Excerpt from The Question of Depreciation and the Measurement of Expired Outlay on Productive Plant: A Plea for the Study and Use of Better Methods
Importance of the Subject. - The great importance to all interested in industrial undertakings of determining the best method of measuring and providing for depreciation, which I have here called Expired Outlay on Productive Plant, must be my excuse for venturing to invite your attention to the matter as the subject of this paper.
Present Common Neglect and Casual Treatment have become intolerable. - The fact that the ultimate success or failure of so many productive industries largely depends upon the adequate and proper recognition of this question is not sufficiently realised; but the urgency of the subject is constantly increasing in importance, and has been gradually accentuated for years past, owing to the great extension of joint stock enterprise, and more recently of municipal trading, the former causing very grave responsibilities to be assumed by directors, while responsibility in the latter case is in a more nebulous state.
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