Financial Statements Analysis of Competitors

Financial Statements Analysis of Competitors The two U.S. companies Lowes and Home Depot are two leading competitors on the DYI market who are both listed on the U.S. stock market. You are to carry out a financial statement analysis of these two companies covering the period 2002 to 2006. Specifically, you are to: 1. Analyze and evaluate the balance sheet for assets and liabilities that are not recorded. Kohlbeck (2004) argues that, using the case of banks, few firms disclose the value of their intangible assets, and few provide any information enabling investors to make an informed judgement as to the value of these assets. As such, given that companies will tend to categorise and record the value of all their tangible assets, actually quantifying the value of any assets that are not recorded on the balance sheet is likely to be very difficult. Bodenhorn (1984) argues that non recorded assets can have a value assigned to them from the future value of the cash flows that they will generate. However, again companies rarely assign cash flows to intangible assets, such as branding, further making this difficult. As such, the analysis and evaluation will need to take on a qualitative nature. Both Lowe’s (Shareholder.com, 2008) and Home Depot (SEC, 2008) provide details of cash and cash equivalents, short-term investments, and inventory in their current assets, and land, buildings, equipment, leasehold improvements and construction in progress in their fixed assets. However, Lowe’s does not include any trade receivables in their current assets. This could mean that the company does not have any trade receivables, or it could imply that the company is being prudent, and not recognising these receivables until they have been paid. In addition, Lowe’s does not record any goodwill, which could mean that the company has either not made any acquisitions, that it has only paid market value for them, or that it is not recording the goodwill as it does not see it as a reasonable asset: maybe the value of the goodwill will need to be downgraded. Neither company has recorded any asset value for brand value, employee skills and knowledge, or customer loyalty. Whi lst this is in accordance with international accounting standards, it nevertheless fails to acknowledge what could be a significant source of value for the companies (Quick, 2002). In terms of liabilities that are not recorded, the only potential items which may not have been recorded are pension liabilities, with neither company including them as an item of their annual reports. Whilst the FASB issues Statement No 158 in 2007, which made it a requirement for employers to move pension liabilities onto the balance sheet (Miller and Bahnson, 2007a), this requirement may not yet have impacted on these accounts. Other than this, modern accounting standards generally require that all liabilities be kept on balance sheet, hence there are unlikely to be any other liabilities which are not recorded by the balance sheets. 2. Analyze and evaluate the balance sheet for the current value of assets and liabilities. When determining the current value of assets and liabilities, it is necessary to consider both their balance sheet value and their liquidity (Allen and Carletti, 2006). For example, if inventory has to be sold off quickly, it will rarely achieve its full valuation, and items such as goodwill will have no immediate current value. In contrast, banks can often call in loans and other liabilities at their full value. Applying this to the two balance sheets: Cash and cash equivalents can be counted at full value Short-term investments will be counted at 80% of value, to reflect losses and penalties on disposal Receivables will be counted at 90%, as bad debts will likely increase in the event of a quick sale Merchandise inventories will be counted at 20% to reflect the difficulty in disposing of them Other current assets, deferred income taxes, and goodwill will be excluded, as they have no tangible saleable value. Property and associated fixed assets will be counted at 50%. Long term investments and notes will not be counted, as it may not be possible to recover this money in short order. Lowe’s: ItemBook valueCurrent value Cash and cash equivalents281281 Short-term investments249200 Merchandise inventory7,6111522 Deferred income taxes2470 Other current assets2980 Property, less accumulated depreciation21,36110,681 Long-term investments5090 Other assets3130 Total assets30,86912,684 Total liabilities14,77114,771 Net value16,098(2,087) Home Depot ItemBook valueCurrent value Cash and Cash Equivalents445445 Short-Term Investments129 Receivables, net1,2591,133 Merchandise Inventories11,7312,346 Other Current Assets1,2270 Net Property and Equipment27,47613,738 Notes Receivable3420 Goodwill1,2090 Other Assets6230 Total assets44,32417,671 Total liabilities26,61026,610 Net value17,714(8,939) Whilst this analysis is somewhat basic, and the assumptions contained within it have not been rigorously tested, it demonstrates that, in the event that either company’s full liabilities became payable at short notice, both companies could have difficulty raising enough money to cover them. However, this is unlikely as both companies have a significant amount of their liabilities in the form of long term loans, which are unlikely to become due immediately. 