The revenue from stamps includes as its chief items the returns from stamped paper, stamps on goods traffic, securities and share certificates and receipts and cheques..
It cannot justly be said that the companies made large profits while neglecting to develop the services adequately, but it is true that they were not able commercially to comply with many of the demands made upon them by the public. Until speculation took place in anticipation of government purchase, the market prices of the telegraph securities were mostly below par.
The business subsequently proved profitable, good dividends were paid, and the securities for the most part commanded a premium in the market.
Inasmuch as the debenture stocks and preference shares would have to be redeemed in 1911 at premiums ranging from 3 to 5 per cent., the state would have to pay the company £253,000 in excess of the total of the outstanding securities in order to enable the ordinary shares to receive par, and in the council's view this payment would diminish the p robability of the Post Office being able to afford a substantial reduction in the telephone charges.
The attitude of several of his colleagues was more equivocal, but though they coquetted with French financiers in the hope of obtaining the support of the Paris Bourse for Italian securities, the precipitate renewal of the alliance destroyed all probability of a close understanding with France.
The new law forbade the state banks to lend money on real estate, limited their powers of discounting bills and securities, and reduced the maximum of their paper currency.
No securities, however, could bind John.
A state system will be compelled, by the exigencies of the public treasury, to arrange its rates to pay interest on its securities; a private company will generally be prevented, by the indirect competition of railways in other parts of the country which it serves, from doing very much more than this.
The debt in that country is relatively small in amount, and is not represented by securities based upon hypothecation of the company's real property, as with the American railway bond, resting on a first, second or third mortgage.
But British share capital has been issued so freely for extension and is ?- provement work of all sorts, including the costly requirements of the Board of Trade, that a situation has been reached where the return on the outstanding securities tends to diminish year by year.
The smaller company exchanges its stock for stock of the larger system on an agreed basis, or sells it outright, and the bondholders of the absorbed line often have a similar opportunity to exchange their securities for obligations cf the parent company, which are on a stronger basis or have a broader market.
All fines collected under the penal laws, all escheats and 2% of the receipts of toll roads and bridges go into the school fund, which is invested in state and Federal securities and the interest apportioned among the counties according to their school population.
The management of the road under his control, and especially the sale of $5,000,000 of fraudulent stock in 1868-1870, led to litigation begun by English bondholders, and Gould was forced out of the company in March 1872 and compelled to restore securities valued at about $7,500, 0 00.
Securities were taken against the revolt of slaves by not associating those of the same nationality and language; they were sometimes fettered to prevent flight, and, after a first attempt at escape, branded to facilitate their recovery.
On the receipts side of this budget were comprised the Austrian indemnity for the annexation of Bosnia and Herzegovina (£T2,50o,000), cash and securities belonging to the deposed sultan (£TI,600,000), sale of old guns (£T300,000), sale of lands and other property recovered from civil list encroachments (£T908,000), and finally the unexpected balance of the proceeds of the 1908 loan (£T6J5,000), the whole forming an aggregate total of £T5,963,000.
Ready buyers were not found for the state lands, and the sale of the ex-sultan's securities was disputed by the German Reichsbank with which they were deposited, while the government did not consider it good policy to sell the Anatolian railway shares, which it seized at Yildiz, so that only £T450,000 were encashed by the ministry of finance from these sources.
Gradually, however, it became apparent that it would be desirable to give Turkish state securities, of which those governed by the decree of Muharrem formed the principal part, a better standing in European financial markets than was possible for bonds bearing so low a rate of interest; to obliterate thus, as far as possible, the effects of the past bankruptcy; and, further, to give the Turkish government a joint interest with the bondholders in the progress of the ceded revenues.
The French bondholders, who hold by far the largest proportion of Turkish securities, took the principal initiative in this matter, and, after protracted negotiations with the Turkish government and the other " syndicates " of bondholders, they succeeded, in 1903, in obtaining the following modifications of the original decree of Muharrem.
The line was to be constructed in sections of zoo kilometres (125 m.) each, and as the complete plans and drawings of each were presented at the times and in the order specified in the convention, the government was to deliver to the concessionnaires government securities representing the capitalization of the annuity accruing to that section.
The capital sum per section was fixed, in round figures, at 54,000,000 francs (£2,160,000), subject to adjustment when the section was completed and its actual length definitely measured up. A minimum net price of 812% was fixed for the realization of these securities on the market.
The bank acts as banker to the government, for which it has a fixed annual commission, and it is obliged to make a permanent statutory advance to the government of £T1,000,000, against the deposit by the government of marketable securities bearing interest at a rate agreed upon.
