Characteristics And Features Of Capital Markets Finance Essay

Characteristics And Features Of Capital Markets Finance Essay Capital market in any country consists of equity and the debt markets. Within the debt market there are govt securities and the corporate bond market. For developing countries, a liquid corporate bond market can play a critical role in supporting economic development as It supplements the banking system to meet corporate sector requirements for long-term capital investment and asset creation. It provides a stable source of finance when the equity market is volatile. A well structures corporate bond market can have implications on monetary policy of a country as bond markets can provide relevant information about risks to price stability Despite rapidly transforming financial sector and a fast growing economy Indias corporate bond market remains underdeveloped. It is still dominated by the plain vanilla bank loans and govt securities. The dominance of equities and banking system can be gauged from the fact that since 1996, Indias stock market capitalisation as a percentage of GDP has increased to 108% from 32.1%, while the banking sectors ratio to GDP has risen from 46.3% to 78.2% in 2008. In contrast, the bond markets grew to a modest 43.4 percent of GDP from 21.3 percent. Of this corporate bonds account for around 3.2% of GDP and government bond market accounts for 38.3% of GDP. (Graph1) Graph1 Source: RBI Indias government bond market stands ahead of most East-Asian emerging markets but most of it is used as a source of financing the deficit. The size of the Indian corporate debt market is very small in comparison with not only developed markets, but also some of the emerging market economies in Asia such as Malaysia, Thailand and China (Graph 2) Graph 2 Source: RBI Characteristics and features Innovation and a Plethora of options: Over time great innovations have been witnessed in the corporate bond issuances, like floating rate instruments, convertible bonds, callable (put-able) bonds, zero coupon bonds and step-redemption bonds. This has brought a variety that caters to a wider customer base and helps them maintain strike a risk-return balance. Preference for private placement: In India, issuers tend to prefer Private Placement over public issue as against USA where majority of corporate bonds are publically issued. In India while private placement grew 6.23 times to Rs. 62461.80 crores in 2000-01 since 1995-96, the corresponding increase in public issues of debt has been merely 40.95 percent from the 1995-96 levels. (graph 3).This leads to a crunch in market liquidity. A number of factors are responsible for such preference. First, the companies can avoid the lengthy issuance procedure for public issues. Second is the low cost of private placement. Third, the amounts that can be raised through private placements are typically larger. Fourth, the structure of debt can be negotiated according to the needs of the issuer. Finally, a corporate can expect to raise debt from the market at finer rates than the PLR of banks and financial institutions only with an AAA rated paper. This limits the number of entities that would find it profitable to enter the market directly. Even though the listing of privately placed bonds has been made mandatory, a proper screening mechanism is missing to take care of t he quality and transparency issues of private placement deals. Graph 3: Resource mobilization through debt Source: Equity and corporate debt report: RBI Graph 4 Source: RBI Dominance of financial institutions: The public issues market has over the years been dominated by financial institutions. The issuers who are the main participants in other corporate bond markets (that is, private sector, non-financial), represent only a small proportion of the corporate debt issues in the Indian market. Most of the privately placed bonds (which are about 90% of the total issue of corporate bonds) are issued by the financial and the public sector. (Graph 4) Inefficient secondary market: Further the secondary market for non-sovereign debt, especially corporate paper still remains plagued by inefficiencies. The primary problem is the total lack of market making in these securities, which consequently leads to poor liquidity. The biggest investors in this segment of the market, namely LIC, UTI prefer to hold these instruments to maturity, thereby holding the supply of paper in the market. The listed corporate bonds also trade on the Wholesale Debt Segment of NSE. But the percentage of the bonds trading on the exchange is small. Number of trades in debt compared to equity on average for August 2007 is just 0.003%. Graph 5 Figures are turnover on the wholesale debt market segment of NSE. Source: NSE Challenges and issues Dominance of private placements Dominance of large corporations. The credit rating system encourages only the large corporations with an AAA rating. (Table 1) Non-existent repo market for corporate bonds unlike the government bonds where there is an active repo market. Complicated and slow issuance procedure. Regulators in India are reactive rather than proactive. Illiquid secondary market- part of it is due to the fact that the number of issuers is low and part of it is due to the fact that the large investors prefer to hold these securities till maturity. Lack of formal market makers Limited demand for bond financing. The corporate debt market in India continues to be dominated by banks Limited investor base. A successful corporate bond market requires non banking investors which are limited and restricted in case of India. Inadequate credit assessment skills coupled with lack