Principles of Managerial Finance Gitman 14th Edition Solutions Manual
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- 5. © 2015 Pearson Education, Inc. Principles of Managerial Finance Gitman 14th Edition Solutions Manual Full download chapter at: https://testbankbell.com/product/principles-of-managerial-finance- gitman-14th-edition-solutions-manual/ Chapter 1 The Role of Managerial Finance Instructor’s Resources Overview This chapter introduces the students to the field of finance and explores career opportunities in both financial services and managerial finance. The three basic legal forms of business organization (sole proprietorship, partnership, and corporation) and their strengths and weaknesses are described. The managerial finance function is defined and differentiated from economics and accounting. A discussion of the financial manager’s goals—maximizing shareholder wealth and preserving stakeholder wealth—and the role of ethics in meeting these goals is presented. The chapter then summarizes the three key activities of the financial manager: financial analysis and planning, making investment decisions, and making financing decisions. The chapter includes discussion of the agency problem—the conflict that exists between managers and owners in a large corporation. This chapter, and all that follow, emphasizes how the chapter content plays a vital role in the student’s professional and personal life. Each chapter includes an early discussion of the relevance of the topic to majors in accounting, information systems, management, marketing, and operations. Throughout each chapter are detailed examples of how the chapter’s topic relates to the student's financial life. These pedagogic tools should motivate students to grasp quickly an understanding of the chapter content and employ it in both their professional and personal lives. Suggested Answer to Opener-in-Review Question Facebook sold shares to investors at $38 each in its IPO. One year later, its stock price was hovering around $26. What was the percentage drop in Facebook shares in its first year as a public company? Just after the IPO, Facebook’s CEO, Mark Zuckerberg, owned 443 million shares. What was the total value of his Facebook stock immediatelyafter the IPO and one year later? How much wealth did Zuckerberg personally lose over the year? Percentage drop in Facebook shares in its first year as a public company = ($38 í $26) / $38 × 100 = 31.58% Total value of Mark Zuckerberg’s Facebook stock immediately after the IPO = $38 × 443 million = $16,834 million Total value of Mark Zuckerberg’s Facebook stock one year after the IPO
- 6. © 2015 Pearson Education, Inc. = $26 × 443 million = $11,518 million Total personal loss of Mark Zuckerberg over the year = $16,834 million í $11,518 million = $5,316 million
- 7. © 2015 Pearson Education, Inc. Chapter 1 The Role of Managerial Finance 3 Answers to Review Questions 1. Finance is the art and science of managing money. Finance affects all individuals, businesses, and governments in the process of the transfer of money through institutions, markets, and instruments. At the personal level, finance is concerned with an individual’s decisions regarding the spending and investing of income. Businesses also have to determine how to raise money from investors, how to invest money in an attempt to earn a profit, and how to reinvest profits in the business or distribute them back to investors. 2. Financial services is the area of finance concerned with the design and delivery of advice and financial products to individuals, businesses, and governments. It involves a variety of interesting career opportunities within the areas of banking, personal financial planning, investments, real estate, and insurance. Managerial finance is concerned with the duties of the financial manager working in a business. Managerial finance encompasses the functions of budgeting, financial forecasting, credit administration, investment analysis, and funds procurement for a firm. Managerial finance is the management of the firm’s funds within the firm. This field offers many career opportunities, including financial analyst, capital budgeting analyst, and cash manager. (Note: Other answers are possible.) 3. Sole proprietorships are the most common form of business organization, while corporations are responsible for the majority of business revenues. The majority of sole proprietorships operate in the wholesale, retail, service, and construction industries. Although corporations engage in all types of businesses, manufacturing firms account for the largest portion of corporate business receipts and net profits. 4. Stockholders are the owners of a corporation, whose ownership, or equity, takes the form of common stock or, less frequently, preferred stock. They elect the board of directors, which has the ultimate authority to guide corporate affairs and set general policy. The board is usually composed of key corporate personnel and outside directors. The president or chief executive officer (CEO) reports to the board. He or she is responsible for day-to-day operations and carrying out the policies established by the board. The owners of the corporation do not have a direct relationship with management but give their input through the election of board members and voting on major charter issues. The owners of the firm are compensated through the receipt of dividends paid by the firm or by realizing capital gains through increases in the price of their common stock shares. 