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The First Principles Of Investment | by J. Beattie Crozier



The distinguished political economists, English and foreign, who, in The Financial Review of Reviews, have taken part in the discussion of the question of the "Geographical Distribution of Capital" have, with the single exception perhaps of Mr. Hobson, been adherents of the Old Political Economy of the Schools, and have taken not only their method of approach but the point of view which they have brought with them to the discussion, from its distinctive and peculiar teachings.

TitleThe First Principles Of Investment
AuthorJ. Beattie Crozier
PublisherThe Financial Review Of Reviews
Year1910
Copyright1910, The Financial Review Of Reviews
AmazonThe First Principles Of Investment: A Sequel To The Wheel Of Wealth

A Sequel To "The Wheel Of Wealth"

Dedication

To My Old Friend, Schoolmate And Canadian Fellow-Countryman James I. Buchanan, Esq. ( PITTSBURG, U.S.A.) Who In His Long Career As Banker, Financier, President And Director Of Many And Varied Business Enterprises, Has Upheld Abroad, By His Sterling Honesty And Business Acumen, The Good Name Of Canada, I Dedicate This Volume

-Introduction
THE distinguished political economists, English and foreign, who, in The Financial Review of Reviews, have taken part in the discussion of the question of the Geographical Distribution of Capital ha...
-Principles Of Old Economy
It is a fine piece 0f pedantry on the part of the Old Economists that, having founded their system on the industrial regime of a particular nation - and that, too, covering a period of not more than f...
-Chapter I. On The Natural Value Of Different Stocks: Banks And Insurance Companies
An Essential Preliminary To Geographical Distribution Of Capital IT is an indispensable preliminary to any really scientific estimate of the value of the principle of the Geographical Distribution of...
-On The Natural Value Of Different Stocks: Banks And Insurance Companies. Part 2
Reasons For Geographical Distribution Of Capital Now, as we shall see farther on, it is to the intrusion of Politics on the one hand, and of the condition of the Money Markets of the world on the oth...
-On The Natural Value Of Different Stocks: Banks And Insurance Companies. Part 3
Security Of Stocks Which Rest On Money. Stability Of Money Again, being itself the standard of value as well as its measure, Money is the commodity which varies least over great lapses of time, while...
-On The Natural Value Of Different Stocks: Banks And Insurance Companies. Part 4
Banks And The Law Of Probabilities Let us then begin with banks. Like the Bank of Monte Carlo, they rest throughout primarily on money, or on such securities for money as cheques, which, although not...
-On The Natural Value Of Different Stocks: Banks And Insurance Companies. Part 5
Effect Of Law Of Probabilities On Insurance Companies. Risks Of Insurance Companies. How Panics May Be Averted. Risks Of Banks Compared With Insurance Companies And the question arises whether banks ...
-On The Natural Value Of Different Stocks: Banks And Insurance Companies. Part 6
Bank Rate And Its Minor Effect On Insurance Companies. Insurance Companies And Geographical Distribution Indeed, it is questionable whether the yield from the Insurance Companies, by their skilful ha...
-Chapter II. On The Natural Value Of Different Classes Of Securities - Industrial Monopolies
Stocks Which Rest On Industrial Monopoly. Industrial Stocks Merely A Speculation IN the present chapter I (On The Natural Value Of Different Stocks: Banks And Insurance Companies) propose to begin by...
-Industrial Monopolies. Part 2
Beginning Of A Monopoly. How A Monopoly Overwhelms Its Rivals Or, again, a Monopoly may take its rise and get its hold from its purely site value as a trading centre, and this whether in the case of ...
-Industrial Monopolies. Part 3
Two Classes Of Incomplete Monopolies Now these Incomplete or Partial Monopolies may be divided into two classes: those of a private and those of a semi-public character; but they all have this charac...
-Industrial Monopolies. Part 4
Example Of Complete Natural Monopolies. Monopolies Which Run Risks As regards the first question, we may take English china clay and English steam coal as examples of natural monopolies in their way ...
-Chapter III. Corporation Loans, Railway Debentures, Etc
Corporation Loans Subject To Political Influence IN this chapter I (On The Natural Value Of Different Stocks: Banks And Insurance Companies) propose to consider the natural rank of those securities w...
-Corporation Loans, Railway Debentures, Etc. Part 2
Yield Security Of Corporation Loans This rateable property, in the second place, has not only an equability of yield and freedom from fluctuation far in excess of any other kind of industrial propert...
-Corporation Loans, Railway Debentures, Etc. Part 3
Risks To Banks Greater Than To Corporation Loans But, on the other hand, there are a number of risks to which Corporation Loans are liable, from which both Banks and Insurance Companies are altogethe...
-Corporation Loans, Railway Debentures, Etc. Part 4
The Risk Of Local Politics But in the present state of the world there are other risks of a more serious and insidious kind, which, although at present neither imminent nor pressing, are not at all u...
-Corporation Loans, Railway Debentures, Etc. Part 5
Effect Of Socialism On Corporation Loans. Railway Debenture Stocks And now a word or two on the security and risks of those stocks which, like Corporation Loans, rest primarily on a Money basis, and ...
-Corporation Loans, Railway Debentures, Etc. Part 6
Debentures Which Rest On Partial Or Complete Monopolies And this brings us to those Debentures which rest on partial or complete Monopolies, in the sense, that is to say, that they, have certain priv...
-Corporation Loans, Railway Debentures, Etc. Part 7