3. Analyze and interpret the effect on financial results and ratios of the companies choices of accounting methods and assumptions made under these accounting methods. In accordance with the US GAAP, both companies declare that they use estimates for determining the carrying value of assets and liabilities which cannot be otherwise determined (Miller and Bahnson, 2007b). As such, both companies acknowledge that the value they have applied to some of their assets and liabilities may be different from their actual value, which would depend on the circumstances in which these items were valued. This has had an effect on the financial results because, if the estimated value is incorrect, it will potentially have an impact on profits and net asset values, and hence affect all ratios which depend on these items. Furthermore, the companies have both declared cash and cash equivalents to be made up of actual cash, cash in deposit accounts, and investments with maturity dates of less than three months from the date of purchase. In addition, they have classified payments made by credit or debit card around the time of preparation of the accounts as being cash equivalents, as they will generally be paid within two or three business days. This has impacted on the value of cash and cash equivalents, and also on the value of trade receivables and short term investments. As such, whilst it will not have affected the value of current assets, choosing different criteria would have led to a different value for cash and cash equivalents, and would thus have affected the quick ratio. When recording merchandise inventory, both companies record the value of their inventory at the lower value of the cost to purchase or the market value, based on the first-in, first-out (FIFO) method of inventory accounting. As such, and as demonstrated by Bruns and Harmeling (1991), the value of inventory recorded in the financial accounts will be different than in another method, such as LIFO, was used to calculate the value of the inventory. This will affect the value of current assets, and also of total and net assets, thus affecting the majority of ratios related to the balance sheet. Lowe’s also records an inventory reserve, which is to be used to cover any loss associated with selling off inventory at less than its book value. This reserve will affect the value of inventory, and will also presumably affect the value of cash and cash equivalents if it is made up of liquid investments which are not held as such. As such, this may further affect several of the company†™s ratios. Finally, both companies use the straight line method to depreciate assets over their useful economic lives. As such, they will produce different values for fixed, total and net assets than they would under different methods of depreciation accounting, which will affect most ratios based on these values. 4. Interpret indicators and determine the companies earnings quality. According to Richardson (2003) some of the primary indicators of a poor earnings quality include an increase in trade receivables; a link between growth in earnings and a reduction in the effective tax rate; capitalising interest payments; and a large number of significant one off items. In addition, an positive correlation between cash flow and earnings, as well as a higher gross margin, indicate a high quality of earnings (Bao and Bao, 2004). Applying this to Lowe’s, there are no figures given for trade receivables in either of the past years. This can be taken to indicate that the company is not owed any significant receivables, thus implying a high quality of earnings. Over the past three years, there has been no noticeable change in the tax rate experienced, however, whilst post tax earnings grew from 2006 to 2007, they fell from 2007 to 2008, which may indicate further future falls in earnings. There is no evidence of a capitalisation in interest payments by the company, and nor are there any major one off items, with the profit and loss account remaining fairly consistent from year to year. Gross margin has also consistently increased, going from 34.2% to 34.64%. However, there has been a larger increase in general expenses, which has caused a fall in overall earnings. There has also been an increase in cash flow over the three years, further indicating high earnings quality. Home Depot has experienced a significant fall in trade receivables over the past two years, and has had no significant change in its tax rate. However, its revenues have decreased over the past three years to a much greater degree than Lowe’s. Whilst part of this can be attributed to a fall in sales over the past two years, it is also due to a significant increase in selling and general expenses, which may also threaten earnings quality. Again, there is no evidence of capitalisation of interest payments or of major one off items. However, whilst Lowe’s has grown its gross margin, Home Depot has experienced no changes in margins, and its cash flows from operating have fallen more significantly than its earnings over the past two years. As such, Home Depot appears to have a much lower quality of earnings when compared to Lowe’s. 5. Discuss which of the two companies think produce