Examine some aspect of Plato's theory of the tripartite soul from Essay

Examine some aspect of Plato's theory of the tripartite soul from Plato's Republic - Essay Example The main objective of this study is to exhaustively tackle this paramount issue by proposing three views: first of all, Plato’s account of the soul would not have committed him to the view that within each part of the soul there are sub-divisions; secondly, the harmony and unity of the soul cannot be achieved by conversation and violence, but only through education. Lastly, by exploring Plato’s education program in The Republic, it is clearly evident that education is the fundamental means of bringing the three parts into harmony and thus makes them one rather than many (8). In the Republic, Plato strongly proposes that the human psyche is divided into three parts mainly appetite, spirit and reason. Through the use of the tripartite soul theory, Plato effectively gives an account on how man can be virtuous. A man who is virtuous is one whose three parts of his soul participate in their appropriate and efficient roles and they are in harmony with each other. It is clear that the paramount concept of order is not only fundamental to the just state but also to the just man. In Plato’s view, the just man cannot be acknowledged without referring to his harmonious and orderly soul. Therefore, the human virtue is dependent on how these psychological elements which are three can harmoniously interact with each other (17). The Tripartite Soul In order to elaborate that people perform each of the three functions with different parts of their soul, Socrates puts forward a principle that â€Å"one and the same thing cannot act or be affected in opposite ways at the same time in the same part of it and in relation to the same object†. This principle is referred to by scholars the Principle of Conflict or Principle of Opposites. In accordance to this principle, it is impossible for something to be at rest and in motion at the same time and in the same part of it. Plato deals with two probable objections to this principle to remove any ambiguities in using it. One is that it is wrong to say that a man, who is standing still and moving his hands, is at rest and in motion simultaneously. Rather, the statement should be that part of the man is standing still and another part of him is moving. The other one is that a spinning top whose circumference is in motion, but whose axis is at rest is moving in one respect but not in another. Plato at this juncture thinks that this noble principle is valid and thus goes on to use it in order to exhibit that there are three parts in the soul (22). Plato states that dissent and assent, aversion and impulse to something are opposite states or actions. Thus, thirst, hunger and appetite desires can be classified as impulses to drink and food. Consequently, man is sometimes unwilling to eat or drink yet he is hungry or thirsty. Thus, according to the Principle of Opposites, there is an element which is different from the one that drives people to crave for food or drink, preventing people from c raving it. The element preventing people from giving way to various unhealthy cravings is reason (39). Additionally to the function of prevention, characterization of reason by Plato is through numerous different ways. Reason is said to be the calculative or reflective element. It is also

Stereotypes of African American Women in Film Essay

Stereotypes of African American Women in Film - Essay Example In film, the seductive and worldly imagery of the African American woman has endured. While more empowered positions have been created over time with race relations slowly repairing and providing for a less judgmental view on the African American woman, the films of the early twentieth century reveal the story of how she was viewed. Through the work of Lena Horne and Dorothy Dandridge, the stereotypes can be seen, but explored with a deeper complexity that was brought to the roles because of the presentations that Horne and Dandridge brought to their work. In many ways, the work that was done by Lena Horne and Dorothy Dandridge broke some of the stereotypes that had been most prevalent about African American women. Horne stated of her position in Hollywood that â€Å"They didn’t make me into a maid†¦but they didn’t make me into anything else either. I became a butterfly pinned to a column singing away in Movieland† (Bogle, 2001, p. 127). She came across as w holesome a problem for the sex-object roles that she was given. Because of her nature, she was not seen as a â€Å"slutty† character, but was engaging as an alluring woman who flirted and teased, rather than performed acts that would diminish her nature. She was elegant and poised, thus creating sophisticated presence. In this, her roles created a sense of broken stereotypes, the women she portrayed not the average that was promoted during her time. Horne’s portrayal of Georgia Brown in Cabin in the Sky never broke through to representing a woman of ill-repute. Bogle describes her work as â€Å"startling freshness and untainted wholesome beauty† from both Cabin in the Sky (1943) and Stormy Weather (1942). Her role in Stormy Weather, made her an â€Å"object of contemplation, rather than one of possession† (Bogle, 2001, p. 127). In Cabin in the Sky, she is positioned as an instrument of Lucifer, but she brings a complexity as she never fully slips into the state of a tainted woman. In Stormy Weather, puts Horne in context with the music industry of the early 20th century. She represents an ambitious, but desirable woman who is seeking a career over love. This representation broke with the traditions of both women and African American women, her desires for something beyond an immediate gratification not a familiar stereotype. One of the problems with Cabin in the Sky was that it was set in a familiar type of fantastical setting in which there was an ideal ‘otherness’ in which African Americans lived. This concept suggested that while their lives were separate, they did not suffer from segregation, but flourished in communities that were just out there somewhere (Bugle, 2001, p. 131). Where Cabin in the Sky created an unrealistic domestic space, Stormy Weather created a somewhat unrealistic professional space in which African Americans experienced their lives. The film was an example of wartime escapism, providing an unre alistic world in which to experience a diversion from the seriousness of the nature of life during the war. Both of these films, however, were ground-breaking as they each had fully African American casts, the diversity of the roles within those films providing for a better exploration of African American life. Two roles that Horne greatly desired, ended up being given to Dorothy Dandridge. The role of both Carmen Jones (1954) and Jane Richards in Bright Road (1953) were given to Dandridge over Horne. Where Horne exuded a ‘

Ways Of Transferring Capital From Savers To Borrowers Finance Essay

