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The prudent youth had lent the money on high interest and on landed security; and this judicious investment was the beginning of the most splendid private fortune in Europe. Wycherley was not so lucky.

In the general easing of international tension on the west coast of South America the tripartite mediation, to which I have referred, has been a most potent and beneficent factor. In China the policy of encouraging financial investment to enable that country to help itself has had the result of giving new life and practical application to the open-door policy.

Balance, as per contra, L. 175. 12. . a very satisfactory equivalent this, Master Cornelius, to appear on the books of Tongue and Twaddle, where I stand charged with the original investment of L. 20. 19. ! How much the Empress of Germany may pay the firm of Frost and Rich for the articles, does not appear."

After practising two years he was made assistant-judge at the court of Alencon, and from there he became procureur-du-roi at Arcis in 1827. Laurence, who had also taken charge of Michu's property, made over to the young man on the day of his majority an investment in the public Funds which yielded him an income of twelve thousand francs a year.

He told how he, a mere boy of twenty-one, burdened with a sick wife and baby, unfitted by training or ability for any sort of lucrative employment, a hanger-on of bucket shops and, in his palmiest days, a speculator in tiny lots of feebly margined stocks, finding himself without means of support, conceived the alluring idea of soliciting funds for investment, promising enormous interest, and paying this interest out of the principal intrusted to him.

Their combination solidified their ranks, preparing them to take their places in a closely knit, dominant class, with clearly marked interests, and a strong feeling of class consciousness and solidarity. It was in the consummation of these combinations, integrations and consolidations that the investment banker came into his own as the keystone in the modern industrial arch. The Investment Banker

The private car owners and the owners of industrial railroads are entitled to a fair and reasonable compensation on their investment, but neither private cars nor industrial railroads nor spur tracks should be utilized as devices for securing preferential rates.

On the following day, mother and son constituted themselves a committee of ways and means as to the best investment of the money in furtherance of Champney's interests. Her ambition was gratified in that she saw him anxious to take his place in the world of affairs, to "get on" and, as he said, make his mark early in the world of finance.

"Do you know," said Edith, looking at the boy critically, "I think of making Fletcher a present, if you approve." "What's that?" "He'll want some place to go to in the summer. I want to buy that old place where he was born and give it to him. Don't you think it would be a good investment?" "Yes, permanent," replied Jack, laughing at such a mite of a real-estate owner. "I know he would like it.

Therefore, my budget proposes a major liberalization of tax allowances for depreciation, as well as simplified depreciation accounting, increasing the allowable rates by about 40 percent. I am also proposing improvements in the investment tax credit, making it refundable, to meet the investment needs of firms with no current earnings.