Ice and Refrigeration Volume 59

Ice and Refrigeration Volume 59

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1920 edition. Excerpt: ...which takes the form of general purchasing power, for that of an individual, which is distinctly limited. The bank must largely accept the conditions of business and credit as it finds them. Credit is essentially in the nature of a commodity, having its supply and demand, and being governed 'by the fundamental laws determining the value and price of other commodities. "' The bank has only the depositor's funds with which to do business. It can no more make credit than it can make money. If the demand for credit and capital is large with respect to the-supply then the elementary law of supply and demand operates, and consequently the price of the commodity increases. "' During the past six years there has been an enormous use of the capital funds of the world to carry on the war. It should be realized that in the use of this capital there was in most cases an actual destruction of it---that is to say, the form which this capital stock took earned for itself no replacement fund as it ordinarily would have done during times of peace. Vhen a unit of capital becomes embodied in a machine it normally earns not only a replacement fund, 'but also a repair fund and the interest on the unit of capital employed. But a thousand units of capital, expressing themselves in a shell, earn no replacement fund. Shells, munitions of war, and even the clothing, horses, and other war supplies are in the nature of temporary and fixed-capital goods which can be used only for a single purpose and which, by a single use, are destroyed. "' We used up our capital in various war activities, and yet we needed the funds to carry on industrial enterprises. We proceeded to increase our credit instruments; we issued bank notes more

Product details

  • Paperback | 270 pages
  • 189 x 246 x 14mm | 485g
  • United States
  • English
  • black & white illustrations
  • 123692567X
  • 9781236925671