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Indonesias Influence On The International Platform

A country which is fourth most populous nation on the planet, is on the course of becoming one of the biggest economies in coming decades, Indonesia’s influence and role on the international platform cannot be overlooked especially when one of the fastest growing tension in the world is taking place in its own backyard. The recent heightening of competition for the dominance over South China Sea, an enormously important region due to its strategic location and vast amount of untapped natural resources, has strained relationships between China and other countries in the region. China’s extensive claims of authority over the sea—and the sea’s supposed 11 billion barrels of untapped oil and 190 trillion cubic feet of natural gas—have provoked challenging claimants Malaysia, Vietnam, Brunei, Taiwan, Indonesia, and the Philippines. As early as the 1970s, countries in the region began to claim as their own islands and various zones in the South China Sea for instance the Spratly islands, which may have rich natural resources and fishing areas. Even though its relations and on the rise Indonesia upholds a flexible foreign policy that allows it to productively engage with countries around the world. Indonesia relationship with China has been characterized by a history of enmity, but lasting concerns contradict with economic and foreign policy. Of late, there has been speculations that Indonesia under President Joko Jokowi Widodo is tilting toward China. Some have even suggestedShow MoreRelatedMacro-Environment Analysis on Airasia and Its Effect on Marketing Decision Making |2979 Words   |  12 Pagesfactors in decision making are undeniable. Kotler thinks that â€Å"economic environment effect consumer-buying power and spending patterns.† Total buying power depends on current income, prices, savings and credit. 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At present time, development of those fields becomes the priority o f Indonesia’s and Malaysia’s governments to meet the forthcoming increase of domestic gas demand (FIGURE) and maintain their export to the regional market especially China, Japan, and South Korea. FIGURE shows the projection of regional gas demand and FIGURERead MoreCarrefour Case Study16000 Words   |  64 Pagesbringing nearly all types of consumer goods under one roof in 1959[.] (p. C 74) o [Carrefour] built a reputation as the retailer that offered the most variety and freshness at low prices. (p. C 74) o [Carrefour] has always been significantly more international than most of its competitors[.] (p. C 74) o In order to fight back against the hard-discounters, Carrefour expanded its own hard discount chain, ED. (p. 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Knowing this, it is not surprising that international strategy is at the heart of their competitive focus. Nestlà ©Ã¢â‚¬â„¢s competitive strategies are associated mainly with foreign direct investment in dairy and other food businesses. Nestlà © aims to balance sales between low risk but low growth countries

Clause 49 †Listing Agreement Free Essays

string(172) " be out of place to mention here that under the Listing requirements of UK all directors are mandatory required to regularly update and refresh their skills and knowledge\." CORPORATE WORLD Clause 49 of Listing Agreement on Corporate Governance —Dilip Kumar Sen SEBI has revised Clause 49 of the Listing Agreement pertaining to corporate governance vide circular dated October 29, 2004, which supersedes all other earlier circulars issued by SEBI on this subject. The article highlights important changes in the corporate governance norms. C lause 49 of the Listing Agreement, which deals with Corporate Governance norms that a listed entity should follow, was first introduced in the financial year 2000-01 based on recommendations of Kumar Mangalam Birla committee. We will write a custom essay sample on Clause 49 – Listing Agreement or any similar topic only for you Order Now After these recommendations were in place for about two years, SEBI, in order to evaluate the adequacy of the existing practices and to further improve the existing practices set up a committee under the Chairmanship of Mr Narayana Murthy during 2002-03. The Murthy committee, after holding three meetings, had submitted the draft recommendations on corporate governance norms. After deliberations, SEBI accepted the recommendations in August 2003 and asked the Stock Exchanges to revise Clause 49 of the Listing recommendations and the same was put up on SEBI website on 15th December 2003 for public comments. It was only on 29th October 2004 that SEBI finally announced revised Clause 49, which will have to be implemented by the end of financial year 2004-05. These revised recommendations have also considerably diluted the original Murthy Committee recommendations. Areas where major changes were made include: ? Independence of Directors ? Whistle Blower policy ? Performance evaluation of nonexecutive directors ? Mandatory training of non-executive directors, etc. The changes in corporate governance norm as prescribed in the revised Clause 49 are as follows: A. Composition of Board The revised clause prescribes six tests, which a non-executive director needs to pass to qualify as an Independent Director. The existing requirement is that to qualify as an Independent Director, the director should not have, apart from receiving director’s