more reliable financial reporting and discuss which of them you would choose to invest in. You have to use many ratios (the most common ratios), you have not a limited number of ratios to use in your analysis. From the examination of the financial statements discussed above, there does not appear to be much difference between the reliability of the financial reporting methods of both companies. Both companies follow US GAAP regulations and standards, and both appear to interpret the rules in the same way. Both are publicly listed companies, and both sets of accounts include statements that they have followed accounting standards, been audited, and are Sarbanes-Oxley compliant. As such, the main differentiator between the two companies will need to be the ratio analysis of their financial accounts. The ratio analysis, detailed in the appendix below, reveals that both of the companies are very similar in their financial performance, which is probably largely due to the fact that they operate in the same industry and very similar markets. In terms of liquidity, Home Depot has a better current ratio and quick ratio, due to its trade payables. However, Lowe’s has a better operating cash flow, a fact which was commented on in the previous section regarding earnings quality. Home Depot has a higher rate of turnover for all five ratios, indicating that it is better at using its inventory and assets to generate sales, however Lowe’s higher gross margin and net margin (return on sales) indicates that Lowe’s is better at generating profits from these sales. In addition, Lowe’s has a lower debt to equity and debt ratio, as well as higher interest cover, which indicates that Lowe’s is better placed to withstand any falls in revenue and profit, which were also remarked on in the earnings quality section. As such, in conclusion, I would avoid investing in either of these companies based on the current falls in their earnings and the concerns about the wider performance of the US economy (Emerging Markets Monitor, 2008). However, if I were forced to choose between the two companies I would choose to invest in Lowe’s. This is because Lowe’s has shown itself to have better quality earnings, higher margins and lower debt ratios that Home Depot. As such, Lowe’s looks better placed to withstand any earnings shocks or economic issues in the US market and provide sustained long term value. In addition, Lowe’s is not carrying any goodwill or trade receivables on its balance sheet, which makes it less vulnerable to defaults from its debtors and enforced goodwill writedowns. References Allen, F. and Carletti, E. (2006) Mark-to-Market Accounting and Liquidity Pricing. Working Papers Financial Institutions Center at The Wharton School; Preceding p. 1-31. Bao, B. H. and Bao, D. H. (2004) Income Smoothing, Earnings Quality and Firm Valuation. Journal of Business Finance Accounting; Vol. 31, Issue 9/10, p. 1525-1557. Bodenhorn, D. (1984) Balance Sheet Items As The Present Value Of Future Cash Flows. Journal of Business Finance Accounting; Vol. 11, Issue 4, p. 493-510. Bruns, Jr., W. J. and Harmeling, S. S. (1991) LIFO or FIFO? That Is the Question. Harvard Business School Cases; p. 1. Emerging Markets Monitor (2008) US: A Recession In All But Name. Datamonitor Emerging Markets Monitor; Vol. 14, Issue 5, p. 1-2. Higgins, R. C. (1997) Analysis for Financial Management: 5th Edition. Irwin / McGraw Hill. Kohlbeck, M. (2004) Investor Valuations and Measuring Bank Intangible Assets. Journal of Accounting, Auditing Finance; Vol. 19, Issue 1, p. 29-60. Miller, P. B. W. and Bahnson, P. R. (2007a) Pension Accounting. Journal of Accountancy; Vol. 203, Issue 5, p. 36-42. Miller, P. B. W. and Bahnson, P. R. (2007b) Refining Fair Value Measurement. Journal of Accountancy; Vol. 204, Issue 5, p. 30-36. Quick, C. (2002) Can You See The Value? Accountancy; Vol. 130, Issue 1308, p. 47-48. Richardson, S. (2003) Earnings Quality and Short Sellers. Accounting Horizons; 2003 Supplement, Vol. 17, p. 49-61. Shareholder.com (2008) Lowe’s Investor Relations. http://www.shareholder.com/lowes/edgar.cfm?DocType=AnnualYear= Accessed 15th June 2008. SEC (2008) Home Depot Incorporated: HD. http://secure.secfilings.com/company/checkout.php?step=2_offer_id=1CIK=354950fid=50002 Accessed 15th June 2008. Appendix Ratio Analysis (Higgins, 1997) RatioCalculation methodLowe’sHome Depot Current RatioCurrent Assets1.121.15 Current Liabilities Quick RatioCash + S/T Inv + Receivables0.070.14 Current Liabilities Operating Cash FlowCash Flows from Operations0.560.45 Current Liabilities Inventory TurnoverCost of Goods Sold / Inventory4.154.38 Receivables Turnover Sales / Accounts ReceivablesN/A61.44 Payables TurnoverSales / Accounts Payables13.0014.40 Fixed Asset TurnoverSales / Fixed Assets2.172.61 Total Asset TurnoverSales / Total Assets1.561.75 Debt to EquityTotal Liabilities0.921.50 Shareholders’ Equity Debt RatioTotal Liabilities / Total Assets0.480.60 Interest CoverageProfit before income and tax63.9710.41 Interest Expense Gross Margin(Sales – COGS) / Sales34.64%33.61% Return on SalesNet Income / Sales5.82%5.68% Return on AssetsNet Income / Total Assets9.10%9.92%

Developments in reproductive technology Essay

