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represented either by shares or by debentures
If, it says, foreign capital is to be attracted here, it must be
represented either by shares or by debentures. ‘The question,
therefore, is whether restrictions ought to be imposed upon the extent
to which the control of the company shall be allowed to reside in
aliens, either by reason of their holding a majority of the shares, or
of the debentures, or by reason of their obtaining a majority upon
the Board of Directors; and, if so, how disclosure of their alien
character is to be enforced.’ It goes on to point out the great
difficulties which present themselves in the way of securing
disclosure of nationality and ensuring that aliens shall not command
the control. ‘The law of trusts,’ it says, ‘is firmly established in
this country. If A, be the registered holder of a share, he is not
necessarily the beneficial owner. He may be a trustee for B. To enact
that the registered holder must be a British subject effects nothing,
for B. may be an alien and an enemy. Suppose, however, that you enact
that A., when his share is allotted or transferred to him, shall make
a declaration that he holds in his own right, or that he holds in
trust for B., and that both A. and B. are British subjects. There is
nothing to prevent the creation of a new trust the next day, under
which C., an alien enemy, will be the person beneficially entitled.
Further, at the earlier date (the date of allotment or transfer) the
facts may be that A. (a British subject) is trustee for B. (a British
subject), but that B. (unknown to A.) is a trustee for C., an alien
enemy. The fact that B. is trustee for C. would be purposely withheld
from A., and A.”s declaration that he was simply trustee for B. would
be perfectly true. To require that A. should make a declaration at
short intervals (say once a month), or that A., B., C., and so on,
should all make declarations would be, of course, so harassing and so
detrimental as to be, as a matter of business, impossible. The only
effectual way of dealing with the matter would be by a provision that
the share might be forfeited, or might be sold and the proceeds paid
to the owner, if an alien should be, or become beneficially entitled
to or interested in the share. Such a provision does not in the
general case commend itself to us as practical or desirable.’ Any
endeavour to control the nationality of the Board of Directors
produces similar difficulties. It is easy to ensure that they shall be
all, or a majority of them, British subjects, but there is no means of
ensuring that their actions shall not be controlled by aliens whose
nationality is not disclosed.

consider not whether England has suffered by the war, for it is most
obvious that she has, but whether she will have been found to have
suffered more than any competitor who may threaten her after-war
position
In all these problems we have to look for the relative answer and to
consider not whether England has suffered by the war, for it is most
obvious that she has, but whether she will have been found to have
suffered more than any competitor who may threaten her after-war
position.

their products for the raw materials and food produced by the new ones
In the beginnings of international trade the older countries exchange
their products for the raw materials and food produced by the new ones.
Then, as emigrants from the old countries go out into the new ones,
they want to be supplied with the comforts and appliances of the older
civilizations, such as, to take an obvious example, railways. But as the
productions of the new countries, at their early stage of development,
do not suffice to pay for all the material and machinery needed for
building railways, they borrow, in effect, these materials, in the
expectation that the railways will open out their resources, enable them
to put more land under the plough and bring more stuff to the seaboard,
to be exchanged for the products of Europe. The new country, New Zealand
or Japan, or whichever it may be, raises a loan in England for the
purpose of building a railway, but it does not take the money raised by
the loan in the form of money, but in the form of goods needed for the
railway, and sometimes in the form of the services of those who plan and
build it. It does not follow that all the stuff and services needed for
the enterprise are necessarily bought in the country that lends the
money; for instance, if Japan borrows money from us for a railway, she
may buy some of the steel rails and locomotives in Belgium, and
instruct us to pay Belgium for her purchases. If so, instead of sending
goods to Japan we shall have to send goods or services to Belgium, or
pay Belgium with the claim on some other country that we have
established by sending goods or services to it. But, however long the
chain may be, the practical fact is that when we lend money we lend
somebody the right to claim goods or services from us, whether they are
taken from us by the borrower, or by somebody to whom the borrower gives
a claim on us.

financing war, it is paid for while it goes on by the warring country
if the financing is done at home, or by its foreign creditors if the
financing is done abroad
Thus, whatever means–straightforward or devious–are used for
financing war, it is paid for while it goes on by the warring country
if the financing is done at home, or by its foreign creditors if the
financing is done abroad. And it is, necessarily, almost entirely paid
for out of income, that is, out of current production. It is curious
to find that many people still seem to think that the whole cost of
the war has come out of capital. Luckily for us it could not be done,
or only to a very small extent. Our capital mostly consisted of
railways, factories, ships, roads, agricultural land, machinery,
houses and other things that could not be taken and shot out of a gun.
These things we have still got, and though many of them are not in
such good shape as they were, some of them are much better equipped
and organised. We have drawn on our stocks of materials and goods–how
far it is impossible to say; we have lost 8-1/2 million tons of
shipping by war losses; in the meantime we have built, bought and
captured 5-1/2 millions of new tonnage, and we have a claim against
the Germans for such tonnage. On capital account we have suffered by
wear and tear in so far as our upkeep has been neglected owing to lack
of labour during the war, and by depletion of materials and stocks,
and also, of course, by the fact that if the war had not happened,
we should, if pre-war calculations were correct, have put some L1700
millions into new investments at home and abroad during the 4-1/4
years of fighting and some more hundreds of millions during the
after-war period of Government borrowing and restriction on private
investment. But a very large part of the money that went into victory
would otherwise have gone not to capital account but into the pleasant
frivolities, embellishments and vulgarities that made life an amusing
absurdity in days before the war.

