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Updated: June 12, 2025
You suffered not from indigestion, nor the hundred ills that follow over-feeding; an omer for every man was your portion, neither more nor less. You knew not you had a liver. Doctors wearied you not with their theories, their physics, and their bills. You were neither landowners nor leaseholders, neither shareholders nor debenture holders. The weather and the market reports troubled you not.
The debenture of railways that were in bad odour; Unitas Bank shares, immediately after the discovery of gigantic embezzlements by Swillenger, the Unitas-Bank secretary; the Mole-and-Burrow railway stock, when the Mole-and-Burrow scheme was as yet in the clouds, and the wiseacres prognosticated its failure; the shares in foreign loans, which the Rothschilds were buying sub rosa; these, and such as these, had employed Mr.
If these were shortened to 6, 9, and 12 months, and ware-houses provided by Government sufficient to receive the goods offered in deposit for security and for debenture, and if the right of the United States to a priority of payment out of the estates of its insolvent debtors were more effectually secured, this evil would in a great measure be obviated.
" 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.
Thus, if we take as an example a Brewery company with a total debt and capital of three millions, we may suppose that it will have a million 4-1/2 per cent, debenture stock, entitling the creditors who own it to interest at that rate, and repayment in 1935, a million of 6 per cent. cumulative preference stock, giving holders a fixed dividend, if earned, of 6 per cent, which dividend and all arrears have to be paid before the ordinary shareholders get anything, and a million in ordinary shares of £10 each, whose holders take any balance that may be left.
Things were at this pitch when Bert bethought himself of creating a sort of debenture capital in the business for the benefit of Tom. But, as I have said, Tom had no enterprise in his composition. His idea of investment was the stocking; he bribed his brother not to keep the offer open. And then ill-luck made its last lunge at their crumbling business and brought it to the ground.
Practical men of business transfer such words as "debenture" or "commodity" from debt or comfort in general to the palpable concrete symbols of debt or comfort; and in like manlier doctors, soldiers, lawyers, shipmen, all whose interest and knowledge are centred on some particular craft or profession, drag words from the general store and adapt them to special uses.
A further effect of the measure would be to supersede the system of drawbacks, thereby effectually protecting the Government against fraud, as the right of debenture would not attach to goods after their withdrawal from the public stores.
Redmond has recently acknowledged that a large number of Irish railway shareholders are good Nationalists; and it is certain that a great portion of the ordinary stock is held by Irish farmers and traders; and much of the preference and debenture stocks are also held by Irish charities, convents, diocesan trustees, and monastic institutions.
All this remains equally true if, besides the ordinary capital, there is a considerable amount outstanding of Preference shares and Debenture debt. In any case, the Ordinary shareholders possess a claim to the earning power of the company when prior charges have been satisfied, and to whatever surplus may remain on liquidation after first charges have been paid off in full.
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