Sainsburys Ratio Analysis

Sainsburys Ratio Analysis Accounting and Finance Assignment Sainsburys Ratio Analysis Nowadays, it is important for organizations to know how to survive in the competitive market in which they are involved, markets that require managers who understand and are aware of the internal and external factors that concerns to the company. Therefore, it is vital to know the existence of different techniques of measurement such as financial tools, which can give an idea on how the companys financial situation is going to affect its performance in the marketplace. One of these tools can be the used of financial ratios, which gives to managers the information to set up strategies in order to make decisions in the future. However, it is important to highlight that this ratios provide an overview of the businesss financial condition, but an analysis in depth is needed to know the reasons why certain changes have occurred (Maclaney and Atrill, 2002). Nevertheless, there are some limitations in the used of financial ratios, for instance, the information is out of date so it does not reflect the real situation of the company, hence it can lead to wrong decisions, also, the analysis made from the financial statements gives symptoms of such situations but not the causes of it (Berry and Jarvis, 1997). The purpose of this report is to analyze Sainsburys financial performance using the analysis of ratios as a financial tool. This information will be taken from the annual reports of 2003 and 2004. In addition, it will include external and relevant information of the company which adds value to the analysis and thus to the financial performance in the already mentioned period of time. This will also help to compare Sainsburys with its competitor Tesco, in order to identify and evaluate the performance of both companies. Finally, this report will give conclusions and recommendations to those investors who want to make an investment in a secure company. RATIO ANALYSIS Profitability Ratios According to Maclaney and Atrill (2002, p. 197), Profitability ratios provide an insight to the degree of success in achieving this purpose. For instance, the profitability ratios of Sainsbury plc are: Profitabiliy Ratios 2004 2003 Return on Capital Employed 8.53% 9.29% Return on Equity 7.64% 8.95% Gross Profit Margin 8.65% 8.14% Net Profit Margin 3.91% 4.25% Table 1. Profitability Ratios (Base on data contained in Appendix A) Regarding on this table, Sainsburys profitability ratios show a moderately deterioration in profit from 2003 to 2004 in a margin of 6%. This downward trend is due to several changes the company had such as, (1) the sell of JS Development and Shaws supermarket, this has an impact on the companys current assets (cash) and profit, in one hand it brings in cash for the sell but on the other hand it stops the daily cash input, consequently there were a decline in profit in 2.6%; (2) the purchase of Swan Infrastructure Holdings Limited, which consist of a whole modern IT system and it is part of a Business Transformation Programme, therefore, there was a rise in 6% of the capital employed (fixed assets and net debt), and also a significantly fall in cash in 27%. Because of all these reasons, there was a drop in profit, but as it is a long-term investment it is estimated to be an income generation in the future. Efficiency and Effectiveness Ratios These ratios are used to try and identify the strengths and weaknesses of a business using a variety of different ratios (Giles et al., 1994, p. 371). The following table illustrates the efficiency ratios used in Sainsburys case. Efficiency and Effectiveness 2004 2003 Fixed Asset Turnover 2 times 2.17 times Debtor Collection Period 1.51 days 2.48 days Creditor Payment Period 28.83 days 28.78 days Stock Holding Period 17.61 days 18.67 days Table 2. Efficiency and Effectiveness (Base on data contained in Appendix A) The fixed asset turnover has slightly decreased due to the acquisition of Swan Infrastructure Holdings Limited, which caused a rise of 7.73% on Sainsburys fixed assets in comparison with the year 2003. Moreover, sales have remained constant which have risen in 0.3%. The purchase of the IT systems will give opportunities to enhanced operational effectiveness, a stronger platform, low costs and an increased in sales. In what a debtor collection period concerns, although this ratio shows a very little period to collect debts from customers, it is logic for this kind of business to be like that owing to the fact that being a supermarket, sales are in cash, only a 8% of the current assets are related to debtors, which had a fall in almost 40% comparing with 2003. On the other hand, the creditor payment period has stayed constant and it shows good rates. The cycle of both debtor collection period and creditor payment period demonstrates that the company receive the money from their debtors before paying to their suppliers, which is good since they do not need to finance themselves but pay with the cash they get in from debtors. Regarding to the stock holding period, even though it has fallen in 1 day, it still is high for a business like supermarket