Special Agents Series Volume 97-99; Nos. 101-111

Special Agents Series Volume 97-99; Nos. 101-111

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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. 1915 edition. Excerpt: ...municipalities will in due time follow. These issues will in their turn prepare the way for railroad and industrial securities. GOVERNMENTS HAVE DIFFERENT CREDIT STANDING. Unfortunately there is some difficulty here right at the start by reason of the fact that not all the South American Governments possess really first-class credit. The habit among us, which is only.slowly disappearing, of failing to discriminate sufficiently among these Governments results in placing an unjust burden of distrust on securities that would otherwise enjoy unquestioned standing. In most of the South American Republics the revenue is derived chiefly from taxes on foreign trade (export taxes being used as well as import taxes). Internal imposts on specific articles, stamp taxes, governmental monopolies, and lotteries are also made sources or revenue. Income from all these sources was sharply diminished under the conditions created by the European war, and several of the Governments have had much difficulty in readjusting the revenues and expenditures so as to avoid a heavy deficit and in meeting their current obligations. In the following countries it has proved necessary to defer payments under one form or another on account of principal and interest of the public debts: (1) Brazil arranged for funding the interest on most of her external debt during a three-year period and for suspending payments for sinking funds and redemption of these debts during 13 years. It was also necessary to issue a large amount ofnew paper currency and treasury bills which have been used, directly or indirectly, to meet internal obligations. (2) Uruguay suspended the service of amortization on the greater portion of her public debts, but has kept up regular interest payments....show more

Product details

  • Paperback | 460 pages
  • 189 x 246 x 24mm | 816g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236903897
  • 9781236903891