War borrowing

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Monograph

Identifikator:: 1744885710

URN:: urn:nbn:de:zbw-retromon-117895

Document type:: Monograph

Author:: Baasch, Ernst http://d-nb.info/gnd/117692018

Title:: Holländische Wirtschaftsgeschichte

Place of publication:: Jena

Publisher:: Fischer

Year of publication:: 1927

Scope:: VI, 632 S.

Digitisation:: 2021

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: I. Kapitel. Aufstieg und Niedergang der holländischen Wirtschaft zur Zeit der Republik

Collection:: Economics Books

THE TREASURY 83 its needs by successive issues of certificates of in debtedness in anticipation of the proceeds of a pros pective loan. In the succeeding three months there were issued six series of certificates of an aggregate volume of $2,320,493,000, as above described. The intervals were approximately three weeks, with shorter periods preceding the issues of September 26 and October 24. The controlling policy seems to have been to keep the Treasury in funds above the three hundred million mark. Graphically, the course of the available balance represents a succession of six peaks, the high points indicating the receipts from certificate borrowing, the low points constituting a “ pegged ” minimum between $300,000,000 and $400,000,000. The subscriptions to the Second Liberty Loan closed on October 27, 1917, with a total of $4,617,- 532,300 or approximately an over-subscription of 54 per cent, of the amount offered. One half of the oversubscription was accepted, making the total issue $3,808,766,150, and again presenting the question as to whether non-acceptance of any part of the over-subscription was under existing fiscal conditions justifiable. The provision for install ment payment was 18 per cent, on November 15, 1917, (exclusive of 2 per cent, with application) ; 40 per cent, on December 15, 1917, and 40 per cent, on January 15, 1918. As in the case of the First Liberty Loan there was heavy overpayment in con nection with the first installment and in almost identical proportion. Instead of the $761,753,230 due at that time, there was received by the Treasury

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