The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1874-01-01
IMPORTING At 4 L0SS.

! Tie Nag IoTk Times states il as TACT
| that the importers Of certnin articles OF for
/ sig1 production are NV importing at a
/ loss, and in some instances continue tn do
! so for considerable periods q! timc. The
/ foreign cost of the articles. rlas freight, iu-
/ sursnce, dufiss, and other cbarge<. exceeds
/ the price that can be obtain = in tais couu-
/ try; and vet the merchants go ca bringing
t:'ese things into the coan'rv just as though
/ they We're realizing fair prodts. And what
/ is more, The Tins afirns that British
! importers are in tire habit of doing the
! same thing. This Is stranse if true, since
! it seems to contradict the doctrine which is
( generally accelfci a. axi"matic THAI no
man sill long continue to carry on a losing
business.
| Accepting il as a fact ,ha. certain impnr-
! ters furnish an exception TO fhIs rule, Tie
TimcS remarks, in sub-taycc ti.at business
CO, Quoted IN this way i purely speculative,
and not far removed in principle from gamb
ling. Il is carried on without any reason
able prospect Of gain, and only for the sake
Of possible gain. The Investments Of men
in such ventures are lnuch Ike the invest
meBts OF men in lotteries or games Of
chance, except tina. the latter hold ous the
inducement Of fully as strong proqabi'lties,
an far moro brilliant possibilities.
here is no deriving that tIs is so.
Making new ventures after repeated losses,
without reasonable pro-pect of any bet
ter result from the new ycitures, i certain
ly gambling of a very wild and reckless das-
cription. /. Is a sort of gamLliug for winch
the New York newspaper IS at loss to
account. Il does not Clearly see why men
should 90 20 gambling il a business which
ought t. be abandoned, or at lenst curtail-
eli, if it does not yield legitimate profits.
1t thinks the state Of the currcnry has 1T
tie to do ith it, Stree the same Kind or
gambling is rracticed iu England, where
the currency IS comparatively sound; and
It offers no explanation except such as is
suggested l'y the fact that bu-,tcss i, larre-
" carried on with borrowed mnroy. The
suggestion IS that tie RAN who carries on
b"''"TSS WIN borrowed cip.t"i can "hie'-
sell and take more clhi'2es than the man
v ho cmbarks only his ,wn capital. The
point Is Illustrated 10y AN extract from Bag
shot Lombard Street, 10 tins effect: II
y Has "a calithi "i his own equal To 500
VVO embarked III business lie must E"i"
S9,oVV III Greer 10 get ~ per cent. on tls
cap,ti. II y tar only sic,VJJ Of his c"',
and BOTTOMS Si"'vV' IT > Per cent fIS
guns III 'hr sumo rate "i ffo"' WIZ be -
oV'' less S-'''' interest on borrowed
money nat i>' MS net gains va! 'e -
w. "t'iih j. - per cent. on 'i' """ c"ii-
'a''
ihi> illustration assumes hat money can
De b''rs""'d Tor h'i-ine>S r"rP"$"s 1T a rae
- interest '"l '''i"" Ia" "'eFi~e rate ot
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