the vested interests and the common man-第14章
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stands over as an article of common belief in the certified
economic theories； 〃capital〃 represents the material equipment；
valued at its cost； together with funds in hand required as a
〃working capital〃 to provide materials and a labor force。 On this
view； corporation securities are taken to cover ownership of the
plant and the needed working capital； and there has been a
slow…dying prejudice against admitting that anything less
tangible than these items should properly be included in the
corporate capitalisation and made a basis on which to issue
corporate securities。 Hence that stubborn popular prejudice
against 〃watered stock〃 which corporation finance had to contend
with all through the latter half of the nineteenth century。
〃Watered stock〃 is now virtually a forgotten issue。 Corporation
finance has disposed of the quarrel by discontinuing the relevant
facts。
There is still a recognised distinction between tangible
assets and intangible； but it has come to be recognised in
corporation practice that the only reasonable basis of
capitalisation for any assets； tangible or intangible； is the
earning…capacity which they represent。 And the amount of capital
is a question of capitalisation of the available assets。 So that；
if the material equipment； e。g。； is duly capitalised on its
earning…capacity； any question as to its being 〃watered〃 is no
longer worth pursuing； since stock can be said to be 〃watered〃
only by comparison with the cost of the assets which it covers；
not in relation to its earning…capacity。 The latter point is
taken care of by the stock quotations of the market。 On the other
hand； intangible assets neither have now nor ever have had any
other basis than capitalisation of earning capacity； and any
question of 〃water〃 in their case is consequently quite idle。
Intangible assets will not hold water。
Corporation finance is one of the outgrowths of the New
Order。 And one of the effects wrought by corporation finance is a
blurring of the distinction between tangible assets and
intangible； inasmuch as both are now habitually determined by a
capitalisation of earning…capacity； rather than by their
ascertained cost； and it is difficult； if not impossible； to draw
a hard and fast line between that part of a concern's
earning…capacity which is properly to be assigned to its plant
and that which is due to its control of the market。 Still； an
intelligible distinction is maintained in common usage； between
tangible assets and intangible； even if the distinction is
somewhat uncertain in detail； and such a distinction is
convenient； so long as too sharp a contrast between the two is
not insisted on。
The earning…capacity of the tangible assets is presumed to
represent the productive capacity of the plant； considered as a
mechanical apparatus engaged in an industrial process for the
production of goods or services； it is presumed to rest on the
market value of the mechanical output of the plant。 The plant is
a productive factor because and in so far as it turns to
practical account the state of the industrial arts now in use；
the community's joint stock of technological knowledge。 So soon；
or so far； as the plant and its management falls short of meeting
the ordinary requirements of this current state of the industrial
arts； and fails to make use of such technological knowledge as is
commonly employed； the whole works ceases by that much to be a
productive factor。 The productive efficiency； and the productive
value； of any given item of industrial equipment is measured by
its effective use of the technological knowledge current in the
community for the time being。 So also； the productive value of
any given body of natural resources land； raw materials； motive
power is strictly dependent on the degree in which it fits
into the industrial system as it runs。
This dependence of productive value on conformity to and use
of the state of the industrial arts is constantly shown in the
case of land and similar natural resources； by the fluctuation of
rental values。 Land and other resources will be more valuable the
more suitable they are for present and prospective use。 The like
is true for the mechanical equipment； perhaps in a more
pronounced degree。 Industrial plant； e。g。； is always liable to
depreciation by obsolescence in case the state of the industrial
arts changes in such a way that the method of work embodied in
the particular article of equipment is displaced by new and more
suitable methods； more suitable under the altered circumstances。
In such a case； which is of very frequent occurrence under the
new order of industry； any given plant； machine； or similar
contrivance may lose all its value as a means of production。 And
so also； on the other hand； a given plant； as； for instance； a
given railway system or dock； may acquire additional productive
value through changes in the industrial system which make it more
suitable for present use。
Evidently the chief； or at least the indispensable； element
of productive efficiency in any item of industrial equipment or
resources is the use which it makes of the available
technological knowledge； and evidently； too； its earning…capacity
as a productive factor depends strictly on the same fact； the
usufruct of the state of the industrial arts。 And all the while
the state of the industrial arts； which the industrial equipment
so turns to account for the benefit of its owner； continues to be
a joint stock of industrial knowledge and proficiency
accumulated； held； exercised； increased and transmitted by the
community at large； and all the while the owner of the equipment
is some person who has contributed no more than his per…capita
quota to this state of the industrial arts out of which his
earnings arise。 Indeed the chances are that the owner has
contributed less than his per…capita quota； if anything； to that
common fund of knowledge on the product of which he draws by
virtue of his ownership； because he is likely to be fully
occupied with other things； such things as lucrative business
transactions； e。g。； or the decent consumption of superfluities。
And at this point the difference between tangible assets and
intangible comes in sight； or at least the ground of the habitual
distinction between the two。 Tangible assets； it appears； are
such assets as represent the earning…capacity of any mechanically
productive property； whereas intangible assets represent assured
income which can not be assigned to any specific material factor
as its productive source。 Intangible assets are the capitalised
value of income not otherwise accounted for。 Such income arises
out of business relations rather than out of industry； it is
derived from advantages of salesmanship； rather than from
productive work； it represents no contribution to the output of
goods and services； but only an effectual claim to a share in the
〃annual dividend；〃 on grounds which appear to be legally
honest； but which can not be stated in terms of mechanical cause
and effect； or of productive efficiency； or indeed in any terms
that involve notions of physical dimensions or of mechanical
action。
When the theoreticians explain and justify these returns that
go to adroit salesmanship； or 〃managerial ability；〃 as it is also
called； it invariably turns but that the grounds assigned for it
are of the nature of figures of speech metaphor or analogy。
Not that these standard theoretical explanations are to be set
aside as faulty； inadequate or incomplete； their great volume and
sincerity forbids that。 It is rather that they are to be accepted
as a faithful account of an insubstantial fact in insubstantial
terms。 And they are probably as good an account of the equitable
distribution of free income as the principles of the modern point
of view will tolerate。
But while intangible assets represent income which accrues
out of certain immaterial relations between their owners and the
industrial system； and while this income is accordingly not a
return for mechanica