5. The most popular form of limited liability organizations other than corporations are: x Limited partnerships—A partnership with at least one general partner with unlimited liability and one or more limited partners who have limited liability. In return for the limited liability, the limited partners are prohibited from active management of the partnership. x S corporation—If certain requirements are met, the S corporation can be taxed as a partnership but receive most of the benefits of the corporate form of organization. x Limited liability company (LLC)—This form of organization is like an S corporation in that it is taxed as a partnership but primarily functions like a corporation. The LLC differs from the S corporation in that it is allowed to own other corporations and be owned by other corporations, partnerships, and non-U.S. residents. x Limited liability partnership (LLP)—A partnership form authorized by many states that gives the partners limited liability from the acts of other partners, but not from personal individual acts of malpractice. The LLP is taxed as a partnership. This form is most frequently used by legal and accounting professionals. These firms generally do not have large numbers of owners. Most typically they have fewer than 100 owners.
- 8. © 2015 Pearson Education, Inc. 4 Gitman/Zutter • Principles of Managerial Finance, Fourteenth Edition 6. Virtually every function within a firm is in some way connected with the receipt or disbursement of cash. The cash relationship may be associated with the generation of sales through the marketing department, the incurring of raw material costs through purchasing, or the earnings of production workers. Because finance deals primarily with management of cash for operation of the firm, every person within the firm needs to be knowledgeable of finance to work effectively with employees of the financial departments. Individuals plan, monitor, and assess the financial aspects of their activities over a given period through the consideration of cash inflows and outflows. 7. The goal of a firm, and therefore of all managers, is to maximize shareholder wealth. This goal is measured by share price; an increasing price per share of common stock relative to the stock market as a whole indicates achievement of this goal. 8. Profit maximization is not consistent with wealth maximization due to: (1) the timing, (2) earnings that do not represent cash flows available to stockholders, and (3) a failure to consider risk. 9. Risk is the chance that actual outcomes may differ from expected outcomes. Financial managers must consider both risk and return because of their inverse effect on the share price of the firm. Increased risk may decrease the share price, while increased return is likely to increase the share price. 10. In recent years, the magnitude and severity of “white collar crime” has increased dramatically, with a corresponding emphasis on prosecution by government authorities. As a result, the actions of all corporations and their executives have been subjected to closer scrutiny. The increased scrutiny of this type of crime has resulted in many firms establishing corporate ethics guidelines and policies to cover employee actions in dealing with all corporate constituents. The adoption of high ethical standards by a corporation strengthens its competitive position by reducing the potential for litigation, maintaining a positive corporate image, and building shareholder confidence. The result is enhancement of long-term value and a positive effect on share price. 11. The treasurer or the chief financial manager typically manages a firm’s cash, investing surplus funds when available and securing outside financing when needed. The treasurer also oversees a firm’s pension plans and manages critical risks related to movements in foreign currency values, interest rates, and commodity prices. The treasurer in a mature firm must make decisions with respect to handling financial planning, acquisition of fixed assets, obtaining funds to finance fixed assets, managing working capital needs, managing the pension fund, managing foreign exchange, and distribution of corporate earnings to owners. 12. Finance is often considered a form of applied economics. Firms operate within the economy and must be aware of the economic principles, changes in economic activity, and economic policy. Principles developed in economic theory are applied to specific areas in finance. The primary economic principle used in managerial finance is marginal cost–benefit analysis, the principle that financial decisions should be made and actions taken only when the added benefits exceed the added costs. Nearly, all financial decisions ultimately come down to an assessment of their marginal benefits and marginal costs. 13. Accountants operate on an accrual basis, recognizing revenues at the point of sale and expenses when incurred. The financial manager focuses on the actual inflows and outflows of cash, recognizing revenues when actually received and expenses when actually paid. Accountants primarily collect and present financial data; financial managers devote attention primarily to decision making through analysis of financial data.