in which the stock plays an important role because the rotation has to be in short periods of time to keep the food fresh. However, it is good to consider that Sainsbury also have a stock of electro domestics, entertainment, house-wares, etc., that the rotation is meant to be in long periods of time. Liquidity Ratios As Maclaney and Atrill (2002, p. 197) said, Certain ratios may be calculated that examine the relationship between liquid resources held and creditors due for payment in the near future. These ratios in Sainsburys company are as follow. Liquidity Ratios 2004 2003 Current Ratio 0.83:1 0.87:1 Acid Test (Quick Ratio) 0.67:1 0.70:1 Table 3. Liquidity Ratios (Base on data contained in Appendix B) The current ratio has a slightly fall, due to the current liabilities rising faster than the current assets. Looking at the current liabilities it can be seen that the company is using bank loans to finance the acquisition of the IT systems by the group, which increased in 63%. The current assets have also been affected by a decreased in 27% of cash account since a 10% of the purchase was made in cash. Similar situation happened with the acid test ratio with a slight fall in the rate. These ratios show a low rate, due to the fast stock rotation which produces cash sales. Although, it seems like the current assets do not cover the current liabilities, the liquid assets are used as productively by the growing of the business to make it more effective, thus profitable. Capital Gearing Ratios This is the relationship between the amount financed by the owners of the business and the amount contributed by outsiders (Maclaney and Atrill 2002, p. 197). For instance, Sainsburys capital gearing ratios are: Capital Gearing Ratios 2004 2003 Gearing Ratio 28.54% 25.97% Times Interest Covered 5.91 times 5.31 times Table 4. Capital Gearing Ratios (Base on data contained in Appendix B) The gearing ratio has increased by 9% due to the long-term debts rising faster than the capital employed during the period from 2003 to 2004. The long term debts went up by 14%, which is because the purchase of IT fixed assets and also the company resort to operations in the capital market and by operating subsidiaries to deal with the interest rate and current risk these finance involves. On the other hand, the times interest covered stayed constant and even though is a low rate, the company still can cover its interest with their profit. Investor Ratios Certain ratios are concerned with assessing the returns and performance of shares held in a particular business (McLaney et al., 2002, p. 197). In this case, the investor ratios for Sainsburys are the followings: Investor Ratios 2004 2003 Earnings per Share 0.20 0.23 Price Earnings Ratio 12.63 times 9.54 times Dividend Yield 6 6.89 Dividend Cover 1.32 1.52 Table 5. Investor Ratios (Base on data contained in Appendix B) The earning per share has fall by 13% mainly caused by the higher profits on business disposals that the company went through last year, so the return to shareholders was a lower rate per share. In contrast, the price earning per share growth by 24%, due to the increase in the market share price in 14%, this is a good new for Sainsburys since it reflects that the market confidence grew from 2003 to 2004. The dividend yield had a slightly decreased since the dividend per share only increased by 0.7% from last year. This was a decision from the company and it reflects the reduction in the earning per share already mentioned and the fall in the dividend cover by 13%. RECOMMENDATION TO POTENTIAL INVESTORS According to the information given by the ratios analysis in the last section, it can be said that even though the companys ratios showed a decreased rates from 2003 to 2004, the expectations of the business performance looks profitable. This is due to the Business Transformation Programme, which consists on the acquisition of IT systems and the sell of Shaws Supermarket and JS Development. The former will be a positive impact in the financial performance of the company in a long-term by increasing sales and reducing costs; and the latter will be used to develop and make more effective the financial and management resources, hence it will enlarge Sainsburys core UK business and strengthen its market position. Therefore, from the ratios analysis, it can be stated that Sainsburys is not a good company to, at present time invest in, since the company has not showed a significant growth in profit during the last financial year. To conclude, if Sainsburys finances start to grow, there is no doubt that investors should consider this company to invest in as it plans a better performance in the long-term. In the next part, it will be given some additional information about Sainsburys and also a comparison with Tesco. RELEVANT INFORMATION ABOUT SAINSBURYS The acquisition of IT system was an important contribution to lead Sainsburys strength its position in the high competitive marketplace. Whereas the group chief executive of Sainsburys said: The net reduction in costs will provide Sainsburys with additional resources to develop our customer proposition, by investing in quality