ASX 24 Trading calendar - 2015

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Law and economics recognises three distinct aspects of property rights. There is the ability to use the property, the ability to transform it into something else, and the ability to alienate it — that is to transfer the property rights to others.

Typically an electricity generator has day trading option 2015 waitangi day consent which allows it to use water to produce electricity but not for any other purpose.

It may not transform it and it may not sell the right to any other although if the generator is privately owned it can be bought and the consent goes with it. The same applies for farmers who have consent which allow a draw-off from an aquifer or river for irrigation purposes. Another consent would be needed if they wanted to use the water for, say, bottling. They are not allowed to transfer the water to another user say, the farmer next door. But suppose a farmer irrigates an onion patch, sells you the onion and you eat it.

The water from the draw-off, now in your body, is unquestionably privatised. So we do fully privatise some water. In effect the consent partially — or, in some cases, fully — privatises water. I want to raise two consequential issues — whether the resource consent should be alienable and what is the Maori entitlement. As far as I can see, there should be no great objections to being day trading option 2015 waitangi day to transfer the usage rights of resource consent to another — there may be a payment in return.

We already do this with the fishing resource day trading option 2015 waitangi day its individual tradeable quotas. The experience elsewhere suggests that typically day trading option 2015 waitangi day transfer of a property right to use water will be on a temporary basis — a lease. I do not think there will necessarily be great efficiency gains but there will be some. One farmer might find it cheaper to put in a storage dam, another might switch to a water-conserving crop, each using the revenue from the lease to fund the investment.

We should be trying to conserve our water and use it effectively. So good water management can enhance the economy. But the water is already at least partially privatised via the resource consents while by partial privatising the state electricity generators the government brought to the fore the Maori dimension. I shall assume, for the purposes of dialogue, that Maori have a claim to the water resource under Te Tiriti o Waitangi similar to their claim to the fishing resource.

The problem with an alternative is that Maori had possession of the water rights on 5 February When and how did they pass to the Crown? I shall also assume that Maori will treat existing private sector property rights as they have already with the private alienation of land. They greatly regretted the loss of the land, but they have not generally demanded back that which has been legally acquired from the Crown.

The emergency Waitangi Tribunal day trading option 2015 waitangi day which followed the proposal to patrially privatise the state's electricity generators were unsatisfactory. I doubt the same mistake will be made a second time which is why the negotiations may well open up to all resource consents for water. What might be the outlines of a settlement? Probably there will be a financial compensation to iwi for consents already privatised, plus an involvement in all further issues of water resource consents.

The fishing settlement included that Maori being automatically given 20 percent of all new quota that was issued. Even so, the final settlements are likely to be complicated and to be on a catchment by catchment basis. The purpose of this contribution is to clarify the issues of property rights and how to think of them in the particular context of the water resource. Additionally it cautions against hotheads — both brown and white — who will offer extreme and ridiculous responses based on shallow analysis.

They will be given far more prominence than their importance — that is the way the media and the public rhetoric works. What I expect is that men and women of goodwill — in the government and in the iwi — will negotiate a deal which will be on the whole fair and efficient but expensive to the taxpayer. As with the case of fisheries, there has to be an accounting and we the tax payers end up compensating the original owners not the people or companies that get the benefit.

Trading water is a pretty darn complicated beast compared to other markets. It has to be specific to the part of the catchment -- upper catchment large water takes are different to the lower day trading option 2015 waitangi day large water takes, what if trading allowed water takes to be shifted further up the catchment?

Then there is the use of water to dilute contaminants. Does that mean having to buy sufficient water rights. Perhaps a partial market option is best -- pay for the weather used, but not able to transfer to others? How day trading option 2015 waitangi day RMA s which specifically allows for transfers? Would it be out of line to suggest a little more research into your subject matter may not be such a bad thing. Does the government take money specifically for day trading option 2015 waitangi day water it allows people to use via consents other than the cost of administering the consent system?

If so, I can see how the argument might work. On the other hand, we might think that the government only has the right and obligation to manage water resources and not to sell water this is my unconsidered view.

That doesn't stop a farmer selling an onion or a vintner selling wine, but it does mean that Maori have no entitlement to money for water consents, although they might be entitled to representation on any body that dispenses them. Regional and Unitary Councils can charge for the administration of water take consents as far as Day trading option 2015 waitangi day am aware. Section 36 I think.

But it would be a conflict for a regulator to charge on a royalty basis. Wrong incentive given their role. Why do I get the feeling that domestic and recreational water users would be worse off under a water rights market?

I agree, with my person addition that I think an authority selling water rights is wrong from an ethical perspective. Some contributors overlooked that water rights exist insofar as there are consents under the RMA to use water. My first point was to raise the question as to whether they should be transferable. So, Andrew R,I may bow to your expert knowledge of the technical difficulties but repeat they have or have not been solved by the issuing of the consents.

Thankyou, Phil Meup, I was unaware hydro trader. Glad to be corrected; it makes the Maori settlement easier. Does it have the right to give it away? The issue of tradeable water rights raises the bogey of major economic interests dominating the resource, as has happened with fisheries quota. One other matter - I note that in the current drought, irrigation interests are clamouring for use of "alpine water".

It seems these lobbyists expect to get use of that water for nothing. But a manufacturer doesn't get free raw materials from suppliers, so why should irrigators get free water from the public estate? The Greens suggested resource rentals for commercial water users a while back - anathema to National, of course. The reality is that irrigators and farmers seek to quietly privatise what is a public asset.

That process masks a contradiction. The rural sector is strident in its views on the sanctity of private property, but conspicuously silent when it comes to taking public property.

Post new comment You must be logged in to post a day trading option 2015 waitangi day. Related Stories The New Zealand story: Does Economic and Political Liberalisation Work?