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- 10. ‘What pity wad ye hae, kind sir? What wad ye hae frae me? If he has neither corn nor hay, He has gerss at libertie.’ 8 ‘Can ye na pity me, fair may, Can ye na pity me? Can ye na pity a gentle knicht That’s deeing for love o thee?’ 9 He’s tane her by the milk-white hand, And by the gerss-green sleeve; He’s laid her laigh at the bucht-end, At her kin speird na leave. 10 ‘After ye hae tane your will o me, Your will as ye hae tane, Be as gude a gentle knicht As tell to me your name.’ 11 ‘Some do ca me Jack,’ says he, ‘And some do ca me John; But whan I’m in the king’s hie court Duke William is my name. 12 ‘But I ken by your weel-faurd face, And by your blinking ee, That ye are the Maid o the Cowdenknows, And seem very weel to be.’ 13 ‘I am na the maid o the Cowdenknows,
- 11. Nor does not think to be; But I am ane o her best maids, That’s aft in her companie. 14 ‘But I ken by your black, black hat, And by your gay gowd ring, That ye are the Laird o Rochna hills, Wha beguiles a’ our women.’ 15 ‘I am na the Laird o Rochna hills. Nor does na think to be; But I am ane o his best men, That’s aft in his companie.’ 16 He’s put his hand in his pocket And tane out guineas three; Says, Tak ye that, my bonnie may; It’ll pay the nourice fee. 17 She’s tane her cog upon her head, And fast, fast gaed she hame: ‘Whare hae ye been, my dear dochter? Ye hae na been your lane. 18 ‘The nicht is misty, weet, and mirk; Ye may look out and see; The ewes war skippin oure the knowes, They wad na bucht in for me. 19 ‘But wae be to your shepherd, father, An ill death may he dee!
- 12. He bigget the buchts sae far frae the toun, And he trysted a man to me. 20 ‘There cam a tod amang the flock, The like o him I neer did see; Afore he had tane the lamb that he took, I’d rather he’d tane ither three.’ 21 Whan twenty weeks war past and gane, Twenty weeks and three, The lassie begoud to spit and spue, And thought lang for ‘s blinkin ee. 22 ’Twas on a day, and a day near bye, She was ca’ing out the kye, That by cam a troop o merry gentlemen, Cam riding bye that way. 23 ‘Wha’s gien ye the scorn, bonnie may? O wha’s done ye the wrang?’ ‘Na body, na body, kind sir,’ she said, ‘My baby’s father’s at hame.’ 24 ‘Ye lee, ye lee, fause may,’ he said, ‘Sae loud as I hear ye lee! Dinna ye mind o the mirk misty nicht I buchted the ewes wi thee?’ 25 ‘Weel may I mind yon mirk misty nicht, Weel may I mind,’ says she; ‘For ay whan ye spak ye lifted up your hat,
- 13. Ye had a merry blinkin ee.’ 26 He’s turned him round and richt about, And tane the lassie on; ‘Ca out your ky, auld father,’ he said, ‘She sall neer ca them again. 27 ‘For I am the Laird o Rochna hills, O thirty plows and three; And I hae gotten the bonniest lass O a’ the west countrie.’ 28 ‘And I’m the Maid o the Cowdenknows, O twenty plows and three; And I hae gotten the bonniest lad In a’ the north countrie.’
- 14. I Kinloch MSS, VII, 153; from the recitation of Miss M. Kinnear, August 23, 1826, a North Country version.
