Preliminary organic petrography of Palaeozoic rocks from the Grand Banks,Newfoundland

Samples of lower Palaeozoic bedrock from the Grand Banks of Newfoundland were examined using reflected light microscopy and Rock-Eval pyrolysis. These samples contained organic material which included bitumen (structureless organic material), acritarchs, chitinozoa, scolecodonts and graptolites. The reflectance of the organic material increased from acritarchs towards graptolites with bitumen showing a wide range of reflectance. Multiple phases of oil migration through one sample were inferred by examination of the bitumens: the lowest reflecting being more recent than the highest reflecting bitumen. Combined reflectance and Rock-Eval analysis indicate that these samples are mature to overmature. The two oldest samples (Arenig-Llanvirn, Ordovician) are assessed as mature and as having potential for generation of liquid hydrocarbons, but must be considered as mainly gas prone.     

Three sipunculan species (two new) from New Zealand

Two new species of Sipuncula arc described from New Zealand; Phascolion temporariae from, the empty tubes of the polychaete Temporaria inexpectata (Mestayeri), and Phascolion tortum from the shells of four species of molluscs. Specimens of Golfingia improvisa (Theel) are also reported from the empty frustules of the foraminiferan Ammodiscoides mestayeri (Cushman) and the sandy tubes of the foraminifera Rhizammina sp. All the species were dredged at depths of 370–660 m from Taiaroa and Papanui Canyons, off the Otago Peninsula, New Zealand. The body cavity of several specimens of G. improvisa contained the larval stage of a nematode.     

A system-level modelling perspective of the KwaZulu-Natal Bight ecosystem,eastern South Africa

The KwaZulu-Natal Bight comprises the only sizeable shelf region on the eastern coast of South Africa, and is influenced by both the Agulhas Current on its seaward side and rivers and estuaries on its landward side. Established knowledge of the effect of the Agulhas Current includes the influence on nutrient concentrations in the bight of a semi-permanent upwelling cell at its northern border (St Lucia) and, to a much lesser extent, of a semi-permanent eddy feature at its southern extremity. Current modelling efforts, however, point to a very important role of land-derived nutrients, which supplement the productivity of food webs of the bight. This connectivity of the bight to its adjacent ecosystems has various implications. First, its productivity has traditionally been viewed via phytoplankton growth, whereas ecosystem modelling efforts point to a very high reliance on imported detritus (mainly land-derived) in order to sustain especially the rich benthic food web. The benthos in the bight dominates the food web, and is in marked contrast to the upwelling system of the west coast of South Africa (Atlantic Ocean) where water-column productivity dominates. Second, the importance of the connectivity of the Thukela Bank prawn-trawling ground to estuarine nursery areas, which has been modelled quantitatively, highlights the significance of this particular ecosystem connectivity for fisheries and also for the Thukela Bank food web. Heterogeneity across the bight is apparent for nutrient turnover rates (carbon, nitrogen, phosphorus), CNP content and stoichiometry, whereas nitrogen is a limiting nutrient across the entire bight. The food web near the Thukela River is richer in nutrient content and more active (higher turnover rates) compared to the northern and southern parts of the bight. This environmental heterogeneity was also apparent from the CNP content and stoichiometry of the various species and species groups in the bight. Requirements to take the hydrodynamic, biogeochemical and first ecosystem modelling efforts towards a meaningful predictive capability are discussed. The importance of adopting a system-level view of the bight and its connected systems for realistic exploration of global change scenarios is highlighted.     

Riverine dominance of a nearshore marine demersal food web: evidence from stable isotope and C/N ratio analysis

The Thukela Bank, KwaZulu-Natal, supports a diverse ecosystem and South Africa’s only prawn fishery. Oceanographic studies suggest riverine input is not important for the biology of this system, whereas biological studies suggest the contrary, with prawn catches increasing with increased fluvial run-off. The aim of this study was to determine (i) the importance of riverine and marine organic matter for the Thukela Bank food web; and (ii) whether there are seasonal changes in the Thukela River stable isotope values, and, if so, whether these are reflected in the isotope values of demersal organisms. Estuarine organic matter, sediments and demersal organisms were collected from several sites across the bank in the wet and dry seasons of 2008, 2009 and 2010. Marine particulate organic matter was also collected in 2010 and analysed for δ13C and δ15N, as well as C/N ratios. There were strong seasonal changes in isotopic values of organic matter and fauna, especially faunal δ13C. There was an apparent time-lag in organisms assimilating riverine organic matter isotopic values, with the isotopic signature of demersal organisms reflecting that of riverine organic matter from the previous season, which is likely the result of tissue turnover time. In 2010, Thukela Bank sediment organic matter was of riverine origin and this maintained the demersal food web. We conclude that Thukela River organic matter is an important input to the food web of the Thukela Bank, indicating that any future damming of the catchment area could have serious consequences for this ecosystem.     

