By Gregor Thuswaldner

ISBN-10: 3835060368

ISBN-13: 9783835060364

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H8e^urflty the issue of securities is a long-term one for the transferring borrower (in the case of shares, it runs for the entire c a P l t a l : ~ life of the business enterprise) while from the point of view of the capitalist it is not a long-term loan at all, and ha3 in fact no definite term. If the capitalist should at any time need the funds, which he transferred to the corporation, he can get them —shortback by selling his security. " who wants to realize his securities will be able to do so without loss provided he has exercised the necessary care in choosing his investment and the security market is sufficiently active.

Ft is contended 25. The contention is that at certain times the seller of shares re-employs the proceeds "for a speculative purchase of other securities which he now considers to hold out better prospects of speculative gains"; 2 and that through a long chain of similar transactions the money capital is continually locked up in security , . " 3 up ui a long J . - l . " The speculation, which is supposed to tie up capital, is meant to refer only to old shares or ta newly issued shares of investment trusts and holding companies which use the funds to buy blocks of already existing securities.

We are not here discussing the case of bear sellers who let the proceeds of their sales lie idle. 9 We may then ask what are the conditions requisite for a tying-up of money capital? One of the necessary conditions appears to be Three connected with the mechanism of payment. The very °°£ iecessary highly developed settlement technique of stockfc>ratie-up of exchanges introduces conditions that are quite different from those created by the methods of payment used in security other markets. If all security transactions came actions:— within the clearing arrangements of the stock exchange, and there were no transactions other than those between people who take part in the clearing procedure (brokers and jobbers), then the possibility of the tying-up of money capital would be excluded on purely technical grounds which we shall examine in Chapter VI.

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Derrida und danach? Literaturtheoretische Diskurse der Gegenwart by Gregor Thuswaldner


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