THOUGHTS FOR THE TIMES.
THE VIRTUE OF RESERVES. Reserves were the backbone of every business, to. .xpeet, contingencies* to keep the business up-to-date, and to provide the power to expand. It was the putting into business of as large a proportion of the profits as possible that ensured success; it was the paying out of too large a proportion of profits that weakened it. Reserves were infinitely, preferable to ' borrowed capital, and the , most successful business in the country had been built up through the creation of reserves. It was certain that high taxation led to the export of'capital. It also increased unemployment, and in clue course defeated its own object, by reducing ilie taxable resources of the country. —F. C. Goodenough, Bankejj. ‘
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Hokitika Guardian, 21 October 1930, Page 4
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123THOUGHTS FOR THE TIMES. Hokitika Guardian, 21 October 1930, Page 4
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