remuneration, any other material pecuniary relationship or transactions with the company, its promoters, its management or its subsidiaries, which in the judgment of the Board may affect independence of judgment of the director. This requirement finds place in the revised clause also Agreement based on Murthy committee recommendations. This led to widespread protests and representations from the Industry thereby forcing the Murthy committee to meet again to consider the objections. The committee, thereafter, considerably revised the earlier The author is Vice President, Tata Tea Ltd. He can be reached at dilip. sen@tatatea. co. in THE CHARTERED ACCOUNTANT 806 DECEMBER 2004 CORPORATE WORLD except that the relationship will now extend to its management, its holding company and its associates in addition to the existing list. Further the Board is no longer required to judge the independence status of a director as at present. Five new clauses have been added to determine independence of a director. These are: (i) He is not related to promoters or persons occupying management positions at the board level or at one level below the board; (ii) He has not been an executive of the company in the preceding three financial years; (iii) He is not a partner or an executive or was not partner or an executive during the preceding three years of (a) the statutory audit firm or the internal audit firm that is associated with the company; and (b) the legal and consulting firms that have a material association with the company. iv) He is not a material supplier, service provider or customer or a lessor or lessee of the company, and (v) He is not a substantial shareholder of the company owning two percent or more of the block of voting shares. The new tests of ‘independence’, the readers would recall, were mostly included in the Companies (Amendment) Bill, 2003. The important and practical change that has no w been made is addition of the word ‘material’ in item (iv) above. Without use of the word ‘material’, technically even a single supply or purchase by the director to or from the company would have taken away independence status if he/she was otherwise eligible. However, the word ‘material’ has not been defined. Nominee directors of Institutions are now to be considered as ‘Independent Director’. While on the subject of Independent Director one must remember that no one is invited to join a board to act as a nonexecutive director unless he/she is well known to the Promoters or the Chairman or the Managing Director. All non-executive directors, whether or not independent, need support of Promoter Group for their reelection. If the purpose or objective of having a specified number of independent directors on the boards of listed companies is to ensure that boards are not Twothird of the members of Audit committee shall be independent directors as against the present requirement of majority being independent. packed with ‘yes-men’ or to ensure constructive criticism one needs to ponder how many independent directors can freely raise questions at board meetings. Is it right that a vast majority of them invariably support every proposal of management? Only a few persons who are eminent in their own fields may ask right questions, even if they look inconvenient, at board meetings but the majority may not muster enough courage to do so. It may therefore appear that no amount of regulation can ensure how an independent director should behave at board meetings. After all independence is a matter of attitude and a director who is conscious about his responsibilities, will always raise right questions at board meetings, whether or not he holds the independent status. The original recommendation of the Murthy Committee for mandatory training and updating of knowledge of directors has now been shifted to non-mandatory requirement, most probably in the face of strong opposition from industry. This indeed is sad as a vast majority of directors are in need of training in the business model of the company and for updating of knowledge. I do THE CHARTERED ACCOUNTANT 807 DECEMBER 2004 CORPORATE WORLD believe that a beginning in this regard was immediately necessary. It may not be out of place to mention here that under the Listing requirements of UK all directors are mandatory required to regularly update and refresh their skills and knowledge. You read "Clause 49 – Listing Agreement" in category "Papers" From the point of view of listed companies, a declaration should be obtained annually from all independent directors confirming compliance with all six conditions of independence. The CEO/CFO Certification is a new requirement and is based on Sarbanes Oxley Act of USA. Five new items have been added under nonmandatory requirements and the existing item on Postal ballot has been deleted. (ii) A code of Conduct for Board members and senior management has to be laid down by the Board which should be posted on the website of the company. All Board members and senior management should affirm compliance with the code on annual basis and the annual report shall contain a declaration to this effect signed by the CEO. B. Non-Executive Directors’ compensation disclosures A new requirement has been provided for obtaining prior approval of shareholders for payment of fees/compensation to non-executive directors. If there is stock option, the limit for the maximum number that can be granted to non-executive directors in any financial year and in aggregate should be