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. . . if Bill Ferny represents the enslaved Man, who do the Elves represent? (Eomer)
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That's an interesting question. But the answer remains far from clear. Certain scholars believe that, due to the crystal issue, the Elves represent some giant crime syndicate marketing drugs. They have a surfeit of canonical evidence backing this theory, some of which are:
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Pippin afterwards recalled little of either food or drink, for his mind was filled with the light upon the elf-faces, and the sound of voices so various and so beautiful that he felt in a waking dream. (LotR I 3)
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Sam could never describe in words, nor picture clearly to himself, what he felt or thought that night . . . (ibid)
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They say that the food was laced with some Elvish hallucinogen, resulting in lapses in memories and outbursts of euphoria among the hobbits.
Other say this is ludacris, and believe that the Elves were the ancestors of today's intelligence agencies. Recall Bilbo's encounter with the Rivendell Elves, or the meeting of Frodo and Gildor. It gives evidence to a vast network of informants spying for the Elves.
Some even surmised that the Elvish "foreknowledge" is but a result of excellent information acquisition and analysis, producing an estimate for the said "foresighted" Elf years before the actual event.
There are other theories concerning Elves, ranging from Wargs and horses to geological outgrowths, but these two are the most well-defined schools of thought concerning the meaning of Elves.
I, however, believe that Elves represent certain species of amry ants found in Africa. I mean, have you seen their cities, or heard them talk? Perhaps a colony of this dwelt near Tolkien's childhood home in South Africa, and these insects gave inspiration to the Quendi.