With reference to relevant ethical theories, explain the arguments used to support developments in reproductive technology. [35] Reproductive technologies such as in vitro fertilisation, pre-implantation genetic diagnosis and intra-cytoplasmic sperm injection have undoubtedly brought much joy to many people, and therefore many ethical systems support its development. A good place to start when considering the benefits of these technologies is the utilitarian view. Utilitarians believe that man has a natural desire to reproduce based in human biology. Patrick Steptoe is quoted as stating that â€Å"It is a fact that there is a biological desire to reproduce†. Likewise, Peter Singer, famous utilitarian writer, in his defence of IVF refers to the desire for a child as being a very basic desire. If there is such a desire then there does seem to be a strong argument in favour of developing techniques to overcome infertility. Such an argument might be based on the utilitarian principle of `maximising happiness’. This theory claims that where there is a moral choice to make the right thing to do is the action which is likely to produce the greatest happiness for the greatest number of people. This theory starts with the happiness involved in a situation, takes into account the wider happiness of anyone else involved and takes the action that will produce this result of happiness. This theory looks at the consequences and takes the actio n that will bring about the desired results. The Utilitarian wishes to maximise happiness and minimise the pain of infertility. When considering issues such as infertility we must not look at it in impersonal, philosophical terms. It is a problem that can only be truly understood at human level. Those that have never suffered infertility will not know the true pain of being unable to conceive. Since successful IVF treatment will bring an enormous amount of happiness these theorists are in agreement with such treatments. In the case of an infertile couple the utilitarian will look at the options available and strive towards to goal of conception. To quote Laura Bush, â€Å"For those who deeply want children and are denied them, those missing babies hover like silent ephemeral shadows over their lives.† Moving on to situation ethics, this theory is in favour of reproductive technology if it is the most loving course of action in the particular situation. It is not absolutist. This theory says that individual situations are different. This theory believes that there is only one underlying principle: you do whatever is the most loving thing to do in a situation. Ethical rules are secondary. In the circumstances of an infertile couple you take the line of action which will be the most loving thing for a couple in their unique circumstances. There are many circumstances in which the use of reproductive technology would be the most loving course of action, such as when a same sex couple wish to experience parenthood. Techniques such as IVF using donor sperm/eggs can bring the joy of a child when they cannot conceive one naturally. Another more controversial scenario when a couple may benefit from reproductive technology would be when they desire a certain sex of child. Reproductive technology can accommodate consumerist type choices such as this. Using technologies to determine a child’s gender before it is born could be considered loving because in certain countries, such as India and China, boys are more desired and therefore the child and family will have a higher quality of life overall. Personal autonomy and choice is key to this debate. Personal autonomy is the capacity to decide for oneself and pursue a course of action in one’s life, often regardless of any particular moral content. Whether or not reproductive technologies are moral should be down to the couple to decide, not the government, because it is a highly personal choice. Finally, natural law is an ethical theory that is typically opposed to reproductive technology, because it is interfering with natural conception. However, there are some Christians who believe that natural law can be reconciled with reproductive technologies. If God has said that the final end of sex is procreation, then the use of technology is instrumental to the pursuit of the natural ends, which have already been stipulated in doctrine. Thus, for example, IVF treatment allows us to pursue the natural end of reproduction through technological processes. After all, the Bible never directly mentions reproductive technologies. Nonetheless, this is still a minority view amongst proponents of natural law. Protestant churches tend to take a more lenient view. For example, the Free Presbyterian Church accepts IVF provided that the couple are married, spare embryos are not created and no donors are used. Both the Methodist Church and the Church of England are quite positive about all forms of IVF and even permit research on spare embryos up to 14 days old because it can be of great help to doctors researching genetic diseases, although embryos should not be created solely for this purpose. Ultimately, reproductive technology causes us to rethink our views on family, marriage, sex and what makes a mother. Regardless of our views, we should be compassionate towards those suffering from the effects of infertility. You cannot understand their situation unless you have experienced it personally.