disclosed. According to the Companies Act, 1956 fees paid to directors do not form part of Managerial remuneration and hence no approval of shareholders for payment of fees to directors is required. Listed companies will now need to obtain prior approval of shareholders for payment of sitting fees to directors. Unless the Government is contemplating to change the law and bring sitting fees within the ambit of Managerial remuneration this contradiction should have been avoided. (v) Role of the Audit committee has been enlarged to include (a) matters required to be included in Directors’ Responsibility statement; (b) to review the functioning of Whistle Blower mechanism if the same is existing and (iii) review of performance of statutory and internal auditors. vi)The Audit committee will also mandatorily review (a) Management Discussion and Analysis of Financial condition and results of operations; (b) statement of significant related party transactions; (c) Management letters/letters of internal control weaknesses issued by t h e D. Audit Committee Following are the changes with regard to Audit Committee: (i) Two-third of the members of Audit committee shall be independent directors as against the present requirement of majority being independent; (ii) Earlier, only non-executive directors could be members of Audit committee. The revised clause has omitted this requirement. iii) All members of the Audit committee shall be financially literate (as defined in the revised clause) as against the existing requirement of at least one member having financial and accounting knowledge. (iv) Minimum number of Audit committee meetings in a year increased to 4 from 3. C. Other provisions relating to Board (i) Gap between two meetings has been reduced to three months from four months ruling at present. statutory auditors; (d) Internal audit reports relating to internal control weaknesses, and (v) To review the appointment, removal and terms of remuneration of the Chief Internal Auditor. The Audit committee will no longer be required to review the company’s financial and risk management policies. Risk assessment and minimization procedures will now be reviewed by the Board. Listed companies should now THE CHARTERED ACCOUNTANT 808 DECEMBER 2004 CORPORATE WORLD ascertain from their respective Audit committees the frequency of reporting related party transactions, frequency of discussing Management letters issued by the statutory auditors etc. drawn to the following: (a) Material non-listed Indian subsidiary has been mentioned only for Board representation. In respect of review of financial statements of unlisted subsidiary by the audit committee of holding company and placing of minutes and significant transactions entered into by subsidiary, it is significant that the words ‘material’ and ‘Indian’ solidated turnover or net worth respectively of the listed company and its subsidiaries. This definition is likely to exclude most of the unlisted subsidiaries as they are not likely to meet the turnover or net worth test. (c) Significant transaction or arrangement shall mean any individual transaction that exceeds 10% of the total revenues/expenses/assets/liabilities of the subsidiary. It is difficult to understand the logic of excluding subsidiaries incorporated abroad from the purview of representation on the board by an independent director. E. Subsidiary Companies These are new requirements, which provide for the following: (i) At least one indepen- T th he o m e ri in an M gin ha g o dat ur t al r m s f or hy ec pr an now kno y tr C om op ob dat b w ain o me in po ab or een led in mm nd de s ly y g g i a ed itio in re cha e o an tte tio qu n f d e n is n th g o sa fro e ire ed dir up fo f d. m fac me as ec da r i n e n t a n t o r tdu o f , o s st st mo nry ro s . T n t hi g s F. Disclosures Following new disclosure requirements have been specified in the revised clause 49: (i) Statement on transactions with related parties in the ordinary course of business shall be placed before the Audit committee periodically; (ii) Details of material individual transactions with related parties which are not in the normal course of business shall be placed before the Audit committee; and (iii) Details of material individual transactions with related parties or others, which are not on arm’s length basis should be placed before Audit committee together with management’s justification for the same. Here also, the word ‘material’ has not been defined. Listed companies should ascertain dent director on the Board of the holding company shall be a director on the board of a material non-listed Indian subsidiary company; (ii) The audit committee of the holding company shall review the financial statements, in particular, the investments made by the unlisted subsidiary company; (iii) The minutes of board meetings of the unlisted subsidiary company shall be placed at the board meeting of the holding company. The management should periodically bring to the attention of the holding company a statement of all significant transactions and arrangements entered into by the unlisted subsidiary company. Attention of the readers is have not been used. It can therefore be interpreted that board meeting minutes, financial statements and significant transactions of all unlisted subsidiaries whether incorporated in India or abroad are to be placed before the board of the holding company or to be reviewed by the audit committee of the holding company. Is this the intention? (b) Material