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As soon as the Reparation Commission is satisfied that Germany can do better than this, 5 per cent bearer bonds are to be issued for a further $10,000,000,000, the rate of amortization being determined by the Commission hereafter. This would bring the annual payment to $1,400,000,000 without allowing anything for the discharge of the capital of the last $10,000,000,000.
Its success as a mine owner, however, appears to be less marked than as a railway proprietor; experienced business men even assert that the State's coal and iron mines would be operated at a loss if proper allowances were made for depreciation and amortization of capital, as must be done in the case of private companies.
In order to compare the net cost of the units of work, from an industrial point of view, it is necessary to form estimates of installation, costs of keeping in repair, interest and amortization. Figs. 1 and 2 represent, on the same scale, the installations necessary in each of these systems. The legends indicate the names of the different apparatus in each installation.
Then you will have to pay interest and amortization on your mortgage, which, with taxes and upkeep, probably will come to as much as the rent for a similar house. At the end of a period of years, however, you own the house, which is a definite advantage. Perhaps you have decided, as many young couples do today, that you will both work for wages.
The practice has grown up in recent years of contracting long term leases under which both rent and amortization principal cost of buildings is included. I am advised that fully 40 per cent could be saved from many such rent and lease agreements even after allowing interest on the capital required at the normal Government rate. There are also many objectionable features to some of these practices.
These included interest on the slave's cost, regardless of whether he had been reared by his owner or had been bought for a price; amortization of the capital investment; insurance against the slave's premature death or disability and against his escape from service; insurance also for his support when incapacitated whether by illness, accident or old age; taxes; and wages of superintendence.
These mortgages are amortized over periods of ten, fifteen, and twenty years and the borrower must make specified monthly payments that include taxes, interest charges, and amortization. They are not available in all sections because some local banks hold that they conflict in details with other banking regulations.
The practice has grown up in recent years of contracting long term leases under which both rent and amortization principal cost of buildings is included. I am advised that fully 40 per cent could be saved from many such rent and lease agreements even after allowing interest on the capital required at the normal Government rate. There are also many objectionable features to some of these practices.
Now some of them are for longer periods and provide for monthly amortization charges by which the mortgage is paid in full by the end of the time specified.
Purchasers of the stock should accordingly consider amortization and pay only such price as will be covered by the discounted value of the prospective dividends during the life of the mine. The price of the output fluctuates, however, and the rate of any year's earnings can only be conjectured.
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