of transparency in trades There is a lot of confusion in the market regarding both regulations and the trading floors. To sum up, corporate bond the market in India suffers from deficiencies of participants, products and a comprehensive institutional framework. Table 1: Distribution of corporate bond issues by credit ratings Recent developments Given the importance of a well developed corporate bond market, the government, the RBI and SEBI have initiated measure to develop the corporate bond market in India. Most measures were aimed at improving the disclosure norms. The corporate bond market got its due attention by the government in the Union Budget of 2004-05where in the High Level Expert Committee on Corporate Bonds and Securitisation, chaired by Dr. R. H. Patil, was set up to look into the regulatory, legal, tax and mortgage design issues for the development of the corporate bond markets. The suggestions made by the committee were to develop the market infrastructure. Some of the suggestions made in the report include the removing the stamp duty, simplifying the issuance and disclosure norms, to bring the cost of corporate bonds at par with those of government securities by having similar TDS norms, enhance the investor base by encouraging participation of mutual funds, pension funds, insurance companies and gratuity funds and also retail participation through better primary and secondary markets. It also suggested a regulatory framework for a transparent and efficient secondary market for corporate bonds should be put in place by SEBI in a phased manner. It also recommended having a trade reporting system, introduction of repo in corporate bonds and better clearing and settlement system. Both RBI and SEBI have fundamentally agreed to these recommendations and steps are being taken to implement the same. Some of the steps include: Dematerialization of holdings, as required by SEBI since 2002; increased trading transparency from compulsory reporting of trades, linking local rating agencies to international rating agencies. In January 2007 SEBI was declared as the sole body responsible for regulating and coordinating the primary and secondary corporate bond market. It was a major step in remove the lack of coordination that existed due to two regulators (SEBI and RBI). In April 2007, SEBI permitted both BSE and NSE to set up trading platforms. In April 2007, SEBI reduced the shut period in corporate bonds, to align it with that applicable for Government Securities, and tradable lots in corporate bonds. In December 2007 SEBI made further amendments in issuance procedures to reduce the cost and ease issuance. It also gave green signal to FMMIDA to start trade reporting platform for CBs. Moreover, the government has made changes in the Companies Act and on simplification and reduction in the stamp duty w.e.f. 2007. From December 1, 2009 all corporate bonds traded OTC or on the debt segment of the stock exchanges will have to be cleared and settled through the National Securities Clearing Corporation Ltd (NSCCL) or the Indian Clearing Corporation Ltd (ICCL). It will help in eliminating the counter party risk in trade settlement and ensure a smooth receipt and payment system. In June 2008, the investment limit for FIIs in corporate debt was increased from $1.5 billion to $3 billion and further to $15 billion in January 2009. Ministry of Finance has hinted towards corporate market becoming Repo-able from 2010. Asia Bond Monitor- ADB, April 2008 Indias Bond Market-Development and Challenges Ahead, Stephen Wells and Lotte Schou-Zibell, Working paper series on regional economic integration no.22, ADB, December 2008. CS Update, august 2008, ICSI Equity and corporate debt report 2007, RBI NSE

Food and Sports Essay examples -- Health Nutrition Diet Exercise Essay

Food and Sports    Billions of people around the world enjoy playing or watching sports as a great recreational activity. The object of almost any sport is to be the best at something. To be the best, an athlete must practice and train and consistently perform at the highest level possible. An athlete must push the body to the limit. If an athlete is to gain the best possible results from training and practice, the value of food and well balanced diet is of the utmost importance.    Food becomes the main component of the human body. Even as food is being savored, it is meeting nutritional needs. Every humans life relies on food to provide daily energy. Food is the tissue in bodies, and is the regulator of metabolic functions. Food is directly related to sports. Sports burn energy, and are impossible without bodily tissue. Sports rely on metabolism to keep the body moving. Food provides every organism with the means to live. While people understand the importance of eating, people do not understand the importance of what is eaten. Six kinds of nutrients are essential to all body systems. The six classes are water, minerals, vitamins, proteins, fats, and carbohydrates. Most anyone, who swallows food throughout the day, has these kinds of nutrients; however, most people ingest them in the wrong amounts or with excess food that is useless.    Water is the most important of all the nutrients. An athlete depends on water. Water is necessary for all energy production in the body, temperature control, and elimination of the by-products of respiration. Water is essential, for without it energy production and endurance are limited.    