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The second is the London Settlement, which is not a capital sum at all, but a schedule of annual payments calculated according to a formula; but the capitalised value of these annual payments, worked out on any reasonable hypothesis, comes to much less than the Reparation Commission's total, probably to not much more than a half. But that is not the end of the story.
He tried to prove to me that if he died the economic value of his children would suffer what a fool he was! and that my own value capitalised after the manner of mathematicians was very small. I listened to him carefully, and then asked if the difference between a brave man and a coward had any economic significance. He became suddenly angry and left me.
What awful mischief they have done! Never was there a time in which men were less governed by ideas. The Church and the sects are neither Calvinist nor Arminian, orthodox nor rational, and in politics an idea damns a measure at once. We have no capitalised happiness, nothing on which to draw when temporary sources fail.
This explanation was very frankly given by the directors of Brunner, Mond and Company, when they lately capitalised part of their reserves.
Suppose the capitalised value of such a township, including the purchase of land, the erection of houses, draining, lighting, and so forth, were put at a million and a quarter sterling, which is a generous estimate, this would impose upon the individual house-holders no more than 40 pounds per annum, calculated at 4 per cent.; and besides this he would share in the great economy of co-operative trading.
Furthermore, it will make a close corporation of finance and trade, with the government sitting in the board of directors and lending all the aid that imperial support can bestow. The bank will be capitalised at fifty million dollars.
The arrangement was as follows: The dues were capitalised at six per cent., and the Government paid at once to the proprietors four-fifths of the whole sum. The peasants were to pay to the proprietor the remaining fifth, either at once or in installments, and to the Government six per cent. for forty-nine years on the sum advanced.
When I was about fourteen my mother capitalised a part of her income and started me off to America, where she had friends who could give me a helping hand; by their kindness I was enabled, after an absence of twenty years, to return with a handsome income, but not, alas! before the death of my mother. Up to the time of my departure my mother continued to read the Bible with us and explain it.
When I was about fourteen my mother capitalised a part of her income and started me off to America, where she had friends who could give me a helping hand; by their kindness I was enabled, after an absence of twenty years, to return with a handsome income, but not, alas, before the death of my mother. Up to the time of my departure my mother continued to read the Bible with us and explain it.
No one can believe, certainly no one has ever proved, that his earnings, and his salaries, and the value of his property, if capitalised, would not have covered, and far more than covered, the cost of Abbotsford, land and house, the settlements on his children, and the household expenses of the whole fifteen years and more since he became a housekeeper there.
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