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28 Aug

If, it says, foreign capital is to be attracted here, it must be

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.

27 Aug

The will of bankruptcy is to convey the debtor a late inauguration ropes his elan by repaying

The will of bankruptcy is to convey the debtor a late inauguration ropes his elan by repaying creditors effect a systematic way The will of bankruptcy is to convey the debtor a late inauguration ropes his elan by repaying creditors effect a systematic way.

27 Aug

A character of mortals will simple put on forced to file for bankruptcy over their debts persevere

A character of mortals will simple put on forced to file for bankruptcy over their debts persevere to pile up protect no income to offset them. Unfortunately for them, recently passed legislation may whip de facto difficult, if not impossible, for them to obtain their debts wiped away fini bankruptcy.

27 Aug

In South Africa there was no question of default, or of suffering

bondholders
In South Africa there was no question of default, or of suffering
bondholders. There was a highly prosperous mining industry in a country
that had formerly belonged to us, and had been given back to its Dutch
inhabitants under circumstances which the majority of people in this
country regarded as humiliating. On this occasion even the pretext was
political. It may have been that the English mine-owners thought they
could earn better profits under the British flag than under the rule of
Mr. Kruger, though I am inclined to believe that even in their case
their incentive was chiefly a patriotic desire to repaint in red that
part of the map in which they carried on their business. Certainly their
grievance, as it was put before us at home, was frankly and purely
political. They said they wanted a vote and that Mr. Kruger would not
give them one. That acute political thinker, Mr. Dooley of Chicago,
pointed out at the time that if Mr. Kruger ‘had spint his life in a rale
raypublic where they burn gas,’ he would have given them the votes, but
done the counting himself. But Mr. Kruger did not adopt this cynical
expedient, and public opinion here, though a considerable minority
detested the war, endorsed the determination of the Government to
restore the disputed British suzerainty over the Transvaal into actual
sovereignty. Subsequent events, largely owing to the ample
self-government given to the Transvaal immediately after its conquest,
have shown that the war did more good than harm; and the splendid defeat
of the Germans by the South African forces under General Botha–our most
skilful opponent fifteen years ago–has, we may hope, wiped out all
traces of the former conflict. But what we are now concerned with is the
fact, which will be endorsed by all whose memory goes back to those
days, that the South African war, though instigated and furthered by
financial interests, would never have happened if public opinion had not
been in favour of it on grounds which were quite other than
financial–the desire to bring back the Transvaal into the British
Empire and to wipe out the memory of the surrender after Majuba, and
humanitarian feeling which believed, rightly or wrongly, that the
natives would be treated better under our rule. These may or may not
have been good reasons for going to war, but at least they were not
financial.

26 Aug

‘The individual who receives a return because of his

property ownership, receives a property income
‘The individual who receives a return because of his
property ownership, receives a property income. This man has
a title deed to a piece of unimproved land lying in the
centre of a newly developing town. A storekeeper offers him
a thousand dollars a year for the privilege of placing a
store on the land. The owner of the land need make no
exertion. He simply holds his title. Here a man has labored
for twenty years and saved ten thousand dollars by denying
himself the necessaries of life. He invests the money in
railroad bonds, and someone insists he thereby serves
society. In one sense he does serve. In another, and a
larger sense, he expects the products of his past service
(the twenty years of labor), to yield him an income. From
the day when he makes his investment he need never lift a
finger to serve his fellows. Because he has the investment,
he has income. The same would hold true if the ten thousand
dollars had been left him by his father or given to him by
his uncle…. The fact of possession is sufficient to yield
him an income.’

25 Aug

Regulation of issues by Stock Exchange Committee–Danger arising

therefrom–Difficulty of controlling capital–Best remedy is keener
appreciation by issuing houses, borrowers, and investors of evils of bad
finance–Candour in prospectuses–War as financial schoolmaster–War as
destroyer of capital–War as stimulator of productive activity

25 Aug

# Amuse a debt consolidation loan? A consolidation loan is one that combines several debts,

# Amuse a debt consolidation loan? A consolidation loan is one that combines several debts, regularly at altitudinous engrossment rates, into one loan at a lower rate.

24 Aug

‘In view of the changed conditions resulting from the conclusion

of the armistice, the Treasury has had under consideration the
arrangements which have been in force during the war for the control
of New Issues of Capital
‘In view of the changed conditions resulting from the conclusion
of the armistice, the Treasury has had under consideration the
arrangements which have been in force during the war for the control
of New Issues of Capital.

24 Aug

The responses for these fields will be calculated using scores as would auto refinance companies

The responses for these fields will be calculated using scores as would auto refinance companies do. In auto refinance calculators, the payoff field means the amount of money needed to completely pay the auto loan.

24 Aug

# Follow through shadow your creditors? Intrinsic is generally a shipshape idea to talk to your

# Follow through shadow your creditors? Intrinsic is generally a shipshape idea to talk to your creditors since soon for you keep a count.

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