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These notes and mortgages we deposited with the Grain Belt Trust Company, and issued against them the bonds of the Trescott Development Company debentures and the G. B. T. people floated these bonds in the East and elsewhah.
Almost all large businesses, and many small businesses, are recognized to be conducted largely with borrowed capitals. The owners of these debentures are in fact joint capitalists with the nominal owner of the business. They prefer to lend their capital, because they hope to enjoy a portion of the gain and security which belongs to a large business as compared with a small one.
Debentures for this amount, to wit, 300,000 taels for Canton, 100,000 for Shanghai, and 100,000 for Fuchau, were delivered, according to the terms of the convention, by the respective Chinese collectors of the customs of these ports to the agent selected by our minister to receive the same.
The consequence is, that private property is unsaleable in Canada, and not a shilling can be raised on the credit of the province. We are actually reduced to the disagreeable necessity of paying all public officers, from the Governor-General downwards, in debentures, which are not exchangeable at par.
In accordance with its general progressive policy, the Hincks-Morin ministry passed through the legislature an act empowering municipalities in Upper Canada, after the observance of certain formalities, to borrow money for the building of railways by the issue of municipal debentures guaranteed by the provincial government.
It was elicited, he said, by the Public Accounts Committee that £500,000 of provincial debentures had been sold in England by government at 99¼, when the quotation of the Stock Exchange was 105 @ 107, by which the province was wronged to the extent of £50,000.
The new company will issue debentures or bonds, running 30 years, at 4%, for £800,000 or $4,000,000; preference shares £400,000 or $2,000,000; with dividends 6% guaranteed, and a preference in distribution of property, if company is dissolved. Ordinary shares £1,200,000 or $6,000,000.
For not only the purchasers of debentures forfeited in 1641, were all of English birth, but those after the Restoration, and many who came hither even since the Revolution, are looked upon as perfect Irish; directly contrary to the practice of all wise nations, and particularly of the Greeks and Romans, in establishing their colonies, by which name Ireland is very absurdly called.
The stranger glanced furtively at the card with a curiosity hardly in keeping with his suggested good breeding; but Stacy did not look at it until he had finished his memorandum. "There," he said, with business decision, "you can tell your people that if we carry their new debentures over our limit we will expect a larger margin.
" In this regulation the expression 'securities' includes Bonds, Debentures, Debenture stock, and marketable securities." It will be seen at once that the terms of this document, on any interpretation of them, go far beyond the intentions expressed in what may be called the official preamble and in the new Committee's terms of reference.
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