and innovation and improving further our competitive offer, as we move towards trading our business harder from summer 2004 (http://www.j-sainsbury.co.uk/index.asp?PageID=19subsection=Year=2004NewsID=384), there are some opinions that contrast with the statement already mentioned, which states that this acquisition of sophisticated technology was too ambition and did the approach too quick, now Sainsburys is in a worst position than it was before (Smiddy cited OBrian, 2004). In addition, after have used the new IT system, Sainsburys realized that the supply chain system have failed and it did not work as they have expected, it did not increased productivity and the costs were higher than they were years ago (http://www.computerweekly.com). SAINSBURYS vs. TESCO The supermarket industry is very competitive nowadays, and even more when it comes to the customers satisfaction which is more and more demanding, so it is important for companies in this business to be focus in valued than in profitability, since the former leads them to the latter. Sainsburys and Tesco are two of the principles supermarket chains in UK. Both chains have similar things to offer, such as own label goods; have concern about consumers needs for example healthy and organic food; launched loyalty cards; expand their products such as clothing, electro domestics, etc. and others. On the other hand, they have some differences that make one stand out from the other. While Tesco have a good supply chains and a good strategy, which is having low prices and improving customer satisfaction by having the right products in shelf, Sainsburys is facing some problems in what a supply chain relates to the implementation of the IT system (http://proquest.umi.com), which causes the lack of products in the shops and also the customers find it more expensive than its competitors, where they can have equal quality products with lower price (http://proquest.umi.com). There are other differences between Sainsburys and Tesco, but there is an important question which is where to invest?. It is important to draw attention to the fact that Sainsburys financial situation does not attract investors, due to the decrease in the profit and sales. In addition, the company has being going through its first loss in 135 years of history (www.accountancyage.com). This reduction was mainly caused by the 554 million acquisition of IT system, and by the drop in profits for the financial year. Thus, it can be said that Tesco might be a better choice to invest in, but this is open to discussion. CONCLUSION Taking into consideration the ratio analysis applied to Sainsburys, it can be said that the company had some variation between 2003 and 2004. Whereas, most of the profitability, efficiency and effectiveness, liquidity and investor ratios demonstrate decline, the gearing ratios demonstrate a rise due to the growth in the long-term debts and the capital employed. Understanding the ratio analysis and the relevant information gathered looks like Sainsburys has gone through some difficulties in their supply chain and their financial and marketing management. Although they have invested in a long-term project and are positive in a potential growth in the coming years, to reach their aim they have to work hard and play in the same field its competitors (Tesco and Asda) are doing, by having low prices and good quality food always available in their shelf for all kind of consumers. Sainsburys still have a strong position in the retail sector in the UK. For this reason it is good for investors to wait and see its performance for the next years, currently is not a good moment to invest in. REFERENCES BERRY, A. and JARVIS, R., 1997. Accounting in a Business Context. 3rd Edition. London: International Thomson Business Press. GILES, R. and CAPEL, J., 1994. Finance and accounting. 3rd Edition. London: MacMillan. HARDING, D., 2005. Supermarket sweep-up for Sainsburys. Accountancy Age. Available from: [http://www.accountancyage.com/news/1139885] Accessed 22/Apr/2005. MARKETING WEEK, 2004. Reinvention is the only option left for Sainsburys. Marketing Week, pg. 30. Available from: [http://proquest.umi.com/pqdweb?did=727035691sid=8Fmt=3clientId=15517RQT=309VName=PQD] Accessed 20/Apr/2005. MARKETING WEEK, 2005. Sainsburys promises must mean business. Marketing Week, pg.22. Available from: [http://proquest.umi.com/pqdweb?did=792773011sid=9Fmt=3clientId=15517RQT=309VName=PQD] Accessed 20/Apr/2005. MCLANEY, E. and ATRILL, P., 2002. Accounting An Introduction. Second edition. London: Prentice Hall. OBRIEN, L., 2004. Sainsburys blames profit warning on supply failures. Supply Management, 9 (22). Available from: [http://proquest.umi.com/pqdweb?did=749826531sid=8Fmt=4clientId=15517RQT=309VName=PQD] Accessed 20/Apr/2005. SAINSBURYS WEBSITE, 2005. Annual Report and Financial Statements 2004. Available from: [http://www.j-sainsbury.co.uk/index.asp?pageid=20] Accessed 15/Apr/2005. SAINSBURYS WEBSITE, 2005. Sainsburys simplifies financing of IT contract with Accenture. Investor News. Available from: [http://www.j-sainsbury.co.uk/index.asp?PageID=19subsection=Year=2004NewsID=384] Accessed 20/Apr/2005.

