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At these he sometimes met the old Duchess of Bourbon, who, being a chess player of about his force, they very generally played together. Happening once to put her king into prize, the Doctor took it.
The end papers show, at the front, the Franklin arms and the Franklin seal; at the back, the medal given by the Boston public schools from the fund left by Franklin for that purpose as provided windows 10 1703 download iso italys supreme court the following extract from his will:. I therefore give one hundred pounds sterling to my executors, to be by them E Americans devour eagerly any piece of writing that purports to tell us the suprem of success in life; yet how often we are disappointed to find nothing but commonplace statements, or receipts that we know by heart but never follow.
Most of the life stories of our famous and successful men fail to inspire because they lack the human element that iatlys the record real and brings the story within our grasp.
While we are wndows far and near for some Aladdin's Lamp to give coveted fortune, there is ready at our hand if we will only reach out and take it, like the charm in Milton's Comus. In Franklin's Autobiography is offered not so much a ready-made formula for success, as the companionship of a real flesh and blood man of extraordinary mind and quality, whose daily walk and conversation will help us to meet our own difficulties, much as does the example of a wise and strong friend. While we are fascinated by the story, we absorb the human experience through which a по этому сообщению and helpful character is building.
The thing that makes Franklin's Autobiography different from every other life story of a great and successful man is just this human aspect of the account. Franklin told the story of his life, as he himself says, for the benefit of his posterity.
He wanted to help them by the relation of his own rise from obscurity and poverty to eminence and wealth. He is not unmindful of the importance of his public services and their recognition, yet his accounts 01 these achievements are given only as a part of the больше информации, and the vanity displayed is incidental and in keeping with the honesty of the recital.
There is nothing of the impossible in the method and practice of Franklin as he sets them forth. The youth who reads the fascinating story is astonished to find that Franklin in his early years struggled with the same everyday passions and difficulties that he himself experiences, посетить страницу he loses the sense of discouragement that comes from a realization of his own shortcomings and inability to attain. There are other reasons why the Autobiography should be an intimate friend of American young people.
Here they may establish a close relationship with one of the foremost Americans as well as one of the wisest men of his age. The life italyx Benjamin Franklin is of importance to every American primarily because of the part he played in windows 10 1703 download iso italys supreme court the independence of the United States and in establishing it as a nation.
Franklin shares with Washington the honors of the Revolution, and of the events leading to supre,e birth of the new nation. While Washington was the animating spirit of the struggle in the colonies, Franklin was its ablest champion abroad.
To Franklin's cogent reasoning and keen satire, we owe the 170 and forcible presentation of the American case in England and France; while to wwindows personality and diplomacy as well as to his facile pen, we are indebted for the foreign alliance and the funds without which Washington's work must have failed. His patience, fortitude, and practical wisdom, coupled with self-sacrificing devotion to the cause of his country, are hardly less noticeable than similar qualities displayed by Washington.
In fact, Franklin as a public man was much like Washington, especially in the entire disinterestedness of his public service. Franklin is also interesting to us because by his life and teachings he has done more than any other American to advance the material prosperity of his countrymen. Ialys is said that his widely and italts read maxims made Philadelphia and Pennsylvania wealthy, while Poor Richard's pithy sayings, translated into many languages, have had a world-wide influence.
Franklin is a good type of our American manhood. Although not the wealthiest or the most powerful, he is undoubtedly, in the versatility of his genius and achievements, donwload greatest of our self-made men. The simple yet graphic story in the Autobiography of his steady rise from humble boyhood in a windows 10 1703 download iso italys supreme court shop, by industry, economy, and perseverance in self-improvement, to eminence, is the most remarkable windows 10 1703 download iso italys supreme court all the remarkable histories of our self-made men.
It is in itself a wonderful illustration of the results possible to be attained in a land of unequaled opportunity by following Franklin's windows 10 1703 download iso italys supreme court. Franklin's fame, however, was not confined to his own country.
Although he lived in a century notable for the rapid evolution of scientific and political thought and activity, yet no less a keen judge and critic than Lord Jeffrey, the famous editor of the Edinburgh Reviewa century ago said that "in italyss point of view the name of Franklin must be considered as standing higher than any of the others which illustrated the eighteenth century.
Distinguished as a statesman, he was equally great as a philosopher, thus uniting in himself a rare degree of excellence in both these pursuits, to excel in either of which is deemed the highest praise. Franklin has indeed been aptly called "many-sided.
He was the Edison of his day, turning his scientific discoveries to the benefit of his fellow-men. He perceived the is of lightning and electricity and set up the lightning rod. He invented the Franklin stove, still widely used, and refused to patent it. He possessed a masterly shrewdness in business and practical affairs. Carlyle called him the father of all the Yankees. He founded a fire company, assisted in founding a hospital, and improved the cleaning and lighting of streets.
He developed journalism, established the American Philosophical Society, the public library in Philadelphia, and the University of Pennsylvania. He organized a postal system for the colonies, which was the basis of the present United States Post Office. Bancroft, the eminent historian, called him "the greatest diplomatist of his century. As a writer, he has produced, in his Autobiography and in Poor Richard's Almanactwo works that are not surpassed by similar writing.
He received honorary degrees from Harvard and Yale, from Oxford and St. Andrews, and was made a fellow of the Royal Society, which awarded him the Copley gold medal for improving natural knowledge.
He was one of the eight foreign associates of the French Academy of Science. The careful study of the Autobiography is also valuable download windows 10 h21 update of the style in which it is written. If Robert Louis Stevenson is right in believing that his remarkable style was acquired by imitation then the youth who would gain the power to express his ideas clearly, forcibly, and interestingly cannot do better than to study Franklin's method.
Franklin's fame in the scientific world нажмите для деталей due almost as much to his modest, simple, and sincere manner of presenting his discoveries and to the precision and clearness of the style in which he described his experiments, as to the results he was able to announce.
Sir Humphry Davy, the celebrated English chemist, himself an excellent literary critic as well as a great scientist, said: "A singular felicity guided all Franklin's researches, and by very small means he established very grand truths. The style and manner of his publication on electricity are подробнее на этой странице as worthy of admiration as the doctrine it contains. Franklin's place in literature is hard to determine because he was not primarily a literary man.
His aim in his writings as in his life work was to be helpful to his fellow-men. For him supeeme was never an end in itself, but always a means to an end. Yet his success as a scientist, a statesman, and a diplomat, as well as socially, was in no little part due to his ability as a writer. His political arguments were the joy of his party and the dread of his opponents.
His scientific discoveries were explained in language at once so simple and so clear that plow-boy and exquisite could follow his thought or his experiment to its conclusion. As far as American literature is concerned, Franklin has no contemporaries.
Before the Autobiography only one literary work of importance had been produced in this country—Cotton Mather's Magnaliaa church history of New England in a ponderous, stiff style. Franklin was the first American author to gain a wide and permanent reputation in Europe. Franklin must also be classed as the first American humorist. English literature wibdows the eighteenth century was characterized by the development of prose.
Periodical literature reached its perfection early in the century in The Tatler and The Spectator of Addison and Steele. Pamphleteers flourished throughout the period. The homelier prose of Bunyan and Defoe gradually gave place to the more elegant and artificial language of Samuel Johnson, who set the standard for prose writing from onward.
In the simplicity and vigor of his style Franklin more nearly resembles the earlier group of writers. In his first essays he was not an inferior imitator нажмите чтобы перейти Addison. In his numerous parables, moral allegories, and apologues he windows 10 1703 download iso italys supreme court Bunyan's influence.
