Large companies need a way to reach the savings of the public at large. There can be few

Large companies need a way to reach the savings of the public at large. There can be few prospect of raising the sort of sums needed【M1】______ from friends and people we know, and while banks may agree to provide short-term finance, they are generally willing to provide【M2】______ money on a permanent basis for long-term projects. So companies turn over public, inviting people to lend them money, or take a share in the【M3】______ business to exchange for a share in future profits. They do so with【M4】______ issuing stocks and shares in the business through The Stock Exchange. By doing so they can put into circulation the saving of individuals【M5】______ and institutions, both at home and overseas. When the saver needs his money back, he does not have to go to the company with whom he originally placed it. Instead of, he sells his shares through a【M6】______ stockbroker to some other saver who is seeking to invest his money. Many of the services needed both by industry and by each of us are provided by the Government or by local authorities. Without hospitals, roads, electricity, telephones, railways, this country could function.【M7】______ All these require continuous spending in new equipment and new【M8】______ development if they are to serve us properly, requiring less money【M9】______ than is raised through taxes alone. The government, local authorities, and nationalized industries, however, frequently needed to borrow【M10】______ money to finance major capital spending, and they, too, come to The Stock Exchange.

【M1】

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