Excerpt from Encyclopļæ½dia of Accounting, Vol. 3 Each great head of receipts has its special features. State income obtained from property or earnings is described as economic, quasi private, or direct. It is closely analogous to the income of the indi vidual or company. Its amount depends on the possessions and the efficient management of the State, but it must be remembered that what is held as public is subtracted from private property. Where the State is universal landlord there cannot be a contribution from private ...
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Excerpt from Encyclopļæ½dia of Accounting, Vol. 3 Each great head of receipts has its special features. State income obtained from property or earnings is described as economic, quasi private, or direct. It is closely analogous to the income of the indi vidual or company. Its amount depends on the possessions and the efficient management of the State, but it must be remembered that what is held as public is subtracted from private property. Where the State is universal landlord there cannot be a contribution from private landowners for the support of the public services, and the same is the case with industries appropriated by the Government. Thus, the extension of the State domain, though it seems to supply a direct revenue, yet affects the growth of private wealth, and thereby tends to reduce the receipts from taxation. The problem for the financier is to say how far the gain from State property outweighs this indirect loss, the effect in checking enterprise being included in the calculation. The general political results lie outside his field, though they are of most importance to the statesman. Another feature of economic revenue is the absence of the power of adjustment. The receipts from this source will not increase in time of need. They are inelastic. They may come in abundantly when there is no special call for increased returns. They are also in a sense earned, and therefore require a great deal of outlay as the condition of their continuance. This is specially true of receipts from industries, where the net return is much less than the gross receipts - in 1901 - 02 the receipts of the British Post Ofiice were but the net return was only - the net rarely exceeding120 'per cent of the gross. On this account chicfly the direct revenue must be regarded as a secondary part of the financial system. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at ... This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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