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Updated: May 7, 2025
It is a lamentable proof of the backward state of the economic education of this country that it should be necessary for well-financed and prosperous concerns to take steps to make it quite clear to the public that they are not earning more than they appear to be.
This kind of Bonus share is chiefly known on the other side of the Atlantic, and is usually damned with bell, book and candle by purists among English financial critics. We say on this side of the water that every pound of an English well-financed company represents a pound which has actually been spent and put into tangible assets which help the company to earn profits.
Then, on its arrival in America, the new picture was easily cleaned off, the back removed, and lo! it was an old master once more ready for purchase at a high price by American collectors. Truly, the gloved hand of The Sparrow was a master hand. He had brought well-financed and well-organized theft to a fine art.
Never before had there been so many free barbecues, distributions of free uniforms to well-financed Burbank and Howard Campaign Clubs, and arrangings of those expensive parades in which the average citizen delights. The wise Woodruff spent nearly one-third of my "education" money in this way.
In a well-educated community it would be perceived at once that it is the well-financed and prosperous companies which improve production in the interests of their shareholders, their workmen, and the public; that the price which the public pays for a commodity is ultimately the price at which the worst financed and worst managed companies can just manage to keep alive; that the higher profits earned by the better companies are not wrung out of the pockets of the community, or their workmen, but are the result of good management and good finance; and that the more the good companies are encouraged to go ahead and drive the bad ones out of existence, the better will the community be served, and the better will be the chance of the workmen to get good wages.
From the day Disraeli uttered these words down to this present time there has been a persistent, continuous, well-financed and resourceful movement looking towards the establishment in London of some kind of a central governing body parliament, council, cabinet, call it what you will which will determine the foreign policies of the British Empire and command in their support the military and naval potentialities of all the dominions and dependencies.
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