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 on repairs and renewals or to provide for depreciation of investments that have no quotation, or for the doubtfulness of doubtful debtors? If you are going to answer that companies ought not to invest in securities that have no quotation, or lend money to debtors, who are doubtful, then you are putting a drag upon enterprise, which would make business on its present scale impossible. "Wise Venturing," wrote the great Lord Halifax, "is the most commendable Part of human Prudence. It is the upper Story of Prudence, whereas perpetual caution is a kind of underground Wisdom that doth not care to see the Light."

The book values of what may be called the arguable assets are originally the sums paid for land, buildings, machinery, plant and investments and the price of goods sold to buyers who were not in a position to make immediate payment for them. A sum paid for a piece of property is something definite to put down in an account, though within five minutes after it has been paid, and before the ink on the cheque is dry, the buyer may know in his heart that he has paid too much and that he has no right to credit himself with his asset at this figure if he is really making an estimate of what he is worth. It has probably