Ways Of Transferring Capital From Savers To Borrowers Finance Essay Find the most recent financial statements for two companies of same industry which are listed in KLSE (Kuala Lumpur Stock Exchange). Evaluate the financial position and performance for each of these two companies using accounting ratio analysis. You are required to compute and compare the accounting ratios between these 2 companies, and conclude the results of your findings. The limitations or problems of using accounting ratios for performance analysis should be included in your conclusion. Identify and discuss three different ways of transferring capital or fund from savers to borrowers in the financial market. 1.0 Introduction What is accounting ratios? Accounting ratios are the ratios which used in calculation and indicate the relationship between figures from the financial statements of a company. The financial statements are the statements that summarized a companys activities either quarterly or annually. It consists of a profit and loss account and a balance sheet. In accounting, accounting ratios are often used in interpreting and evaluating a companys overall financial condition and business performance. Accounting ratios are classified into 5 categories for measuring 5 different aspects of business performance. The 5 aspects are shown as follow: Profitability of company Liquidity of company Asset management of company Debts management and capital gearing of company Market value of investment to ordinary shareholders / common stockholders 1.1 Profitability of company Gross profit markup Gross profit markup (%) = Gross Profit x 100 Cost of goods sold Gross profit margin Gross profit margin (%) = Gross profit x 100 Net sales value Operating profit margin on sales Operating profit margin (%) = Operating profit before interest and before taxation x 100 Net sales value Profit margin on sales Profit margin on sales (%) = Net income available to common stockholders x 100 Net sales value Basic earning power (BEP) Basic earning power (BEP) = Operating profit before interest and before taxation x 100 Total assets Return on total assets (ROA) Return on total assets (ROA) = Net income available to common stockholders x 100 Total assets Return on total equity (ROE) Return on total equity (ROE) = Net income available to common stockholders x 100 Common equity 1.2 Liquidity of company Current ratio / Working capital ratio Current ratio / Working capital ratio = Current assets Current liabilities Liquid ratio / quick ratio / acid-test ratio Liquid ratio / quick ratio / acid-test ratio = Liquid assets Current liabilities 1.3 Asset management of company Inventory turnover or stock turnover Inventory turnover or stock turnover = Cost of sales Average stock value Fixed asset turnover Fixed asset turnover = Net sales Fixed assets net book value Total assets turnover Total assets turnover = Net sales Total assets Debtor ratio Debtor ratio = Debtor Credit sales Debtor payment period Debtor payment period = Debtor x 365 days/ 52 weeks / 12 months Credit sales Days sales outstanding (DSO) Days sales outstanding (DSO) = Debtor x 365 days Credit sales 1.4 Debts management and capital gearing of company Debts ratio Debts ratio = Total debts Total assets Capital gearing ratio Capital gearing ratio = Prior charge debts capital Total capital Debts equity ratio Debts equity ratio = Total debts Common Equity Times interest earned Times interest earned = Profit before interest and before taxation Interest charges Creditor ratio Creditor ratio = Creditor Credit purchase Creditor payment period Creditor payment period = Creditor x 365 days / 52 weeks / 12 months Credit purchase 1.5 Market value of investment to ordinary shareholders/ common stockholders Earnings per share Earnings per share = Net income available to common stockholders Number of ordinary shares in issue Price / Earnings ratio Price / Earnings ratio = Market price per ordinary share Earnings per share Dividend cover Dividend cover = Earnings per share Net ordinary dividend per share Earning yield Earning yield = Gross earnings per share x 100 Market price per ordinary share Dividend yield Dividend yield = Gross ordinary dividend per share x 100 Market price per ordinary share Price / cash flow ratio Price / cash flow ratio = Market price per ordinary share Net cash inflow per ordinary share Market price / book value ratio Market price / book value ratio = Market price per ordinary share Net book value per ordinary share 1.6 Companys background Gamuda was incorporated on 6 October 1976. It was listed on the main board of the Kuala Lumpur Stock Exchange (KLSE) on 10 August 1992. In Malaysia, Gamuda is a leading infrastructure group. It has a wide range of business activities all over the world. Its core competencies are engineering and construction, infrastructure concessions, and also township development. Besides, they have mega projects such as internationally acclaimed SMART (Stormwater Management and Road Tunnel), intra-urban highways, Kaohsiung Mass Rapid Transit System in Kaohsiung, Taiwan, and so on. On the other hand, WCT was incorporated on 14 January 1981 as WCT Earthworks Building Contractors Sdn Bhd. Then, it went public on 1 April 1994 and listed on the Kuala Lumpur Stock Exchange (KLSE) on 16 February 1995. The business nature of WCT Berhad contains engineering and construction, property development, and also assets management. The business coverage of WCT is in Malaysia and abroad. Its projects and services include F1 international racing circuit, international airport, hydroelectric dam, township planning development and so on. Then, the next step is applying the accounting ratios to calculate the 2 companiess business performance. The companies are Gamuda Berhad and WCT Berhad. In order to compare these 2 companies, the selection is inter-firm which is comparing based on the industry average. It is because they have the same business nature. Before doing comparison, a person must obtain the financial statements of a company. In general, the financial statements are released in annually basis, but some of the companies are quarterly basis. Financial statements are the vital resource for a researcher used to calculate and compare the companies business performance. The financial statements adopted from Gamuda Berhads annual report 2010, whereas WCT Berhad is 2009. Figures inside the income statement and balance sheet are used in apply to the accounting ratio in calculating purposes. After done the calculation, there is a standard weigh available in each accounting ratio to interpret the data. Each answer gen erated is referring to the weigh in comparison and generate a comment. These 2 annual reports of Gamuda and WCT are adopted from their official website in the column of the investor relations. The website address of Gamuda is http://www.gamuda.com.my, whereas website address of WCT is www.wct.com.my. 1.7 Calculation worksheet Types of ratio Calculation of Gamuda Berhad Calculation of WCT Berhad Profitability Gross profit markup (%) = Gross profit x 100 Cost of goods sold = RM 422976000 x 100 RM 2032167000 = 20.81 % = RM 354659000 x 100 RM 4311943000 = 8.23 % Gross profit margin (%) = Gross profit x 100 Net sales value = RM 422976000 x 100 RM 2455143000 = 17.23 % = RM 354659000 x 100 RM 4666602000 = 7.60% Operating profit margin on sales (%) Operating profit before = interest before taxation x100 Net sales value = RM 259852000 x 100 RM 2455143000 = 10.58% = RM 244145000 x 100 RM 4666602000 = 5.23 % Profit margin on sales (%) = Net income available to common stockholders x 100 Net sales value = RM 280693000 x 100 RM 2455143000 = 11.43 % = RM 147098000 x 100 RM 4666602000 = 3.15 % Basic earning power (BEP) = Operating profit before Interest and before taxation x100 Total assets = RM 259852000 x 100 RM 6550910000 =3.97% = RM 244145000 x 100 RM4478484000 = 5.45 % Return on total assets (ROA) = Net