Minerals and vitamins are other nutrients that ... ... from the grain group, and the fruit and vegetable group. These servings will provide all the necessary nutrients for an average person, but this diet will not meet the energy needs of an active athlete. An athlete can do a number of things for excess energy. Most athletes simply increase the plan by adding second or third helpings or by eating extra large servings. The athlete must use caution with excess animal fats; however. Water is perhaps the most important part of the diet. For a moderately active person three quarts of water are required. An athlete must have regular water drinking habits. Milk and soft drinks are not viable substitutes. If an athlete abides by a well balanced diet, only the amount of effort put out by the athlete will determine the level play.    Smith, N. J. (1976). Food and sport. Palo Alto, CA: Bull Publishing Company. Food and Sports Essay examples -- Health Nutrition Diet Exercise Essay Food and Sports    Billions of people around the world enjoy playing or watching sports as a great recreational activity. The object of almost any sport is to be the best at something. To be the best, an athlete must practice and train and consistently perform at the highest level possible. An athlete must push the body to the limit. If an athlete is to gain the best possible results from training and practice, the value of food and well balanced diet is of the utmost importance.    Food becomes the main component of the human body. Even as food is being savored, it is meeting nutritional needs. Every humans life relies on food to provide daily energy. Food is the tissue in bodies, and is the regulator of metabolic functions. Food is directly related to sports. Sports burn energy, and are impossible without bodily tissue. Sports rely on metabolism to keep the body moving. Food provides every organism with the means to live. While people understand the importance of eating, people do not understand the importance of what is eaten. Six kinds of nutrients are essential to all body systems. The six classes are water, minerals, vitamins, proteins, fats, and carbohydrates. Most anyone, who swallows food throughout the day, has these kinds of nutrients; however, most people ingest them in the wrong amounts or with excess food that is useless.    Water is the most important of all the nutrients. An athlete depends on water. Water is necessary for all energy production in the body, temperature control, and elimination of the by-products of respiration. Water is essential, for without it energy production and endurance are limited.    Minerals and vitamins are other nutrients that ... ... from the grain group, and the fruit and vegetable group. These servings will provide all the necessary nutrients for an average person, but this diet will not meet the energy needs of an active athlete. An athlete can do a number of things for excess energy. Most athletes simply increase the plan by adding second or third helpings or by eating extra large servings. The athlete must use caution with excess animal fats; however. Water is perhaps the most important part of the diet. For a moderately active person three quarts of water are required. An athlete must have regular water drinking habits. Milk and soft drinks are not viable substitutes. If an athlete abides by a well balanced diet, only the amount of effort put out by the athlete will determine the level play.    Smith, N. J. (1976). Food and sport. Palo Alto, CA: Bull Publishing Company.

Free Essays - The Dehumanization of Shylock in Merchant of Venice :: Free Merchant of Venice Essays

The Dehumanization of Shylock in Merchant of Venice In Susan Pharr's "The Common Elements of Oppression", she defines "the other" as the outcast of society, the ones who stand up for what they believe in, no matter how `against the grain' it may be, the ones who try the hardest to earn acceptance, yet never receive it. In Shakespeare's "Merchant of Venice", Shylock, the `villain' is portrayed as the other simply because of his faith, because he is Jewish in a predominantly Christian society. One way that Shylock is classified as the other was by being stripped of his name. Throughout the play, Shylock was very seldom referred to by name; in the trial scene, the Duke identifies him by name twice, and Portia does so once. During the rest of the play, Shylock is usually referred to as "the Jew", "dog Jew" (II, viii, 14), and "currish Jew" (IV, i, 292) Throughout the play, Shylock was often reduced to something other than Human. In many cases, even the simple title of "Jew" was stripped away, and Shylock was not a man, but an animal. For example, Gratiano curses Shylock with "O, be thou damned, inexecrable dog!" (IV, i, 128) whose "currish spirit govern'd a wolf" (IV, i, 133-134) and whose "desires are wolvish, bloody, starved, and ravenous" (IV, i, 137-138). Or when Shylock is neither a man nor an animal, he becomes "a stony adversary, inhuman wretch" (IV, i, 4-5). When the Christians applied these labels to Shylock, they effectively stripped him of his humanity, of his religious identity; he was reduced to something other than human. The Christians also labeled Shylock as explicitly equated with the Devil, which in a primarily Christian society left Shylock as the other. For example, in (II, ii, 24-28), Launcelot Gobbo identifies Shylock as "a kind of devil", "the devil himself", and "the very devil incarnation." Shylocks own daughter compared Shylock's house to "hell" (II, iii, 2). Salanio identifies Shylock as "the devil...in the likeness of a Jew" (III, i, 19-21) and Bassanio echoes this sentiment by identifying Shylock as a "cruel devil" (IV, i, 217). Antonio further cements the association between Shylock and the devil by noting how Shylock's arguments remind him how "The devil can cite scripture for his purpose" (I, iii, 97-100).

