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And so, indeed, it becomes necessary for any particular business to pay for its capital interest at the market rate, not so much to secure the saving of it as to secure its allocation from the common pool. Interest and Distribution. It is unavoidable that this interest should accrue to whoever it is that supplies the capital.
You will ask: "If that is so, what is the use of this expensive allocation of the Russian troops?" That is one of the questions for which one hardly can expect an answer from a ministry of foreign affairs, itself vitally interested. If we should begin to ask for explanations, we might receive forced replies, and our surrejoinders would also have to be forced.
Else how comes it that David Spreul received but yesterday an allocation of two hundred shares in the Westermidden Junction, while your application and mine, for a thousand each were overlooked? Is this a state of things to be tolerated? Why should he, with his fifty thousand pounds, receive a slapping premium, while our three hundred of available capital remains unrepresented?
I don't know whether it was my determined conduct at the allocation, my territorial title, or a most exaggerated idea of my circumstances, that worked upon the mind of Mr. Sawley. Possibly it was a combination of the three; but, sure enough few days had elapsed before I received a formal card of invitation to a tea and serous conversation.
This is why the tax burden and the government's share of GDP have been soaring inexorably with the consent of the citizenry. People adore government spending precisely because it is inefficient and distorts the proper allocation of economic resources. The vast majority of people are rent-seekers.
In the future, as in the past, you in South Carolina at least will cling to what in 1876 proved the ark of your social and political salvation. Taking another step in the discussion of changes, the Constitution is founded on that well-known distribution and allocation of powers first theoretically suggested by Montesquieu.
Were the tone of commercial enterprise healthy, and kept within due bounds, there would be nothing of this; neither should we hear, as we do every day, of shares which, immediately after their allocation, attain an enormous premium, and, after having fluctuated for a week or two, subside to something like their real value.
The Legislation sanctioning this proportional allocation began with the English Local Government Act of 1888, when Grants in Aid were made out of the Probate Duties, and has been carried into several other Statutes relating to England, Scotland and Ireland. These proportions have become to a large extent stereotyped in the allocation of such grants.
Any delay or distortion in the information, or preference of one recipient over another will thwart the efficient allocation of economic resources.
In 1830, in the midst of the disturbances occasioned by the Revolution of July, I one day, as Minister of the Interior, demanded from the Council, in which the Baron Louis also had a seat as Minister of Finance, the allocation of a large sum. Objections were made by several of our colleagues, on account of the embarrassed state of the treasury.
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