The nature of capital and income

Bibliographic data

Monograph

Identifikator:: 102659555X

URN:: urn:nbn:de:zbw-retromon-82920

Document type:: Monograph

Author:: Fisher, Irving http://d-nb.info/gnd/118533541

Title:: The nature of capital and income

Place of publication:: New York

Publisher:: The Macmillan Company

Year of publication:: 1923

Scope:: XXI, 427 Seiten

Digitisation:: 2019

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Part I. Capital

Collection:: Economics Books

2 NATURE OF CAPITAL AND INCOME [Cuap. V { There are thus two valuations of the capital of a com- pany, — the bookkeeper’s and the market’s. The latter is bi apt to be the truer of the two, although it must be remem- 1 bered that each of them is merely an appraisement. We | see, therefore, that the balance of a company’s books which is so carefully worked out to the last cent, and which has so imposing an appearance of accuracy, may be in reality very wide of the mark. § 4 Not only is there a discrepancy between the market esti- mate of the present capital of a company and the book- keeper’s entries, but the original capital paid in to the company may itself have been quite different from the 1 nominal capitalization, for the stock may have been sold i below or above par. We see, then, that the “capital” of a person or firm has four separate meanings: — the nominal “capitalization”; the actual original “paid-in capital”; the present accumulated capital, or “capital, surplus, and undivided profits” as given by the bookkeeper; and the market estimate of the same, 7.e. the “value of the shares.” These and the other senses of capital are given in the kd following scheme, which displays the various uses of the i term “capital.” capital-instruments Capital-goods { capital-property Capital assets and liabilities in general [ nominal capitali- Capital-value original | zation capital | actual paid-up { capital net capital + fas recorded in the company’s books, consist- present ing of capital, capital surplus, and un- divided profits market value of the shares

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