The Science of Civilisation; Or, the Principles of Agricultural, Industrial, and Commercial Prosperity
This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1900 edition. Excerpt: ... security for the fulfilment of the promise being the character of the agent, just as the economic security for the repayment of an investment is the character of the merchant. The only difference between these two forms of trust or confidence being one of degree, the latter concerning larger amounts and less definite periods of time, because of the wider reputation and more prolonged operations of the Merchant. Now to the security which custom attaches to the acceptance of the agent, viz., his mercantile credit, the State has added all the property he possesses. Thus buttressed, the promissory note, or shopkeeper's acceptance, becomes an instrument perfectly fitted to secure the advances of Bankers. Accordingly they make all their advances against such promissory notes or acceptances, the duration of which has been gradually reduced from six months, which was a common term not many years ago, to an all but universal three months. Practically, then, all "investments" with British Merchants are now secured by three months' bills, for the meeting of which, at the end of this term, not only their mercantile reputation, but also all their personal property, stands pledged. Now, for the purpose of defining the financial relations between Merchants and Shopkeepers, and of hastening sales by the latter, the accepted bill is admirably adapted, always provided that it acquires no other sanctions than such as economically belong to it, viz., an increased commission if speedy sales are effected, and a loss of credit if promises are not fulfilled. For experience soon teaches a capable shopkeeper what time, on an average, he requires to sell a given quantity of his principal's goods; consequently, seeing that he makes or supervises all sales himself, he...
- Paperback | 152 pages
- 189 x 246 x 8mm | 286g
- 11 Jul 2012
- Miami Fl, United States
- Illustrations, black and white