cut in
wages than they can about a 10 or 20 per cent. cut in profits. But a
business man, surveying the whole community in all its interests and
wishing to serve that community, ought to be able to make his
contribution to stability.
It has been our policy always to keep on hand a large amount of
cash--the cash balance in recent years has usually been in excess of
fifty million dollars. This is deposited in banks all over the country,
we do not borrow but we have established lines of credit, so that if we
so cared we might raise a very large amount of money by bank borrowing.
But keeping the cash reserve makes borrowing unnecessary--our provision
is only to be prepared to meet an emergency. I have no prejudice against
proper borrowing. It is merely that I do not want to run the danger of
having the control of the business and hence the particular idea of
service to which I am devoted taken into other hands.
A considerable part of finance is in the overcoming of seasonal
operation. The flow of money ought to be nearly continuous.
Pages:
261
262
263
264
265
266
267
268
269
270
271
272
273
274
275
276
277
278
279
280
281
282
283
284
285