Binge Drinking Freshmen :: Personal Narrative College Papers

Binge Drinking Freshmen Emily* is a typical female college student on the outside, with a shocking story hidden on the inside. Emily began drinking before most students rode on their first bus †¦ school bus! At the age of 4, Emily wasn’t given candy, but alcohol instead. As an incentive for repeating words back to her aunt she was given red wine. As Emily got older, her mother brought her to family parties, oblivious to what was going on. At these parties, Emily would typically drink scotch or whiskey, provided to her by the older men in the family. When 6th grade rolled around, Emily began drinking with friends, sneaking it into her room for sleepovers. High school was the same idea, although now, Emily consistently found herself drinking alone in the mornings, even before going to school. After graduation, Emily left home in D.C. for Boston’s Northeastern University. She described her first year in the city of Boston. â€Å"I went all out; I didn’t have to worry about having my mom catch me drunk, I drank as much as I wanted to, whenever I wanted,† she said. While, "going all out," Emily made other bad decisions, as a result of her bad drinking habits. â€Å"I slept with a couple guys and never used protection. I had to use the Morning after pill on one occasion.† Even after testing herself for HIV and other STDs, she continued to binge drink every weekend. This went on until last fall, when she nearly lost her life leaving a bar downtown. It was a cold, dark, rain driven late night/early morning in Boston and Emily wanted nothing more than to go home to bed. Yelling obscenities after leaving the bar, she was hit by a cab. Her head slammed into the pavement and she had a seizure. Her friends called 911 immediately and she was rushed to the hospital. After spending a few days in the hospital, Emily realized like always after a night of drinking that she was having trouble remembering the details. Only this time, things were different, she told me she couldn’t form short/long-term memories or even remember things in her past. Emily decided to take a look at her life, ultimately realizing she wasn’t happy with herself. Cold turkey appeared to be her only option with alcohol at the time and she gave it a shot. Even with stories such as these being published in newspapers throughout the country on a daily basis,

Impact of Applied Agro-Cooperative Credit and Banking on Farmers and Farming

People depend for good introduction in Agro-Farming not only on good seeds, good fertilizers, good irrigation and good Agro-technology; but they need also short-term, medium and long term loans to meet their other demands at farm level in farming. This genuine situational scene has a power to present an impact of applied cooperative credit and banking on farmers in farming from the point of origin of the Indian Cooperative Credit (a facile credit) movement from the period of working of NIDISH in Madras Province in 1882 to 1904 till date. This is a good Genesis of this issue with a scientific periodicity which may be perused in following section. An Iota in the facile cooperative credit scene of madras province Nidish a socio-economic social group were working in very active form like the primary cooperative credit societies at farm level in rural Madras province in 1882-1884. Madras Provinces 1882-1884 :- Fedaric Nicholson’s visit from India to Germany to study the working of The Raiffieson Model Rural Cooperative Credit societies and came back with a finding â€Å"Find Raiffieson† because he found 100% similarities in need of Agro – financing for Rural India, with cultural similarities at great scale in rural India and Rural Germany. In India also there was great exploitation done by private moneylenders by charging 75% rate of interest and in Germany also such high interest was taken by Jews/Nazis from Rural Germany Farmers. The profit motive and usurious practices were similar in India and Germany. In 1882 to 1884 Fedaric Nicholson came back from Germany in Madras Province and recommended to the government to start primary Agro-Cooperative credit and Banking instead of Nidish to protect rural people from great exploitation and usurious practices of private money lender. His report and recommendations were accepted by the Madras provincial government under the control of British government. This was also studied and accepted by the government of Bombay province Maharashtra due to great vitality in his recommendations in public interest. In 1896, the British government appointed Edward committee (sir Edward as chairman) to study the Indian Rural conditions, needs and scope of working of the primary Agricultural Cooperative Credit societies under the control of British