Log in Join Pundit Send us a story. My spy boy told your spy boy, "I'm gonna set you flag on fi-yo. A submission on the Electoral Day trading option 2015 waitangi day Amendment Act.

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And we should all have great confidence that it will continue to strengthen. Like the first Maori who arrived here many hundreds of years ago, European settlers arrived by sea.

They must have had a sense of adventure. Like the first Maori navigators they braved the often ill-tempered Pacific Ocean to strike out from their homes and make landfall here.

The whalers, the sailors, the men and women who came here to till the land and take their chances — they would have had many reasons for leaving their homes in the Northern Hemisphere. Homes many of them would never see again.

Those who signed the Treaty of Waitangi in began forging the bonds of the special partnership we share today. But the Treaty partnership we commemorate today acknowledges the bonds that have underpinned the creation of a special country.

Just think about what we have achieved in that time. The great scientists, adventurers, sports men and women, pioneers and dreamers who call themselves New Zealanders. The artists, writers, singers and musicians, actors and directors who not only entertain us, but who have also created a body of stories and songs which could have only been made in New Zealand.

And the leaders, Maori and Pakeha alike, who have developed a Treaty partnership which is admired around the world. The high points, the low points, the triumphs, the mistakes and the unexpected successes. They mingled with people hawking cold roasts, pork and bread, and rum-sellers, and the bay was a flotilla of canoes and ships with flags flying. They met under the marquee, made of stitched-together sailcloth, surrounded by a handful of Europeans. And the generosity of Maori, and the good faith of both people, has led to the New Zealand we know today, and to the relationship we share.

We have some of the best legacies of Britain: We welcome people from all parts of the world who want to make New Zealand their home, because they want to be part of the nation we have created. The Treaty is a formal agreement but it must be interpreted over time, and adapt to new situations, through negotiation between the Treaty partners.

Many issues have a long and nuanced history, lived through by many people from all walks of life. But I am confident that when we celebrate the bicentenary of the Treaty signing in , we will look back to today and be proud of what we have achieved since. Those 25 years have passed quickly. It seems like too short a time for anything in New Zealand to have changed much at all.

How best to develop Maori land, with its multiple owners, has vexed lawmakers for over years. Those settled iwi are creating success stories. They see the post-settlement environment as their chance to shape their own destiny. Settlements may represent a fraction of what was actually lost. But they let iwi move on and make better futures, and create more opportunities, for their people. But I know if he were here, he would reiterate to you his belief that by , all willing iwi should be settled.

Yes, there certainly are challenges to educational achievement and we do have a long way to go to eliminate that disparity - but progress is evident. A better education means equality of opportunity for New Zealanders, regardless of their background.

Time and time again, we see the evidence that success at school means better, higher-paying jobs, a greater standard of living and more opportunities.

Now, Maori are living longer — around six more years than in Immunisation rates among Maori children are up and infant mortality rates have fallen. For the Government, it means ensuring our education system works for all students. It also means developing initiatives to support young people and families in other areas. We also need to get alongside families and give them the right support.

There is one more aspect of New Zealand I would like to see changed. The current flag represents the thinking by and about a young country moving from the s to the s. Our role in the world was very different then. Our relationship to the rest of the world has changed over time.

I think, and I believe many New Zealanders feel the same, that the flag captures a colonial and post-colonial era whose time has passed. During this parliamentary term, New Zealanders will be asked to participate in a two-step referendum process to choose an alternative flag, and decide whether or not that flag should replace the current one.

At the same time, I acknowledge there may be many New Zealanders who want to retain the existing flag, and that will be one option. Regardless of your view, this milestone year in our history is a good time to discuss the flag, formally and respectfully, allowing New Zealanders to have their say.

I imagine it was all over in a matter of minutes. If we choose a new flag, it will serve us in times of celebration and remembrance, like Waitangi Day. On Waitangi Day we remember when our nation-building began, and we celebrate the hope and optimism our forebears must have felt when they oversaw the creation of a new country.

In years, New Zealand has achieved much. In the 25 years since the thanniversary of the signing of the Treaty, some of those achievements, like the settlement process itself, have brought about great change. I am confident the next 25 years will deliver more promises, passion and achievements as we work together to tackle the challenges that will be thrown at us.

Twitter Facebook Linkedin Email. Rau rangatira ma e huihui nei, Nau mai, haere mai ki Waitangi. Today we commemorate years of the Treaty of Waitangi relationship.

But I bet they were united by a common thread of hope and optimism. Hope for a better life than the one they had left behind. And hope for a new society and new opportunities for themselves and their children. Over time, those bonds have been tested. The first person to split the atom, the first women voters, the first conqueror of Everest. The first Rugby World Cup winners. I am sure the Treaty signatories here at Waitangi felt the same. The next day, the 6th, was meant to be a rest day.

And we have a culture infused with the customs, knowledge and tikanga of the tangata whenua. There are still things to work through. The last big Treaty commemoration was in — 25 years ago.

But in things were different. New Zealand, for example, was governed under First Past the Post. The Maori Party has brought a rich dimension to this Government since That was still five years into the future. The Crown has now signed 72 deeds of settlement — 46 of those in the past six years. All willing and able iwi are engaged with the Crown. New Zealand as a whole is better off for that. There have been other positive changes since Education is one example.

Another area is health. In the early s around 50 per cent of Maori regularly smoked. So in 25 years, many gains have been made. We can do even better over the next 25 years, too. New Zealanders just started doing it, because it felt right. It feels like the right kind of representation of who we are as a nation. In , every willing and able iwi will be settled.

And in , I want to see the disparity in educational achievement eliminated. Like subsidising early childhood education. When you give families what they actually need, great changes can happen. Three flags were displayed on short poles at Waitangi, voted on, and the winning one hoisted.