Mccartney Songwriter :: essays research papers

When someone mentions the Beatles, most people who know of the band would think of Lennon, McCartney, Ringo and Harrison playing great music on stage. The Beatles still are the best pop rock group ever and it has been said that no other pop rock band will come close to their level of success. Their music was fresh, new and of course it sounded fantastic. But there have been rumors and stories about what the Beatles were singing about, and also about the band members such as whether Paul McCartney was dead or alive along with many other well-known controversial rumors.Elson manages to bypass all this hearsay and write and intimate diary of Paul McCartney's life and also a short history of his father and mother. It is in two parts, the first explores Paul's childhood and his experiences of growing up, meeting other members of the Beatles and how their careers developed.The book also goes on to clear up rumors about their music and what stimulated the Beatles to write songs. The second part explores Paul's solo career and life as a family man with Linda.The book starts off when Paul is a young child and explores Paul's influences such as his father who had a deep passion for music and shared this passion with his two boys. Epstien explains how Paul loved the guitar and how this enabled him to write songs to communicate his feelings inside him, an example is when he wrote "Let it be" which was about his mothers death. "When I find myself in times of trouble, mother Mary comes to me, speaking words of wisdom, Let it be"The book continues to travel through the various stages Paul went through as a child, his passion for music, his talents at school and his aspirations for become a teacher. It describes his first meeting with John Lennon and how the two boys shared their musical talents and songwriting ideas that developed songs that later on in life would be hits all over the world.Originally John and Paul didn't have compatible styles o f music. However, after time spent together they shared their music and songwriting ideas and most of the Beatles music was composed even before the band was formed.The other two members of the band Ringo Star and George Harrison and their entrance into McCartney's life is written about as well as their influences on the music a very brief history of their family life.

In view of what we know of Beatrice and Benedick from Act I and Act II, Scene I, how realistic is Don Pedro’s aim to bring them together?

Beatrice and Benedick are the two major characters in ‘Much Ado About Nothing' that provide comic relief. Their ‘merry wars' of words and phrases as described by Leonato, are frequently throughout the play examples of Shakespeare's magnificent ability to bring about amusement in his plays. In Act I and Act II scene I, Beatrice and Benedick are reunited after Benedick and the other soldiers return from war. Beatrice almost instantly jumps into a frenzy of lyrically punishing Benedick, who after a war of men begins a war of words. From the beginning of the play even before Beatrice and Benedick begin their battle of wit, it is evident to the audience that she has some kind of strong feelings for him, whether they are feelings of hate or of lust or of something in between or that they. Thought their insults are biting, their ability to maintain such clever, interconnected sparring seems to illustrate the existence of a strong bond between them. This is shown when the messenger arrives to bring the news that the war is won and the heroes are soon to return. The conversation focuses on Count Claudio and his bravery, ‘the figure of a lamb, the feats of a lion,' however Beatrice almost instantly changes the subject by asking the messenger if ‘Signior Mountanto returned from the wars or no?' Although this is an insult, it is evident that Beatrice could not wait to find out how Benedick was. The audience are instantly given the impression that she disguises her feelings for him. She continues talking about Benedick with the messenger and Leonato, who states that ‘There is a kind of merry war betwixt Signior Benedick and her; they never meet, but there's a skirmish of wit between them'. Beatrice argues back that ‘in our last conflict, four of his five wits went halting off†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.He hath every month a new sworn brother†¦.he wears his faith but as the fashion of his hat,' meaning that he has no true friends and he changes his faith as often as he changes his hat. To add to this, the other soldiers who return from battle, who bear prominence in the play are Don Pedro and Claudio. Claudio is instantly paired up with Hero, although this does not officially happen until the party later that night, on stage and in films they stare at each other as if love struck. The same goes to Beatrice and Benedick at the reunion, except they do not stare at each other as if love struck but moreover as if they cannot wait to resume their ‘merry war'. This feeling becomes quite obvious when Beatrice speaks almost instantly after Benedick enters the conversation, it is as if he cannot be part of something without her being part of it as well, even if she is bullying him. Shortly after everyone leaves the stage apart from Benedick and Claudio. Claudio expresses how Hero has caught his eye and Benedick dismisses her as ‘too short'. From this conversation we learn that Benedick thinks he will never fall in love and does not believe in marriage. ‘I will do myself the right to trust none; and the fine is, for the which I may go the finer, I will live a bachelor', in turn this casts a shadow of doubt over any forecasts that members of the audience could have made about Beatrice and Benedick being paired up. However, from the beginning it is obvious that Benedick is an entertaining character and unlike his counterparts Don Pedro and Claudio, what he says is not taken especially seriously. Furthermore, at the beginning of Act II Scene I Beatrice also reveals herself as anti-marriage, ‘Just if he send me no husband; for which I am upon my knees every morning and evening.' She adds to this statement by stating that she imagines married people go to hell