Marketing Audit Analysis of Bmw

Marketing audit analysis of BMW. The marketing audit has certain similarities to a financial audit in that it is a review of your existing marketing activities. Carrying out the marketing audit provides the opportunity to review and appraise your whole marketing activity, enabling you to assess past and present performance as well as to provide the basis for evaluating possible future courses of action. Because the business environment is constantly changing, the marketing audit should be used as a reference tool, with constant updates reflecting changes in the external environment and your own internal business experiences. Internal Marketing Audit Internal auditing, as defined by the Institute of Internal Auditors (IIA), is â€Å"an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. † Independence is established by the organizational and reporting structure. Objectivity is achieved by an appropriate mind-set. The internal audit activity evaluates risk exposures relating to the organization's governance, operations and information systems, in relation to: * Effectiveness and efficiency of operations. Reliability and integrity of financial and operational information. * Safeguarding of assets. * Compliance with laws, regulations, and contracts. Based on the results of the risk assessment, the internal auditors evaluate the adequacy and effectiveness of how risks are identified and managed in the above areas. They also assess other aspects such as ethics and values within the organization, performance management, communication of risk and control information within th e organization in order to facilitate a good governance process.

A Rumor Of War By Philip Caputo And Young - 1849 Words

The Vietnam War was largely considered a failure, a waste of resources, time and precious lives. It was simply a war that did not need to be fought. But in order to combat the ever prevailing communist forces; the capitalists and in particular, America, decided that Vietnam would be the land where these differences would be disputed. Men were sent in to fight in this war and they came back with very different experiences. As seen in both perspectives held in â€Å"A Rumor of War† by Philip Caputo and in â€Å"We were soldiers once... and young† by Hal Moore and Joseph Galloway; they explore the varying perspectives and experienced seen and learnt within war. Whereas in â€Å"A Rumor of War†, it tackles the consequences of being sent into such harsh warfare, only because Philip Caputo saw the harsh reality firsthand as he was a soldier in the war. The former, â€Å"We were soldiers once... and young† tackles the glorification of war because it’s no t solely a soldier’s account. A journalist was in company of these men and as such details get skewed for the public’s perception. Regardless, both these books share a telling tale of the war in Vietnam through their radically different views. Firstly, it is important to establish the historical contexts of these two books. â€Å"A Rumor of War† was published in 1977, two years after the end of the Vietnam War. It was written by a soldier who served in the war. The period this describes is immediately the post war era and the fallout faced by soldiersShow MoreRelatedA Rumor Of War By Philip Caputo1388 Words   |  6 Pagesof going to war excites many young men that have not experienced or have been a part of one. Individuals want to find a way out of the routine, mundane lifestyle that plagues many suburban households. People that just want some excitement enlist in a military branch that will not benefit them or anyone for that matter. 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Schools Should Do More For Accommodate Disabled Students

Colleges Should Do More to Accommodate Disabled Students In recent years, the number of disabled students who are seeking a college education has gone on an uphill climb. Most colleges have agreed to make accommodations that fit the needs of these students. However, some of these students find that necessary accommodations which make learning accessible and possible for them are lacking. Disabled students can be willing and able to pursue a college education as much as those who are not disabled, and they earn more money if they graduate college compared to those who do not. They simply need accommodations based on their needs in order to be successful, and colleges can make these accommodations without damaging the integrity of the courses (Lewin). Going too far would be having somebody else take a course for disabled students and earning credits for them. With present accommodations, students can access some buildings on campus and receive help such as notes taken for them if they are dyslexic or cannot hear the lectures properly. For all these reasons, colleges have not gone too far to accommodate students with disabilities and should do more to make them feel welcome at college. An implication that colleges have not gone too far in accommodating students with disabilities is that some students with disabilities cannot get the support that they need. Wheelchair ramps have been installed, accessible bathrooms constructed, and note-takers have been provided at someShow MoreRelatedAre Colleges Gone Too Far For Accommodate Students With Disabilities?1087 Words   |  5 Pages Have Colleges Gone Too Far to Accommodate Students with Disabilities? 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The right to use means to provide students with the devices they will need to be victorious in higher learning. Students with a recognized disability ought to be no omission. In reality, Section 504 of the Rehabilitation Act of 1973 and the Americans with Disabilities

Relationship Satisfaction Is An Important Part Of Romantic...

