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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1919 to buy the enterprise, own the enterprise, or own the controlling share of the enterprise, at any rate, and take the stocks instead of the bonds. In very many cases it would be much better for us, and it would even be more beneficial, relatively speaking, to the country itself. That is something which I think ought to be emphasized continually in our financial circles. The reasons, of course, are simple. If the management is conservative, a trained American management, there will be more profits to begin with for the American financier, and the investment would be very much more secure than it would be otherwise. Then, too, if the enterprise makes money and goes ahead in a proper way, there is very little likelihood of political interference. Again, in the backward countries if we make those investments in such form that we are ourselves the managers, that we ourselves are interested in the profits which come from the enterprise, the profits will go back into the business there, and not be sent home, and that will help solve the difficult problems of our balance of trade very much better than if we make a loan and bring the interest on it home. That plan will be more profitable to those countries, too. because the work will be carried out in such way that we can pay better wages than would otherwise be paid, and elevate the whole level of their working classes higher than would be possible if we simply lent the money and they expended it and in a generation, if you like, they may well be in a position where they can buy back control of the enterprise. It was along those lines that our Middle West was developed. If it had not been for the wise financing of this country in earlier days by Europe--rEng'and. Fiance. Holland. Germany. Belgium--in our enterpr...

    The application of commercial advertising methods to university extension Volume 51-63

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