War borrowing

Bibliographic data

Monograph

Identifikator:: 101124439X

URN:: urn:nbn:de:zbw-retromon-21219

Document type:: Monograph

Author:: Hollander, Jacob H. http://d-nb.info/gnd/136924867

Title:: War borrowing

Place of publication:: New York

Publisher:: The Macmillan Company

Year of publication:: 1919

Scope:: 1 Online-Ressource (215 Seiten)

Digitisation:: 2018

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: The treasury

Collection:: Economics Books

THE TREASURY 105 inal principal of the Loan greater than in any of the preceding cycles, but in so far as available data make any intelligent opinion possible — the ratio of such anticipatory borrowing to the investment or “ savings ” absorption of the loan was notably greater. Moreover the later maturity of the final certificate issues (extending up to January 30, I 9 I 9). combined with the heavy overpayment of the first installment of the loan whereby only some 14 per cent, of the Loan was left unpaid, and the rela tively minor use of certificates in connection there with — make it reasonably certain that such issues must be either refunded or liquidated from out of the proceeds of subsequent short-term borrowing. 13 Confronted as the Treasury is with heavy deficiency appropriations and with additional tax revenue still in process of enactment and destined to become only slowly available, certificate financing faces not only the inevitable disadvantage of borrowing to pay debts but the graver necessity of renewal and exten sion of existing short-term loans in face of the need of additional borrowing — unless indeed further recourse is to be had in one form or another to bank borrowing or to the projection of a succeeding Loan earlier than has heretofore been deemed prudent. An unexpected termination of the war has, of 13 The issue of the second series of 1919 tax anticipation certificates dated November 7 (Series 1) closed on November 27, with total subscriptions to the amount of $794,172,500. On November 8, 1918, the Treasury gave notice of the redemption at par and accrued interest on November 21, 1918, of the $575,706,500 certificate issue of August 6, 1918, maturing De cember s, 1918 (Commercial and Financial Chronicle, Novem ber 9, 1918, p. 1784) ; December 7, 19x8, p. 2138).

Access restriction

Copyright

fullscreen: War borrowing

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation