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He pursed-up his lips and bent his brows with the same air of business-like deliberation that he might have assumed while weighing the relative merits of the first and second debenture bonds of some doubtful railway company. "You ask me a trying question, Hawkehurst," he said at last.
Including stocks, bonds, funded debt and debenture stock, the Dominion railways have a capital of $1,369,992,574; and the country that had not a foot of railroads, when the patriots fought the Family Compact, to-day possesses twenty-nine thousand miles of trackage, three transcontinental systems of railroads and threescore lines touching the boundary.
If you wished a half-million bond issue you simply called him up on the telephone and some "Light and Power Company" would hold a directors' meeting and vote a fifty-year debenture gold seven-per-cent security that you could peddle around at fifty- eight and one-eighth to unsuspecting investors, so as to net them merely thirteen per cent. on their money when they got it.
If these were shortened to six, nine, and twelve months, and warehouses 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.
He invests his hundred pounds in the 5 per cent. debenture stock of a company being formed to extend a boot factory. Thereby he gives employment to the people who build the extension and provide the machinery, and thereafter to the men and women who work in the factory, and moreover he is helping to supply other people with boots.
The end of the long-drawn struggle may be stated in a few words. The soldiers, adventures, and debenture holders agreed at length to accept two-thirds of their land, and to give up the other third, and on this arrangement, by slow degrees, the country settled down.
He held, or was supposed to hold, a third of the shares in that concern, shares which he had inherited from John Punsonby, his uncle, and the founder of the firm. He drew a princely salary and a substantial dividend, he was listed as a debenture holder and was accounted a rich man. But Mr. White was not rich.
But I doubt if the Bank of England in a panic would advance on railway debenture stock, at any rate no one has any authorised reason for saying that it would. And there are many other such securities. The amount of the advance is the main consideration for the Bank of England, and not the nature of the security on which the advance is made, always assuming the security to be good.
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