- 15. 1 The lassie sang sae loud, sae loud, The lassie sang sae shill; The lassie sang, and the greenwud rang, At the farther side o yon hill. 2 Bye there cam a troop o merry gentlemen, They aw rode merry bye; The very first and the foremaist Was the first that spak to the may. 3 ‘This is a mark and misty nicht, And I have ridden wrang; If ye wad be sae gude and kind As to show me the way to gang.’ 4 ‘If ye binna the laird o Lochnie’s lands, Nor nane o his degree, I’ll show ye a nearer road that will keep you frae The glen-waters and the raging sea.’ 5 ‘I’m na the laird o Lochnie’s lands, Nor nane o his degree; But I am as brave a knicht, And ride aft in his company. 6 ‘Have ye na pity on me, pretty maid? Have ye na pity on me? Have ye na pity on my puir steed, That stands trembling by yon tree?’ 7
- 16. ‘What pity wad ye hae, kind sir? What pity wad ye hae frae me? Though your steed has neither corn nor hay, It has gerss at its liberty.’ 8 He has trysted the pretty maid Till they cam to the brume, And at the end o yon ew-buchts It’s there they baith sat doun. 9 Till up she raise, took up her milk-pails, And away gaed she hame; Up bespak her auld father, ‘It’s whare hae ye been sae lang?’ 10 ‘This is a mark and a misty nicht, Ye may gang to the door and see; The ewes hae taen a skipping out-oure the knows, They winna bucht in for me. 11 ‘I may curse my father’s shepherd; Some ill death mat he dee! He has buchted the ewes sae far frae the toun, And has trysted the young men to me.’
- 17. J Kinloch MSS, VI, 11; in the handwriting of Dr Joseph Robertson, and given him by his mother, Christían Leslie.
- 18. 1 It was a dark and a misty night, . . . . . . . And by came a troop o gentlemen, Said, Lassie, shew me the way. 2 ‘Oh well ken I by your silk mantle, And by your grass-green sleeve, That you are the maid of the Cowdenknows, And may well seem to be.’ 3 ‘I’m nae the maid of the Cowdenknows, Nor ever think to be; I am but ane of her hirewomen, Rides aft in her companie. 4 ‘Oh well do I ken by your milk-white steed, And by your merry winking ee, That you are the laird of Lochinvar, And may well seem to be.’ 5 ‘I’m nae the laird of Lochinvar, Nor may well seem to be; But I am one of his merry young men, And am oft in his companie.’ * * * * * * 6 ‘The tod was among your sheep, father, You may look forth and see; And before he had taen the lamb he’s taen I had rather he had taen three.’
- 19. 7 When twenty weeks were come and gane, Twenty weeks and three, The lassie she turned pale and wan . . . . . . . 8 . . . . . . . And was caain out her father’s kye, When by came a troop of gentlemen, Were riding along the way. 9 ‘Fair may it fa thee, weel-fa’rt may! Wha’s aught the bairn ye’re wi?’ ‘O I hae a husband o my ain, To father my bairn te.’ 10 ‘You lie, you lie, you well-far’d may, Sae loud’s I hear you lie! Do you mind the dark and misty night I was in the bught wi thee?’ 11 ‘Oh well do I ken by your milk-white steed, And by your merry winkin ee, That you are the laird of Lochinvar, That was in the bught wi me.’
- 20. K Joseph Robertson’s Journal of Excursions, No 6; “taken down from a man in the parish of Leochel, 12 February, 1829.”
- 21. * * * * * * 1 There was four and twenty gentlemen, As they were ridin by, And aff there loups the head o them, Cums in to this fair may. 2 ‘It’s a mark and a mark and a misty night, And we canna know the way; And ye wad be as gude to us As shew us on the way.’ 3 ‘Ye’ll get a boy for meat,’ she says, ‘Ye’ll get a boy for fee, . . . . . . . That will shew you the right way.’ 4 ‘We’ll get a boy for meat,’ he says, ‘We’ll get a boy for fee, But we do not know where to seek That bonny boy out.’ * * * * * * 5 ‘It’s foul befa my auld father’s men, An ill death mat they die! They’ve biggit the ewe bucht sae far frae the town They’ve tristed the men to me.’
- 22. L Buchan’s MSS, II, 178.