income available to common stockholders x100 Total assets = RM 280693000 x 100 RM 6550910000 = 4.28% = RM 147098000 x 100 RM 4478484000 = 3.28 % Return on total equity (ROE) = Net income available to common stockholders x 100 Common equity = RM 280693000 x 100 RM 325752500 = 8.62 % = RM 147098000 x 100 RM 1250246000 = 11.77 % Liquidity Current ratio = Current assets Current liabilities = RM 4203173000 RM 1930241000 = 2.18 : 1 = RM 2553187000 RM 1807550000 = 1.41 : 1 Acid-test ratio = Liquid assets Current liabilities = RM4123435000 RM1930241000 = 2.14 : 1 = RM 2439478000 RM 1807550000 = 1.35 : 1 Asset Management Inventory turnover = Cost of sales Average stock value = RM 2032167000 RM 79738000 = 25.49 times = RM 4311943000 RM 113709000 = 37.92 times Total assets turnover = Net sales Total assets = RM 2455143000 RM 6550910000 = 0.37 times = RM 4666602000 RM 4478484000 = 1.04 times Debtor ratio = Debtor Credit sales = RM 1607772000 RM 2455143000 = 0.65 : 1 = RM 1472655000 RM 4666602000 = 0.32 : 1 Day sales outstanding (DSO) = Debtor x 365 days Credit sales = 0.65 x 365 days = 237.52 days = 0.32 x 365 days = 116.8 days Debts management and capital gearing of company Debts ratio = Total debts Total assets = RM 3243187000 RM 6550910000 = 0.50 : 1 = RM 2991508000 RM 4478484000 = 0.67 : 1 Debts equity ratio = Total debts Common equity = RM 3243187000 RM 3257525000 = 1 : 1 = RM 2991508000 RM 1250246000 = 2.39 : 1 Times interest earned = Profit before interest and before taxation Interest charges = RM 259852000 RM 43813000 = 5.93 times = RM 24414500 RM 50308000 = 4.85 times Market value of investment to ordinary shareholders / common stockholders Earnings per share = Net income available to common stockholders Number of ordinary shares in issues = RM 280693000 2025888000 shares = RM 0.14 = RM 147098000 777712000 shares = RM 0.19 Price earnings ratio = Market price per ordinary share Earnings per share = RM 3.20 per share RM 0.14 per share = 22.86 times = RM 2.60 per share RM 0.19 per share = 13.68 times Earnings yield = Gross earnings per share x 100 Market price per ordinary share = (100/75 x RM 0.14) x 100 RM 3.20 = 5.83 % = (100/75 x RM 0.19) x 100 RM 2.60 = 9.74 % Market price per book value = Market price per ordinary share Net book value per ordinary share = RM 3.20 per share (RM 325752500 / 2025888000 shares) = RM 3.20 RM 1.61 = 1.99 : 1 = RM 2.60 per share (RM 1250246000 / 777712000 shares) = RM 2.60 RM 1.61 = 1.61 : 1 1.8 Ratios comparison between Gamuda and WCT 1.81 Profitability Gross profit markup and gross profit margin Based on the profitability ratios calculations result generated above, Gamuda Company is generating higher profit compared to WCT Company. The both gross profit markup and gross profit margin of Gamuda is higher than WCT. High gross profit earned by Gamuda shows that it has effective and efficient control in lowering its purchasing cost and production cost. Lower gross profit earned by WCT indicates it does not effective and efficient control in lowering its purchasing cost and production cost. Besides, both operating profit margin and profit margin on sales of Gamuda is higher than WCT. Higher profit margin earned by Gamuda shows it has an effective control in lowering its expenditures and interest cost. Whereas it indicates WCT is ineffective in controlling its expenditures and interest cost. Basic earning power, return on total assets, and return on common equity However, in basic earning power and return on common equity, Gamuda is lower than WCT. Return of asset of Gamuda is slightly higher 1 % than WCT only, which is 4.28 % and 3.28 % respectively. It shows that WCT is generating higher profit regarding to its effective and efficient in using its assets and capital in the business. In contrast, Gamuda is ineffective and inefficient in employing its assets and capital. 1.82 Liquidity Current ratio In liquidity aspect, the current ratio of Gamuda and WCT is 2.18: 1 and 1.41: 1 respectively. If the current ratio is higher than average of industry, it means a company has a larger amount of current assets to pay its current liabilities. Besides, it proves that a company has a stable financial condition. In contrast, when current ratio is lower than average of industry, it shows the companys financial condition is unstable. The company has lower amount of current assets to pay its current liabilities. Acid test ratio On the other hand, acid test ratio of Gamuda is 2.14: 1, whereas WCT is 1.35: 1. When a companys acid test ratio is higher than average of industry, it shows that it has larger amount of liquid assets to pay its current liabilities. In contrast, lower acid test ratio shows a company has lower amount of liquid assets to pay its current liabilities. 1.83 Asset management Inventory turnover In asset management aspect, the inventory turnover of Gamuda is 25.49 times and WCT is 37.92 times. Higher inventory turnover shows that a company experiences fast stock turnover, so stocks are not accumulated, and no money to be tied up. WCT has a higher inventory turnover than Gamuda. It means that WCT has fast turnover, less stocks to be accumulated, and less money to be tied up compared to Gamuda. Total assets turnover Besides, total assets turnover of Gamuda is 0.37 times, and WCT is 1.04 times. Total assets turnover of WCT is higher than Gamuda. WCT has higher sales generated from its business due to its effective asset usage which increases the production volume. Debtor ratio days sales outstanding Debtor ratio of Gamuda is 0.65: 1, and WCT is 0.32: 1. Besides, the day sales outstanding of Gamuda are 237.5 days, and WCT is 116.8 days. Higher debtor ratio and day sales outstanding shows that Gamuda gives a longer credit time to its debtors which cause a longer time to collect back the money. Gamuda may accumulate the debts balance and experiences shortage of money which unable to finance its current liabilities. In contrast, WCT has a lower debtor ratio and day sales outstanding. It has shorter debtor payment period, experience less debts balance, and less money to be tied up from its debtors. 1.84 Debts management and capital gearing Debtor ratio In debts management and capital gearing aspect, WCT has a higher debts ratio compared to Gamuda. The higher debts ratio shows that a company experiences heavy debts and high interest cost. It may cause a company unable to pay back the debts, and forced to sell its assets to pay. Debts equity ratio Debts equity ratio is used to measure the proportion of company debts with its common equity. Both Gamuda and WCT debts equity ratio is higher than 0.5:1, but WCT is higher than Gamuda which are 2.39:1 and 1;1 respectively. It means these 2 companies operate at a high gear with larger proportion of prior charge debts capital. It views as unstable capital structure and bearing the high interest cost financed by larger proportion of profit. Time interest earned / Interest cover Both companies experience high capital gearing ratio, but WCT is higher than Gamuda. It means WCT experiences low times interest earned and indicates it is bearing the high interest charges in relation to its profit. 