Investing: The Stock Exchange
The disposal of money left with bankers as deposits has also been traced; it has been found that it too goes chiefly to persons providing the stocks of commodities in the various departments of production. Time was when loans to govermnent were supposed to come from accumulations, and only taxes from current revenue; which may account for the free use made of borrowing, in preference to taxing, as a means of raising resources in days gone by. Some modification of the assertion as to the identity of the source of taxes and loans is requisite to suit the case of countries which, like Britain, export capital every year. Investments are found to be more extensive at some periods than at others. Business is likely to be brisk during a course of foreign investment, owing in part to the exportation of commodities caused by the exercise of purchasing power placed by investors in the hands of foreigners.