and single people do not, however in addition to this she says, ‘he shows me where the bachelors sit, and there live we as merry as the day is long,' this suggests that she hopes to have some kind of fun with bachelors in the future which brings us back to Benedick's belief that he will always remain a bachelor. From the end of Act I and the beginning of Act II Scene I we have learnt that both Beatrice and Benedick possess anti-marriage views, but given that they are both histrionic and insecure characters, nothing can be taken for granted. It is noticeable that Beatrice talks about Benedick a lot and often in conversations about subjects that bear no relation to him, she finds a way of interpreting the conversation to make him the fundament – usually criticising him of course. For example at the very beginning of Act II when Leonato and Antonio are having a conversation about Don John's absence at supper, she compares him with Benedick abruptly. This furthers the readers/ members of audience beliefs that she has an interest in Ben. Beatrice and Benedick are perhaps Shakespeare's most famously witty characters, neither ever lets the other say something without countering it with a pun or criticism. One notable characteristic of their attacks upon each other is their ability to extend a metaphor throughout lines of dialogue. When Benedick calls Beatrice a ‘rare parrot-teacher,' Beatrice responds, ‘a bird of my tongue is better than a beast of yours'. Benedick continues the reference to animals in his response saying, ‘I would my horse had the speed of your tongue'. It is as if each anticipates the other's response. It is suggested in Act I Scene I that Beatrice and Benedick have previously been lovers, but Benedick led Beatrice on, perhaps this is where her viciousness towards him stems from. This is suggested in this quotation: ‘Benedick set up his bills here in Messina and challenged Cupid at the flight, and my uncles fool, reading the challenge, subscribed for Cupid,' she describes a battle of love between herself and Benedick which she has lost. At the masked ball later that night Beatrice dances with Benedick, the audience is unsure whether she simply does not recognise him due to his mask, or pretends not to recognise him. Nonetheless, she cleverly insults him, leaving him a nervous wreck as he cannot reveal himself to be Benedick. ‘Why, he is the prince's jester: a very dull fool; only his gift is in devising slanders†¦..and the commendation is not in his wit, but in his villainy.' She is mocking him and saying that his jokes are boring and nobody finds them amusing. I believe that Don Pedro's aim to bring together Beatrice and Benedick is reasonably realistic. There are many times in Act I and Act II Scene I that the thought of the two of them marrying seems almost impossible. For example when Benedick swears he will ‘live a bachelor', and when Beatrice is on her knees every morning and evening thanking God that she does not have a husband. However, Beatrice and Benedick are both very melodramatic and provide most of the comedy in the play, this gives the reader the view that what they swear cannot be taken as seriously as for example Claudio. From the beginning of the play, it is obvious that there is a strong bond between them. It appears that the ‘skirmish of wit' between them is a cover up for what is a strong bond underneath all the exchanging of criticisms. In act I, Beatrice shows that she thinks about Benedick a lot, by asking the messenger if he has returned from war and by talking almost every time he says something. This also shows in the first scene of Act II when she brings him into the conversation at the masked ball out of the blue. In the end, Don Pedro's plan was a success.

Creon and Oedipus Essay

Oedipus the King, the tragic hero is most certainly Oedipus. Oedipus, first of all, is a good man. When he declares, â€Å"My spirit grieves for the city† (l 75-76), he shows a deep passion. His sympathy for his people and his desire to be their savior, he earns the respect and love of the people.The respect of the people is crucial in creating the tragic effect that comes with a tragic hero’s downfall, and Sophocles utilizes this by means of giving Oedipus human qualities and a tragic flaw. Passionate, yet stubborn. In this case of his tragic flaw, his lack of knowledge of his true identity is coupled with the peoples awareness of his fate. Then, when Oedipus finds himself in the dilemma after talking to Tiresias, the people feel his pain and are afraid for his life, knowing that nothing he does can prevent the tragedy from occurring. When Oedipus finally falls from the throne, he doesn’t kill himself, rather he gouges out his eyes. The symbolic blinding of Oedipus suggests that he has experienced renewal and sees the truth. Antigone, the first part of the Oedipus Trilogy, also depicts the theme of a tragic hero. Through the character of Creon, Sophocles greatly conveys the essential elements of a tragic hero. Creon is, first, king of Thebes, this illustrating his high state, but he more importantly shows characteristics of nobility and virtue. In mentioning the Chorus, he announces that, â€Å"These are my principles. Never at my hands will the traitor be honored above the patriot. But whoever proves his loyalty to the state I’ll prize that man in death as well as life† (l -5). Creon puts his country above all else, and for this, he shows characteristics of a tragic hero and nobility. His imperfection is later shown in his pride. After Tiresias warns him of his transgressions, Creon declares, â€Å"It’s a dreadful thing to yield†¦but resist now? Lay my pride bare to the blows of ruin? That’s dreadful too† (l 11-11). His unwillingness to let go of his pride for the gods shows his main tragic flaw, and with it brings his lonely downfall. Creon’s fall is not a total loss, and he finds a sense of awareness and self-knowledgment. He says, â€Å"Ohhh, so senseless, so insane†¦my crimes, my stubborn†¦Oh I’ve  learned through blood and tears!† (l 1-1404). Creon reaches a point, from which the people also learns. By expressing nobility, downfall through flaw, Creon undoubtedly serves as a perfect example of the tragic hero’s essence.

