登陆注册
5243900000034

第34章 Chapter 5(8)

It will also be recalled that, as a matter of routine, each successive consolidation of ownership involved a recapitalization of the concerns so brought together under a common head, and that commonly if not invariably the resulting recapitalisation would be larger than the aggregate earlier capital of the underlying corporations. Even where, as sometimes has happened, there was no increase made in the nominal capitalisation, there would still result an effectual increase; in that the market value of the securities outstanding would be larger after the operation than the value of the aggregate capital of the underlying corporations had been before. There has commonly been some gain in aggregate capitalisation, and the resulting increased capitalisation has also commonly proved to be valid. The market value of the larger and more stable capitalisation has presently proved to be larger and more stable than the capitalisation of the same properties under the earlier r間ime of divided ownership and control. What has so been added to the aggregate capitalisation has in the main been the relative absence of work at cross purposes, which has resulted from the consolidation of ownership; and it is to be accounted a typical instance of intangible assets. The new and larger capitalisation has commonly made good; and this is particularly true for those later, larger and more conclusive recombinations of corporate ownership with which the so-called era of trust-making in the steel business came to a provisional conclusion. The U.S. Steel Corporation has vindicated the wisdom of an unreserved advance on lines of consolidation and recapitalisation in the financing of the large and technical industries.

For reasons well understood by those who are acquainted with these things, no one can offer a confident estimate, or even a particularly intelligent opinion, as to the aggregate amount of overhead burden and intangible assets which has been written into the corporate capital of the steel business in the course of a few years of consolidation. For reasons of depreciation, disuse, replacement, extension, renewal, changes in market conditions and in technical requirements, the case is too intricate to admit anything like a clear-cut identification of the immaterial items included in the capitalisation. But there is no chance to doubt that in the aggregate these immaterial items foot up to a very formidable proportion of the total capital.

And what is true for the steel business in this respect will doubtless apply even more unreservedly in transportation, or in such a case as the oil business. The latter may be taken as a typical case, differing from steel in some of the circumstances which condition its business organisation, but comparable with steel in respect of the necessity for a centralised control. In the oil business a rough classification of assets would take some such shape as this: (a) Monopolisation of natural resources, (b)

Control of markets by limitation of the supply, (c) Plant. Of these three, the last named, the material equipment, would unquestionably be found to be altogether the slightest and least valuable. What is not doubtful, in the steel business or in any of the other industrial enterprises that run on a similar scale and a similar level of technology, is that the owners of the corporate capital have come in for a very substantial body of intangible assets of this kind, and that these assets of capitalised free income will foot up to several times the total value of the material assets which underlie them.

同类推荐
  • 摩尼教下部赞

    摩尼教下部赞

    本书为公版书,为不受著作权法限制的作家、艺术家及其它人士发布的作品,供广大读者阅读交流。汇聚授权电子版权。
  • 法华私记缘起

    法华私记缘起

    本书为公版书,为不受著作权法限制的作家、艺术家及其它人士发布的作品,供广大读者阅读交流。汇聚授权电子版权。
  • 太上召诸龙神安镇坟墓经

    太上召诸龙神安镇坟墓经

    本书为公版书,为不受著作权法限制的作家、艺术家及其它人士发布的作品,供广大读者阅读交流。汇聚授权电子版权。
  • 佛说轮转五道罪福报应经

    佛说轮转五道罪福报应经

    本书为公版书,为不受著作权法限制的作家、艺术家及其它人士发布的作品,供广大读者阅读交流。汇聚授权电子版权。
  • 闲居录

    闲居录

    本书为公版书,为不受著作权法限制的作家、艺术家及其它人士发布的作品,供广大读者阅读交流。汇聚授权电子版权。
热门推荐
  • 重生之花魂

    重生之花魂

    记那满身血污却依旧绝世的幼小身影;仍无法忘却那名曾为她甘愿失去永生的未婚夫君。两百年的寻觅,当他最终踏上妖界那万民之上的特殊位置时,却依旧无法放下那抹烙印在她核灵深处、生死未卜的血色身影……
  • 女科指掌

    女科指掌

    本书为公版书,为不受著作权法限制的作家、艺术家及其它人士发布的作品,供广大读者阅读交流。汇聚授权电子版权。
  • 文学回忆录

    文学回忆录

    本书是著名记者、作家、翻译家萧干的又一本回忆录。在本书中,萧乾先生详细地回忆了他的文学创作和心路历程,并阐释了他的文学创作观点,读者可以从中体会到他对世界与人生的意味深长的重新认识和深度思考,有很高的文学和数据价值。
  • 如歌的行板

    如歌的行板

    尖硬的风害得独眼队长划了几次火也没点着烟斗。损失了几支火柴,本来脾气就很大的他恼了,朝身边的牛腚上狠拍了一掌。牛莫明其妙地回头剜了队长两眼。队长说:“操!你个熊云团就是掉下来把地砸个坑俺也要收秋。”牛当然不知队长在骂天,但它差不多明白队长的骂与自己没有多少关联。秋假里,我们上学的孩子也要正儿八经地到生产队跟大人干活,队长的骂我们已经习惯了。好不容易熬到收工吃晌饭,我和老六比肚子的饥饿还疯狂地往家里跑。
  • 嫡女重生:魅惑天下

    嫡女重生:魅惑天下

    【魔幻,强强,长篇,剧情线慢热】前世被人左右了命运,今世一朝重生,阴谋?背叛?欺辱?又如何?她要把受的背叛,欺辱。十倍百倍的还给他们。命运会再一次被人左右吗?她坚定的回答“不!”一步一步的将那阴谋粉碎。她慢慢成长,最终站在天下之巅。这一世不同的是,有一个他,他对她极好,有求必应。“我要这天下。”某男笑答:“好,我就给你这天下。”
  • 双凤孽·姐妹乱后宫(大结局)

    双凤孽·姐妹乱后宫(大结局)

    美丽可爱的穿越侠女,风流倜傥的少年天子,谁比谁聪明?谁能玩过谁?我没有一个好爹关我什么事,干吗都冲着我来,好吧,看咱们谁先哭。没有你关照,我一样衣食无忧。宫里没感觉,那就出宫喽,我有才貌双全的好姐妹助阵,有一身绝世武功天下无双,谁能抢过我?智慧无双的绝代丫鬟,玩世不恭的丞相大人,又有怎样的奇妙姻缘?你身边佳丽无数又怎样?我好歹也是凤耀三大才女之首。不管不管,我就是嫁定了,我要风风光光的嫁进丞相府,我要让你们心服口服。来吧,本姑娘不怕!(这里说一个VIP收费的问题。很早就加V了,收费一直以来也很担心,担心被亲骂。大概不是作者很难体会到自己两个月来码字的辛苦,经常写字写到深夜。现在开学了,需要抽出时间来写作,就更困难了。不知不觉都已发表了30多万字了。希望亲们能理解。只是几分钱的问题,却是对我的极大的鼓励!如果亲们能继续关注《双凤孽·姐妹乱后宫》,因为里面有最纯真的友谊和好看的后宫故事都是我用心码出来的。希望你们能继续支持我。如果因为收费问题,你不愿意再支持我,也没有关系,但请不要放弃收藏,解禁以后还可以看。感谢亲们的关注!)这是编辑说的啊。茶想讲明一点,宫斗嘛,茶不是很在行,所以还是轻松一点的为主的
  • 相公岂敢把我弃:王爷恋上下堂妻

    相公岂敢把我弃:王爷恋上下堂妻

    大户小姐,好吃懒做,骄横跋扈,进门就被丈夫休掉的合法妻……本是超能力少女,无奈穿越成王爷下堂妻,没功夫怨天怨地,坚持就是胜利。看超聪慧下堂妻如何智斗阴险后妈,脚踢狡诈小三,虏获美男心!天上下雨地上流,你不爱我我不愁。小姐聪慧又美丽,相公岂敢把我弃。(*^__^*)
  • 重生幻世超级女神

    重生幻世超级女神

    前世,她孤苦伶仃一人,在她以为他会陪伴她的时候,他却给了她最后一击。而死后,她被世界选中,一切从零开始,她就这样带着记忆重生到一名同名的小学生身上。修真家族的第一天才?吸取灵力升级?有我打游戏升级来的快吗?什么?被狗男女虐了?乖,别哭,一会我带着你打爆她们。嗯?有人说他爸是排名第一的天翼战队队长?还扬言要打的我不敢踏入幻世?“慌什么?”武雯艺把玩着自己细长白嫩的手指,漫不经心的笑了起来,“那就连着他爸一块打。”
  • 宋词三百首鉴赏辞典

    宋词三百首鉴赏辞典

    中华民族数千年的灿烂文化,代代相传,继承发展,影响着世界文化,是世界文化宝库中光芒万丈的瑰宝。唐朝的诗歌、宋朝的词、元朝的曲,它们是时代精神的凝聚与升华,拥有强大的艺术生命力,长久地为人民所赏爱,如列岳峥嵘,百花竞艳,美不胜收。
  • 丢失在风里的爱

    丢失在风里的爱

    深夜,雨奈工作室里,坐在电脑前的慕静心正专心致志地敲击着面前的键盘,而整个工作室里安静得只听得见键盘与鼠标的声音“只想和你静度时光在每一个早上看见你和阳光都在………”铃声的响起,慕静心呼吸一滞,心跳突地加快,思绪也变得凌乱不堪。脑海里呈现出一个男人的面容,因为这个铃声是专门为他而设的。看着这烂熟于心的一行数字,手指在播听键上空挺顿许久,终于还是滑过。抬手将手机放在耳边,“下楼”专属于男性的声音从电话那边传来,熟悉而又陌生……