- 23. O the broom, the bonny, bonny broom, The broom grows oer the burn! Aye when I mind on ‘s bonny yellow hair, I aye hae cause to mourn. 1 There was a bonny, a well-fared may, In the fauld milking her kye, When by came a troop of merry gentlemen, And sae merrily they rode by. O the broom, etc. 2 The maid she sang till the hills they rang, And a little more forebye, Till in came ane of these gentlemen To the bught o the bonny may. 3 ‘Well mat ye sing, fair maid,’ he says, ‘In the fauld, milking your kye; The night is misty, weet and dark, And I’ve gane out o my way.’ 4 ‘Keep on the way ye ken, kind sir, Keep on the way ye ken; But I pray ye take care o Clyde’s water, For the stream runs proud and fair.’ 5 ‘I ken you by your lamar beads, And by your blinking ee, That your mother has some other maid To send to the ewes than thee.’ 6
- 24. ‘I ken you by your powderd locks, And by your gay gold ring, That ye are the laird o Rock-rock lays, That beguiles all young women.’ 7 ‘I’m not the laird o the Rock-rock lays, Nor ever hopes to be; But I am one o the finest knights That’s in his companie. 8 ‘Are ye the maid o the Cowden Knowes? I think you seem to be;’ ‘No, I’m not the maid o the Cowden Knowes, Nor ever hopes to be; But I am one o her mother’s maids, And oft in her companie.’ 9 He’s taen her by the milk-white hand, And by her grass-green sleeve, He’s set her down upon the ground Of her kin spierd nae leave. 10 He’s gien her a silver comb, To comb her yellow hair; He bade her keep it for his sake, For fear she never got mair. 11 He pat his hand in his pocket, He’s gien her guineas three; Says, Take ye that, fair maid, he says, ‘Twill pay the nourice’s fee.
- 25. 12 She’s taen her milk-pail on her head, And she gaed singing hame, And a’ that her auld father did say, ‘Daughter, ye’ve tarried lang.’ 13 ‘Woe be to your shepherd, father, And an ill death mat he die! He’s biggit the bught sae far frae the town, And trystit a man to me. 14 ‘There came a tod into the bught, The like o ‘m I neer did see: Before he’d taen the lamb he’s taen, I’d rather he’d taen other three.’ 15 Or eer six months were past and gane, Six months but other three, The lassie begud for to fret and frown, And lang for his blinking ee. 16 It fell upon another day, When ca’ing out her father’s kye, That by came the troop o gentlemen, Sae merrily riding by. 17 Then ane of them stopt, and said to her, ‘Wha’s aught that bairn ye’re wi?’ The lassie began for to blush, and think, To a father as good as ye. 18
- 26. She turnd her right and round about And thought nae little shame; Then a’ to him that she did say, ‘I’ve a father to my bairn at hame.’ 19 ‘Ye lie, ye lie, ye well-fared may, Sae loud’s I hear ye lie! For dinna ye mind yon misty night I was in the bught wi thee? 20 ‘I gave you a silver comb, To comb your yellow hair; I bade you keep it for my sake, For fear ye’d never get mair. 21 ‘I pat my hand in my pocket, I gae you guineas three; I bade you keep them for my sake, And pay the nourice’s fee.’ 22 He’s lappen aff his berry-brown steed And put that fair maid on; ‘Ca hame your kye, auld father,’ he says, ‘She shall never mair return. 23 ‘I am the laird o the Rock-rock lays, Hae thirty ploughs and three, And this day will wed the fairest maid That eer my eyes did see.’ O the broom, the bonny, bonny broom, The broom grows oer the burn!
- 27. Aye when she minds on his yellow hair, She shall neer hae cause to mourn.
- 28. M Buchan’s Ballads of the North of Scotland, I, 172.