As English Short Stories Summary

UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS AS LITERATURE IN ENGLISH: SYLLABUS 9695 NOTES FOR TEACHERS ON STORIES SET FOR STUDY FROM STORIES OF OURSELVES: THE UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS ANTHOLOGY OF SHORT STORIES IN ENGLISH FOR EXAMINATION IN JUNE AND NOVEMBER 2010, 2011 AND 2012 CONTENTS Introduction: How to use these notes 1. The Fall of the House of UsherEdgar Allen Poe 2. The Open BoatStephen Crane 3. The Door in the WallHG Wells 4. The People BeforeMaurice Shadbolt 5. A Horse and Two GoatsRK Narayan 6. JourneyPatricia Grace 7. To Da-Duh, In MemoriamPaule Marshall 8. Of White Hairs and CricketRohinton Mistry 9. SandpiperAhdaf Soueif 10. TyresAdam Thorpe These notes are intended to give some background information on each author and/or story as an aid to further research and to stimulate discussion in the classroom. They are intended only as a starting point and are no substitute for the teacher’s and student’s own study and exploration of the texts. Edgar Allen Poe (1809-1849) The Fall of the House of Usher This is one of the most famous gothic stories from one of the masters of the enre and contains many of the traditional elements of the genre, including horror, death, medievalism, an ancient building and signs of great psychological disturbance. The mood of oppressive melancholy is established at the opening of the story and here readers may note an acknowledgement of the appeal of gothic fiction: while there is fear and horror, the shudder is ‘thrilling’ and the ‘sentime nt’ is ‘half-pleasurable’. At the centre of the story are mysteries, about the psychological state of Usher himself and about his sister’s illness and death. The story only offers hints and suggestions; there is an ‘oppressive secret’, while the sister, buried in a strangely secure vault, returns as if risen from the dead to claim her brother. In archetypal gothic fashion, a raging storm of extreme violence mirrors the destruction of the family and its ancestral home. Horror stories and horror films continue to have wide popular appeal and it is worth considering why this is so, and in what ways this story fulfils the appeal of the horror story. Why are Usher’s and his sister’s maladies never identified? What does Madeline’s escape from the vault suggest? Wider reading Other gothic tales by Poe include The Masque of the Red Death, The Tell-Tale Heart and The Black Cat. The Woman in Black by Susan Hill Compare with The Door in the Wall by HG Wells The Hollow of the Three Hills by Nathaniel Hawthorne The Yellow Wallpaper by Charlotte Perkins Gilman Online Biographical material and a searchable list of works can be found at: http://www. online-literature. com/poe/ Stephen Crane (1871-1900) The Open Boat This story is based on Crane’s own experience, when as a war correspondent, the boat he was travelling on to Cuba sank. He and others spent a number of days drifting in a small boat before reaching land. The story explores the fortitude of men in a shared plight and their companionship in the face of danger. The narrative style is factual and plain, perhaps mirroring the honest practicality of the men in the boat whose story is being narrated. It engenders an admiration of the skilled seamanship and calm demonstrated by the seamen. The drama in the story comes from the waves; the seamen converse, swap roles and encourage each other under the guidance of the captain. When they eventually reach shore, death comes to one of them, who is ‘randomly’ chosen. Without obviously aiming for pathos, Crane achieves it with the oiler’s death. The story, like the seamen, betrays ‘no hurried words, no pallor, no plain agitation’, but achieves a real sense of loss at its conclusion. Wider reading The Red Badge of Courage by Stephen Crane Typhoon by Joseph Conrad Compare with The Fall of the House of Usher by Edgar Allen Poe How it Happened by Arthur Conan Doyle Real Time by Amit Chaudhuri Online Biographical material and a searchable list of works can be found at: http://www. nline-literature. com/crane/ HG Wells (1866-1946) The Door in the Wall As well as famous novels such as The War of the Worlds and The Time Machine, HG Wells wrote numerous short stories, many of which show the author’s interest in fantasy and the improbable, but a feature of the stories is the way in which Wells creates a sense of truthfulness in his narratives. This was demonstrated when a radio broadcast of an adaptation of The War of the Worlds in 1938 caused panic in New York, and can also be seen in the narrator’s concern with the truth of the story at the beginning of The Door in the Wall. Here the narrator is retelling the story of someone else, who in turn tells it to him with ‘such direct simplicity of conviction’. This creates a tension which remains throughout the story, which on the one hand is ‘frankly incredible’ while we are assured that ‘it was a true story’. The temporary childhood escape into the paradisiacal garden is evoked with nostalgic longing, but remains inexplicable. The character’s final death leaves questions for the reader; it is either another inexplicable event, or some kind of solution to the mystery. Wider reading Try either of the novels listed above, or other short stories by Wells, such as The Country of the Blind or The Diamond Maker. Compare with The Fall of the House