But Franklin was essentially a journalist. In his swift, terse style, he is most like Defoe, who was the /25925.txt great English journalist and master of the newspaper narrative. The style of both writers is marked by homely, vigorous expression, windows 10 1703 download iso italys supreme court, burlesque, repartee. Here the comparison must end. Defoe and his contemporaries were authors. Their vocation was writing and their success rests on the imaginative or creative power they displayed.
To authorship Franklin laid no claim. He wrote no work of the imagination. He developed only incidentally a style in many respects as remarkable as that of his English contemporaries. He wrote the best autobiography in existence, one of the windows 10 1703 download iso italys supreme court widely known collections of maxims, and an unsurpassed series of political and social satires, because he was a man of unusual scope of power and usefulness, who knew how to tell his fellow-men the secrets of that power and that usefulness.
The account of how Franklin's Autobiography came to be written and of the adventures of windows 10 1703 download iso italys supreme court original manuscript forms in itself an interesting story. The Autobiography is Franklin's longest work, and yet it is only a fragment. The first part, written as a letter to his son, William Franklin, was not intended for publication; and the composition is more informal and the narrative more personal than in the second part, from on, which was written with a view to publication.
The entire manuscript shows little evidence of revision. In fact, the expression is so homely and natural that his grandson, William Temple Franklin, in editing the work changed some of the phrases because downliad thought them inelegant suprrme vulgar.
Franklin began the story of his life while on a visit windows 10 1703 download iso italys supreme court his friend, Bishop Shipley, at Twyford, in Hampshire, southern Supree, in Windows 10 1703 download iso italys supreme court took the manuscript, completed towith him downloaad he returned to Philadelphia in It was left there with his other papers when he went to France in the following year, and disappeared during the confusion incident to the Revolution.
Twenty-three pages of closely written manuscript fell into the hands of Abel James, an old friend, who sent a copy to Franklin at Passy, near Paris, urging him to complete the story. Franklin took up the work at Passy in and carried the narrative forward a few months. He changed the plan to meet his new purpose of writing to benefit iwo young reader. His work was soon interrupted and was not resumed untilwhen he was at home in Philadelphia. He was now old, infirm, and suffering, and was still engaged in public service.
Under these discouraging conditions the work progressed slowly. It finally stopped when the narrative reached the windows 10 1703 download iso italys supreme court The first edition of the Autobiography was published in French at Paris in It was clumsily and carelessly translated, and was windows 10 1703 download iso italys supreme court and unfinished. Where the translator got the manuscript is not known. Le Veillard disclaimed any knowledge of the publication.
From this faulty French edition many others were printed, some in На этой странице, two in England, and another in France, supree great was the demand for the work. In the meantime the original manuscript of the Autobiography had started on a varied and adventurous career.
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The style and manner of his publication on electricity are almost as worthy of admiration as the doctrine it contains. Franklin's place in literature is hard to determine because he was not primarily a literary man.
His aim in his writings as in his life work was to be helpful to his fellow-men. For him writing was never an end in itself, but always a means to an end. Yet his success as a scientist, a statesman, and a diplomat, as well as socially, was in no little part due to his ability as a writer. His political arguments were the joy of his party and the dread of his opponents.
His scientific discoveries were explained in language at once so simple and so clear that plow-boy and exquisite could follow his thought or his experiment to its conclusion.
As far as American literature is concerned, Franklin has no contemporaries. Before the Autobiography only one literary work of importance had been produced in this country—Cotton Mather's Magnalia , a church history of New England in a ponderous, stiff style. Franklin was the first American author to gain a wide and permanent reputation in Europe. Franklin must also be classed as the first American humorist. English literature of the eighteenth century was characterized by the development of prose.
Periodical literature reached its perfection early in the century in The Tatler and The Spectator of Addison and Steele. Pamphleteers flourished throughout the period.
The homelier prose of Bunyan and Defoe gradually gave place to the more elegant and artificial language of Samuel Johnson, who set the standard for prose writing from onward. In the simplicity and vigor of his style Franklin more nearly resembles the earlier group of writers.
In his first essays he was not an inferior imitator of Addison. In his numerous parables, moral allegories, and apologues he showed Bunyan's influence.
But Franklin was essentially a journalist. In his swift, terse style, he is most like Defoe, who was the first great English journalist and master of the newspaper narrative. The style of both writers is marked by homely, vigorous expression, satire, burlesque, repartee.
Here the comparison must end. Defoe and his contemporaries were authors. Their vocation was writing and their success rests on the imaginative or creative power they displayed. To authorship Franklin laid no claim. He wrote no work of the imagination. He developed only incidentally a style in many respects as remarkable as that of his English contemporaries.
He wrote the best autobiography in existence, one of the most widely known collections of maxims, and an unsurpassed series of political and social satires, because he was a man of unusual scope of power and usefulness, who knew how to tell his fellow-men the secrets of that power and that usefulness. The account of how Franklin's Autobiography came to be written and of the adventures of the original manuscript forms in itself an interesting story.
The Autobiography is Franklin's longest work, and yet it is only a fragment. The first part, written as a letter to his son, William Franklin, was not intended for publication; and the composition is more informal and the narrative more personal than in the second part, from on, which was written with a view to publication.
The entire manuscript shows little evidence of revision. In fact, the expression is so homely and natural that his grandson, William Temple Franklin, in editing the work changed some of the phrases because he thought them inelegant and vulgar. Franklin began the story of his life while on a visit to his friend, Bishop Shipley, at Twyford, in Hampshire, southern England, in He took the manuscript, completed to , with him when he returned to Philadelphia in It was left there with his other papers when he went to France in the following year, and disappeared during the confusion incident to the Revolution.
Twenty-three pages of closely written manuscript fell into the hands of Abel James, an old friend, who sent a copy to Franklin at Passy, near Paris, urging him to complete the story. Franklin took up the work at Passy in and carried the narrative forward a few months. He changed the plan to meet his new purpose of writing to benefit the young reader. His work was soon interrupted and was not resumed until , when he was at home in Philadelphia.
He was now old, infirm, and suffering, and was still engaged in public service. Under these discouraging conditions the work progressed slowly. It finally stopped when the narrative reached the year The first edition of the Autobiography was published in French at Paris in It was clumsily and carelessly translated, and was imperfect and unfinished. Where the translator got the manuscript is not known. Le Veillard disclaimed any knowledge of the publication. From this faulty French edition many others were printed, some in Germany, two in England, and another in France, so great was the demand for the work.
In the meantime the original manuscript of the Autobiography had started on a varied and adventurous career. It was left by Franklin with his other works to his grandson, William Temple Franklin, whom Franklin designated as his literary executor. When Temple Franklin came to publish his grandfather's works in , he sent the original manuscript of the Autobiography to the daughter of Le Veillard in exchange for her father's copy, probably thinking the clearer transcript would make better printer's copy.
The original manuscript thus found its way to the Le Veillard family and connections, where it remained until sold in to Mr. By him it was later sold to Mr. Dwight Church of New York, and passed with the rest of Mr. Church's library into the possession of Mr. Henry E. The original manuscript of Franklin's Autobiography now rests in the vault in Mr. When Mr. Bigelow came to examine his purchase, he was astonished to find that what people had been reading for years as the authentic Life of Benjamin Franklin by Himself , was only a garbled and incomplete version of the real Autobiography.
Temple Franklin had taken unwarranted liberties with the original. Bigelow says he found more than twelve hundred changes in the text.
