowed to be like him in spirit with the dedication with which Ignatius served the cause of youth and education.

He was only 23 years of age when a violent plague broke out in his native city. Sanitation and the knowledge of dangerous diseases were non-existence at that time, but this noble-hearted youth went about the streets bringing solace and succour to all around till he himself contracted the fatal plague which deprived him of his life. When the Jesuit Fathers started St. Aloysius' College, Galle well over a hundred years ago, they looked around for a patron saint and they could find none other than Saint Aloysius.

He is the patron Saint of youths, Oh, Saint Aloysius, help your school to be a beacon of light shining clear in the surrounding gloom. We celebrate the feast of this great Saint every year on June 21 and we cite his example to all the youth of our school.

RANJITH ANANDA MUDALIGE

CIMA Global Leaders Summit 2005

As a CIMA member I was appalled to note a news article carried in your paper on page 4 of June 21, 2005 which was detrimental to our institute.

The fact that it had no writer's or a reporter's name added to the fact that there is some sinister force trying to discredit an excellent international conference organised by CIMA Sri Lanka Division.

Never before had any organisation put up a Conference of this magnitude or of this class. Over 100 foreign participants were present and according to my estimate there would have been a total participation of over 1300. It really made me proud to be a CIMA member and a Sri Lankan.

Myself as participant was invited by CIMA and also as a member I received a letter requesting me to contact the division for a formal member's invitation. I am surprised that your news article relates only to 5% of membership being present, but I found that every second person I met at the conference was a CIMA member and the participation of members would have been much higher than in previous years because of the high profile of the speakers. I am a loss to understand who the uninvited members for the conference are.

As the Chairman of the Ceylon Chamber of Commerce Deva Rodrigo publicly pointed out at the end of conference that it was better than the World Bank/IMF Annual Sessions or the Regional Summits of the World Bank Economic Forum that he had attended, please make sure that no credit is taken away from the organisers of the event by publication of unauthenticated news reports.

Srilal Perera - Ja-Ela

SLBC English service programmes

The SLBC English service programmes for requests and dedications are for happy, pleasant and peaceful listening - not for any disappointments and longings.

As such, listeners, please do not make any crude remarks over the air and disturb the prevailing atmosphere.

S. JEYAVEERASINGAM - Colombo

'Mahathir visits Padang tomorrow'

I refer to the article appearing in the Daily News of May 26, 2005 at Page 3 on the above caption.

According to the paper notice Dr. Mahathir Mohamed will visit Padang to meet Sri Lankan Malays, but this was not to be.

Padang is the home of the Sri Lanka Malay Association which was founded in 1922 and it was then known as All Ceylon Malay Association and later changed to Sri Lanka Malay Association with the change of the Constitution.

It is the oldest Malay Association in Sri Lanka and made its impact in the Sri Lankan legislature and in the Malay community by the efforts of M.K. Saldin who was appointed to the legislative council followed by Dr. T.B. Jayah who was elected to Parliament and the first Malay Minister to be appointed.

Dr. Drahman Zahiere Lye and M.H. Amith who were President and patron of the Sri Lanka Malay Association were appointed to Parliament of which we Malays are proud of. Unfortunately the present constitution has no provision for ethnic representation in Parliament.

The Sri Lanka Malay confederation (SLMAC) were formed by a discontented member of the Malay community in 1985 which is an off shoot of the Sri Lanka Malay Association.

The visit of Dr. Mahathir to Padang was organized by the Secretary General of SLMAC and admission was confined only to the President and his wife, the Secretary and his wife, also 4 members of the Member Associations of SLMAC and 3 special invitees, to Padang the home of SLMA.

Although the paper report states that Dr. Mahathir was to meet the Sri Lanka Malays, the SLMA members and even the members of the Malay Cricket Club to whom Padang is their home were informed that they will have to be downstairs and only the selected few members of SLMAC will be permitted to go upstairs for the official function.

This would have created a security problem and was brought to the notice of the Malaysian High Commissioner in Sri Lanka who in turn promptly advised the Secretary General of SLMAC to take corrective steps to avoid a situation. However, the damage was done and only a selected few of SLMAC were permitted upstairs, whilst a large number of the members of the Club and Association kept away by prior advice. Also in defiance to your paper notice saying that Dr. Mahathir is here to meet the Sri Lankan Malays.

Irreparable damage has been caused to the members of the Cricket Club and Sri Lanka Malay Association who were embarrassed and humiliated by informing them that they will not be welcome to meet Dr. Mahathir for the official function upstairs of Padang.

This is the biggest humiliation perpetrated to the members of the Club and Sri Lanka Malay Association by the organizers of the visit of Dr. Mahathir, timely intervention by the Malaysian High Commissioner to whom we are grateful, avoided a calamity.

M.M.N. JURANGPATHY (Retired DIG, Past President SLMA and CMCC)