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The value of money
Jersey’s world renowned role is a thing to be honoured and cherished
THE thrifty Jerseyman, who understands the value of money, works hard and spends wisely, is an Island archetype.
Looking back over our rich history, it is easy to understand why this should be so.
From medieval times onwards Jersey people have been adept at turning the Island’s natural attributes and potential into hard cash.
First came dried fish for export, then cider apples, knitting and the transatlantic cod trade using well-found ships from Jersey shipyards.
Then it was cattle, potatoes, and tourism, followed by rich immigrants and a handsomely profitable finance industry.
There are two principal common factors in this parade of economic diversity – enterprise and money.
It could be said, without too much fear of misrepresentation, that the archetypal Jerseyman of the opening sentence respects enterprise, but loves money.
It is probably no accident that rather than settling for the drab currency of the UK, we have our own colourful notes adorned with a Jersey cow watermark.
In some circles fondness for notes, coins and what they are capable of achieving in the right hands is seen as evidence of weakness of character and even moral terpitude.
As far as individual behaviour goes, this attitude can often be supported, but matters are rather different when we turn to the finance industry which now pays so many of the Island’s bills and gives Islanders such a high average standard of living.
Though we find it very easy indeed to take pride in everything from our scenery to our cows and from our loyalty to the Crown to our links with French culture, the man in the street is most unlikely to say that he feels proud of finance.
But should this be the case? And should we be happy that it is the case?
The modern finance industry has its roots firmly set in the business acumen of Jerseymen – among them the late Senator Cyril Le Marquand, whose insight led to the repeal of the five per cent law and opened the way for the growth of a massively successful offshore finance sector.
We are easily able to feel proud of the late Senator, so why not the prosperous industry he and others with vision managed to create?
When farming had its heyday everyone was happy to bask in the glory reflected from the flanks of the world’s finest dairy cattle and from field upon field of the world’s best new potatoes.
Today the glory deserves to be reflected from an ostensibly less appealing source – the hundreds of offices housing companies and individuals deeply skilled in the arcane business of trusts, funds, banking, legal services and who knows what else.
In these services – not to mention in the regulatory machinery used to oversee them – Jersey is a world leader.
As many people in finance already argue, it could well be high time that the whole Island recognises that, in common with old Jersey sailing ships, the Jersey breed or Jersey produce, finance is a thing to be honoured and cherished.
author - Rob Shipley
This article updated: 2004/02/04 11:37:19
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| ......timelines...... |
| In 1843 Sir John le Couteur bred Beauty, the pedigree Jersey cow regarded as the first example of the modern breed. |
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