Relationship satisfaction is an important part of romantic relationships. A lack of satisfaction can lead to consequences in other areas of life and eventually, the destruction of the relationship. For example, job performance is heavily influenced by romantic relationship satisfaction. In a study by Greenhaus and Beutell (1985), they argued that poor satisfaction leads to poor job performance and vice versa. They stated this was to because these two spheres are â€Å"interdependent.† Satisfaction can also influence quality of health. Conflict in a marital relationship is associated with higher heart rates and blood pressure (Broadwell Light, 1999; Ewart, Taylor, Kaemer Agras, 1991; Flor, Breitenstein, Birbaumer Furst 1995; Frankish Linden, 1996; Kiecolt-Glaser, 1993; Mayne, O’Leary, McCrady, Contrada Labouvie, 1997; Morell Apple, 1990; Shwartz, Slater Birchler, 1994; Thomsen Gilbert, 1998). It is also strongly associated with depression and depressed syndromes (Beach, Fincham Katz, 1998; Fincham Beach, 1999). This relationship between marital conflict and depression seems to be bidirectional meaning depression is not only a result of conflict but also is caused by the conflict (Beach, et. al., 1998; Fincham Beach, 1999). Because a lack of relationship satisfaction can negatively affect so many important areas of life, it is important to understand what influences the level of satisfaction held in romantic relationships. One factor that has been shown toShow MoreRelatedRelational Theory Of Romantic Relationships1336 Words   |  6 Pagessituation that has been brought to the attention of many relational theorists. Studies have shown romantic relationships are challenged and go through various stages of relational maintenance that may not always be positive. However, the conceptualization of negativity in romantic relationships is often dismissed. 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One of the most central aspects of human life is having close relationships — particularlyRead MoreRelationship Between Relationships And Relationships1236 Words   |  5 PagesIn this paper I will be discussing romantic relationship, but first I feel we need to go over what a relationship is in the first place to see the difference between the two. Then I will define what I think a romantic relationship is. There are many different ways that someone could define relationship, but according to the Bella DePaulo from psychology today the definition for relationship is something that â€Å"covers all sorts of human connec tions, including ties to friends, parents, children, siblingsRead MoreHow Does Communication Affect Relationships? Essay1736 Words   |  7 PagesCommunication is one of the most important aspects in romantic relationships and different communication styles can affect relationships differently. 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The RAM portrays these five dynamics in a way that explains their unique contributions to the bond developed in a relationship, as wellRead MoreThe Brain Is Wider Than The Sky1416 Words   |  6 Pagesfathom today. This mental state, depression has affected countless people throughout time. To get to our central point, depression causes deterioration in relationships, especially romantic ones. To understand how to mend relationships and build ourselves up as a community, we need to begin a discussion about depression within romantic relationships. It’s time to offer solutions and open communications with one another to help each other in this very human struggle. Depression affects 350 millionRead MoreSexual Satisfaction And Relationship Satisfaction700 Words   |  3 Pagesfundamental for most romantic relationships, but sexual gratification and relationship satisfaction have often been examined separately. 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According to Bowlby, attachment is the leading factor in our ability to form and maintain relationships as adultsRead MoreRelationship Between Long Distance Relationships1588 Words   |  7 PagesDespite the fact that relationships can be troubling, stressful, and even deadly, most of us are aware that we need relationships with others and that the quality of our lives depends on those relationships whether it is from friends or romantic partners. With the development of technology the evolution of long distance dating relationships are transforming. Long distance relationships used to primarily consist of handwritten letters with the occasional phone call in between. However, progression

Plot