- 29. 1 ’Twas on a misty day, a fair maiden gay Went out to the Cowdenknowes; Lang, lang she thought ere her ewes woud bught, Wi her pail for to milk the ewes. O the broom, the bonny, bonny broom, The broom o the Cowdenknowes! And aye sae sweet as the lassie sang, In the ewe-bught, milking her ewes. 2 And aye as she sang the greenwoods rang, Her voice was sae loud and shrill; They heard the voice o this well-far’d maid At the other side o the hill. 3 ‘My mother she is an ill woman, And an ill woman is she; Or than she might have got some other maid To milk her ewes without me. 4 ‘My father was ance a landed laird, As mony mair have been; But he held on the gambling trade Till a ‘s free lands were dune. 5 ‘My father drank the brandy and beer, My mother the wine sae red; Gars me, poor girl, gang maiden lang, For the lack o tocher guid.’ 6 There was a troop o merry gentlemen Came riding alang the way,
- 30. Ca e d g a a g t e ay, And one o them drew the ewe-bughts unto, At the voice o this lovely may. 7 ‘O well may you sing, my well-far’d maid, And well may you sing, I say, For this is a mirk and a misty night, And I’ve ridden out o my way.’ 8 ‘Ride on, ride on, young man,’ she said, ‘Ride on the way ye ken; But keep frae the streams o the Rock-river, For they run proud and vain. 9 ‘Ye winna want boys for meat, kind sir, And ye winna want men for fee; It sets not us that are young women To show young men the way.’ 10 ‘O winna ye pity me, fair maid? O winna ye pity me? O winna ye pity my poor steed, Stands trembling at yon tree?’ 11 ‘Ride on, ride on, ye rank rider, Your steed’s baith stout and strang; For out o the ewe-bught I winna come, For fear that ye do me wrang. 12 ‘For well ken I by your high-colld hat, And by your gay gowd ring, That ye are the Earl o Rock-rivers,
- 31. at ye a e t e a o oc e s, That beguiles a’ our young women.’ 13 ‘O I’m not the Earl o the Rock-rivers, Nor ever thinks to be; But I am ane o his finest knights, Rides aft in his companie. 14 ‘I know you well by your lamar beads, And by your merry winking ee, That ye are the maid o the Cowdenknowes, And may very well seem to be.’ 15 He’s taen her by the milk-white hand, And by the grass-green sleeve, He’s laid her down by the ewe-bught-wa, At her he spiered nae leave. 16 When he had got his wills o her, And his wills he had taen, He lifted her up by the middle sae sma, Says, Fair maid, rise up again. 17 Then he has taen out a siller kaim, Kaimd down her yellow hair; Says, Fair maid, take that, keep it for my sake, Case frae me ye never get mair. 18 Then he put his hand in his pocket, And gien her guineas three; Says, Take that, fair maiden, till I return, ‘Twill pay the nurse’s fee.
- 32. pay t e u se s ee 19 Then he lap on his milk-white steed, And he rade after his men, And a’ that they did say to him, ‘Dear master, ye’ve tarried lang.’ 20 ‘I’ve ridden east, I’ve ridden west, And over the Cowdenknowes, But the bonniest lass that eer I did see, Was i the ewe-bught, milking her ewes.’ 21 She’s taen her milk-pail on her head, And she gaed singing hame; But a’ that her auld father did say, ‘Daughter, ye’ve tarried lang.’ ‘O the broom, the bonny, bonny broom, The broom o the Cowdenknowes! Aye sae sair’s I may rue the day, In the ewe-bughts, milking my ewes. 22 ‘O this is a mirk and a misty night, O father, as ye may see; The ewes they ran skipping over the knowes, And they woudna bught in for me. 23 . . . . . . . . . . . . . . . . ‘Before that he’d taen the lamb that he took, I rather he’d taen other three.’ 24 When twenty weeks were come and gane,