non-listed Indian subsidiary shall mean an unlisted subsidiary, incorporated in India, whose turnover or net worth exceeds 20% of the con- THE CHARTERED ACCOUNTANT 809 DECEMBER 2004 CORPORATE WORLD from their respective audit committees the frequency of reporting such transactions. (iv) Financial statements should disclose together with management’s explanation any accounting treatment different from that prescribed in Accounting Standard. v)The company will lay down procedures to inform board members about the risk assessment and minimization procedures which shall be periodically reviewed by the Board. (vi) The company shall disclose to the Audit committee on a quarterly basis the use of funds raised through public/ rights/preferential issues. Annually a statement showing use of funds for purposes other than those stated in Offer document/prospectus should be placed before the Audit committee. Such statement should be certified by the stat utory auditors. vii) Under ‘Remuneration of Directors’ new disclosure requirements have been prescribed, which include criteria of making payments to nonexecutive directors, shares and convertible instruments held by non-executive directors and shareholding (both own and held on beneficial basis) of nonexecutive directors to be disclosed in the notice of general meeting called for approving appointment of such director. 2002-03. The revised Clause only requires CEO and CFO to certify to the Board the annual financial statements in the prescribed format. While this certification will certainly provide comfort to the non-executive directors and will indeed act as the basis for the Board to make Directors’ Responsibility Statement in terms of section 217(2AA) of the Companies Act, 1956, it is not clear why SEBI did not require the listed companies to include such certification in the Annual Report. While the new corporate governance norms are more stringent than the existing requirements it must be appreciated that while regulations in these areas are necessary, regulations per se cannot and will not ensure good corporate governance. H. Compliance Report The format of quarterly report to be submitted to the Stock Exchanges has been revised and the new format follows the revised requirements of Clause 49. The CEO or the Compliance officer can now sign the compliance report. The annual corporate governance report should disclose adoption or non-adoption of non-mandatory requirements. G. CEO/CFO Certification This is a new requirement and is based on the Sarbanes Oxley Act of USA. This had also been recommended by the Naresh Chandra Committee set up by the Centre in I. Non-mandatory requirements Five new items have been added under non-mandatory require- ments and the existing item on Postal ballot has been deleted. The first new item states that Independent directors may not have tenure not exceeding in the aggregate a period of nine years on the Board of the company. The next item relates to companies moving towards a regime of unqualified audit report. The third item deals with training of board members in the business model of the company as well as risk profile of the business parameters of the company and responsibilities of directors and how best to discharge it. The fourth item deals with performance evaluation of non-executive directors by a peer group comprising the entire Board. The fifth item relates to setting up of a whistle blower policy in the company. While the new corporate governance norms are more stringent than the existing requirements it must be appreciated that while regulations in these areas are necessary, regulations per se cannot and will not ensure good corporate governance. Attention of readers is drawn towards the Report on Observance of Standards and Codes carried out under a joint programmed of World Bank and IMF. This report benchmarks the observance of corporate governance in India against the benchmark Principles of Corporate THE CHARTERED ACCOUNTANT 810 DECEMBER 2004 CORPORATE WORLD Governance laid down by the Organization for Economic Cooperation and Development (OECD). The assessment team had extensively interviewed issuers, institutional investors, financial institutions, market analysts, lawyers, accountants and auditors. The report was also discussed by Government of India and cleared by the DEA for publication in June 2004. Following are the areas identified for reform in the World Bank report: a. Sanctions and enforcements: Sanctions and enforcements should be credible deterrents to help align business practices with the legal and regulatory framework, in particular with regard to related party transactions and insider trading. b. The current framework places the oversight of listed companies partly with DCA, partly with SEBI and partly with Stock exchanges. This fragmented structure gives rise to regulatory arbitrage and weakens enforcement. c. If boards are to move away from simply ‘rubber stamping’ the decisions of management or promoters they must have a clear understanding of what is expected from them. They should know their duties of care and loyalty to the company and all shareholders. They should know their responsibilities and should be familiar with the changes in this regard arising from changes in laws and regulations. A key missing ingredient is a strong focus on professionalism of directors. Director training institutes can play a key capacity building role and expand the pool of competent candidates. d. Institutional investors acting