government for the people to work with cooperation of the people for the people with democratic management at grass root level. The Edward Committee 1896-1904 surveyed the Indian Rural agro-banking system and passed first cooperative Societies Act 1904 which was accepted and made applicable for greater India (from Kabul to Burma) with democratic centralised cooperative credit banking; viz; from Kabul to Burma, if any primary Agricultural cooperative society was organised, then it was bound to get registration from Delhi only. This was a real scene from 1904-1908. The distance factor was main problem for for mation and registration of Agro-primary Cooperative Credit Societies. In this era cooperative credit was considered as a facile credit and cooperative banking was accepted a means to achieve the desired goal in a desired time. In 1908, Lawd recommended to add cooperative Audit, with cooperative credit and banking by increasing two sections in the cooperative Act of 1904. Thus total sections from 48 to 50 were made in the first cooperative society’s act of 1904 in 1908-1912. This added great strength to Agro-cooperative credit and banking system for Rural India. In 1912, the cooperative society Act was again examined by Sir Malcolm I. C. S and others. They suggested to add three sections more for facilitating cooperative credit, Consumption, and Marketing to the people of Rural India to protect them from exploitation of private traders and took them away from cruel clutches of exploiters by using cooperative organisation of the people for the people. It was accepted by the government in public interest. In 1914-1915, the cooperation was made state sponsored subject to give chance to the state (provincial governments) to frame their own cooperative society Acts on the basis of this model Act of 1904 with due consideration of the interpersonal situations of the concern state in preparation of their own cooperative societies act. It gave good chance to states from Kabul to Burma to register primary Agro-cooperative credit societies for credit and banking activities according to their interpersonal conditions to work and upgrade socio-economic life of rural people by effective working of primary Agro-cooperative credit and banking business. There was a rapid growth of members of primary Agro-cooperative credit and banking business and growth also found in qualities of services from 1912-1915 in cooperative credit movement in India. The first world war of 1915 gave great shock for the growth of Rural Agro-Cooperative banking due to more involvement of rural people in Indian Army. Therefore there was stunted growth of working of Agro-cooperative credit and banking from 1915 to 1925. There was Second World War in 1930-1935. The Burma separated from India in 1920 and Shyam, Rangun and Kabul were also separated in 1937-38 and became independent countries. These newly made countries accepted and used Indian model cooperative society Act of 1912-15 to make their own cooperative acts. In 1939-40 in India, the Vijayraghavacharya committee recommended to start linking of cooperative credit with Agro-production and marketing in Madras provinces in Salem district. It was applied in Salem district only for testing. India became independent country in 1947 from the clutches of britishood separate it. The public finance sub-committee (headed by Dr. D. R. Godgil) in 1946 submitted its report and recommended to allow crop loan systems to Rural people (farmers) to bring new change in farm financing by deciding Maximum Cooperative Credit Limit (M. C. L. ) per farmer, per acre per crop per season to upgrade economic strength of rural borrowers on the one hand by weathering the deep rooted exploitation of private moneylenders which gave a good chance for effective working of rural Agro-cooperative credit and banking on the other. It was again reviewed by Thakurdas Mehta committee in 1948. This committee recommended starting its application from April 1950 in First Five Year Plan. At this time Ready Recknor was not made crop-wise for farmers but Rs. 500 M. C. L. (Maximum Credit Limit) per acre per crop was approved to apply from 1951 to 1954 in the first five year plan for good financing to farmers through primary Agro-Cooperative credit societies. It was brought in real practices. In 1950-54, A. G. Gorwala I. C. S was appointed to do All India Rural Credit Survey to judge the extent of credit distribution by the cooperative credit societies in presence of several moneylenders. He did survey in 75 districts of India, in 400 villages and 127475 farmers families who found 3. 5% farm financing and banking was done since 1904 to 1954 by cooperative credit societies and 96. 