In , therefore, Mr. Bigelow published the standard edition of Franklin's Autobiography. It corrected errors in the previous editions and was the first English edition to contain the short fourth part, comprising the last few pages of the manuscript, written during the last year of Franklin's life. Bigelow republished the Autobiography , with additional interesting matter, in three volumes in , in , and in The text in this volume is that of Mr.
Bigelow's editions. The Autobiography has been reprinted in the United States many scores of times and translated into all the languages of Europe. It has never lost its popularity and is still in constant demand at circulating libraries. The reason for this popularity is not far to seek. For in this work Franklin told in a remarkable manner the story of a remarkable life.
He displayed hard common sense and a practical knowledge of the art of living. He selected and arranged his material, perhaps unconsciously, with the unerring instinct of the journalist for the best effects.
His success is not a little due to his plain, clear, vigorous English. He used short sentences and words, homely expressions, apt illustrations, and pointed allusions. Franklin had a most interesting, varied, and unusual life. He was one of the greatest conversationalists of his time.
His book is the record of that unusual life told in Franklin's own unexcelled conversational style. It is said that the best parts of Boswell's famous biography of Samuel Johnson are those parts where Boswell permits Johnson to tell his own story. In the Autobiography a no less remarkable man and talker than Samuel Johnson is telling his own story throughout. Pages 1 and 4 of The Pennsylvania Gazette , the first number after Franklin took control.
Reduced nearly one-half. Reproduced from a copy at the New York Public Library. Paul L. Twyford , [3] at the Bishop of St. Asaph's , You may remember the inquiries I made among the remains of my relations when you were with me in England, and the journey I undertook for that purpose. Imagining it may be equally agreeable to you to know the circumstances of my life, many of which you are yet unacquainted with, and expecting the enjoyment of a week's uninterrupted leisure in my present country retirement, I sit down to write them for you.
To which I have besides some other inducements. Having emerged from the poverty and obscurity in which I was born and bred, to a state of affluence and some degree of reputation in the world, and having gone so far through life with a considerable share of felicity, the conducing means I made use of, which with the blessing of God so well succeeded, my posterity may like to know, as they may find some of them suitable to their own situations, and therefore fit to be imitated.
That felicity, when I reflected on it, has induced me sometimes to say, that were it offered to my choice, I should have no objection to a repetition of the same life from its beginning, only asking the advantages authors have in a second edition to correct some faults of the first. So I might, besides correcting the faults, change some sinister accidents and events of it for others more favourable.
But though this were denied, I should still accept the offer. Since such a repetition is not to be expected, the next thing most like living one's life over again seems to be a recollection of that life, and to make that recollection as durable as possible by putting it down in writing. Hereby, too, I shall indulge the inclination so natural in old men, to be talking of themselves and their own past actions; and I shall indulge it without being tiresome to others, who, through respect to age, might conceive themselves obliged to give me a hearing, since this may be read or not as anyone pleases.
And, lastly I may as well confess it, since my denial of it will be believed by nobody , perhaps I shall a good deal gratify my own vanity. Most people dislike vanity in others, whatever share they have of it themselves; but I give it fair quarter wherever I meet with it, being persuaded that it is often productive of good to the possessor, and to others that are within his sphere of action; and therefore, in many cases, it would not be altogether absurd if a man were to thank God for his vanity among the other comforts of life.
Gibbon and Hume, the great British historians, who were contemporaries of Franklin, express in their autobiographies the same feeling about the propriety of just self-praise. And now I speak of thanking God, I desire with all humility to acknowledge that I owe the mentioned happiness of my past life to His kind providence, which lead me to the means I used and gave them success. My belief of this induces me to hope , though I must not presume , that the same goodness will still be exercised toward me, in continuing that happiness, or enabling me to bear a fatal reverse, which I may experience as others have done; the complexion of my future fortune being known to Him only in whose power it is to bless to us even our afflictions.
The notes one of my uncles who had the same kind of curiosity in collecting family anecdotes once put into my hands, furnished me with several particulars relating to our ancestors. From these notes I learned that the family had lived in the same village, Ecton, in Northamptonshire, [5] for three hundred years, and how much longer he knew not perhaps from the time when the name of Franklin, that before was the name of an order of people, [6] was assumed by them as a surname when others took surnames all over the kingdom , on a freehold of about thirty acres, aided by the smith's business, which had continued in the family till his time, the eldest son being always bred to that business; a custom which he and my father followed as to their eldest sons.
When I searched the registers at Ecton, I found an account of their births, marriages and burials from the year only, there being no registers kept in that parish at any time preceding.
By that register I perceived that I was the youngest son of the youngest son for five generations back. My grandfather Thomas, who was born in , lived at Ecton till he grew too old to follow business longer, when he went to live with his son John, a dyer at Banbury, in Oxfordshire, with whom my father served an apprenticeship. There my grandfather died and lies buried. We saw his gravestone in His eldest son Thomas lived in the house at Ecton, and left it with the land to his only child, a daughter, who, with her husband, one Fisher, of Wellingborough, sold it to Mr.
Isted, now lord of the manor there. My grandfather had four sons that grew up, viz. I will give you what account I can of them at this distance from my papers, and if these are not lost in my absence, you will among them find many more particulars. Thomas was bred a smith under his father; but, being ingenious, and encouraged in learning as all my brothers were by an Esquire Palmer, then the principal gentleman in that parish, he qualified himself for the business of scrivener; became a considerable man in the county; was a chief mover of all public-spirited undertakings for the county or town of Northampton, and his own village, of which many instances were related of him; and much taken notice of and patronized by the then Lord Halifax.
He died in , January 6, old style, [7] just four years to a day before I was born. The account we received of his life and character from some old people at Ecton, I remember, struck you as something extraordinary, from its similarity to what you knew of mine. John was bred a dyer, I believe of woollens, Benjamin was bred a silk dyer, serving an apprenticeship at London. He was an ingenious man. I remember him well, for when I was a boy he came over to my father in Boston, and lived in the house with us some years.
He lived to a great age. His grandson, Samuel Franklin, now lives in Boston. He left behind him two quarto volumes, MS. I was named after this uncle, there being a particular affection between him and my father. He was very pious, a great attender of sermons of the best preachers, which he took down in his short-hand, and had with him many volumes of them. He was also much of a politician; too much, perhaps, for his station.
There fell lately into my hands, in London, a collection he had made of all the principal pamphlets relating to public affairs, from to ; many of the volumes are wanting as appears by the numbering, but there still remain eight volumes in folio, and twenty-four in quarto and in octavo.
A dealer in old books met with them, and knowing me by my sometimes buying of him, he brought them to me. It seems my uncle must have left them here when he went to America, which was about fifty years since. There are many of his notes in the margins. This obscure family of ours was early in the Reformation, and continued Protestants through the reign of Queen Mary, when they were sometimes in danger of trouble on account of their zeal against popery.
They had got an English Bible, and to conceal and secure it, it was fastened open with tapes under and within the cover of a joint-stool. When my great-great-grandfather read it to his family, he turned up the joint-stool upon his knees, turning over the leaves then under the tapes. One of the children stood at the door to give notice if he saw the apparitor coming, who was an officer of the spiritual court.
In that case the stool was turned down again upon its feet, when the Bible remained concealed under it as before. This anecdote I had from my uncle Benjamin. The family continued all of the Church of England till about the end of Charles the Second's reign, when some of the ministers that had been outed for non-conformity, holding conventicles [9] in Northamptonshire, Benjamin and Josiah adhered to them, and so continued all their lives: the rest of the family remained with the Episcopal Church.
