"A large part of the debt is held by the banks and in connection with the monetary system of the country; here the interest will in general be placed at industry's dispose. Another large part is held by joint stock companies, and the interest is a direct payment to industry; the same is true of interest paid to those individuals who will invest it in private businesses of their own" (HMSO 1927, 99).

Clara E. Mattei, The Capital Order, loc. 1693