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The dam was an ancient Indian copper coin of very little value - 1000 dams comprised one rupee. From the dam comes the expression 'not worth a damn' meaning worthless or useles.
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The dandiprat was an English 16th century silver coin.
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A dandy note is a delivery order issued by an exporter and countersigned by HM Customs and Excise, authorizing a bonded warehouse to release goods for export.
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Dane-geld (Danegeld, Danegelt) was a tribute paid to the Danes to stop their ravages in England. It was first raised by Ethelred II in 991, and again in 1003; and was levied after the expulsion of the Danes to pay fleets for clearing the seas of them. The tax was suppressed by Edward the Confessor in 1051; revibed by William I in 1068; and formed part of the revenue of the crown, until it was abolished by Stephen in 1136. The tax was levied on every hide of land (as much as one plough could plough) at a rate first of 1 shilling and later as much as 7 shillings.
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In accounting, day books are books of prime entry that provide a record of series of similar documents; for example the sales day book records details of invoices rendered to customers, while the purchase day book records invoices issued to the organization by suppliers. Other day books might record credit notes issued by suppliers or credit notes issued to customers. These books are then used as a source for making double-entry postings to the individual accounts of customers or suppliers as appropriate, while periodic totals are posted to the sales or the purchases account as appropriate.
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Death duties are taxes levied on a person's estate at the time of his death. It has long been thought appropriate to levy a tax on a person when he has no further use for his assets. The principal death duty in Britain was estate duty, which was introduced in 1894. This became capital- transfer tax in 1974, which itself became inheritance tax in 1986. Both these taxes also tax life- time gifts, which estate duty itself had begun to do, otherwise any form of death duty can be avoided by giving away all or part of one's estate before death.
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A debenture is a common form of long-term loan taken by a company. It is usually a loan repayable at a fixed date, although some debentures are irredeemable securities; these are sometimes called perpetual debentures. Most debentures also pay a fixed rate of interest, and this interest must be paid before a dividend is paid to shareholders. Most debentures are also secured on the borrower's assets, although some, known as naked debentures or unsecured debentures, are not. In the USA debentures are usually unsecured, relying only on the reputation of the borrower.
In a secured debenture, the bond may have a fixed charge (i.e. a charge over a particular asset) or a floating charge. If debentures are issued to a large number of people (for example in the form of debenture stock or loan stock) trustees may be appointed to act on behalf of the debenture holders. There may be a premium on redemption and some debentures are convertible, i.e. they can be converted into ordinary shares on a specified date, usually at a specified price. The advantage of debentures to companies is that they carry lower interest rates than, say, overdrafts and are usually repayable a long time into the future. For an investor, they are usually saleable on a stock exchange and involve less risk than equities.
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A debit card is a plastic card issued by a bank or building society to enable its customers with cheque accounts to pay for goods or services at certain retail outlets by using the telephone network to debit their cheque accounts directly. The retail outlets, such as petrol stations and some large stores, need to have the necessary computerized input device, into which the card is inserted; the customer may be required to tap in his personal identification number before entering the amount to be debited. Some debit cards also function as cheque cards and cash cards.
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The debt service ratio (DSR) is the proportion of annual export earnings needed to service a country' s external debts, including both interest payments and repayment of principal. The DSR is an important statistic, indicating the severity of a country's indebtedness. The effect of rescheduling programmes can be examined by comparing pre- and post- rescheduling DSRs.
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A deed of covenant is a legal document, which must be in a specified form, used to transfer income from one person to another with a view to making a saving in tax. It authorises regular annual payments to be made, which must normally be at least six (except in the case of payments to charities, when it can be three). The person making the payment deducts income tax at the basic rate from the payment, in most cases obtaining his tax relief on it. Any recipient who is exempt from tax (e.g. a charity) can reclaim the tax deducted. In certain cases, such as payments to charities, tax relief at higher rates may be available to the payer; this does not apply to student children.
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Defalcation is the misappropriation of money pr funds held by an official, trustee or other fiduciary.
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Demand theory is an economic theory that concerns the relationship between the demand for goods and their prices; it forms the core of microeconomics. By plotting the quantities that an individual would purchase at different prices, a demand curve can be drawn. Summing the demand curves of individuals will yield a market demand curve, while summing the demands for all goods will in turn give an aggregate demand curve for an economy. In this way, a macroeconomic model can be built up from microeconomic data.
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In economics, demand-pull inflation is a rise in prices caused by an excess of demand over supply in the economy as a whole. When the labour force and all resources are fully employed extra demand will only disappear as a result of rising prices. Popular in the 1960s and 1970s as a 'Keynesian theory' of inflation, the demand-pull theory appeared to be supported by the Phillips curve. This turned out not to be the case, however, and alternative, particularly monetarist, theories of inflation have since dominated.
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A demarcation dispute is an industrial dispute between trade unions or between members of the same union regarding the allocation of work between different types of tradesmen or workers. The Demarcation Dispute Tribunal set up by the TUC has effectively dealt with many of these disputes.
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Demarketing is the process of discouraging consumers from either buying or consuming a particular product, such as cigarettes. It may also be used if a product is found to be faulty and the producers do not wish to risk their reputation by continuing to sell it.
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Demurrage is liquidated damages payable under a charterparty, at a specified daily rate for any days (demurrage days) required for completing the loading or discharging of cargo after the lay days have expired.