Natural Rank Of Water Debenture Stock And now a word or two on those ordinary Industrial Debentures which have neither Monopoly, Charter, nor Guarantee at their back. Of these the natural rank is det...
-Chapter IV. The Effect Of Politics, Stock Exchanges And Money Markets
IN our previous chapters we endeavoured to get some rough general idea of what may be called the natural ranking of the various classes of stocks in point at once of security, stability, and freedom f...
-The Effect Of Politics, Stock Exchanges And Money Markets. Part 2
The Need For Geographical Distribution Of Capital To begin with, there would be much, if it should be found that the different Government Stocks of the world could be arranged like flowers in a circl...
-The Effect Of Politics, Stock Exchanges And Money Markets. Part 3
Government Stocks Affected By Political Complications What, then, are they? To begin with, it is evident that as Government Stocks do not vary mainly with the ups and downs of business as all other s...
-The Effect Of Politics, Stock Exchanges And Money Markets. Part 4
Depleted Money Market A Cause Of Depression Again, if the Money Market is depleted from any cause - new Loans to Government, Foreign Loans, etc. - Government Stocks still remain depressed from the di...
-The Effect Of Politics, Stock Exchanges And Money Markets. Part 5
Relative Security Of Foreign Government Stocks Now, it may be freely admitted that it is not likely that the above rates of interest will be found to do more than approximately represent the real rel...
-The Effect Of Politics, Stock Exchanges And Money Markets. Part 6
Joint Stock Companies Unaffected By Government Disturbances But although Governments have to pay for their vagaries by having the rate of interest raised on their loans, there is no reason why privat...
-The Effect Of Politics, Stock Exchanges And Money Markets. Part 7
Importance Of Industrial Status To begin with, we may say that the Industrial status of a country - the amount of its accumulated wealth and the extent of its wealthproducing power - must ultimately ...
-Chapter V. Geographical Distribution Versus Insurance
IN this chapter I (On The Natural Value Of Different Stocks: Banks And Insurance Companies) have now to sum up this somewhat lengthy dissertation on Stocks, Money Markets, Exchanges, etc., with the ob...
-Geographical Distribution Versus Insurance. Part 2
Distribution Of Risks In Life Insurance Companies In Life Insurance Companies, for example, there are a number of categories or divisions, into which the risks are distributed before the innumerable ...
-Geographical Distribution Versus Insurance. Part 3
A Safeguard In Geographical Distribution Of Capital The first is the fact that whereas in Insurance Companies the lives when once assigned to their appropriate categories of risk cannot afterwards be...
-Geographical Distribution Versus Insurance. Part 4
Sub-Dividing The Group The first of these cross-divisions connects the countries which trade with each other and supply one another's wants, and so are reciprocally affected by one another's prosperi...
-Geographical Distribution Versus Insurance. Part 5
Success Dependent On The Closest Analysis My point is that while Insurance Companies could almost dispense with all distinctions of risks whatever, provided they had mere gross numbers enough of live...
-Chapter VI. Mr. Lowenfeld's Scheme
Mr. Lowenfeld's Scheme AFTER what I have already said in former chapters, the principles, maxims, and detailed application of Mr. Lowenfeld's scheme for the Geographical Distribution of Capital need ...
-Mr. Lowenfeld's Scheme. Part 2
Consequences Of The Propositions Now, if these propositions be true, two things must follow. The first is that the price paid for loans of capital will vary according to the wealth and credit of the ...
-Mr. Lowenfeld's Scheme. Part 3
Extreme Caution In Selection Of Stocks Besides, no inherently weak or risky Industrial stocks are admitted into Mr. Lowenfeld's lists. In his scheme, on the contrary, each stock selected is in itself...
-Mr. Lowenfeld's Scheme. Part 4
Natural Products Affecting National Credit. National Credit May Be Affected By Existing Indebtedness On the other hand, the credit of a country and the price it has to pay on its loans may be mainly ...
-Mr. Lowenfeld's Scheme. Part 5
Capitalists And National Prosperity All this is, of course, trite, but it leads up to a point of more importance, viz., why it is that the fortunes of the capitalist class should be so much more boun...
-Mr. Lowenfeld's Scheme. Part 6
How Europe Has Built Up Its Huge Share Of The World's Trade On the other hand, the most God-forsaken regions of the other continents will erect themselves into wealthy States on the basis of the luxu...
-Mr. Lowenfeld's Scheme. Part 7
Geographical Distribution Of Capital And Yield Of Income Summing up, then, this part of Mr. Lowen-feld's scheme dealing with the effects on a Geographical Distribution of Capital of its most potent a...
-Mr. Lowenfeld's Scheme. Part 8
Value Of Money The Primary Factor In Geographical Distribution Of Capital. Exclusion Of Ordinary Shares As for Ordinary and Deferred shares, it is one of his maxims that these, in a case of permanent...
-Mr. Lowenfeld's Scheme. Part 9
Systematic Averaging Essential As regards the width of fluctuation that is permissible among the stocks in an investment list, he insists on two points; the first is never to mix a 3 per cent fluctu...
-Mr. Lowenfeld's Scheme. Part 10
General Movement In Value Of Money. People's Spending Power Controls The Realisable Values Of Stocks If, for example, Japanese Government Securities have risen five points, that means that Japanese ...









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previous page: The Investor's Primer | By John Moody
  
page up: Investment Books
  
next page: A Plain Guide To Investment And Finance | by Lawrence R. Dicksee