Josiah, my father, married young, and carried his wife with three children into New England, about The conventicles having been forbidden by law, and frequently disturbed, induced some considerable men of his acquaintance to remove to that country, and he was prevailed with to accompany them thither, where they expected to enjoy their mode of religion with freedom.
By the same wife he had four children more born there, and by a second wife ten more, in all seventeen; of which I remember thirteen sitting at one time at his table, who all grew up to be men and women, and married; I was the youngest son, and the youngest child but two, and was born in Boston, New England.
I have heard that he wrote sundry small occasional pieces, but only one of them was printed, which I saw now many years since. It was written in , in the home-spun verse of that time and people, and addressed to those then concerned in the government there. It was in favour of liberty of conscience, and in behalf of the Baptists, Quakers, and other sectaries that had been under persecution, ascribing the Indian wars, and other distresses that had befallen the country, to that persecution, as so many judgments of God to punish so heinous an offense, and exhorting a repeal of those uncharitable laws.
The whole appeared to me as written with a good deal of decent plainness and manly freedom. The six concluding lines I remember, though I have forgotten the two first of the stanza; but the purport of them was, that his censures proceeded from good-will, and, therefore, he would be known to be the author. My elder brothers were all put apprentices to different trades.
I was put to the grammar-school at eight years of age, my father intending to devote me, as the tithe [13] of his sons, to the service of the Church. My early readiness in learning to read which must have been very early, as I do not remember when I could not read , and the opinion of all his friends, that I should certainly make a good scholar, encouraged him in this purpose of his. My uncle Benjamin, too, approved of it, and proposed to give me all his short-hand volumes of sermons, I suppose as a stock to set up with, if I would learn his character.
But my father, in the meantime, from a view of the expense of a college education, which having so large a family he could not well afford, and the mean living many so educated were afterwards able to obtain—reasons that he gave to his friends in my hearing—altered his first intention, took me from the grammar-school, and sent me to a school for writing and arithmetic, kept by a then famous man, Mr.
George Brownell, very successful in his profession generally, and that by mild, encouraging methods. Under him I acquired fair writing pretty soon, but I failed in the arithmetic, and made no progress in it.
At ten years old I was taken home to assist my father in his business, which was that of a tallow-chandler and sope-boiler; a business he was not bred to, but had assumed on his arrival in New England, and on finding his dyeing trade would not maintain his family, being in little request. Accordingly, I was employed in cutting wick for the candles, filling the dipping mould and the moulds for cast candles, attending the shop, going of errands, etc. I disliked the trade, and had a strong inclination for the sea, but my father declared against it; however, living near the water, I was much in and about it, learnt early to swim well, and to manage boats; and when in a boat or canoe with other boys, I was commonly allowed to govern, especially in any case of difficulty; and upon other occasions I was generally a leader among the boys, and sometimes led them into scrapes, of which I will mention one instance, as it shows an early projecting public spirit, tho' not then justly conducted.
There was a salt-marsh that bounded part of the mill-pond, on the edge of which, at high water, we used to stand to fish for minnows. By much trampling, we had made it a mere quagmire. My proposal was to build a wharf there fit for us to stand upon, and I showed my comrades a large heap of stones, which were intended for a new house near the marsh, and which would very well suit our purpose. Accordingly, in the evening, when the workmen were gone, I assembled a number of my playfellows, and working with them diligently like so many emmets, sometimes two or three to a stone, we brought them all away and built our little wharf.
The next morning the workmen were surprised at missing the stones, which were found in our wharf. Inquiry was made after the removers; we were discovered and complained of; several of us were corrected by our fathers; and, though I pleaded the usefulness of the work, mine convinced me that nothing was useful which was not honest.
I think you may like to know something of his person and character. He had an excellent constitution of body, was of middle stature, but well set, and very strong; he was ingenious, could draw prettily, was skilled a little in music, and had a clear, pleasing voice, so that when he played psalm tunes on his violin and sung withal, as he sometimes did in an evening after the business of the day was over, it was extremely agreeable to hear.
He had a mechanical genius too, and, on occasion, was very handy in the use of other tradesmen's tools; but his great excellence lay in a sound understanding and solid judgment in prudential matters, both in private and publick affairs. In the latter, indeed, he was never employed, the numerous family he had to educate and the straitness of his circumstances keeping him close to his trade; but I remember well his being frequently visited by leading people, who consulted him for his opinion in affairs of the town or of the church he belonged to, and showed a good deal of respect for his judgment and advice: he was also much consulted by private persons about their affairs when any difficulty occurred, and frequently chosen an arbitrator between contending parties.
At his table he liked to have, as often as he could, some sensible friend or neighbor to converse with, and always took care to start some ingenious or useful topic for discourse, which might tend to improve the minds of his children.
By this means he turned our attention to what was good, just, and prudent in the conduct of life; and little or no notice was ever taken of what related to the victuals on the table, whether it was well or ill dressed, in or out of season, of good or bad flavor, preferable or inferior to this or that other thing of the kind, so that I was bro't up in such a perfect inattention to those matters as to be quite indifferent what kind of food was set before me, and so unobservant of it, that to this day if I am asked I can scarce tell a few hours after dinner what I dined upon.
This has been a convenience to me in traveling, where my companions have been sometimes very unhappy for want of a suitable gratification of their more delicate, because better instructed, tastes and appetites. My mother had likewise an excellent constitution: she suckled all her ten children.
I never knew either my father or mother to have any sickness but that of which they dy'd, he at 89, and she at 85 years of age. They lie buried together at Boston, where I some years since placed a marble over their grave, [15] with this inscription:. By my rambling digressions I perceive myself to be grown old. I us'd to write more methodically. But one does not dress for private company as for a publick ball.
To return: I continued thus employed in my father's business for two years, that is, till I was twelve years old; and my brother John, who was bred to that business, having left my father, married, and set up for himself at Rhode Island, there was all appearance that I was destined to supply his place, and become a tallow-chandler.
But my dislike to the trade continuing, my father was under apprehensions that if he did not find one for me more agreeable, I should break away and get to sea, as his son Josiah had done, to his great vexation. He therefore sometimes took me to walk with him, and see joiners, bricklayers, turners, braziers, etc.
It has ever since been a pleasure to me to see good workmen handle their tools; and it has been useful to me, having learnt so much by it as to be able to do little jobs myself in my house when a workman could not readily be got, and to construct little machines for my experiments, while the intention of making the experiment was fresh and warm in my mind.
My father at last fixed upon the cutler's trade, and my uncle Benjamin's son Samuel, who was bred to that business in London, being about that time established in Boston, I was sent to be with him some time on liking. But his expectations of a fee with me displeasing my father, I was taken home again. Here was the country seat of the Bishop of St. Asaph, Dr. Jonathan Shipley, the "good Bishop," as Dr.
Franklin used to style him. Their relations were intimate and confidential. In his pulpit, and in the House of Lords, as well as in society, the bishop always opposed the harsh measures of the Crown toward the Colonies. Every year whose number in the common reckoning since Christ is not divisible by 4, as well as every year whose number is divisible by but not by , shall have days, and all other years shall have days.
In the eighteenth century there was a difference of eleven days between the old and the new style of reckoning, which the English Parliament canceled by making the 3rd of September, , the 14th. The Julian calendar, or "old style," is still retained in Russia and Greece, whose dates consequently are now 13 days behind those of other Christian countries.