1.85 Market value of investment to ordinary shareholders / common stockholders Earnings per share Lastly, in market value of investment to ordinary shareholders / common stockholders, WCT has a higher earnings per share compared to Gamuda. It shows that WCT has a higher business growth and higher profit earnings. In converse, lower earnings per share shows that a company experiences a low business growth and low profit earnings. Price earnings per share Besides, WCT has a lower price earnings ratio compared to Gamuda. Lower price earnings ratio shows that Gamudas earnings per share is very high which influenced the common stockholders have to take shorter period use their profit earning to recover back their share investment amount. If the earnings ratio is high, it shows that a companys earnings per share are very low and the common stockholders spend longer period use their profit earning to recover their share investment amount. Earning yield The earning yield of WCT is higher than Gamuda. If the earning yield higher than the average of industry, it shows that a company has high net income and very attractive to the common stockholders. However, when the earning yield is lower than average of industry, it shows that a company has low net income and not attractive to the common stockholders. Market price per book value Besides, the market price per book value of WCT is lower than Gamuda. If market price per book values is lower than the average of industry, it means the share market price decreases below its real asset value and becomes attractive to common stockholders. In converse, if the market price per book value is higher than the average of industry, it means its share market price increases over its real asset value and become not attractive to the common stockholders. 1.9 Conclusion Based on the result of 5 aspects of accounting ratio above, WCT Company has a better overall business performance than Gamuda Company. Firstly, WCT has higher BEP and ROE which shows WCT is generating higher profit regarding to its effective and efficient in using its assets and capital in the business activities. Secondly, WCT has a higher inventory turnover than Gamuda. It indicates that WCT has fast turnover, more liquid, less stocks to be accumulated, and less money to be tied up compared to Gamuda. Thirdly, total assets turnover of WCT is higher than Gamuda. WCT has higher sales generated from its business due to its effective asset usage which increases the production volume. Fourthly, WCT experiences a lower debtor ratio and day sales outstanding than Gamuda Company. WCT has shorter debtor payment period, experience less debts balance, more liquid and less money to be tied up from its debtors. Fifthly, WCT has higher earnings per share compared to Gamuda. WCT has a higher busi ness growth and higher profit earnings. Sixthly, WCT experiences lower price earning ratio compared to Gamuda. Lower price earnings ratio shows that WCTs earnings per share are very high. It enables the common stockholders have to take shorter period use their profit earning to recover back their share investment amount. Seventhly, the earning yield of WCT is higher than Gamuda. When the earning yield higher than the average of industry, it shows that a company has high net income and very attractive to the common stockholders. Lastly, the market price per book value of WCT is lower than Gamuda. When market price per book values is lower than the average of industry, it means the share market price decreases below its real asset value and becomes attractive to common stockholders. Thus, WCT is more attractive than Gamuda. On the other hand, while doing inter-firm comparison, there are several limitations in applying the ratio and trend analysis. The first limitation must select the same industry norms and compare based on the industry average. The second limitation is each firm experiences a different financial and business risk profile. It also affected by the analysis differently. The third limitation is accounting policies. Each firm applies different accounting policies. For example, in small firm, it groups its stationery in current assets. However, in large firm, it groups it into expenses. The fourth limitation is the size of the firm would experience different level of risk from its competitors, structure, and returns. The fourth limitation is the area and environment of a firm. Home-based firm and multinational firm operate differently in different countries. 2.0 Introduction What is financial market? Financial market is a mechanism where surplus funds are gathered from the people who intended to lend out their money. Furthermore, it acts like a platform where provides the opportunities for the organizations and individuals who are short of money to borrow funds. Financial markets have different categories. Each financial market deals with a different type of financial instrument of its maturity and the asset backing it. Different financial markets serve different types of customers, and operate in different parts of the country. Financial markets are different from physical asset markets. Physical asset markets also called as tangible asset markets or commodities market which deal with the physical products like gold, crude oil, real estate, and machinery. Whereas the financial markets deal with the financial instruments like shares, bonds, notes, mortgages, and so on. Besides, these 2 markets can operate as the spot market or future market. Spot markers can be defined as goods are being traded on the spot and delivery within several days. Conversely, the goods that are being traded in future market are for future and delivery on future date. It could be six months or a year in future. 2.1 Types of financial markets 2.11 Primary markets There are various financial markets in each country. The first type is primary markets. It is the market for corporations to raise capital by issuing new securities or shares. The corporations collect the funds by selling off the new issued stocks in the primary market transaction. 2.12 Secondary markets The second type is secondary markets. Secondary markets are the markets in which existing and already outstanding securities or other financial assets that are traded among the investors after they have been issued by the corporations. 2.13 Initial public offering market The third type is initial public offering (IPO) market. It is a market that provides the company or corporations go public by offering new securities or shares to the public for the first time. Once the corporation or company went public, it will be listed on the stock exchange. These companies or corporations are usually newly established and go public to collect capital. 2.14 Private markets The fourth type is private markets. It is a financial market where the transactions are worked out directly between 2 parties. Private markets are different from the public markets where standardized contracts are traded on organized exchanges, but private market could perform privately without going to public where the transaction may be structured in any manner that appeals to the 2 parties. Bank loans and placement of debts with insurance are the examples of the private market transaction. 2.15 Consumer credit markets The fifth type is consumer credit markets. Generally, it deals with the loans on autos and appliances, loans for education, vacations, and so on. 2.16 Mortgage markets The sixth type is mortgage markets. Mortgage markets deal with the loans for the purposes of residential, commercial, industrial real estate, and also farmland. 