Point was given to this argument by the fact that the premier had just concluded the preliminaries for the negotiation of a loan of £20,000,000 in France, and that the money - which could not be raised in the Austrian market, already glutted with Hungarian securities - was urgently needed to pay for the Hungarian share in the expenses of the annexation policy, for public works (notably the new railway scheme), and for the redemption in 1910 of treasury bonds.
Moreover, all securities underwent such sharp depreciation that, on the one hand, the government hesitated to hand over the bonds representing the purchase-price of the railways, lest such an addition to the volume of stocks should cause further depreciation, and, on the other, the former owners of the nationalized lines found the character of their bargain greatly changed.
In commercial and banking usage "cash" is sometimes confined to specie; it is also, in opposition to bills, drafts or securities, applied to bank-notes.
The Boston stock exchange is the second of the country in the extent of the securities in which it deals.
Hungary, on the other hand, striving for access to the money markets of the West, desired that the obligation of the Austro-Hungarian Bank to cash its notes should be explicitly mentioned in the law, in order to make the public loans rank as easily negotiable securities on foreign bourses.
In each of the five years, ending Dec. 31, from 1909 to 1913 the loans granted by the Austro-Hungarian Bank against securities amounted to 90, 149, 187, 355 and 311 millions of kronen successively.
20 1914, and the granting of credit on depositing securities was facilitated by extending the limits of the securities accepted.
A Central Securities Board (Devisenzentrale) was set up on Feb.
24 1916; and regulations were issued on Dec. 19 1916 and June 18 1918, attaching a series of conditions to dealings in foreign money, bills and securities, which amounted actually to a monopolizing of all such operations by the Devisenzentrale.
To raise money offices were systematically sold, and issue after issue of the two kinds of monti-securities, which may be roughly described as government bonds and as life annuities, was marketed at ruinous rates.
(1775-1799) the emission of paper money, followed by an unsuccessful attempt to market government securities, produced a panic. By 1783 the taxes had been farmed for years in advance and the treasury was in desperate straits.
Or Belgian state securities yielding an income of at least loo f.
His writings on government and his personal influence among the Liberal politicians of his time determined the change of view from the French Revolution theories of the rights of man and the absolute equality of men to the claiming of securities for good government through a wide extension of the franchise.
(8) The securities of the two governments to rank as investments for savings banks, insurance companies and similar institutions in both countries, but not as trust fund investments.
One of the securities devised for the benefit of the bend holders in the abortive scheme of May 1876 was retained in the Goschen-Joubert settlement, and being continued in later settlements grew to be one of the most important institutions in Egypt.
In the case of the annexation of the territories of the Transvaal republic and Orange Free State, a rather complicated situation arose out of the facts, on the one hand, that the ceding states closed their own existence and left no recourse to third parties against the previous ruling authority, and, on the other, that, having no means owing to the de facto British occupation, of raising money by taxation, the dispossessed governments raised money by selling certain securities, more especially a large holding of shares in the South African Railway Company, to neutral purchasers.
He even became one of the securities for Jefferson Davis, thereby incurring the resentment of Northern radical leaders.
That some offenders were acquitted on technical grounds is true; it was insisted that in dealing with the character and status of their members the church courts should proceed in as formal and punctilious a manner as civil tribunals, and should recognize the same laws of evidence; in fact, that the same securities should exist in the church as in the state for individual rights and liberties.
Dollar Securities Mobilization >>
They include the National Bank (capital and reserves in 1910, £1,560,000), founded in 1880; the Agricultural Loan Bank, founded in 1894; the Rural and Urban Land Credit Institutes, which lend money on agricultural and building land respectively; the Cassa Rurala, which buys estates for resale in small lots; savings banks in all the principal towns; and the Deposit and Trust Fund, which takes charge of estates left vacant through intestacy, surplus departmental and communal funds, securities given by contractors for public works, &c.
The title of the issue was National War Bonds, and it combined the advantages of short-term securities, such as Exchequer bonds, and three sorts of longer-dated securities for seven and ten years.
The amount was unlimited; all the securities were for continuous sale till further notice.
He used his arbitrary power to modify the despotic system of the Tudors; all treason laws since Edward III., all heresy laws, all restrictions upon the publication of the Scriptures were removed in the first parliament of the reign, and various securities for liberty were enacted.
In the course of the discussion on the bill in the House of Commons, the securities on which its authors had relied to enable them to stem the tide of democracy were, chiefly through Gladstones exertions, swept away.
When in 1884 the new law of taxation was adopted, the situation became so serious that in 1895 a new scheme was adopted by which the government gave to the bondholders additional securities, the bondholders at the same time accepting the new 4% unified bonds in exchange for their old .5% bonds.