Loan Finance
Sir.—lt is not the interest rate but the amount of socalled private cash invested in debentures concerning final purchase of capital goods
(the means of production) that is a major cause of economic trouble. In both private and public sectors of industry at least ten times more “cash” is so invested than is needed and consequently the total interest charge on the amount is also ten times greater than need be. It is rather remarkable that the Labour Party has not awakened to the idea of socialisation of the securities representing the means of production, but, of course, its obsession with the crude idea of “nationalisation” would inhibit sensible thinking. Space permits only the bald statement that the procedure requires the transference of all capital securities to the Treasury by means of interest-free loans and their reselling for hard cash to the existing administrators of the properties at their estimated annual depreciation rate.— Yours, etc., W. B. BROCKIE. January 23, 1968.
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Bibliographic details
Press, Volume CVIII, Issue 31586, 25 January 1968, Page 10
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163Loan Finance Press, Volume CVIII, Issue 31586, 25 January 1968, Page 10
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