2.17 capital markets The seventh type is capital market. Capital markets deal with the stocks or shares, intermediate or long-term debts in which funds to be loaned and borrowed for long periods. It usually more offered in one year or more than one year. 2.18 Money market The eighth type is money market. Money market deals with short-term, highly debt securities in which funds to be loaned and borrowed for a short period which usually less than one year. 2.2 Three ways for transferring capital or fund between savers and borrowers 2.21 Direct transfer from savers to borrowers The first way is direct transfer from savers to borrowers. It usually happens when a corporation (borrower) wants to collect funds by issuing and selling new securities or bonds to the savers (money lender). In this selling process, it does not pass through any financial institution which the corporations directly deliver the securities to the savers who in return pay money to the corporation. Therefore, it is a direct flow where the funds are directly transferred from the savers to the corporations. The following diagram can fully explain the process between corporations and savers. Issue corporations securities or bonds to Corporations (Borrowers) Savers (Money lenders) Receive capital or fund from Diagram 2.21.1- Direct transfer from savers to borrowers 2.22 Indirect transfer from the savers to the borrowers through investment banking house The second way is indirect transfer from the savers to the borrowers through investment banking house. It normally happens when an investment bank underwrites the issuance of a corporations securities where the investment bank acts as a middleman to facilitate the issuance of corporations securities. Indeed, investment bank purchases the corporations securities and then resell it to the savers. It means the money paid by the savers in purchasing corporations securities is passed to the investment bank and to be received by the corporation (borrower). Thus, money of savers and securities of company is only passing through the investment banking house. As a result, the fund is indirectly transferred through the investment banking house from the saver (money lender) to the corporation (borrower). The below diagram can fully explain the process among the investment banking house, corporation, and saver. Investment Banking House (Middle man) ( Corporations (Borrower) Savers (Money lender) Issue corporations Resell corporations securities to securities to Receive fund from Receive fund from Diagram 2.22.1- Indirect transfer from the savers to the borrowers through investment banking house 2.23 Indirect transfer from the savers to borrowers through a financial intermediary The third way is indirect transfer from the savers to borrowers through a financial intermediary. It usually happens when a financial intermediary like bank or a mutual fund collects the funds from the savers by issuing its own securities or certificate of deposit to the savers. After that, the financial intermediary uses the collected funds from the savers to buy and keeps the other corporations securities as its investments. It means that the money paid by the savers to purchase the securities or certificate of deposit issued by the financial intermediary. Then, the money passed to the financial intermediary, and then the financial intermediary paid the money for purchasing the other corporations securities. In fact, there are many people prefer holding the certificate of deposit and the securities issued by the financial intermediary. The reason is they are safer and more liquid than the mortgages and loans. Thus, financial intermediaries are greatly increasing the efficiency of m oney and capital markets. The below diagram can fully explain the process among the financial intermediary, saver, and corporation. Savers (Money lender) Corporations (Borrower) Financial Intermediary (Money lender to corporation) / (Borrower from saver) Issue corporations Issue intermediarys securities to owns securities to Receive fund from Receive fund from Diagram 2.23.1- Indirect transfer from the savers to borrowers through a financial intermediary 2.3 Types of financial intermediaries and its role Investment banking house is an organization that underwrites and distributes the new securities issued by the corporations which helps the corporation in obtaining the funds for financing. In Malaysia, examples of investment banking house are CIMB bank, Affin bank, and Maybank. Financial intermediary are the specialized financial organization that facilitate the transfer of funds from the savers to the borrowers. There are several types of financial intermediaries. 2.31 Commercial bank The first type is commercial bank. It is a traditional departmental store of finance which serves a huge population of savers and borrowers. Besides, commercial banks are the major institutions that handled checking accounts and through which Federal Reserve System increased or decre

Essay --

Experimental findings suggest by performance on a variety of different tasks, episodic memory (EM) for specific events declines as a function of advancing age, even in healthy individuals (episodic memory; Tulving., 1983; Light., 1991; Craik & Jennings., 1992). The question of how best to account for this decline in functional terms is a long-standing one (Light., 1991). This paper will focus on the use of functional neuroimaging to investigate the neural correlates of age-related changes in episodic memory encoding between older and younger adults. With specific focus on the prefrontal cortex (PFC) and hippocampus regions. With the emergence of functional neuroimaging technology, significant advancements in current knowledge of the human memory have evolved. Through such technology, the measurement of cerebral metabolic activity can be measured during cognitive tasks (Langley & Madden., 2000). This enables the identification of specific brain regions involved in recruiting specific memory processes activated during cognitive tasks (Langley & Madden., 2000). Recent availability of these neuroimaging techniques has provided informative insight for theories of memory, opening an avenue for further research into cognitive age-related neuroscience. Until recently much age-related memory decline has been documented through behavioural studies, suggest that some aspects of memory functioning during aging have age-associated structural brain changes (Langley & Madden., 2000). Increasing numbers of studies have explored the associations between these memory deficits and structural changes, (eg., Golomb et al., 1994; Raz et al., 1998, 1999; as cited in Langley & Madden., 2000). As humans age, many impairments occur in the cognitive syst... ...g of similar (not dissimilar) objects compared to younger adults. Similarly this response predicted behavioural performance within both groups and evidently found to be related to structural changes within this region. This study provides valuable evidence for age-related differences within the hippocampal, these changes may impact older adults performance on a range of episodic memory tasks. Similarly Wilson et al’s. (2006) model that accounts for age-related susceptibility to interference, suggests that age-related changes in the DG may result in less efficient pattern separation due to an impaired ability to reduce similarity among new input pattern (Wilson et al., 2006). Therefore it may be suggested that age-related difference discussed in the evidence above can be associated with natural/general deterioration of healthy ageing individuals. In summary†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.

