Hong Kong recently marked the anniversary of a dark chapter in its history. The collapse of Peregrine Investments. The giant's demise sounded a warning bell. The bubble had burst and it was time to pack up the caviar and re-cork the champagne. Looking back on it all a year later, many insiders picture red ink, sullen faces, and shell-shocked investors. Others picture jello shots. When the great bird went feet up, many staffers decided to kick theirs up too. Directors and minions alike flocked to Lan Kwai Fong to smother their sorrows in jello. Early morning found them staggering around Al's Diner sucking paper cups of wobbling vodka. 'It was like an Irish wake,' said one ex-employee. 'We were out till about 3.' But the recent anniversary was a far more muted affair. Probably because this time everyone had jobs to go to the next day. 'We went back to Al's Diner and chatted about Peregrine,' the former staffer said. 'But it was different this time. We drank beer and we were out by about 10 o'clock.' But with the wisdom of hindsight, what was the true significance of that year-ago night? Did the revellers understand that what was happening to Peregrine was just the tip of the iceberg? Did they sense that Hong Kong's golden era had ended? And was the revelling just a front for the fear and loathing, regrets and recriminations that lurked beneath the surface? Our source is vague on these points. 'I just remember a lot of jello,' he said. One small business is offering casualties of the economic downturn a chance to increase their liquidity on two fronts. A Queen's Road drink vendor is luring passers-by with a giant cardboard sign, scrawled in red pen and taped to his stall. 'Recession offer,' it says. 'All juices $1 less.' The discount has yet to draw crowds. Perhaps its not juicy enough. Thank Heavens for the Hong Kong Observatory! Yesterday their weather-watchers unveiled the fruits of tireless meteorological research. They have discovered that it is no longer warm out. But don't panic. The observatory's experts have hatched a novel contingency plan to tackle the problem. 'People are advised to put on warm clothes and be aware of low body temperature due to the cold weather,' an Observatory press release said. Lai See salutes this contribution to the comfort and health of Hong Kong's citizens. Were it not for the meteorologists, we'd all be wandering about in beachwear, shuddering, mystified, and oblivious to low body temperatures. It seems Bankers Trust and ING Barings have been a bit naughty. The pair earned a judicial scowl for sending scary letters to Sally Aw. 'They wrote to Miss Aw threatening appropriate action if the amounts owing to them were not repaid within seven days,' Mrs Justice Doreen Le Pichon said on Tuesday, while vetoing Miss Aw's bid to sell part of her empire. The creditors baying at the newspaper owner's door had been informed that any attempts to extricate cash from her had to be made through the Official Receiver's office. 'Quite why they chose to send the letters when they did is a matter for speculation, but if intended as a sabre-rattling exercise, suffice to say that it has failed to make any impact,' the judge said. This has no real relevance to anything, but we thought it was clever. Reader Sushil Gyanwali in Shanghai stumbled across this anagram in a newspaper: 'That's one small step for a man, one giant leap for mankind' - Neil A. Armstrong. Rearrange the letters and you get: A thin man ran; makes a large stride; left planet, pins flag on moon. On to Mars!