The house where he was born was burned in Pastor of the North Church, Boston. He took an active part in the persecution of witchcraft. ROM a child I was fond of reading, and all the little money that came into my hands was ever laid out in books.
Pleased with the Pilgrim's Progress , my first collection was of John Bunyan's works in separate little volumes. I afterward sold them to enable me to buy R. Burton's Historical Collections ; they were small chapmen's books, [16] and cheap, 40 or 50 in all.
My father's little library consisted chiefly of books in polemic divinity, most of which I read, and have since often regretted that, at a time when I had such a thirst for knowledge, more proper books had not fallen in my way, since it was now resolved I should not be a clergyman. Plutarch's Lives there was in which I read abundantly, and I still think that time spent to great advantage. Mather's, called Essays to do Good , which perhaps gave me a turn of thinking that had an influence on some of the principal future events of my life.
This bookish inclination at length determined my father to make me a printer, though he had already one son James of that profession. In my brother James returned from England with a press and letters to set up his business in Boston. I liked it much better than that of my father, but still had a hankering for the sea.
To prevent the apprehended effect of such an inclination, my father was impatient to have me bound to my brother. I stood out some time, but at last was persuaded, and signed the indentures when I was yet but twelve years old. I was to serve as an apprentice till I was twenty-one years of age, only I was to be allowed journeyman's wages during the last year. In a little time I made great proficiency in the business, and became a useful hand to my brother.
I now had access to better books. An acquaintance with the apprentices of booksellers enabled me sometimes to borrow a small one, which I was careful to return soon and clean. Often I sat up in my room reading the greatest part of the night, when the book was borrowed in the evening and to be returned early in the morning, lest it should be missed or wanted.
And after some time an ingenious tradesman, Mr. Matthew Adams, who had a pretty collection of books, and who frequented our printing-house, took notice of me, invited me to his library, and very kindly lent me such books as I chose to read. I now took a fancy to poetry, and made some little pieces; my brother, thinking it might turn to account, encouraged me, and put me on composing occasional ballads.
One was called The Lighthouse Tragedy , and contained an account of the drowning of Captain Worthilake, with his two daughters: the other was a sailor's song, on the taking of Teach or Blackbeard the pirate. They were wretched stuff, in the Grub-street-ballad style; [17] and when they were printed he sent me about the town to sell them. The first sold wonderfully, the event being recent, having made a great noise. This flattered my vanity; but my father discouraged me by ridiculing my performances, and telling me verse-makers were generally beggars.
So I escaped being a poet, most probably a very bad one; but as prose writing has been of great use to me in the course of my life, and was a principal means of my advancement, I shall tell you how, in such a situation, I acquired what little ability I have in that way. There was another bookish lad in the town, John Collins by name, with whom I was intimately acquainted.
We sometimes disputed, and very fond we were of argument, and very desirous of confuting one another, which disputatious turn, by the way, is apt to become a very bad habit, making people often extremely disagreeable in company by the contradiction that is necessary to bring it into practice; and thence, besides souring and spoiling the conversation, is productive of disgusts and, perhaps enmities where you may have occasion for friendship. I had caught it by reading my father's books of dispute about religion.
Persons of good sense, I have since observed, seldom fall into it, except lawyers, university men, and men of all sorts that have been bred at Edinborough. A question was once, somehow or other, started between Collins and me, of the propriety of educating the female sex in learning, and their abilities for study.
In February , Microsoft announced changes again in delivering updates in beginning of release of version : a single SAC will be released and SAC-T will be retired, and users are no longer able to switch to different channels.
Instead, these updates can be deferred from 30 to 90 days, or depending how the device was configured to deferred the updates. Feature updates prior to version were distributed solely as an in-place upgrade installation, requiring the download of a complete operating system package approximately 3.
Unlike previous builds, version was designed primarily as an update rollup version of , which focused primarily on minor feature additions and enhancements. For upgrades to from , a new delivery method was used where its changes were delivered as part of the monthly cumulative update, but were left in a dormant state until the update "enablement" patch is installed.
The full upgrade process was still used for those using builds prior to In May , Microsoft unveiled Fluent Design System previously codenamed "Project Neon" , a revamp of Microsoft Design Language 2 that will include guidelines for the designs and interactions used within software designed for all Windows 10 devices and platforms.
The new design language will include the more prominent use of motion, depth, and translucency effects. Microsoft stated that the implementation of this design language would be performed over time, and it had already started to implement elements of it in Creators Update and Fall Creators Update. On December 7, , Microsoft announced that, as part of a partnership with Qualcomm, it planned to introduce support for running Win32 software on ARM architecture with a bit x86 processor emulator, in Terry Myerson stated that this move would enable the production of Qualcomm Snapdragon -based Windows devices with cellular connectivity and improved power efficiency over Intel-compatible devices, and still capable of running the majority of existing Windows software unlike the previous Windows RT , which was restricted to Windows Store apps.
Microsoft is initially targeting this project towards laptops. In August , Microsoft began testing changes to its handling of the user interface on convertible devices—downplaying the existing "Tablet Mode" option in favor of presenting the normal desktop with optimizations for touch when a keyboard is not present, such as increasing the space between taskbar buttons and displaying the virtual keyboard when text fields are selected.
In April , the ability to run Linux applications using a graphical user interface , such as Audacity , directly in Windows, was introduced as a preview. The basic hardware requirements to install Windows 10 were initially the same as those for Windows 8 and Windows 8. As of the May update, the minimum disk space requirement has been increased to 32 GB. In addition, on new installations, Windows permanently reserves up to 7 GB of disk space in order to ensure proper installation of future feature updates.
The bit variants require a CPU that supports certain instructions. Some pre-built devices may be described as "certified" by Microsoft. Unlike Windows 8, OEMs are no longer required to make Secure Boot settings user-configurable, meaning that devices may optionally be locked to run only Microsoft-signed operating systems.
Windows 10 version and later do not support Intel Clover Trail system-on-chips, per Microsoft's stated policy of only providing updates for devices during their OEM support period. Starting with Windows 10 version , Microsoft will require new OEM devices to use bit processors, and will therefore cease the distribution of x86 bit variants of Windows 10 via OEM channels.
The bit variants of Windows 10 will remain available via non-OEM channels, and Microsoft will continue to "[provide] feature and security updates on these devices". The maximum amount of RAM that Windows 10 can support varies depending on the product edition and the processor architecture. Windows 10 supports up to two physical processors. Windows 10 received generally positive reviews, with most reviewers considering it superior to its predecessor Windows 8. The Edge browser was praised for its performance, although it was not in a feature-complete state at launch.
While considering them a "great idea in principle", concerns were shown for Microsoft's focus on the universal app ecosystem:. It's by no means certain that developers are going to flock to Windows 10 from iOS and Android simply because they can convert their apps easily.
It may well become a no-brainer for them, but at the moment a conscious decision is still required. Engadget was similarly positive, noting that the upgrade process was painless and that Windows 10's user interface had balanced aspects of Windows 8 with those of previous versions with a more mature aesthetic.
Cortana's always-on voice detection was considered to be its "true strength", also citing its query capabilities and personalization features, but noting that it was not as pre-emptive as Google Now. Windows 10's stock applications were praised for being improved over their Windows 8 counterparts, and for supporting windowed modes.
The Xbox app was also praised for its Xbox One streaming functionality, although recommending its use over a wired network because of inconsistent quality over Wi-Fi.
In conclusion, it was argued that "Windows 10 delivers the most refined desktop experience ever from Microsoft, and yet it's so much more than that. It's also a decent tablet OS, and it's ready for a world filled with hybrid devices. And, barring another baffling screwup, it looks like a significant step forward for mobile.
