Chasing stories and avoiding depression

When the depression caused by the stock-market crash of 1929 hit America my grandfather returned home, bought a farm, married…

When the depression caused by the stock-market crash of 1929 hit America my grandfather returned home, bought a farm, married and . . . here I am. There was not much more that I knew about stocks and shares before entering the world of business journalism last year.

My involvement began in the run-up to the launch of the new "Business This Week" supplements in The Irish Times on a Friday. That was itself a reflection of the enormously increased business activity in Ireland, the move to European Monetary Union, the importance of international business on the economy and the emergence of computer companies as major employers. Last Thursday was a good example of this. It was the day that the biggest ever recruitment drive was made by a single company. Dell Computers announced it was seeking 3,000 additional employees, divided between its plants in Limerick and Bray, Co Wicklow.

It was not typical in that I had a 10 a.m. start to cover a meeting of a Dail Committee meeting on the future of Bord na Mona. That was cancelled, given that "some members had difficulties because of personal arrangements". Government officials never give much away. Normally the day starts at 11 a.m. or 11.30 a.m., finishing at about 8 p.m. The late start sounds nice but is dangerous. If I'm not up early enough, I end up not doing anything else with my day. At the other end, arriving back at your flat at 8.30 p.m. means I never, for example, get to see The Simpsons during the week. For some reason the business journalist's image is slightly sharper than the reporter's traditionally raffish look so the morning time is also reserved for ironing your shirt (if there's nobody to do it for you). Back to Thursday, where I was sent instead to a meeting of Conroy Diamonds and Gold, a company which is the modern equivalent of a gold prospector. If you have a good feeling about them, you can buy their shares in the expectation that you will make your millions when they strike it lucky.

At the meeting reporters were told that early indications had shown that a Co Monaghan site had the potential to be a major gold mine. Not a great story, but it does hold out hope for its investors. It goes in as a "short".

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That afternoon I'm sent to Bray. I get some reaction from the workers at Dell Computers' telesales and support plant on the news that 400 more jobs will be going in there, thereby doubling its capacity. Naturally they are upbeat, with one saying that it sounded like the worst-kept secret of all time. He was right about that as rumours flew in the build-up. On Tuesday, the Minister for Enterprise, Trade and Employment, Mary Harney, was not to be drawn. "It is always better than rumours about job closures," she said.

Getting to Bray and back and writing the piece takes up the rest of the day.

Then Friday brings a shock. "Gold find heralds 500 jobs at mine," says the Examiner's main headline. The story goes on to say that one million ounces of "high grade gold" were discovered in the Co Monaghan site and a mine would be operational in two years. Even the British Financial Times carries the story: "Conroy finds Irish gold".

Have I missed the best story of the year so far? Does disgrace and exile beckon?

So far, no, as the company confirmed that there are hopes, there is arsenic (an indication that gold is around) and there are preliminary test results. So far, though, it's just gold fever.

The business pages may be tucked away past the editorial and letters page but the events they chronicle underpin the wealth and politics of our society. That '29 crash is the harshest lesson this century on how finance governs world events. By the way, October 1999 will be the 70th anniversary of the crash. By then I might be even able to buy my own farm.