Plot-Construction of Pride and Prejudice Summary In contrast to the simplicity of her style, Jane Austens plots are unexpectedly complex. She is not content to simply draw two or three characters in isolation. She prefers a family, with their many friends and acquaintances and she tries within her limited range to make things as difficult as possible. Outline1 SETTINGS OF HER NOVELS2 PLOT-CONSTRUCTION IN SENSE AND SENSIBILITY3 PLOT-CONSTRUCTION IN EMMA4 PLOT-CONSTRUCTION IN PRIDE AND PREJUDICE5 JANE AUSTENS COMEDY OF MANNERS IN PRIDE AND PREJUDICE6 THE UNITY OF TONE SETTINGS OF HER NOVELS Jane Austens field of study is man. She is, therefore, more preoccupied with human nature than nature in the nineteenth century usage of the word. The background and the scenery of the provincial town is rich in its beauty and grandeur. But there is no attempt to look into the spirit of this country. Thus although, she has some sense of locality yet she does not paint an English community like the other writers of her time. She rather avoids those very elements of the population in which the local flavour, the breath of the soil is most pronounced. She is further incapable of evoking a scene or a landscape and cannot conjure up the spirit of Bath as Emile Bronte could conjure up the spirit of the Moorlands or Hardy that of Wessex. All this, one may say, would be fatal to her dramatic quality of construction. In all her novels, we see only a limited range of human society. Most of her characters are the kind of people she knew intimately, the landed gentry, the upper class, the lower edge of the nobility, the lower clergy, the officer corps of the military. Her novels exclude the lower classes-both the industrial masses of the big cities and the agricultural labourers in the countryside. Three or four families in the country village is the very thing to work on. She does not show any of the great agonies or darker side of human experience. There is no hunger, poverty, misery or terrible vices and very little of the spiritual sphere of experience. Nor do we see any political dimension or even discussions regarding major political happenings in any of her novels. Nature too, is rarely described and her characters are usually presented indoors with an occasional expedition or picnic thrown in. According to Andrew H. Wright, the novels of Jane Austen can be considered on three levels of meaning: first, the purely local-illustrative of country life among the upper middle-classes at the end of eighteenth century in Southern England. Second, they can be taken as broad allegories in which Sense and Sensibility, Pride and Prejudice and a number of other virtues and defects are set forth in narrative form and commented on in this way. Third is the ironic level whereby the incidents, situations and characters in a novel imply something more than what they seem. PLOT-CONSTRUCTION IN SENSE AND SENSIBILITY It is one of Austens simplest novels. The story deals with two sisters Elinor -the heroine represents a woman of sense, while Marianne, her foolish foil represents a woman of sensibility. The first volume of the book has a symmetrical pattern and a clear parallel is drawn between the two romances-Edward Ferrars and Elinor, John Willoughby and Marianne. True to Elinors cool, sensible nature the relationship between Edward Farrars is conducted on the level of the mind, with both displaying hardly an emotion. The theme of sense is thus exemplified through their relationship. On the other hand Willoughby who enters Mariannes life as a true romantic hero having carried her home when she sprained her ankle, exemplifies the theme of sensibility in his relationship with Marianne. While the moral seems to illustrate the superiority of sense over sensibility there is an ironic twist in the plot whereby Elinor and Marianne virtually interchange their positions PLOT-CONSTRUCTION IN EMMA The plot of Emma can be said to have an inward and an outward movement. The inward deal with Emmas self-deception- with what she thinks is happening while the outward deals with what actually is happening and this brings to light her mistakes. It is through a series of humiliations and self reproach that Emma finally awakens to self-knowledge. The readers enjoyment stems from an awareness that Emma is wrong. From chapter 1 to 15, Emma thinks that Mr. Elton is in love with Harriet only to discover to her horror that Elton loves her. From chapter 18 to 30, Emma thinks herself to be in love with Frank and Jane Fairfax to be associated with Mr. Dixon. From chapter 31 to 46, Emma is convinced that Harriet and Frank Churchill are interested in one another. Towards the end of the novel, from chapter 46, Emmas theories about Frank and Harriet are about Jane Faifax and Dixon are destroyed and she has to face the possibility of Mr. Knightley being in love with Harriet. It is only after Knightleys proposals in the shrubbery that what is happening and what Emma thinks is