Heck, it makes the Xbox One a more useful machine. On the other hand Ars Technica panned the new Tablet mode interface for removing the charms and app switching, making the Start button harder to use by requiring users to reach for the button on the bottom-left rather than at the center of the screen when swiping with a thumb, and for making application switching less instantaneous through the use of Task View.
Microsoft Edge was praised for being "tremendously promising", and "a much better browser than Internet Explorer ever was", but criticized it for its lack of functionality on-launch.
In conclusion, contrasting Windows 8 as being a "reliable" platform albeit consisting of unfinished concepts, Windows 10 was considered "the best Windows yet", and was praised for having a better overall concept in its ability to be "comfortable and effective" across a wide array of form factors, but that it was buggier than previous versions of Windows were on-launch. Critics have noted that Windows 10 heavily emphasizes freemium services, and contains various advertising facilities.
Some outlets have considered these to be a hidden "cost" of the free upgrade offer. Due to the high system requirements of its Windows 10's successor Windows 11 , some critics have cited Windows 10 being better than its successor and have warned not to switch to Windows 11 given its high system requirement despite very limited new features compared to Windows Up to August , Windows 10 usage was increasing, with it then plateauing , [] while eventually in , it became more popular than Windows 7 [] [] though Windows 7 was still more used in some countries in Asia and Africa in As of March [update] , the operating system is running on over a billion devices, reaching the goal set by Microsoft two years after the initial deadline.
Twenty-four hours after it was released, Microsoft announced that over 14 million devices were running Windows According to StatCounter, Windows 10 overtook Windows 8. For one week in late November , Windows 10 overtook first rank from Windows 7 in the United States, before losing it again. In mid-January , Windows 10 had a slightly higher global market share than Windows 7, [] with it noticeably more popular on weekends, [] while popularity varies widely by region, e.
Windows 10 was then still behind in Africa [] and far ahead in some other regions e. Windows 10 Home is permanently set to download all updates automatically, including cumulative updates, security patches, and drivers, and users cannot individually select updates to install or not. Concerns were raised that because of these changes, users would be unable to skip the automatic installation of updates that are faulty or cause issues with certain system configurations—although build upgrades will also be subject to public beta testing via Windows Insider program.
An example of such a situation occurred prior to the general release of the operating system, when an Nvidia graphics card driver that was automatically pushed to Windows 10 users via Windows Update caused issues that prevented the use of certain functions, or prevented their system from booting at all. Criticism was also directed towards Microsoft's decision to no longer provide specific details on the contents of cumulative updates for Windows Some users reported that during the installation of the November upgrade, some applications particularly utility programs such as CPU-Z and Speccy were automatically uninstalled during the upgrade process, and some default programs were reset to Microsoft-specified defaults such as Photos app, and Microsoft Edge for PDF viewing , both without warning.
Further issues were discovered upon the launch of the Anniversary Update "Redstone" , including a bug that caused some devices to freeze but addressed by cumulative update KB, released on August 31, , [] [] and that fundamental changes to how Windows handles webcams had caused many to stop working. A Gartner analyst felt that Windows 10 Pro was becoming increasingly inappropriate for use in enterprise environments because of support policy changes by Microsoft, including consumer-oriented upgrade lifecycle length, and only offering extended support for individual builds to Enterprise and Education editions of Windows Critics have acknowledged that Microsoft's update and testing practices had been affecting the overall quality of Windows In particular, it was pointed out that Microsoft's internal testing departments had been prominently affected by a major round of layoffs undertaken by the company in Microsoft relies primarily on user testing and bug reports via the Windows Insider program which may not always be of sufficient quality to identify a bug , as well as correspondence with OEMs and other stakeholders.
In the wake of the known folder redirection data loss bug in the version , it was pointed out that bug reports describing the issue had been present on the Feedback Hub app for several months prior to the public release. Following the incident, Microsoft updated Feedback Hub so that users may specify the severity of a particular bug report. When announcing the resumption of 's rollout, Microsoft stated that it planned to be more transparent in its handling of update quality in the future, through a series of blog posts that will detail its testing process and the planned development of a "dashboard" that will indicate the rollout progress of future updates.
Microsoft was criticized for the tactics that it used to promote its free upgrade campaign for Windows 10, including adware -like behaviors, [] using deceptive user interfaces to coax users into installing the operating system, [] [] [] [] downloading installation files without user consent, [] [] and making it difficult for users to suppress the advertising and notifications if they did not wish to upgrade to In September , it was reported that Microsoft was triggering automatic downloads of Windows 10 installation files on all compatible Windows 7 or 8.
Microsoft officially confirmed the change, claiming it was "an industry practice that reduces the time for installation and ensures device readiness. Other critics argued that Microsoft should not have triggered any downloading of Windows 10 installation files without user consent. In October , Windows 10 began to appear as an "Optional" update on the Windows Update interface, but pre-selected for installation on some systems.
A Microsoft spokesperson said that this was a mistake, and that the download would no longer be pre-selected by default. In March , some users also alleged that their Windows 7 and 8. It was concluded that these users may have unknowingly clicked the "Accept" prompt without full knowledge that this would begin the upgrade. On January 21, , Microsoft was sued in small claims court by a user whose computer had attempted to upgrade to Windows 10 without her consent shortly after the release of the operating system.
The upgrade failed, and her computer was left in a broken state thereafter, which disrupted the ability to run her travel agency. However, in May , Microsoft dropped the appeal and chose to pay the damages. Shortly after the suit was reported on by the Seattle Times , Microsoft confirmed it was updating the GWX software once again to add more explicit options for opting out of a free Windows 10 upgrade; [] [] [] the final notification was a full-screen pop-up window notifying users of the impending end of the free upgrade offer, and contained "Remind me later", "Do not notify me again" and "Notify me three more times" as options.
In March , Microsoft announced that it would display notifications informing users on Windows 7 devices of the upcoming end of extended support for the platform, and direct users to a website urging them to upgrade to Windows 10 or purchase new hardware. This dialog will be similar to the previous Windows 10 upgrade prompts, but will not explicitly mention Windows Privacy advocates and other critics have expressed concern regarding Windows 10's privacy policies and its collection and use of customer data.
Users can opt out from most of this data collection, [] [] but telemetry data for error reporting and usage is also sent to Microsoft, and this cannot be disabled on non-Enterprise editions of Windows Rock Paper Shotgun writer Alec Meer argued that Microsoft's intent for this data collection lacked transparency, stating that "there is no world in which 45 pages of policy documents and opt-out settings split across 13 different settings screens and an external website constitutes 'real transparency'.
The Russian government had passed a federal law requiring all online services to store the data of Russian users on servers within the country by September or be blocked. But Microsoft is held to a different standard than other companies". The Microsoft Services agreement reads that the company's online services may automatically "download software updates or configuration changes, including those that prevent you from accessing the Services, playing counterfeit games, or using unauthorized hardware peripheral devices.
In September , Microsoft hid the option to create a local account during a fresh installation if a PC is connected to the internet. This move was criticized by users who did not want to use an online Microsoft account. In late-July , Windows Defender began to classify modifications of the hosts file that block Microsoft telemetry servers as being a severe security risk.
From Wikipedia, the free encyclopedia. This is the latest accepted revision , reviewed on 20 December This article is about the operating system for personal computers. For the related now discontinued operating system for mobile devices, see Windows 10 Mobile. For the series of operating systems produced from to , see Windows 9x.