5% was done by non-cooperative agencies. The extent of linking of cooperative credit with farm production and cooperative marketing was found 1 % only. There was major failure of cooperative credit and banking role in rural India in socio-economic upgradation process for farming community. The AIRCS committee 1954 gave remark, â€Å"Cooperative have failed but must succeed. † The AIRCS committee recommended starting CCR (controlled credit recovery) scheme under integrated Approach, viz: linking of cooperative credit with farm production and cooperative marketing to upgrade socio-economic life of farmers on the one hand and quality of services of cooperative credit and banking on the other. This recommendation was applied in second five year plan from 1955 to 1960. It was found that linking of cooperative credit and marketing increased from 1% to 11% and extent of cooperative credit distribution was increased from 3. 5% to 30% and maximum credit limit (MCL) increased from Rs. 500 to Rs. 1200 per crop per acre per year. This gradual growth gave great encouragement to cooperative credit and banking system in farm financing at a great length. This had motivated for a reliable and very valid effective approach through cooperative credit and banking for rural reorientation as well as upgradation of socio-economic change of rural people in rural India. This indicated a good desired shifting of cooperative credit business and gave a motivation to cooperative sector to face challenge for a desired change at farm level in the system of farming with Agro-technology. If we examine socio-economic changes from 1950 to 2012 or from first five year plan to 11th five year plan through applied cooperative credit and banking, the desired changes are found based on multiple variables with varieties of risks (challenges for changes). This scene is inviting attention of planners, surveyors, researchers and the governments to identify factors or obstacles affecting in achieving the desired results. Nobody has made any attempt on this issue at a great length till date to identify the factors affecting the quality of socio-economic change operation of cooperative credit and rural banking practices. There is urgent need and demand of the rural people, primary Agro-cooperative credit societies and applied cooperative banking to identify the problem raising factors and discover reliable and valid solutions to achieve the desired goal in the desired time. Therefore, an attempt is needed to make on this issue. The present study aims to work on this issue at a great length. Objectives of the study Broadly speaking, this study has main following objectives:- 1. To identify/ analyse the reliable and valid factors affecting the working of applied cooperative credit and banking at grassroots level and also to identify socio-economic changes at farm level and; 2. To explore practical possible solutions as remedial measures to solve the problems at grass root levels, to do socio-economic upgradation of farmers and their farming with help of modern Agro-technology and rational farm financing. Research Design The present study is going to do Exploratory-cum-Descriptive research work. It is a systematic and purposeful empirical enquiry; it includes surveys and fact-findings enquiries of different kinds. The main characteristics of this method are that the researcher has no control over the variables. It only reports what has happened or what is happening. In which the researcher does not have direct control over independent variables either what has happened or what is happening. But in this solution by the research an attempt has to make to search reliable and valid factors to discover a good solution for solving the problems. Location of the Universe/ Population B. R. College Agra of the Agra University as centre for the study and district Mewat Haryana has been selected by the purposive sampling method as definite universe of the study. Sampling design:- Sample selected by multistage stratified disproportionate random sampling. Total number of farmers members involved in CCR scheme in Agro-cooperative credit and banking are 380. Their size group and covered credit operation is given as under:- Size groupSize group of farmersTotal Farmers membersTotal Land covered by members in acresSample fractionTotal farmers A0-2. acres14028020%700 B2. 5-5. 0 acres12036020%600 C5. 0-7. 5 acres10060020%500 D7. 5-above acres2012020%100 Total members380126020%1900 Data Collection: – Research instruments:- Schedule-cum-questionnaire has been used for data collection. The Complete participant observation method and interview technique has been used for data collection. We have done pretesting at small scale to judge the effectiveness of the research ins truments. It has been found very correct and useful for the work.