in a fiduciary capacity should be encouraged to form a comprehensive corporate governance policy including voting and board representation. It will be observed that the World Bank report has stressed the need of training and updating of knowledge of directors. Unfortunately the recommendation of Murthy Committee in this regard has now been shifted as nonmandatory requirement. The rationale of industry’s objection to mandatory training, etc. of directors is not readily understandable. Hopefully, when the governance norms are reviewed next the training and knowledge updating would be made mandatory requirement. A new requirement has been provided for obtaining prior approval of shareholders for payment of fees/compensation to nonexecutive directors. If there is stock option, the limit for the maximum number that can be granted to nonexecutive directors in any financial year and in aggregate should be disclosed. Â ¦ Leading light of CA world, SN Desai passes away ne of the highly revered Chartered Accountants and a leading light of the profession, ICAI’s former-president Shri Shantanu Nanubhai Desai passed away on 10th November 2004 in Mumbai. Born on 26th January 1925, he became a member of our Institute in 1949 and rose to become one of the pillars of the profession. Having become President of ICAI in 1961-62 at a young age of 35, he had served as a Central Council member for decades. He was actively associated with Indian Merchants Chamber as its Managing Committee member for a long period of 32 years. He became its President in 1976. He had held several distinguished positions in his illustrious professional life, including as Member of the High Powered Sachar Committee on Company Law MRTP Reforms, as Chairman/ Director of several reputed public companies besides as a member of ASSOCHAM. Mr. Desai was also the founder member of the Bombay Chartered Accountants Society. A Rotarian of repute and a veteran of several Committees, Mr. Desai was a free, frank and modest personality— a thorough gentleman who endeared one and all with his qualities of both head and heart. Mr. Desai’s services to the cause of our profession and his long career of more than 50 years as one of our profession’s most distinguished ambassadors will long be remembered and will continue to inspire new generation of Chartered Accountants. O THE CHARTERED ACCOUNTANT 811 DECEMBER 2004 How to cite Clause 49 – Listing Agreement, Papers

Awakening By Edna Pontellier Essay Example For Students

Awakening By Edna Pontellier Essay We follow the path without questioning its intent. The path informs us when we should learn to talk, to walk, to marry, and to have children. We are told that we should never stray from it, because if we do, society will make it certain that we are bound for damnation. In the novel The Awakening the main character, Edna Pontellier, has followed this path without so much as a fuss. All that changes when Edna is awakened from a life long slumberÂÂ ­a slumber, which she found repetitious, monotonous, and futile. She discovers that she is incomplete being just a wife and a mother. She needs to fill the void that has been empty for so long. She finds herself looking aimlessly beyond the path toward a destination of new feelings, adventures, and awakenings her quest for true love. Edna stands under this symbol of love, she is faced with a dilemma. Should she kiss, or in this case, marry, whether or not it is love? Or should she pass by the opportunity and prepare herself for the hurricane winds of a disappointed and disapproving society? Edna chose to do what society wanted her to doÂÂ ­she got married and left her fantasies and dreams in the depths of the shadows. The acme of bliss, which would have been a marriage with the tragedian, was not for her in this world. As the devoted wife of a man who worshiped her, she felt she would take her place with a certain dignity in the world of reality, closing the portals forever behind her upon the realm of romance and dreams. P. 24 After marriage, hidden around the curvatures of the path, were the expectations of motherhood and being a devoted mother, after all if it was not a mothers place to look after children, whose on earth was it? P. 7 The appearance of Ednas life looked perfectÂÂ ­she was the envy of many women who declared, Mr. Pontellier was the best husband in the world. Mrs. Pontellier was forced to admit she knew of none better. P. 9 The cover of her life had that of a fairy tale, but inside, the pages were filled with the emptiness and the loneliness she was feeling. During that summer at Grand Isle, the pages were finally read, and slowly Edna became less and less concerned for the welfare of her family. He thought it very discouraging that his wife, who was the sole object of his existence evinced so little interest in things which concerned him, and valued so little his conversation. P. 6 In Mr. Pontelliers eyes his wife was not a mother-woman, because it was easy to know them, fluttering about with extended, protecting wings when any harm, real or imaginary, threatened their precious brood. They were women who idolized their children, worshiped their husbands, and esteemed it a holy privilege to efface themselves as individuals and grow wings as ministering angels. P. 10 His wife seemed more interested in using her protective wings to fly about in search of the independent soul she once threw away at the altar. In the meantime, if one of the little Pontellier boys took a tumble whilst at