PLDT telecommunication Essay

INTRODUCTION PLDT is the leader in providing telecommunication services in the country. The company’s business can be divided into three main business areas: fixed line, wireless, and information and communication technology. PLDT is the leading telecommunications service provider in the Philippines. Through its three principal business groups-wireless, fixed line, and information and communications technology-PLDT offers the largest and most diversified range of telecommunications services across The Philippines’ most extensive fibber optic backbone and wireless, fixed line and satellite networks. PLDT is listed on the Philippines Stock Exchange (PSE: TEL) and its American Depositary Shares are listed on the New York Stock Exchange (NYSE:PHI) and the Pacific Exchange. PLDT has one of the largest market capitalizations among the Philippine listed companies. The fixed line business provides local calls, national and international long distance services, which operates around 2.1 million access lines. The wireless†¦Food Procurement INTRODUCTION Background of the Study Mang Inasal Chicken BBQ is the Philippine’s fastest growing barbeque fast food chain, serving chicken, pork barbeque and other Filipino favorites, was first established on December 12, 2003 in Iloilo City. Currently, there were 445 branches nationwide and†¦ Mang Inasal How can Mang Inasal sustain its success? Your column on Mang Inasal?s success secret is still the continuing topic of our group?s conversations. We?re a foursome of Asian Institute of Management (AIM) Master in Entrepreneurship (ME) graduates and you taught our batch. There?s one question raised†¦ Mang Inasal Apart from the usual food presentations of multinational food company copycats, Mang Inasal endeavors to adhere to elements that bear a distinctively Pinoy stamp-grilling with charcoal, rice wrapped in banana leaves, a marinade concocted out of local spices and herbs, bamboo sticks for skewers, and the ambiance that†¦ Inventory System Proposed Inventory System In Mang Inasal Food Corporation (Calapan City) System Analysis and Design Presentation of Bachelor of Science in Information System In City College of Calapan System Analysis and Design (IS8) requirement For the Bachelor of Science in Information System Presented†¦ None enterprise. Let Mang Inasal Philippines win your heart in the franchise business as it captured the taste of the Manileos. Chicken Inasal business boomed several years ago due to its distinct and flavorful taste that passed the discriminating choices of the Filipino diners. Chicken Inasal is not just an†¦ Copy 5 Investment Pays Off†¦6 VOL. 1 NO. 1 SEPTEMBER 2010 TRUE to its quest of being the foremost Quick Service Restaurant in the Philippines, Mang Inasal Philippines Inc. is set to open its 300th store by October 2010. â€Å"Most of our expansion now will be in the provinces since we are all over most of†¦ mang inasal Contents1 Introduction to Mang Inasal3 A. Company Profile3 B. Market Profile4 C. Value Chain Analysis6 Franchising and Store Operations6 Marketing7 Logistics7 Sourcing8 Franchising and Expansion8 Profile of Target Country, Malaysia9 A. STEP Analysis9 Socio Cultural9 Socio Cultural†¦ Thesis-Customer Service scrambling for business. In Bià ±an, Philippines, particularly at Mang Inasal, the work performance of the sales manager are of great concern about the significance of having good customer service. On December 30, 2003, Mang Inasal was born out of the vision of Mr. Edgar Sia II. From its humble†¦ Jollibee Food Corporation Strategic Management MBA 2 Assignment in Strategic Management Business Analysis (Jollibee Food Corporation) Jeff C. Balanag 15/6/2012 1 Table of Contents Introduction Company Description Jollibee History and Milestone Jollibee Food Corporation Ownership The Use of School of Strategy Culture School Values, Mission†¦ Inasal PROFILE MANG INASAL – Philippine’s fastest growing barbeque fast food chain, serving chicken, pork barbeque and other Filipino favorites, was first established on December12,2003 in Iloilo City. Currently, there are 445 branches nationwide and with over 10,000 employees system wide. MANG INASAL is doing†¦ Opman Case Study Iris Stephanie TanMay 5, 2011 POM102 JTA-ASir Allan Ko Business Case Study Analysis Rags2Riches Reese Fernandez’s Rags2Riches offers us not only a relatively new kind of bag product but also a way to participate in helping boost our country’s economy. Their company succeeded the challenge†¦ Mang Inasal Research paper Company Name : Mang Inasal Company Profile : MANG INASAL PHILIPPINES INC. COMPANY PROFILE MANG INASAL – Philippine’s fastest growing barbeque fast food chain, serving chicken, pork barbeque and other Filipino favorites, was first established on December12,2003 in Iloilo City. Currently, there are†¦ Mang Inasal Study San Sebastian College Recoletos de Cavite College of Engineering RISK MANAGEMENT QUIZ 2 MANG INASAL Introduction: A restaurant is an establishment that serves prepared food and beverages ontables set for individuals, pairs or larger groups, to be consumed primarily on thepremises. Restaurants†¦ The Manginasal â€Å"Marketing Framework of Mang Inasal Food Corporation: Basis for Proposed Filipino Themed Food Business Program† A Research paper Presented to the Faculty of the College of Business Management and Accountancy Pamantasan ng Lungsod ng Marikina In Partial Fulfillment†¦ mang inasal MANG-INASAL INTRODUCTION Mang Inasal Philippines is the Philippine’s fastest growing barbeque fast food chain, serving chicken, pork barbeque and other Filipino favorites, was first established on December12,2003 in Iloilo City. It operates quick service. It specializes in chicken inasal an various†¦ Tqm Final Profile MANG INASAL – Philippine’s fastest growing barbeque fast food chain, serving chicken, pork barbeque and other Filipino favorites, was first established on December 12, 2003 in Iloilo City. Currently, there are 306 branches nationwide and with over 8,000 employees system wide. MANG INASAL is doing†¦ Feasibility Study: Mang Inasal model of Mang Inasal. In the new business of franchising, it is critical to develop evaluation, documentation, training, mentoring and consulting skills, all within an ongoing, long term franchise relationship. The study will conduct analysis of opportunities and trends in franchising Mang Inasal to be†¦ Mang Inasal Research Paper MANG INASAL- â€Å"MR. BARBECUE† I.INTRODUCTION A.COMPANY PROFILE Edgar â€Å"Injap† Sia II is the man behind Mang Inasal, one of the fastest growing food companies in the Philippines, which has become a modern icon of the Ilonggo culinary culture. His parents gave his the nickname Injap because Sia is originally†¦ Mang Inasal MANG INASAL PHILIPPINES INC. COMPANY PROFILE MANG INASAL – Philippine’s fastest growing barbeque fast food chain, serving chicken, pork barbeque and other Filipino favorites, was first established on December12,2003 in Iloilo City. Currently, there are 445 branches nationwide and with over 10†¦ term paper to put up many branches or chains in different parts of the country. This leads to birth of fast food chains, by which Jollibee, McDonalds, KFC, Mang Inasal, Chowking, and WOK Express and Greenwich are few examples. People prefer to go into fast food chains not just because of their food preference but†¦

The Lost Duke of Wyndham Chapter Twelve