of Usher by Edgar Allen Poe The Signalman by Charles Dickens The Moving Finger by Edith Wharton Online Wells’ biography and a searchable list of works can be found at: http://www. online-literature. com/wellshg/ An account of the New York panic can be found at: http://history1900s. about. com/od/1930s/a/warofworlds. htm Maurice Shadbolt (1932-1985) The People Before Maurice Shadbolt is one of the towering figures of New Zealand literature, winning numerous awards and accolades for his work, much of which examines the history of the country through narrative. The central characters in this story are carving out a farming existence on the land, and the importance of land ownership to the family is made apparent in a number of phrases in the story. The narrator tells us that ‘my father took on that farm’, he refers to the importance of ‘Land of your own,’ which becomes ‘your own little kingdom’. The suggestions of the history of the land come through the discovery of the greenstone adzes and attitudes to the land are brought to the fore with the visit of the Maori group. Although Shadbolt characterises Tom Taikaka as pleasant, courteous and patient, there is the constant underlying acknowledgement of the Europeans’ displacing of the Maori from their land. Jim’s attempt at restoring the greenstone to Tom is symbolic of an attempt at restitution, and the reader is left to interpret Tom’s reluctant refusal. The return of the Maori elder to the land in death, and his disappearance, is another indication of his unity with the landscape and again demonstrates the different attitudes to land held by the Maoris and the Europeans, attitudes which remain polarised in the brothers at the end of the story. Wider reading Strangers and Journeys or The Lovelock Version by Maurice Shadbolt Playing Waterloo by Peter Hawes Compare with Journey by Patricia Grace Her First Ball by Katherine Mansfield The Enemy by VS Naipaul Online Biographical information and a critical review of Shadbolt’s work is available at: http://www. ookcouncil. org. nz/writers/shadboltm. html This newspaper obituary is also interesting: http://www. timesonline. co. uk/tol/comment/obituaries/article497710. ece RK Narayan (1906-2001) A Horse and Two Goats Narayan has written numerous novels and short stories, many of them set in Malgudi, a fictional but typical small Indian town. His characters are invariably ordinary peopl e finding their route through Indian life. Although A Horse and Two Goats makes no reference to Malgudi itself, it is typical of these stories, as Muni tries to live and ease the burden of his poverty. The story is narrated with the non-judgemental understanding and gentle humour typical of Narayan’s writing. The narration emphasises the insignificance of the village, and by implication the insignificance of its central character, who is coping with poverty and domestic struggle and seeks to ease his way by deceit and invention. The big deceit of the story, though, happens through misunderstanding and without Muni’s volition, Narayan creating comedy through the two parallel lines of attempted dialogue between Muni and the American tourist. Within the comedy, though, Narayan shows the different values of the two, the American’s dialogue concerned with acquisition and possessions, while Muni is concerned with history and spirituality. Wider reading The Guide (novel) and Malgudi Days (short stories) by RK Narayan Kanthapura by Raja Rao Compare with Games at Twilight by Anita Desai Of White Hairs and Cricket by Rohinton Mistry Online Information about RK Narayan is available at: http://www. eng. fju. edu. tw/worldlit/india/narayan. html Patricia Grace (1937-) Journey Patricia Grace’s first novel, Mutuwhenua, was significant in being the first novel published by a woman Maori writer, and she has become an important figure in Maori writing in English in New Zealand. Journey shows her interest in the Maoris’ traditional claims on land. The rather dislocated narrative, with limited punctuation and no speech markings, creates the effect of creating the old man’s perspective, although the narrative is written in the third person. This old man’s perspective, with its old Maori wisdom, is shown to be out of balance with ‘these young people’, the ‘cars and railways’, the new housing and the growth of the city. His journey into the city makes him feel more and more alienated, and this is accentuated when the narrative is interspersed with the interview dialogue. The official and the old man cannot make each other understand. There is no comprehension on either side of the other’s view of how land should be used, and the story ends with frustration, violence and disillusion. In this story, Grace suggests that traditional Maori governance of land has no place in modern government and planning. Wider reading Mutuwhenua (novel) or The Dream Sleepers and Other Stories (short stories) by Patricia Grace Playing Waterloo by Peter Hawes The Bone People by Keri Hulme Compare with The People Before by Maurice Shadbolt To Da-duh, In Memoriam by Paule Marshall Online Biographical and other information about Patricia Grace is available at: http://www. artsfoundation. org. nz/patricia. html Paule Marshall (1929-) To Da-Duh, In Memoriam The narrator in this story remembers her visit from New York to her mother’s home country, which to her is the ‘alien sight and sounds