Graham Greene - The Third Man Essays - Novellas, Films, Free Essays

Graham Greene - The Third Man Essays - Novellas, Films, Free Essays Graham Greene - The Third Man Author Henry Graham Greene was born on 2 October 1904 in Berkhamsted in England and was one of six children. At the age of eight he went to the Berkhamsted school. As a teenager he was under so immense pressure that he got psychological problems and suffered a nervous breakdown. In 1922 he was enrolled on the Balliol College, Oxford and in 1926 after graduation he started to work for the London Times as sub-editor and for the Nottingham Journal as journalist, where he met his later wife Vivien Dayrell-Browning. In February 1926 before marring his wife he was received into the Roman Catholic Church, which had influenced him and his writings. In 1929 his first novel The Man Within was published, but his popularity wasnt sealed before Stamboul Train (Orient Express) was published in 1932. In 1935 he became the house film critic for The Spectator. In 1938 he published Brighton Rock and wrote The Lawless Roads and The Power and the Glory. In 1941 within the World War Two he began to spy voluntar ily for the British Foreign Office in Sierra Leone and resigned in 1943 because of being accused of collusion and traitorous activities that never substantiated. He spent the rest of the war travelling widely and produced on his experiences he made The Heart of the Matter in 1948. In 1950 The Third Man was published which was written as a film treatment. So the book became famous after the movie had been released in 1949 and Greene states: The Third Man was never to be read but only to be seen. In 1975 he separated from his wife and on 3 April 1991 he died in Vevey, Switzerland. The novel Main Characters Rollo Martins alias Buck Dexter, English author of cheap westerns Harry Lime, old school friend and idol of Martins Colonel Calloway, English police officer and observer narrator Anna Schmidt, actress and Limes girl-friend, feigns to be Austrian but is Hungarian Dr. Winkler, Limes doctor and present doctor at the accident Colonel Cooler, a friend of Lime Herr Koch, Limes caretaker and witness of Limes accident Plot Rollo Martins travels after the World War II to the into four zones divided Vienna to visit his old school friend Harry Lime, who had invited him to Austria to report on international refugees. When arriving, Martins finds out that his friend was run over by car and died. At Limes funeral he meets Colonel Calloway who states that Lime was the worst racketeer in Vienna who would have been arrested if he had not been killed. At a literary discussion he starts his own inquiry at first with Kurtz who explains the accident but Martins is not satisfied, he thinks Lime was murdered. Visiting Schmidt, she tells the same as Cooler did, but mentions that even the driver was a friend of Lime. After that, he visits the doctor to question him, but gets no information. At Limes apartment he meets Koch who reveals that he is a witness who did not give evidence. He claims that there was a third man whom he could not identify. Cooler also tells the same story as Kurtz and askes him about the third ma n, but he has not seen a third man. Schmidt and he decide to question Koch again. As they arrived, Koch was murdered. After this Calloway makes an inquiry about Cooler, Kurtz, Dr. Winkler and Koch. Martins tells him about the third man, then Calloway informs him about Limes rackets: In those days, only military hospitals were supplied with Penicilin in Austria. As a result Penicillin was stolen and sold to Australian doctors for much money. The consequences were that it causes venereal diseases and meningitis. Then he showed evidences that Lime, Kurtz, Cooler, Winkler and Harbin were involved. So Martins gets disillusioned and disappointed about Lime and he wants to leave Vienna, but he cannot because of the Austrian police. Both think that Kurtz or third man killed Lime, so he tries to find third man. After the inquiry he visits Schmidt and tells her all about Lime and as leaving her, he meets the third man who is Lime. He pursues him to

aging population essays