- 33. e t e ty ee s e e co e a d ga e, And twenty weeks and three, The lassie’s colour grew pale and wan, And she longed this knight to see. 25 Says, ‘Wae to the fox came amo our flock! I wish he had taen them a’ Before that he’d taen frae me what he took; It’s occasiond my downfa.’ 26 It fell ance upon a time She was ca’ing hame her kye, There came a troop o merry gentlemen, And they wyled the bonny lassie by. 27 But one o them spake as he rode past, Says, Who owes the bairn ye are wi? A little she spake, but thought wi hersell, ‘Perhaps to ane as gude as thee.’ 28 O then she did blush as he did pass by, And dear! but she thought shame, And all that she did say to him, ‘Sir, I have a husband at hame.’ 29 ‘Ye lie, ye lie, ye well-far’d maid, Sae loud as I hear you lie! For dinna ye mind yon misty night, Ye were in the bught wi me? ‘O the broom, the bonny, bonny broom, The broom o the Cowdenknowes! Aye say sweet as I heard you sing, In the ewe-bughts milking your ewes ’
- 34. In the ewe bughts, milking your ewes. 30 ‘O well do I mind, kind sir,’ she said, ‘As ye rode over the hill; Ye took frae me my maidenhead, Fell sair against my will. ‘O the broom, the bonny, bonny broom, The broom o the Cowdenknowes! And aye sae sair as I rue the day I met you, milking my ewes. 31 ‘And aye as ye spake, ye lifted your hat, Ye had a merry winking ee; I ken you well to be the man, Then kind sir, O pity me!’ 32 ‘Win up, win up, fair maiden,’ he said, ‘Nae langer here ye’ll stay; This night ye ‘se be my wedded wife, Without any more delay.’ 33 He lighted aff his milk-white steed And set the lassie on; ‘Ca in your kye, auld man,’ he did say, ‘She’ll neer ca them in again. 34 ‘I am the Earl o the Rock-rivers, Hae fifty ploughs and three, And am sure I’ve chosen the fairest maid That ever my eyes did see.’ 35 Then he stript her o the robes o grey
- 35. Then he stript her o the robes o grey, Donned her in the robes o green, And when she came to her lord’s ha They took her to be some queen. O the broom, the bonny, bonny broom, The broom o the Cowdenknowes! And aye sae sweet as the bonny lassie sang, That ever she milked the ewes.
- 36. N Kinloch MSS, I, 145; from Mary Barr.
- 37. 1 O there war a troop o merry gentlemen Cam riding oure the knowes, And they hear the voice o a bonny lass, In the buchts, milking the yowes. 2 ‘O save thee, O save thee, my bonnie may! O saved may ye be! My steed he has riden wrang, Fain wad I ken the way.’ 3 She has tane the steed by the bridle-reins, Has led him till the way, And he has tane out three gowd rings, Gien them to that bonnie may. 4 And he has tane her by the milk-white hand And by the gerss-green sleeve, And he laid her doun on the side o yon hill, At her daddie speird na leave. 5 Now she has hame to her father gane, Her father did her blame: ‘O whare hae ye been, my ae dochter? For ye hae na been your lane.’ 6 ‘O the nicht is mirk, and very, very wet, Ye may gang to the door and see; O there’s nabody been wi me, father, There’s nabody been wi me. 7
- 38. ‘But there cam a tod to your bucht, father, The like o him I neer saw; Afore you’d gien him the lamb that he took, Ye’d rather hae gien them a’. 8 ‘O wae be to my father’s sheep-hird, An ill death may he dee! For bigging the bucht sae nar the road, Let the Lochinvar to me!’ 9 She’s tane her pig and her cog in her hand, And she’s gane to milk the kye; But ere she was aware, the Laird o Lochinvar Cam riding in the way. 10 ‘O save thee, O save thee, my bonnie may! I wish ye may be sound; O save thee, O save thee, my bonnie may! What maks thy belly sae round?’ 11 O she has turnd hersel round about, And she within her thoucht shame: ‘O it’s nabody’s wills wi me, kind sir, For I hae a gudeman o my ain.’ 12 ‘Ye lee, ye lee, my bonnie may, Weel do I ken ye lee! For dinna ye mind o the three gowd rings I gied ye o the new moneye?’ 13 ‘O weel do I mind thee, kind sir,