Closed-source source-available through the Shared Source Initiative Some components free and open-source [1] [2] [3] [4]. List of languages. For the Windows versions produced from to , see Windows 9x. For the Windows version following Windows 8, see Windows 8. Main article: Features new to Windows See also: List of features removed in Windows Main article: List of typefaces included with Microsoft Windows. Main article: Windows 10 editions.
See also: Windows Insider. Main article: Windows 10 version history. Main article: Criticism of Windows This section duplicates the scope of other articles , specifically Criticism of Windows Please discuss this issue on the talk page and edit it to conform with Wikipedia's Manual of Style by replacing the section with a link and a summary of the repeated material or by spinning off the repeated text into an article in its own right.
June Windows PC market share of Windows statistics Windows Business and economics portal. Retrieved August 31, Microsoft Support. Windows Insider Blog. November 10, Retrieved June 13, NET Core 3. NET Foundation. June 5, Ars Technica. December 5, Microsoft Update Catalog. October 16, Archived from the original on October 23, Windows Evaluations. Retrieved November 27, Retrieved June 27, June 1, Retrieved June 1, CBS Interactive. Retrieved May 14, Retrieved September 10, PC World.
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PC Pro. July 29, April 23, Retrieved July 16, March 20, Microsoft says Hello to palm-vein biometrics". Retrieved February 10, March 17, Retrieved March 17, Retrieved July 18, Microsoft Docs. Retrieved October 30, Windows Developer Blog. June 17, Retrieved January 2, This means you can now use WSL for machine learning, artificial intelligence, and data science scenarios more easily when big data sets are involved.
Scott Hanselman's Blog. Windows PowerShell Blog. Archived from the original on April 2, Retrieved March 20, Retrieved January 23, Retrieved April 29, Retrieved March 25, June 15, Retrieved August 26, Retrieved January 9, Retrieved October 21, Retrieved October 22, Risk sharing develops opportunities while engaging all partners in achieving strategic goals and the gains and loss are then shared accordingly.
The nature of strategies to mitigate risk often depends on the experience of the risk manager who may consider one or more of the following [ 3 ]:. It seems the simplest of all methods of addressing a risk is by retaining an identified risk that may not potentially impact upon the operations of a business.
It is important to continuously monitor such risks for in the absence of careful monitoring, the risks may become threats in due time. A dedication towards risk management often projects a wiser professional image to the community. In doing so, the stake holders recognize the fact that the concerned organization has a keen interest in safeguarding its assets as well as that of its employees, visitors and volunteers among others.
Every organization irrespective of size clearly strives to reduce the risks involved. In order to reduce risk organizations have to align their policies and structures in a consistent manner and constantly monitor business activities. Also, there is a need to allocate resources financial, human resource, technology etc.
It is also important to ensure personnel working at different levels in the organization report to the appropriate authorities when a risk is identified.
Such a culture enables an organization to document and then undertake suitable and timely measures to avert risks.
In the risk management process, data capture and reporting can provide valuable insights into the risk management process. A sample risk management planning template is shown in Table 1. As discussed, risk management team play a vital role in identifying and addressing risks.
It is necessary to constantly monitor and evaluate the strategies that are employed to manage risks. This is because risks do not remain the same - new risks are created, existing risks are increased or decreased, some risks may no longer exist and previous or existing risk management strategies may no longer be effective.
In the end risks can originate from accidents, legal liabilities, natural causes and disasters, uncertainty in financial markets, credit risk, project failures at any phase in design, development, production, or sustainment life-cycles , or events of unpredictable root-cause.
The risk management definitions, methods and goals vary widely according to the context of project management, security, engineering, industrial processes, financial portfolios, actuarial assessments, public health and safety and real estate.
An important aim of the paper is to study and review the real estate market in Australia to identify risk and rewards as well as compare the Australian market conditions and performance with the rest of the world. Therefore, the focus of the next section is on risks in the real estate market. Types of risk in real estate market.
As is the case with every other industry, there are several risks in the real estate market. For example, there exists a risk factor in land procurement; housing development; asset management; property management; tenancy management to name a few [ 13 ].
The risks may be classified as internal or external risks Figure 4. In turn, the internal and external risks can be divided into various other risk categories shown in Figure 5 and Figure 6 [ 14 ]. Builders, project managers, owners and investors who plan to make an investment or hold an investment in the property market may need to consider one or more of the following risks and then implement appropriate strategies for their projects to be successful.
Internal risk can be divided into financial management, human resources, property management, legislative compliance, corporate governance and housing management as shown in Figure 5. Financial management: A detailed analysis of any proposed or existing projects need to be conducted for project viability.
It is also important to plan the cash flow and management of the same. A poor cost control may lead to a budget over shoot and the project may run into un-chartered territories.
When it comes to servicing the debt due care needs to be given to income streams - to take into account either reduction or loss of future income streams. In this regard, banking organisations need to be diligent in testing the capacity to repay the loans that are being offered. Fraud often occurs in real estate market mainly involving the use of false documents regarding number of properties, outgoing fees or rates, income streams and so on.
Internal risk Source: adapted from Sheryl and Adam [ 14 ]. Insurance also plays a vital role in financial management of a project or investment. Adequate insurance is needed to cover the various risks that may be involved such as the type of property, its location, exposure to natural calamities etc. Insurance also need to be updated with the changes in conditions. Property management of a construction project: During the construction of a new project the builders needs to plan their inventory and keep control of their stocks irrespective of the size of the project.
Stock control starts from buying goods to using and maintaining them, and also reusing or reordering as required. Quality of the stock also plays a vital role in real estate business. To maintained quality several techniques are adapted. Just in time technique where items are ordered when necessary and used immediately , minimum stock level technique and stock review technique.
Contractors play an important role in success of a construction project. They are responsible for recruitment and supervision of employees working on the project. Contractors are also responsible for material management coordinating with suppliers thus acquiring necessary goods in time for the construction phases. Poor response from the contractors or failure to perform their duties will delay the project and overshoot budgets.
Legislation compliance: Often a property holder has to disclose his personal and financial information to third party. Protecting information plays a key issue in this business. Once all the parties are ready to proceed it is necessary to have a privacy act is in place so that all information is secure.
The corporation act provides the guidelines for conflicts or issues arising in construction or maintenance of a property. There are several agencies that provide comprehensive legal services to better understand the litigations involved.
Anti-discrimination law and disability service act also play an important role in real-estate. Property owners are liable for any discriminatory acts. It is important to report any hazard or incident and all incidents should be attended to and documented for future reference.
Corporate governance: Corporate governance plays an important role in risk management in the real estate industry. It is important to properly align the ideas, interests and decisions of managers to the interests of both internal and external shareholders. For example, failure to recruit appropriate personnel may lead to conflicts of interest. If the conflicts are not managed effectively they may have a substantial impact on the company bottom line.
It is also expected that the managements re-inspect and update their policies and procedures to meet the market trends and demands of all concerned stakeholders. Housing management: A holistic management of the investment made in real estate can be defined as housing management.
Housing management includes keeping track of maintenance and financial arrangements. As a common and popular practice the management of an investment property is outsourced to property management companies who appoint property managers to manage and oversee duties as required. Property managers on a daily basis are responsible for taking maintenance requests, collecting rent, dues or other fees and are responsible for the overall upkeep of the property. They also perform routine property inspections and organize inspections for the owners.