play, he was not apt to rush crying to his mothers arms for comfort; he would more likely pick himself up, wipe the water out of his eyes, and the sand out of his mouth, and go on playing. P. 9 The love between Edna and her children existed, but it resembled more of the love between the members of an extended family in the 1990s. Sometimes gather them passionately in her heart; she would sometimes forget them, and their absence was a sort of relief. P. 24 Around her, Edna could see the devoted Creole mothers flocking about their precious children. These women frowned upon Ednas laissez faire attitude toward her children. None of the other women could relate to Ednas declaration, I would give up the unessential; I would give my money, I would give my life for my children; but I wouldnt give myself. P. 25 Edna made the decision to have a family when she was young, naive, and unaware of what she truly wanted. That summer, she awakened from her slumber and frantically began to search for the gateway to her dreams. As for her children, they need not have thought that they could possess her, body and soul. P. 152 Raising a family prevailed in the nineteenth century and women who tried to pursue a career or a hobby were shunned by society. Edna throughout her life listened to everyone else but herself. She accepted her assigned role in society and stashed away her passions, dreams, and desires to the deepest part of her soul. For many years she lived hidden beneath a facade, but the Edna who craved independence and romance began to emerge that summer. In short, Mrs. Lamb to the slaughter, The sniper and Vendetta EssayShe was still under the spell of her infatuation. She had tried to forget him, realizing the inutility of remembering. But the thought of him was like an obsession, ever pressing itself upon her. It was not that she dwelt upon details of their acquaintance, or recalled in any special or peculiar way his personality; it was his being, his existence, which dominated her thought, fading sometimes as if it would melt into the mist of the forgotten, reviving again with an intensity which filled her with an incomprehensible longing. P. 1 Edna explained why she chose to love Robert, Why do you suppose a woman knows why she loves? Does she select? Does she say to herself: Go to! Here is a distinguished statesman with presidential possibilities; I shall proceed to fall in love with him. P. 107 There is irony in her explanationÂÂ ­she was the person she was mockingÂÂ ­she had thought exactly that when she married L?once. Edna ha d given up herself while waiting for Robert to return from Mexico. She had the power to be free, to soar high, but she chose to hang on to the fantasy of what could never be. Sadly, a fantasy is always much sweeter than reality, because when Robert returned, Edna found herself admitting, he had seemed nearer to her off there in Mexico. P. 136 The man returned to his post on the rock. The bird, infatuated with his return, remained by his feet and with great devotion and admiration looked up at this creature and said, It was you who awoke me last summer out of a life-long stupid dream. P. 143 Edna associated her awakening with Robert and unawarely lost the independence she had sought after by being so superficially dependent on a man. Throughout her life, Edna had always witnessed women with a man slung on their arms and had only encountered a few who were absent of one. Society deemed the latter as outcasts and told Edna that their days were deficient of happiness, comfort, and compassion. Edna was not strong enough to gain an independent soul and an independent arm. She could barely continue fighting the battle for the possession of her soul, and so, it was necessary that she found her support through Robert. When the man saw the bird perched at his feetÂÂ ­reality struck him. He could not proceed with this love any longer, because his conscience repeatedly scolded him, She is a married woman with children. To resolve a guilty conscience, he kicked the bird from the ledge, in which they both once stood and justified his action by saying, I love you. Good-bybecause I love you. P. 148 With his farewell, her aspirations and her hopes quickly faded away. She believed that without him she would go back to being a prisoner. Time after time, another Robert would come by. With sweetness and gracefulness, he would unlock her cage and expose her once again to the marvels of freedom. Soon enough though, that Robert would leave her just as abrupt and cruel as the original one had. Once again, Edna would view life behind bars and would be unable to experience the utter beauty of life. Without a key, Edna was unable to escape from her cage. She did not have the strength to bend the bars and give herself the freedom she had been longing for. Perhaps, she knew the truthÂÂ ­she would have never been entirely as free as she wanted. She would never be so in love forever like the couple at Grande Isle, because fantasies must always come to an end. It was more likely that she would become the woman dressed in black, wallow in her own pity, and count what little she had. Ednas only escape was the sea that once awakened her to the possibilities of beauty, love, lust, and independence. Once Robert had struck her with that tremendous blow, the wings that once held such possibilities for her were shattered and a bird with a broken wing was beating the air above, reeling, fluttering, circling, disabled down, down to the water. P. 152