aging population essays Ageing population is a worldwide pattern. The population is getting older this has social, political and economic impact on all societies. New Zealands ageing population is a consequence of many factors. It raises many issues with the policies of New Zealand. The factors that contribute to New Zealands increase in elderly are clear. High fertility rates, low mortality rates and the ageing of the immigrants that came to New Zealand in the first two decades of the century. This demographic change is putting increasing demand on New Zealands social services. Higher fertility rates occurred during the early nineteen hundreds. This is when most of todays elderly were born. This period is referred to as the Baby boomers. This is where an extra large cohort of people were born between 1946 1962. (Easton, 1980 p 71). Fertility now is on the decline and women are having on average one child less than in the 1950s. This is causing a generation gap, between the youth, working-age and the elderly. Variation in fertility is usually regarded as the predominant cause of change in age structure. (Heenan, 1993). Census forms taken every five years in New Zealand are the current source of research, and these may predict that generational inequality can occur. The second factor contributing to New Zealands Ageing population is Immigration. Historically immigration has always been important, and for a long period it to also regarded as the predominant, cause of population ageing in New Zealand. (Heenan, 1993). Immigration affects the elderly more than the younger age groups. Foreign born represent a large share of elderly New Zealanders. Census forms have been used to find out the number of immigrants in New Zealand. I question the validity of the testing and the results. Consequently ageing immigrants also brought about the change from a male dominant population to a f ...

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Definition informal personality type - Assignment Example According to my pals, I am a no-nonsense girl who cares less about the public opinion as long as I achieve my goals. Nonetheless, this does not mean violating other people’s rights and freedom in order to succeed in my endeavors. My strong personality has gained me different names from my male and female friends. However, the word jerk is beyond my character. I might cause a conflict or pain to individuals who threaten my freedom or intend to divert my goals, but under normal circumstances, I am calm and friendly. The society has a wrong perception of womanhood due to the stereotypes and male domination. Consequently, women and girls who express their willingness to confront patriarchy receive social neglect and labelling. I am firm girl who intends to follow my dream and achieve the success that fits my description. I draw my inspiration from Margret Thatcher, and if my idol was a jerk, I intend to be one as it is profitable than being

Management Essay Example | Topics and Well Written Essays - 3000 words - 5

Management - Essay Example A similar pattern of social influence was also reported by those who were identified as in-group members and as protà ©gà ©s. In-group members and mentored individuals reported greater use of expert and referent power than out-group members and non-mentored people. Further, out-group members and non-mentored individuals both reported a greater use of coercive power than did in-group members and protà ©gà ©s. Research interest in mentor/protà ©gà © relationships developed during the 1980s. It arose largely without articulated conceptual links to other topics in social/organizational psychology such as leadership, social influence, pro-social behavior, or social exchange. The first studies of this developmental relationship were descriptive and exploratory, such as Krams early research (2003) which identified two functions that mentors provide their protà ©gà ©s: career and psychosocial. More recent research (Noe, 1998a, 458) has examined the process and outcome of formal assigned mentor-protà ©gà © pairings and, in particular, the difference in outcomes between formal and naturally developing informal mentoring relationships (Chao, Walz, & Gardner, 2002, 619). Noe (1998b, 68) reviewed work on mentoring as it pertains to womens career development. He recommended clarifying the nature of the mentoring construct, suggesting several research questions about the development and effectiveness of these relationships. Noe also stated that "the use of leader-member exchange theory may further understanding of the dynamics involved in the formation of mentorships" (p. 73). Consistent with Noes recommendations, the present study was designed to investigate the convergence of mentoring relationships with another construct in social/organizational psychology: high-quality leader-member exchange (LMX). To explore the convergence of LMX and mentoring, we propose that