would have nothing behind the pieces of paper that they handle
If they and their work ceased, we should all starve, and the financiers
would have nothing behind the pieces of paper that they handle. If
finance and the financiers were suddenly to cease, there would be a very
awkward jar and jolt in our commercial machinery, but as long as the
stuff and the means of carrying it were available, we should very soon
patch up some other method for exchanging it between one nation and
another and one citizen and another. The supremacy of the London bill of
exchange was created only to a small extent by any supremacy in London”s
financial machinery; it was based chiefly on the supremacy of England”s
world-wide trade, and on our readiness to take goods from all nations.
The consequence of this was that traders of all nations sold goods to
us, and so had claims on us and drew bills on us, and bought goods from
us, and so owed us money and wanted to buy bills drawn on us to pay
their debts with. So everywhere the bill on London was known and
familiar and welcome. If the Americans are able and willing to develop
such a world-wide trade as ours, then the bill on New York will have a
vogue all over the world just as is enjoyed by the bill on London. Then
London and New York will have to fight the matter out by seeing which
will provide the best and cheapest machinery for discounting the bill,
that is, turning it into cash on arrival, so that the holder of it shall
get the best possible price at the present moment, for a bill due two or
three months hence.

We are always hearing in the media how the country is in debt and that many people are also in severe debt but most people think that they have their own debts under control.

My best friend had three or four credit cards and used them in a way that suggested he was a millionaire. He lived for today and was determined not to miss out on any holiday or night out. I was confused at how he could afford all of the things he bought as I was aware of how much he roughly earned. He was a well regarded business who sold composite doors and he also offered a DVD replication service.

I was particularly surprised when he bought a very impressive, however expensive car. He confirmed that he had managed to obtain a loan over three years; he looked so proud of himself. Maybe it was just me but I could not believe his attitude to money and even tried to suggest that maybe he should be a bit more careful with his money.

He did not listen to me and could not understand why I was so careful with money and why I wanted to drive around in my old banger as he called it. I was no doubt just some stuttering freak to him.

He went on this huge spending spree for around three years. In the last few months the credit crunch has really taken a grip of the country and as the credit dried up my friend realised he was in rather a lot of strife. This is when he decided to look for a debt specialist in the UK and it took him along time to get himself straight.

My friend has now sorted out the majority of his debt problems by going on a debt repayment plan; he is smiling once again.

It’s a tough real estate market nowadays in this horrible economic situation we have found ourselves in. Home prices have plunged throughout the country and are still falling in places. For those who bought when the market was overvalued a few years ago, times are especially tough. Mortgages were given to any Tom, Dick or Harry and they had ridiculous terms which left those mortgage holders in a bad way.

In Southern California where I reside, the prices of homes five years ago were incredible and the market for buyers was like taking candy from babies, a lot of candy. This is the time I moved across the country to Los Angeles and had my heart set on buying a home. I was always told buying was better than renting no matter the conditions and I believed it.

I knew I couldn’t afford the place I ended up with. But, they gave me the mortgage so maybe they knew something I didn’t. My house was overpriced and my mortgage was way too pricey and not a good deal at that. I had little equity and no more coming anytime soon. Then, my wife and I had our second daughter and my wife left her job to stay home. We lost her full-time salary and were heading up-creek further without a paddle. We were literally sitting on collapsing furniture with home space heaters at our feet because we couldn’t afford to repair anything when it broke.

As was bound to happen, the housing market and economy collapsed. Our home devalued quickly but our mortgage payments did not. Now, not only could we not afford the home, we couldn’t sell it at a profit and barely sell it at a loss. We went through a bankruptcy to get rid of our debt and decided that to free ourselves up from all financial burdens, we would sell the home through a short sale if we could.

Today we rent and are on the path to recovery. We did learn many lessons and had I to do it all again, I would do it very different.

I would buy an income property, something that I could put a renter in that would cover my mortgage. I would buy a slight fixer-upper and spruce it up with some cheap home decor accents and maybe a coat of paint. But, most importantly, I would buy something below my price range, taking the renter into consideration and get a mortgage that earned equity and had a good rate either fixed or with a long arm.

The last thing I would want is the worry of a mortgage month to month that I couldn’t cover. The only thing I would want is a home with real value that anyone could see and I would be able to hang onto it long enough to make it a really great resale property, whatever the economy threw our way.

diminished if he can feel that there is a trustworthy machinery of
company promotion, so that he can rely on any savings that he puts
into industry having at least a fair chance of yielding him a fair
reward
Finally, it may be added that the shyness of the saver will be greatly
diminished if he can feel that there is a trustworthy machinery of
company promotion, so that he can rely on any savings that he puts
into industry having at least a fair chance of yielding him a fair
reward. This subject is too vast to enter into at present, but it
is one to which those who are responsible for the management of our
financial affairs cannot give too much attention. Every time the real
investor is swindled out of his money there is more than a chance that
he will look upon all forms of saving as a folly to be left to the
credulous. It is easy to say that it was his own fault, that he ought
to have been more careful, or consulted a better broker; but he will,
with equal ease, retort that If honest financiers knew their business
better, they would have long ago made things easier for the ignorant
investor to know whether he was putting his money into genuine
enterprise or throwing it down a sink.

The newfangled charter was intended, rightly or wrongly, to eliminate the ‘ bankruptcy of convenience ‘ that allowed multitudinous consumers to sprint up huge debts absent repaying them. Under the untouched code, filing is much greater onerous, juncture consuming and expensive; therefrom much in consequence that existing has discouraged divers would - copy filers from seeking debt relief on ice the courts.

also by a number of private firms with connections in foreign countries,
and at home, through which they place their names and credit at the
disposal of people less eminent for wealth and position, who pay them a
commission for the use of them
This business of acceptance is done not only by the great banks, but
also by a number of private firms with connections in foreign countries,
and at home, through which they place their names and credit at the
disposal of people less eminent for wealth and position, who pay them a
commission for the use of them.