Jack did (eventually) find his bedchamber, but even though he knew he'd likely still have been happily asleep if he hadn't been determined to join Grace at breakfast, when he lay down atop his covers, intending to take a restorative nap, he found himself unable to do so. This was profoundly irritating. He had long prided himself on his ability to fall asleep at will. It had come in handy during his years as a soldier. No one ever managed to acquire the correct sleep, either in quality or amount. He would steal his slumber where he could, and his friends had been eternally jealous that he could prop up against a tree, close his eyes, and be asleep within three minutes. But not, apparently, today, even though he'd traded a knobby tree for the finest mattress money could buy. He closed his eyes, took his customary long, slow breaths, and†¦nothing. Nothing but Grace. He'd like to have said she was haunting him, but that would have been a lie. It wasn't her fault that he was a fool. And in truth, it wasn't just that he was completely desperate for her (although he was, and most uncomfortably, too). He couldn't get her out of his mind because he didn't want to get her out of his mind. Because if he stopped thinking about Grace, he would have to start thinking about other things. The possibility of his being the Duke of Wyndham, for one. Possibility†¦Bah. He knew it was true. His parents had been married. All that was needed was to locate the parish register. He closed his eyes, trying to push back the overwhelming feeling of dread that was bearing down on him. He should have just lied and said that his parents had never wed. But blast it, he had not known the consequences when he said that they had. No one had told him he'd be crowned the bloody duke. All he'd known was that he was so damned furious with the dowager for kidnapping him and with Wyndham for staring at him like he was something to be swept under the rug. And then Wyndham had said, in that smarmy, superior voice of his: If indeed your parents were married†¦. Jack had snapped out his reply before he had a chance to consider the consequences of his actions. These people were not better than he was. They had no right to cast aspersions on his parents. It was too late now, though. Even if he tried to lie and recant his words, the dowager would not rest until she'd burned a trail through Ireland in search of the marriage documents. She wanted him to inherit, that much was clear. It was difficult to imagine her caring for anyone, but she had apparently adored her middle son. His father. And even though the dowager had not shown any particular fondness for him – not that he had made much of an effort to impress – she clearly preferred him over her other grandson. Jack had no idea what had transpired between the dowager and the current duke, if anything. But there was little affection between the pair. Jack stood and walked to the window, finally admitting defeat and giving up on the notion of sleep. The morning sun was already bright and high in the sky, and he was suddenly seized by a need to be out of doors, or rather, out of Belgrave. Strange, that one could feel so closed-in in such a massive dwelling. But he did, and he wanted out. Jack strode across the room and snatched up his coat. It was satisfyingly shabby atop the fine apparel of Wyndham's he'd donned that morning. He almost hoped he bumped into the dowager, just so she could see him all dusty and road-worn. Almost. But not quite. With quick, long strides he made his way down to the main hall, just about the only location he knew how to get to. His footsteps were annoyingly loud on the marble as he walked forth. Everything seemed to echo here. It was too big, too impersonal, too – â€Å"Thomas?† He stopped. It was a female voice. Not Grace. Young, though. Unsure of her surroundings. â€Å"Is that – I'm so sorry.† It was indeed a young woman, of medium height, blond, with rather fetching hazel eyes. She was standing near the doorway of the drawing room he had been dragged into the day before. Her cheeks were delightfully pink, with a smattering of freckles he was sure she detested. (All women did, he'd learned.) There was something exceptionally pleasant about her, he decided. If he weren't so obsessed with Grace, he would flirt with her. â€Å"Sorry to disappoint,† he murmured, offering her a roguish smile. This wasn't flirting. This was how he conversed with all ladies. The difference was in the intention. â€Å"No,† she said quickly, â€Å"of course not. It was my mistake. I was just sitting back there.† She motioned behind her to a seating area. â€Å"You looked rather like the duke as you walked by.† This must be the fiancee, Jack realized. How interesting. It was difficult to imagine why Wyndham was dragging his heels on the marriage. He swept into a gracious bow. â€Å"Captain Jack Audley, at your service, ma'am.† It had been some time since he'd introduced himself with his military rank, but somehow it seemed the thing to do. She bobbed a polite curtsy. â€Å"Lady Amelia Willoughby.† â€Å"Wyndham's fiancee.† â€Å"You know him, then? Oh, well, of course you do. You are a guest here. Oh, you must be his fencing partner.† â€Å"He told you about me?† The day grew more interesting by the second. â€Å"Not much,† she admitted. She blinked, staring at a spot that was not his eyes. He realized that she was looking at his cheek, which was still discolored from his altercation with her fiance the day before. â€Å"Ah, this,† he murmured, affecting mild embarrassment. â€Å"It looks much worse than it actually is.† She wanted to ask about it. He could see it in her eyes. He wondered if she'd seen Wyndham's blackened eye. That would certainly set her curiosity on fire. â€Å"Tell me, Lady Amelia,† he said conversationally, â€Å"what color is it today?† â€Å"Your cheek?† she asked with some surprise. â€Å"Indeed. Bruises tend to look worse as they age, have you noticed? Yesterday it was quite purple, almost regally so, with a hint of blue in it. I haven't checked in the mirror lately.† He turned his head to offer her a better view. â€Å"Is it still as attractive?† Her eyes widened, and for a moment she seemed not to know what to say. Jack wondered if she was unused to men flirting with her. Shame on Wyndham. He had done her a great disservice. â€Å"Er, no,† she replied. â€Å"I would not call it attractive.† He laughed. â€Å"No mincing words for you, eh?† â€Å"I'm afraid those blue undertones of which you were so proud have gone a bit green.† He leaned in with a warm smile. â€Å"To match my eyes?† â€Å"No,† she said, seemingly immune to his charms, â€Å"not with the purple overlaying it. It looks quite horrible.† â€Å"Purple mixed with green makes†¦?† â€Å"Quite a mess.† Jack laughed again. â€Å"You are charming, Lady Amelia. But I am sure your fiance tells you that on every possible occasion.† She did not reply. Not that she could; her only possible answers were yes, which would reveal her conceit, or no, which would reveal Wyndham's negligence. Neither was what a lady wished to show to the world. â€Å"Do you await him here?† he asked, thinking to himself that it was time to end the conversation. Lady Amelia was charming, and he could not deny a certain level of entertainment that came from making her acquaintance without Wyndham's knowledge, but he was still a bit wound up inside, and he was looking forward to time out of doors. â€Å"No, I just – † She cleared her throat. â€Å"I am here to see Miss Eversleigh.† Grace? And who was to say that a man could not acquire a bit of fresh air in a drawing room? One had only to crack open a window. â€Å"Have you met Miss Eversleigh?† Lady Amelia asked. â€Å"Indeed I have. She is most lovely.† â€Å"Yes.