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I heard him telling her a minute ago that the war isn't for boundaries and geography; but for a restatement of human creeds. Then she said that steam and electricity have over-capitalized the world; that we are paying too highly for superintendence and that the price of superintendence must come down, and wages must come up.
The first was in capitalization. The line had been hopelessly over-capitalized to begin with, and the new acquisitions doubled fixed charges, while net receipts increased only ten per cent; feeders had proved suckers. Secondly, in the general commercial situation. The whole continent was undergoing a trying test of panic and depression, of low prices and industrial stagnation.
It may be that no protest will be made at once, for baksheesh can stop it for a while, but sooner or later the protest or repudiation will come, and perhaps some international bother; also much scandal. As to the scheme itself, it is shamelessly over-capitalized for the benefit of the promoters of whom, remember, Alan, you will appear as one. Now time's up.
One reason, so men like Hammond tell me, is that they are over-capitalized and are small and scattered. Despite this handicap the country has produced £45,227,791 of gold since 1890. The output in 1919 was worth £2,500,000. In 1915 it was nearly £4,000,000. Small diamonds in varying quantities have also been found in Rhodesia.
I know that one branch line was bought for two hundred and fifty thousand dollars, and capitalized for three millions, and that most of the others were scandalously over-capitalized.
Some of these duplicate companies built up a complete plant, and gave good local service, while others proved to be mere stock bubbles. Most of them were over-capitalized, depending upon public sympathy to atone for deficiencies in equipment. One which had printed fifty million dollars of stock for sale was sold at auction in 1909 for four hundred thousand dollars.
Thus England, a Teutonic country, obtained her vast colonial empire while we had not a ship upon the sea. "France, a nation then healthier than it is now, but still of much baser stock than our own, played for centuries the leading part in Western Europe; she is even to-day 'over-capitalized, as it were, possessing a far greater hold over the modern world than her real strength warrants.
I know that one branch line was bought for two hundred and fifty thousand dollars, and capitalized for three millions, and that most of the others were scandalously over-capitalized.
Sir Edward Bulwer Lytton, in that valuable but over-capitalized book, MY NOVEL, makes use of Fishing for Allegorical Purposes. The episode of John Burley and the One-eyed Perch not only points a Moral but adorns the Tale. In the works of R. D. Blackmore, angling plays a less instructive but a pleasanter part. It is closely interwoven with love.
I know that one branch line was bought for two hundred and fifty thousand dollars, and capitalized for three millions, and that most of the others were scandalously over-capitalized.
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