- 39. O weel do I mind thee; For ae whan ye spak ye lifted up your hat, And ye had a bonnie twinklin ee.’ 14 ‘O ye need na toil yoursel, my dear, Neither to card nor to spin; For there’s ten pieces I gie unto thee; Keep them for your lying in.’ 15 Now she has hame to her father gane, As fast as she could hie; And she was na weel crownd wi joy Till her auld son gat she. 16 But she’ll na tell the daddie o it Till father nor to mither, And she’ll na tell the daddie o it To sister nor to brither. 17 And word is to the Lochinvar, And word is to him gane, That sic a tenant’s dochter Has born a bastard son: 18 And she’ll na tell the daddie o it To father nor to mither, And she’ll na tell the daddie o it Till sister nor to brither. 19 ‘O weel do I ken the reason o that, And the reason weel do I ken; O weel ken I the reason o that;
- 40. O ee e t e easo o t at; It’s to some o her father’s men. 20 ‘But I will awa to Littlejohn’s house, Shule them out o the door; For there’s na tenant on a’ my land Shall harbour an arrant hure.’ 21 Then out and spak the house-keeper, ‘Ye’d better lat her abee; For an onie harm befa this may, A’ the wyte will be on me.’ 22 O he has turnd himsel round about, Within himsel thoucht he ‘Better do I loe her little finger Than a’ thy haill bodie. 23 ‘Gae saddle to me my six coach-mares, Put a’ their harness on, And I will awa to Littlejohn’s house For reports o this bastard son.’ 24 Now whan he cam to Littlejohn’s house, Littlejohn was at the door: ‘Ye rascal, ye rogue, ye impudent dog, Will ye harbour an arrant hure!’ 25 ‘O pardon me, my sovereign liege, O pardon me, I pray; Oh that the nicht that she was born She’d deed the very neist day!’
- 41. S e d deed t e e y e st day 26 But he is in to his bonnie lassie gane, And has bolted the door behind, And there he has kissd his bonnie lassie sweet, It’s over and over again. 27 ‘Ye did weel, ye did weel, my bonnie may, To keep the secret twixt me and thee; For I am the laird o the Ochilberry swair, The lady o ‘t I’ll mak thee. 28 ‘Come doun, come doun, now gentlemen a’, And set this fair lady on; Mither, ye may milk the ewes as ye will, For she’ll neer milk them again. 29 ‘For I am the laird o the Ochilberry swair, O thirty plows and three, And I hae gotten the bonniest may That’s in a’ the south countrie.’ B. a. 6 should probably come before 5. 9 2 . Whare. b. 2 2 . lassie shew. 5 1 . But when twenty weeks were.
- 42. 5 2 . O twenty weeks and three. 5 3 . lassie began to grow pale and wan. 6 1 . father’s herd. 6 4 . And wadna bide wi me. 9 2 . loud’s. 11. He was the laird of Auchentrone, With fifty ploughs and three, And he has gotten the bonniest lass In a’ the south countrie. C. 3 3 . if he. Kinloch has made changes in his printed copy. D. 1. Oh. 1 3 . Changed later to ay as she sang, her. 2 4 . Burden: To see. 3 4 . Changed to out owr. 5 4 . axit in the burden. 6 1 . But quhan. 7 4 . neer inserted later after ye’ll. Burden: It’s ye’ll see me.
- 43. 8 1 . purse-string originally. 8 3 . in 3. 8 4 . It will; t seems to be crossed out. I in the burden. 9 1 . fit originally, altered to fut, or fot. 13 3 . Originally, An afore the ane he took. 15 1 . Changed to and a bonnie simmer day. 16 1,2 . Quha. 17 2 . Changed to Sae loud’s. The first stanza is given by Motherwell, Minstrelsy, Appendix, xvii, X, under the title ‘Ochiltree Walls,’ with the variation, O May, bonnie May. E. 2 1 . Oh. I. Kinloch has made changes in his printed copy. J. 11 4 . thee for me. L. 4 4 . fair. vain? Cf. M, 8 4 .
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