happening converge and Emmas progress from self-delusion to knowledge is complete. The Boat by Alistair Macleod EssayThe first minor eprisode is the Jane-Bingley relationship. It can be treated as an independent event, but Jane Austen has woven it well with the main theme. Jane and Elizabeth are sisters who share each others secrets, hopes and fears and it is the simplest connection. But on the strength of Darcys regard, Bingley has the firmest reliance, and of his judgment the highest opinion, and so when Darcy suspected that Jane did not love Bingley as fervently as Bingley loved her, and found that her family had all vulgar manners and shallow tastes, he readily engaged in the office of pointing out to him the certain evils of such a choice. This was one of the very important reasons of Elizabeths strong prejudice, and thus it is connected with the main theme. The Wickham-Lydia eprisode and the Collins-Charolette relationship is equally well connected with it. While Elizabeth has developed a prejudice against Darcy, she is strongly attracted towards Wickham and it is very long before she knows what his real character is. One of the two strong charges she levels against Darcy is the ruining of Wickhams prospects. Darcy reveals the truth to her later, but because of her silence on this point, she cannot stop her sisters elopement and the slander on her family. It is this catastrophe, however, that brings Darcy closest to her because it is his love for her that he finds out the fugitives and makes a successful effort to bring about a marriage between Lydia and Wickham, neglecting the thought of the loss to him. Mr. Collins proposes to her, and later marries her best friend Charolette. All the threads are thus connected. Wickham and Charolette also serve as a comment on Elizabeth and Darcy. The Darcy-Elizabeth couple is flanked on one side by the unexceptionable Bingley and Jane, it is flanked on the other by Charolette and Wickham. The last two have the cleverness of the two main characters, but they are time-servers. The structure is therefore, most cleverly unifying. The precision, simplicity and symmetry of Pride and Prejudice evoke instinctive appreciation. So well it is constructed that the action proceeds logically from exposition, complication and climax to the denouncement and finally the resolution. The sub-plots are also thematically unified. The theme of love and marriage is exemplified through the plot and the sub-plots. Jane Austen uses the dramatic narrative mode and irony so effectively to build her complex plot that it would not be amiss to say that she is the most perfect dramatist who never wrote a play. Furthermore, all Jane Austen plots are characterized by a unity of tone and are compact and well- knit. There are no loose ands anywhere, no event conceived outside the actual plot and nothing usually hampers the progress of the story. JANE AUSTENS COMEDY OF MANNERS IN PRIDE AND PREJUDICE The wisest and the best of men-nay, the wisest and best of their actions may he rendered ridiculous by a person whose first object in life is a joke. Certainly, he replied Elizabeth-there are such people, but I hope I am not one of them. I hope I never ridicule that is wiser or good. Follies and nonsense, whims and inconsistencies do divert me, I own, and I laugh at them whenever I can. This brief dialogue between Darcy and Elizabeth throws distinct light upon Jane Austens purpose and programme in her novels. For once it be supposed that Miss Bennets point of view is but a projection of her creators. Her intention in these novels is to present a comedy of manners to present the follies and vices of men and to expose them to general ridicule by employing the devices of comedy, parody, burlesque, irony, wit, satire, each one of them as is suitable for the occasion and need. THE UNITY OF TONE Hence, her plots are characterized by a singular unity of tone and she often achieves it by focusing our attention at it from more than one angle. In Pride and Prejudice alone the unity of plot has been achieved from as many as three angles. We can view the novel first, as Elizabeth Bennet sees everything; secondly, by assigning to Elizabeth and Darcy a prominent place into the novel and by centering the higher and nobler comedy around these two figures; and thirdly by making the whole story a study in Pride pride of place and responsibility in some, pride in the form of social snobbery in others and also either a perverted pride or the lack of pride in the rest. However, the unity is therefore very essential in imparting coherence and shape to her design. Thus, the structure of Jane Austens novel is perfect and is ideally suited for the material she wanted to embody and the outlook she wished to present.