† There was a pause, just long enough for Jack to wonder at it. â€Å"She is universally admired,† Lady Amelia finished. Jack thought about making trouble for Wyndham. A simple, murmured, It must be difficult for you, with so beautiful a lady in residence here at Belgrave, would go a long way. But it would make equal trouble for Grace, which he was not prepared to do. And so instead he chose the bland and boring: â€Å"Are you and Miss Eversleigh acquaintances?† â€Å"Yes. I mean, no. More than that, I should say. I have known Grace since childhood. She is most friendly with my elder sister.† â€Å"And surely with you, as well.† â€Å"Of course.† Lady Amelia acceded. â€Å"But more so with my sister. They are of an age, you see.† â€Å"Ah, the plight of the younger sibling,† he murmured. â€Å"You share the experience?† â€Å"Not at all,† he said with a grin. â€Å"I was the one ignoring the hangers-on.† He thought back to his days with the Audleys. Edward had been but six months younger, and Arthur a mere eighteen months after that. Poor Arthur had been left out of any number of escapades, and yet wasn't it interesting – it was Arthur with whom he had ultimately formed the strongest bond. Arthur had been uncommonly perceptive. They shared that. Jack had always been good at reading people. He'd had to. Sometimes it was his only means of gathering information. But as a boy he'd viewed Arthur as an annoying little whelp; it wasn't until they were both students at Portora Royal that he realized that Arthur saw everything, too. And although he had never come out and said it, Jack knew that he'd seen everything in him as well. But he refused to grow maudlin. Not right now, not with a charming lady for company and the promise of another at any moment. And so he pushed more happy thoughts of Arthur to the forefront of his mind and said, â€Å"I was the eldest of the brood. A fortuitous position, I think. I should have been most unhappy not to have been in charge.† Lady Amelia smiled at that. â€Å"I am the second of five, so I can appreciate your sentiments as well.† â€Å"Five! All girls?† he guessed. â€Å"How did you know?† â€Å"I have no idea,† he said quite honestly, â€Å"except that it is such a charming image. It would have been a shame to have sullied it with a male.† â€Å"Is your tongue always this silver, Captain Audley?† He gave her one of his best half smiles. â€Å"Except when it's gold.† â€Å"Amelia!† They both turned. Grace had entered the room. â€Å"And Mr. Audley,† she said, looking surprised to see him there. â€Å"Oh, I'm sorry,† Lady Amelia said, turning to him. â€Å"I thought it was Captain Audley.† â€Å"It is,† he said with a very slight shrug. â€Å"Depending upon my mood.† He turned to Grace and bowed. â€Å"It is indeed a privilege to see you again so soon, Miss Eversleigh.† She blushed. He wondered if Lady Amelia noticed. â€Å"I did not realize you were here,† Grace said after bobbing a curtsy. â€Å"There is no reason why you should have done. I was heading outside for a restorative walk when Lady Amelia intercepted me.† â€Å"I thought he was Wyndham,† Lady Amelia said. â€Å"Isn't that the oddest thing?† â€Å"Indeed,† Grace replied, looking acutely uncomfortable. â€Å"Of course I was not paying much attention,† Lady Amelia continued, â€Å"which I am sure explains it. I only caught sight of him out of the corner of my eye as he strode past the open doorway.† Jack turned to Grace. â€Å"It makes so much sense when put that way, does it not?† â€Å"So much sense,† Grace echoed. She glanced over her shoulder. â€Å"Are you waiting for someone, Miss Eversleigh?† Jack inquired. â€Å"No, I was just thinking that his grace might like to join us. Er, since his fiancee is here, of course.† â€Å"Is he returned, then?† Jack murmured. â€Å"I was not aware.† â€Å"That is what I have been told,† Grace said, and he was certain that she was lying, although he could not imagine why. â€Å"I have not seen him myself.† â€Å"Alas,† Jack said, â€Å"he has been absent for some time.† Grace swallowed. â€Å"I think I should get him.† â€Å"But you only just got here.† â€Å"Nonetheless – â€Å" â€Å"We shall ring for him,† Jack said, since he wasn't going to allow her such an easy escape. Not to mention that he was rather looking forward to the duke discovering him here with both Grace and Lady Amelia. He crossed the room and gave the bellpull a yank. â€Å"There,† he said. â€Å"It is done.† Grace smiled uncomfortably and moved to the sofa. â€Å"I believe I will sit down.† â€Å"I will join you,† Lady Amelia said with alacrity. She hurried after Grace and took a seat right beside her. Together they sat, stiff and awkward. â€Å"What a fetching tableau the two of you make,† he said, because really, how could he not tease them? â€Å"And me, without my oils.† â€Å"Do you paint, Mr. Audley?† Lady Amelia inquired. â€Å"Alas, no. But I have been thinking I might take some lessons. It is a noble pursuit for a gentleman, wouldn't you say?† â€Å"Oh, indeed.† Silence, then Lady Amelia nudged Grace. â€Å"Mr. Audley is a great appreciator of art,† Grace blurted out. â€Å"You must be enjoying your stay at Belgrave, then,† Lady Amelia said. Her face was the perfect picture of polite interest. He wondered how long it had taken her to hone the expression. As the daughter of an earl, she would have any number of social obligations. He imagined that the expression – placid and unmoving, yet not unfriendly – was quite useful. â€Å"I look forward to touring the collections,† Jack replied. â€Å"Miss Eversleigh has consented to show them to me.† Lady Amelia turned to Grace as best she could, considering that they were wedged up against one another. â€Å"That was very kind of you, Grace.† Grace grunted something that was probably meant to be a response. â€Å"We plan to avoid cupids,† Jack said. â€Å"Cupids?† Lady Amelia echoed. Grace looked the other way. â€Å"I have discovered that I am not fond of them.† Lady Amelia regarded him with a curious mixture of irritation and disbelief. Jack glanced at Grace to gauge her reaction, then returned his attention to Lady Amelia. â€Å"I can see that you disagree, Lady Amelia.† â€Å"What is there not to like about cupids?† He perched himself on the arm of the opposite sofa. â€Å"You don't find them rather dangerous?† â€Å"Chubby little babies?† â€Å"Carrying deadly weapons,† he reminded her. â€Å"They are not real arrows.† He made another attempt to draw Grace into the conversation. â€Å"What do you think, Miss Eversleigh?† â€Å"I don't often think about cupids,† she said tersely. â€Å"And yet we have already discussed them twice, you and I.† â€Å"Because you brought them up.† Jack turned to Lady Amelia. â€Å"My dressing room is positively awash in them.† Lady Amelia turned to Grace. â€Å"You were in his dressing room?† â€Å"Not with him,† Grace practically snapped. â€Å"But I have certainly seen it before.† Jack smiled to himself, wondering what it said about him that he so liked making trouble. â€Å"Pardon,† Grace muttered, clearly embarrassed by her outburst. â€Å"Mr. Audley,† Lady Amelia said, turning to him with determination. â€Å"Lady Amelia.† â€Å"Would it be rude if Miss Eversleigh and I took a turn about the room?† â€Å"Of course not,† he said, even though he could see in her face that in fact she did think it was rude. But he did not mind. If the ladies wished to share confidences, he was not going to stand in their way. Besides, he enjoyed watching Grace move. â€Å"Thank you for your understanding,† Lady Amelia said, linking her arm through Grace's and pulling them both to their feet. â€Å"I do feel the need to stretch my legs, and I fear that your stride would be far too brisk for a lady.† How she uttered that without choking on her tongue, he did not know. But he merely smiled and watched them as they moved as one to the window, leaving him behind and out of earshot.