of Barbados’. The story hinges on the relationship formed between the young girl and her grandmother, Da-duh of the title. While the Caribbean is unfamiliar to the young girl, who sees it as ‘some dangerous place’, Da-duh wants to show off its qualities, and a competition is established between the girl and the grandmother, between youth and age, between modernity and tradition and between New York and Barbados, which culminates in the girl’s assertion of the height of the Empire State Building, which dwarfs all that Da-duh shows her. The young girl’s triumph, however, is tempered at the end of the story by ‘the shadow’ of Da-duh’s death. Wider reading This story is taken from Merle and Other Stories by Paule Marshall. Compare with Journey by Patricia Grace Online Information about Paule Marshall is available at: http://www. answers. com/topic/paule_marshall Rohinton Mistry (1952-) Of White Hairs and Cricket This story’s concern with age and mortality is reflected in the structure, beginning with the removal of the narrator’s father’s white hairs and moving to what seems to be his friend’s father’s terminal illness. In the space of the story the narrator has his own recognition of mortality and emerges from boyhood into the adult world. He moves from considering distasteful his task of removing his father’s white hairs to a full awareness of the process of ageing which he ‘is powerless to stop’. There are other signs of this process throughout the story: the loss of the childhood cricket matches, the increasing frailty of Mamaiji, the father’s vain hope of a new job. It is the encounter with the friend Viraf, Dr Sidhwa and the glimpse of Viraf’s father which gives the narrator his epiphanic moment. Wider reading This story is taken from the collection Swimming Lessons and Other Stories. You could also try the novel Family Matters by Rohinton Mistry. Malgudi Days by RK Narayan The God of Small Things by Arundhati Roy Compare with A Horse and Two Goats by RK Narayan To Da-duh, In Memoriam by Paule Marshall The Enemy by VS Naipaul Games at Twilight by Anita Desai Online Biographical material is available at: http://www. contemporarywriters. com/authors/? p=auth73 Ahdaf Soueif (1950-) Sandpiper The narrator in this story is unwilling to disturb even ‘one grain of sand’, and this reflects her passivity as her relationship with her husband breaks down under cultural pressures. The relationship with him is carefully charted, almost historically, but it is significant that he is never named, and a sense of loss grows at the centre of the narrative. The narrative structure includes disconcerting juxtapositions between memory and the present to show the narrator’s sate of mind. The narrative describes a love between the two formed elsewhere; it is the return to the husband’s country which creates the cultural and family pressures on the relationship, including the loss of female independence, work and identity, which cause the couple to drift apart. Such concerns of conflicting cultural pressures are perhaps a natural concern of an author born and educated in Egypt, before continuing education in England. She now divides her time between Cairo and London. Wider reading This story is taken from a collection of short stories by Ahdaf Soueif, also called Sandpiper. The Map of Love is a novel which deals with a love affair between an Egyptian and an English woman. The God of Small Things by Arundhati Roy Compare with To Da-duh, In Memoriam by Paule Marshall The Yellow Wallpaper by Charlotte Perkins Gilman Five-Twenty by Patrick White Online Biographical information about Ahdaf Soueif is available at: http://www. contemporarywriters. com/authors/? p=auth227 Adam Thorpe (1956-) Tyres The narrative of Tyres is set against the tension of German-occupied France during the Second World War, where relationships are strained, little can be openly communicated and suspicion is rife. The brutality of war suddenly intervenes in the middle of the story with the killing of the suspected members of the French Resistance movement (the Maquis) and the villagers forced to view the bodies, their ‘guts†¦literally looped and dripping almost to the floor’, before the hanging of the ringleader from the village bridge. Set against this is the gradually developing love affair between the young lad learning to maintain vehicles in his father’s garage and the girl who cycles past each day. The young man’s narration leads the reader gradually to his final act of involvement with the resistance against the Germans and its effects; ill-luck seems to be the cause of guilt, and the final revelation of the age of the narrator shows how long that guilt and fidelity has lasted. In this story, Thorpe sets ordinariness – working on cars, changing tyres, a developing relationship – against extraordinariness – the Second World War and German occupation – to create a small poignant story of war. Wider reading This story comes from Adam Thorpe’s short story collection Shifts. His novel Ulverton is a collection of very different narratives which piece together the long history of an English village. Compare with To Da-duh, In Memoriam By Paule Marshall The Moving Finger by Edith Wharton The Taste of Watermelon by Borden Deal Online Biographical information and a review of Adam Thorpe’s work is available at: http://www. contemporarywriters. com/authors/? p=auth95