  We identify the leading s-wave amplitudes of the SU(3) chiral meson-baryon
Lagrangian with an effective coupled-channel potential which is iterated in a
Lippmann-Schwinger equation. The strangeness $S=-1$ resonance $\Lambda(1405)$
and the $S_{11}(1535)$ nucleon resonance emerge as quasi-bound states of
anti-kaon/nucleon and kaon/$\Sigma$-hyperon. Our approach to meson
photoproduction introduces no new parameters. By adjusting a few finite range
parameters we are able to simultaneously describe a large amount of low energy
data. These include the cross sections of $K^-p$ elastic and inelastic
scattering, the cross sections of eta meson and kaon photoproduction from
nucleons as well as those of pion induced production of etas and kaons (16
different reaction channels altogether).
