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Updated: May 27, 2025
Every schoolboy knows the story of the sudden dash of Archimedes, stark and dripping from his tub, with the triumphant cry of "Eureka!" "I have found it!" What he had found was the rule which governed the partial flotation of his body in water. Most of us observe it, but the philosophical mind alone inquired "Why?"
More than one-half of this fund has already been hypothecated for the costs of flotation of the twenty millions of Land Stock which have already been issued, and under the present system of finance, after a further issue of another twenty millions of stock, the whole loss will be thrown on the County Councils, and through them on the ratepayers, who have already been called upon to pay £70,000 to meet certain of the losses in this connection, which amount to twelve per cent. of the value of the stock floated.
And the price of silver is just half what it was when Old Panamint was on the boom. But that makes no difference, of course?" "Yes, it does," acknowledged Billy whose eyes were gray with rage, "but the flotation process is so much cheaper than milling that it more than evens things up. And there hasn't been a cloudburst in thirteen years but that makes no difference, of course!"
If it had not been for Ewart, I don't think I should have had an inkling of the wonderfulness of this development of my fortunes; I should have grown accustomed to it, fallen in with all its delusions as completely as my uncle presently did. He was immensely proud of the flotation. "They've never been given such value," he said, "for a dozen years."
The cost of the flotation of the Land Stock is borne by the Irish Development Fund of £185,000 per annum, which is the share of Ireland, equivalent to the grant for the increased cost of education in England under the Act of 1902.
Two small, light waterproof cases could be constructed and packed with scientific instruments, data, and spare clothing and yet not exceed the weight limit of flotation. In transit by pack-train these two cases would form but one mule load.
I do not, however, in the least abandon my plan, in which of course I rely on and expect your support. Keep V. in the office or let him go as you like. Perhaps it would be better if you could prevail upon him to stop there until after the flotation.
The peace offensive failed. More than that, the people resented it in a prompt and highly practical way. They oversubscribed the six billion loan. Most of them, especially the smaller subscribers, doubled their subscriptions in the last two days of the time allotted for the flotation. October 7th, President Wilson answered Prince Max's request with a refusal.
The manner in which the United Coal Company, Limited, was brought to flotation by him in the teeth of the opposition of the proprietors was really most interesting. 'You mean to warn me that there are ways of compelling a private concern to become public and joint-stock? 'Not at all, Mr. Hugo. I am incapable of such a hint. I am sure that nothing and nobody could force you against your will.
And yet it was vital to Larssen's plan that Sir Francis should go ahead with the work of the flotation quickly should go ahead with it in the full belief that Clifford Matheson had agreed to the scheme and to the use of his name. It was vital that Sir Francis should take the whole responsibility of the flotation on to his own shoulders.
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