Against (the idea of) financial markets

The difference between bank-based and market-based financial systems is a longstanding and influential conceptual staple of the interdisciplinary literature on finance. This dualistic model has been subjected to wide-ranging critiques over the past decade. Yet, while those critiques productively problematize the relationship between banks and markets presumed by the model, they fail to address the underlying distinction between banks and markets that is also presumed by the model. This article questions that distinction. It argues that financial markets are best understood not as places or platforms where banks and other financial actors come to interact – and thus as essentially separate from banks – but, instead, as, in large part, their interaction; as constituted by it. The article further argues for the political as well as scholarly importance of reconfiguring our ideas of what financial markets are. The idea of markets as separate, reified phenomena not only underpins the scholarly model of bank- and market-based financial systems – it does political work in the wider world, with the appeal to financial markets or, more nebulously, “the market” to rationalize and justify political decision-making having become a commonplace of contemporary public policy discourse.     

Centralization and marginalization: The Chinese banking industry in reform

Based on the distribution patterns of the sub-branches and saving outlets of the Industrial and Commercial Bank of China and the Bank of China in prefectural cities in China between 2001 and 2009, this paper examines how these two Chinese state-owned commercial banks may centralize their operations and thus lead to the possible marginalization of the provision of basic banking services to low value-added customers. The restructuring of SOCBs may not result in high levels of layoff due to the state’s objectives of minimizing both operational costs and political risks. When the politically sensitive issue of (un)employment is not taken into account, the more economically developed cities with larger populations and the more developed telecommunication facilities experience a higher level of centralization of their banking operations. The centralization of banking operations in China is, however, not always at the expense of savings outlets, despite the merging of savings outlets with sub-branches in various Chinese cities. There is circumstantial evidence to suggest the convergence thesis is not applicable to the banking industry in China, which is different from the conventional argument in financial geography that the centralization and marginalization of banking operations are two sides of the same coin as in the restructuring of the Anglo-American banking industries. This difference could be due to the hybrid ownership structures of state-owned commercial banks in China where the boundaries between public and private property rights are blurred.     

Was Grand Banks event of 1929 a slump spreading in two directions?

This paper describes a kinematic model of tsunami generated by submarine slides and slumps spreading in two orthogonal directions. This model is a generalization of our previously studied models spreading in one direction. We show that focusing and amplification of tsunami amplitudes can occur in an arbitrary direction, determined by the velocities of spreading. This kinematic model is used to interpret the asymmetric distribution of observed tsunami amplitudes following the Grand Banks earthquake—slump of 1929.     

Eustatic and hydrodynamic controls on the architecture of a deep shelf sand bank (Celtic Sea)

The architecture of a tidal sand bank in the south-eastern Celtic Sea was examined using very high-resolution seismic surveys. The bank comprises four depositional units. The lowest unit 1 is characterized by gently dipping (1–8°) strata that strike parallel to the length of the bank. Unit 1 is erosionally overlain by unit 2, which forms the bulk of the bank. This unit consists of stacked sets of downcurrent-dipping (7–12°) master bedding formed by climbing, sinuous-crested tidal dunes that are up to 20 m high. These deposits are locally incised by an anastomosed channel network (unit 3) that may represent a buried swatchway system. The upper part of the bank comprises wave-related deposits that are mainly preserved on the bank flanks (unit 4). The outer bank surface is erosional. The bank is believed to have formed during the last post-glacial sea-level rise. The facies evolution from unit 1 to unit 3 indicates an upward increase in tidal energy, mainly characterized by the thickening of dune cross-bed sets in unit 2. The majority of bank growth is inferred to have occurred in water depths of the order of 60 m. This evolution was controlled by relative sea-level rise, which is likely to have caused an episode of tidal resonance with associated strong tidal currents that were responsible for the incision of the deep, cross-cutting channels of unit 3. The transition to wave-dominated sedimentation in unit 4 is related to the decay of resonance with continued sea-level rise.     

New evidence from the western Canadian Arctic Archipelago for the resubmergence of Bering Strait

Widespread molluscan samples were collected from raised marine sediments to date the last retreat of the NW Laurentide Ice Sheet from the western Canadian Arctic Archipelago. At the head of Mercy Bay, northern Banks Island, deglacial mud at the modern coast contains Hiatella arctica and Portlandia arctica bivalves, as well as Cyrtodaria kurriana, previously unreported for this area. Multiple H. arctica and C. kurriana valves from this site yield a mean age of 11.5 ¹⁴C ka BP (with 740 yr marine reservoir correction). The occurrence of C. kurriana, a low Arctic taxon, raises questions concerning its origin, because evidence is currently lacking for a molluscan refugium in the Arctic Ocean during the last glacial maximum. Elsewhere, the oldest late glacial age available on C. kurriana comes from the Laptev Sea where it is < 10.3 ¹⁴C ka BP and attributed to a North Atlantic source. This is 2000 cal yr younger than the Mercy Bay samples reported here, making the Laptev Sea, ~ 3000 km to the west, an unlikely source. An alternate route from the North Atlantic into the Canadian Arctic Archipelago was precluded by coalescent Laurentide, Innuitian and Greenland ice east of Banks Island until ~ 10 ¹⁴C ka BP. We conclude that the presence of C. kurriana on northern Banks Island records migration from the North Pacific. This requires the resubmergence of Bering Strait by 11.5 ¹⁴C ka BP, extending previous age determinations on the reconnection of the Pacific and Arctic oceans by up to 1000 yr. This renewed ingress of Pacific water likely played an important role in re-establishing Arctic Ocean surface currents, including the evacuation of thick multi-year sea ice into the North Atlantic prior to the Younger Dryas geochron.