The Financing of Public Service Corporations
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The 128 CAPITAL STOCKS principle is the same as that applicable to any other opera- tion, i.e., the cost of the product always includes something for the destruction of fixed capital as well as the cost of ma- terial consumed and labor expended. The distinction, such as there is, is one of degree. In this case, however, because of the uncertainty of the quantity of gas in the wells, the actual pro- portion of the original investment so returned cannot be de- termined, and, should the whole amou...nt of the excess of revenue over deductions be distributed as dividends, the amount of dividends will represent in part the distribution of capital. Yet this is considered proper in view of the tempor- ary nature of the venture and due to the character of the natural resources invested in. Such a venture is a wholly speculative one and investors in the stock of the corporation are well aware of the nature of the undertaking, if they have acted at all intelligently. Since the duration of the supply is unknown, the logical policy of the corporation would seem to be to distribute among its stockholders the proceeds of the venture as fast as these come in; the aim being to return to the investors as quickly as possible the amount of their in- vestment, limiting speculation as to profits to the possible supply which may remain after the original investment of the stockholders has been safeguarded.
What to read after The Financing of Public Service Corporations?
You can find similar books in the "Read Also" column, or choose other free books by Milton Berge Ignatius to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
The 128 CAPITAL STOCKS principle is the same as that applicable to any other opera- tion, i.e., the cost of the product always includes something for the destruction of fixed capital as well as the cost of ma- terial consumed and labor expended. The distinction, such as there is, is one of degree. In this case, however, because of the uncertainty of the quantity of gas in the wells, the actual pro- portion of the original investment so returned cannot be de- termined, and, should the whole amou...nt of the excess of revenue over deductions be distributed as dividends, the amount of dividends will represent in part the distribution of capital. Yet this is considered proper in view of the tempor- ary nature of the venture and due to the character of the natural resources invested in. Such a venture is a wholly speculative one and investors in the stock of the corporation are well aware of the nature of the undertaking, if they have acted at all intelligently. Since the duration of the supply is unknown, the logical policy of the corporation would seem to be to distribute among its stockholders the proceeds of the venture as fast as these come in; the aim being to return to the investors as quickly as possible the amount of their in- vestment, limiting speculation as to profits to the possible supply which may remain after the original investment of the stockholders has been safeguarded.
What to read after The Financing of Public Service Corporations?
You can find similar books in the "Read Also" column, or choose other free books by Milton Berge Ignatius to read onlineMoreLess
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