Poor performance of the property managers leads to more grievances for the tenants as well as the owners. External risk depends on a number of factors such as economic risk, funding, regulation, environment, reputation, competition, partnerships and natural disasters Figure 2. Each of the factors noted are discussed briefly in turn. Funding: The availability of funding depends on a number of aspects such as the economic situation in general, market performance, and credit based upon any future cash flow.
Some factors that influence economic performance are: change in political regime, rise in the price of raw materials, emergence of a new competitor and disruptions in production process. Market performance usually depends on changes in interest rates, changes in laws, and political and financial market factors. The risk of loss of principal or loss of a financial reward stemming from a borrower's failure to repay a loan or otherwise meet a contractual obligation falls under the funding risk.
It is important to take into consideration as many of the previously mentioned factors while undertaking an investment decision, even when one already has an investment portfolio. Investors often anticipate future cash flow situations while borrowing money to pay a current debt. The failure of the anticipated cash flow leads to credit risk. However credit risk can be considered less likely since most often the investors are compensated by way of interest payments made by the borrower in end.
Regulatory environment: Investors in real estate projects should be aware of the local, state and federal laws and regulations.
These laws depend on economic, credit and market risk as explained above. Failure to comply with the rules and regulation often leads to delays or in the worst case - complete scrapping of the project; all of which may lead to a complete or partial loss of capital invested. Reputation: The reputation of a project developer often attracts investor attention and also provides favorable environment for investments.
Joint ventures and partnerships are possible if the reputations are well known and have been built over time - providing partners the opportunities to win potentially new clients and investors, as well greater opportunities for new investments. An investment made into a company with poor credit history may end up losses of the principle amount invested.
It could also be wise for an investor to know the value of the tangible and intangible assets and the market value of the organization into which an investment is being planned. Competition: Property market plays an important role in the economy. There are several players in the market who usually try to attract investors. It is possible that in the process the investors may receive inappropriate financial advice.
For example, consumers may not be aware of non-disclosed information pertaining to advice they receive. Partnership: Partnership plays an important role in investing, as it reduces the impact of potential risk on the individual or company investment. For an investor to be successful in a real-estate partnership it is important to know the partner well and therefore trust plays a vital role.
The role of each partner does need to be well defined and documented. Having a clear legal document will protect the interest of all partners. It also important to plan and document an exit strategy for all involved, because personal situations may change over time.
Clearly, before a partnership agreement is made it is necessary to conduct a detail research to become self-confident about the deal. Natural disasters: In the real real-estate market, location plays an important factor in the investment decision. A property purchased at an appropriate location is expected to provide a good return on the investment.
One of the main factors affecting location is the potential exposure to natural calamities such as bushfires, floods, sea level raise and erosion to name a few. If the location has a history or is likely to be exposed to a natural disaster it can be expected that the property prices will eventually be exposed to the risk.
Therefore, it is wise to not be enticed into such toxic locations. Other factors that need to be accounted for are the costs of maintenance of properties and the nature and level of insurance required for risky locations, if chosen. It is certain that there are many risks involved in real-estate market as mentioned. While real-estate provides variety of investment options every investor has to find their comfort level upon taking risks involved. It is not easy to decide if a selected property for investment is appropriate, but the decision should be made based on the consideration of all the factors discussed earlier.
In the end however, the willingness to take risks largely depends upon individual preferences and circumstances. The elements that usually determine the scale of risk or reward are the amount of money that is invested, length of time investment, rate of return or property appreciation, depreciation, fees, taxes, inflation etc.
While it is natural for the individual and organizations to invest and expect returns it is important the investors make the informed choice to reduce the odds of losing the principle invested. The potential risks and rewards in investing in the Australian real estate market are investigated next. The speculation about Australian housing market has been intense since The classic sign of an asset bubble. The house price-to-income ratio has been the main focus in Australia.
The house price-to-income ratio is comparatively high when compared to other countries. In the next sections a discussion of the fundamentals that govern the house prices in Australian residential housing market is examined. Also, the potential risks and rewards to the investors are explored in terms of the risk analysis framework presented earlier. Since the U.
Moreover, it is observed that the house price-to-income ratio levels are at levels that are similar to that in the US before the housing market there crashed in However, it is important to analyze the fundamentals that govern Australian residential market price growth against the rest of world.
In the US, the residential finance system played a significant role in the housing bubble of The regulation, residential finance institutional arrangements, and mortgage characteristics aided the excessive demand for housing finance.
Housing finance was available and offered to borrowers with poor borrowing capacities. Consequently, excessive borrowing led to the housing bubble and the collapse of the financial system in the U. S in There are some fundamental differences in the lending practice in Australia when compared to the US [ 21 ].
In Australia the lending process is highly regulated by the institutional arrangement. The lending practices enforce the regulatory provisions on financial institutions forcing them to avoid excessive risk taking behavior. Table 2 outlines the characteristics of housing loans both in the U. S and in Australia. The table highlights the systemic susceptibility to riskier mortgages in the US and that availability of such funds to finance the mortgages were more common than in Australia.
Negative amortization loans are common in the US but no such loans existed in Australia at the time of the crisis. This is also deters financial institutions from offering risky loans. These primary differences stand out to support and contribute to a relatively strong performance of the housing loans in Australia when compared to the US. It is important to note that the share of non-performing loans in Australia were less than 1.
Another fundamental difference is that there is no government sponsored enterprise GSE in Australia while they exist in the US. This potentially provides an impression that bad loans offered to borrowers with poor repayment capacity would be covered by the Federal Government [ 23 ]. The commercial banks are mainly funded by the bank deposits, short term and long-term wholesale debt [ 24 ]. The absence of the so called Federal guarantee restricts Australian banks from any excessive risk taking behavior.
The Loan to Value Ratio LVR refers to the amount of money borrowed against the total value of the property in a home equity loan. The value of the property is determined by the lender and is often significantly less than the purchase price, which often surprise first-time borrowers. Typically, the amount that lenders have been prepared to lend for housing has been restricted by one or both of the following:.
The analysis presented in the previous section shows that Australia is fundamentally different to the US when it comes to the residential housing market. But, how does Australia compare to the other countries in the world?
New research conducted by Lloyds TSB [ 27 ] - International Global Housing Market Review, shows that Australia just made it into the top 10 list of countries with the highest house price increases over the past decade Table 3. Four of the six top performing housing markets since were in the emerging economies of the world. Other major findings of the research include:.
Countries that had large rises in pre-crisis times lost the most after the GFC affected their economies; and. But Spain has seen a major decline in The performance of the established house prices in Australian housing market provided by the Australian Bureau of Statistics ABS is presented in Figure 8. The Australian housing over the past five years has seen some corrections.
Prior to GFC, there has been a considerable growth in the established housing prices. This growth pattern however changed course and reached the worst levels in August when the GFC was setting in.
However, the prices of established homes climbed steeply during the peak of the GFC when markets around the world were playing havoc. This defiance could be mainly attributed to the management initiatives taken by the RBA [ 21 ] and government of Australia. The RBA drastically reduced the interest rates to a record low of 3.
This led to flood of first home buyers entering the market that drove the prices up against all odds. Since the time the incentives have been wound back, and the market and investor sentiment took over. This led to a fall in the growth when compared to the preceding three years and has been mostly in the low sentiment in the past two years. Therefore, although Australian market prices are influenced by the global events, a collapse similar to that seen in markets elsewhere seems appears a distant possibility.
This can be attributed to the underlying government incentives to manage the risks during the crisis. Other micro-economics aspects also helped manage the downturn. Australian annual house price change in the last decade. House prices have been underpinned by a chronic housing shortage in Australia.
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