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The denarius was the chief Roman silver coin. It was first minted in 269 BC and was equal in value to ten of the copper coins called as.
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The Department of Trade and Industry is the British government department responsible for: international trade policy; the promotion of exports (under the direction of the British Overseas Trade Board); industrial policy; competition policy and consumer protection, including relations with the Office of Fair Trading and the Monopolies and Mergers Commission; policy on scientific research and development; company legislation and the Companies Registration Office; patents and the Patent Office; the insolvency service; and the regulation of the insurance industry.
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Derating is a scheme to encourage agriculture and industry by relieving them of a portion or the whole rates normally payable. the principle was introduced by Winston Churchill in the Budget of 1928 and incorporated in the Local Government (Derating) Act of 1929. The Act relieved agricultural land of the whole, and productive industry of three-quarters, of rates previously levied, and substituted therefor a lump sum government grant, distributed among the local authorities. The effect of derating was obscured by the subsequent industrial depression.
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Diffusion of innovation is the process by which the sale of new products and services spreads among customers. Initially, only those with confidence in the new product or who like taking risks will try it out. Once the innovators have accepted the product, a larger group of early adopters will come into the market. These opinion leaders will in turn bring about a wider acceptance by consumers. The diffusion process can be speeded up by making new products more attractive, for example by giving away free samples or by special introductory prices.
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A dime is small silver-coloured coin valued at 10 cents and used in the USA. Dime, from the French word dixieme meaning a tenth, was expressive of a tenth part of the standard silver dollar. It was at first spelled 'disme', and thus appeared on some trial pieces struck by the United States Mint in 1792. The coin was at first of silver, having been authorized in 1792 (with a weight of 41.6 grains). Coinage was begun in 1796. Its weight was in 1853 reduced to 38.4 grains. There were no issues of dimes during the years 1799, 1806, 1808, 1812, 1813, 1815 to 1819 inclusive, 1824 and 1826.
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The dinar is the currency of Algeria, Bahrain, Iraq, Yugoslavia and South Yemen.
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Direct debit is a form of standing order given to a bank by an account holder to pay regular amounts from his cheque account to a third party. Unlike a normal standing order, however, the amount to be paid is not specified; the account holder trusts the third party to claim from his bank an appropriate sum.
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Direct taxation is a taxation, the effect of which is intended to be borne by the person or organization that pays it. Economists distinguish between direct taxation and indirect taxation. The former is best illustrated by income tax, in which the person who receives the income pays the tax and his income is thereby reduced. The latter is illustrated by VAT, in which the tax is paid by traders but the effects are borne by the consumers who buy the trader's goods. In practice these distinctions are rarely clear-cut. Corporation tax is a direct tax but there is evidence that its incidence can be shifted to consumers by higher prices or to employees by lower wages. Inheritance tax could also be thought of as a direct tax on the deceased, although its incidence falls on the heirs of the estate.
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A director is a person appointed to carry out the day-to-day management of a company. A public company must have at least two directors, a private company at least one. The directors of a company, collectively known as the board of directors, usually act together, although power may be conferred (by the articles of association) on one or more directors to exercise executive powers; in particular there is often a managing director with considerable executive power. The first directors of a company are usually named in its articles of association or are appointed by the subscribers; they are required to give a signed undertaking to act in that capacity, which must be sent to the Registrar of Companies. Subsequent directors are appointed by the company at a general meeting, although in practice they may be appointed by the other directors for ratification by the general meeting.
Directors may be discharged from office by an ordinary resolution with special notice at a general meeting, whether or not they have a service contract in force. They may be disqualified for fraudulent trading or wrongful trading or for any conduct that makes them unfit to manage the company. Directors owe duties of honesty and loyalty to the company (fiduciary duties) and a duty of care; their liability in negligence depends upon their personal qualifications (e.g. a chartered accountant must exercise more skill than an unqualified man).
Directors need no formal qualifications. Directors may not put their own interests before those of the company, may not make contracts (other than service contracts) with the company, and must declare any personal interest in work undertaken by the company. Their formal responsibilities include: presenting to members of the company, at least annually, the accounts of the company and a directors' report; keeping a register of directors, a register of directors' shareholdings, and a register of shares; calling an annual general meeting; sending all relevant documents to the Registrar of Companies; and submitting a statement of affairs if the company is wound up. Directors' remuneration must be disclosed in the company's accounts and shown separately from any pension payments or compensation for loss of office.
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The directors' report is an annual report by the directors of a company to its shareholders, which forms parts of the company's accounts required to be filed with the Registrar of Companies under the Companies Act (1985). The information that must be given includes the principal activities of the company, a fair review of the developments and position of the business with likely future developments, details of research and development, significant issues on the sale, purchase, or valuation of assets, recommended dividends, transfers to reserves, names of the directors and their interests in the company during the period, employee statistics, and any political or charitable gifts made during the period. Directors' remuneration consists of a salary and in some cases directors' fees, paid to them for being a director, and an expense allowance to cover their expenses incurred in the service of the company.
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The Dirham is the currency of Morocco and the United Arab Emirates.
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In business, a discounted cash flow (DCF) is a method of appraising capital- investment projects by comparing their income in the future and their present and future costs with the current equivalents. The current equivalents take account of the fact that future receipts are less valuable than current receipts, in that interest can be earned on current receipts; on the other hand future payments are less onerous than current payments, as interest can be earned on money retained for future payments. Accordingly, future receipts and payments are discounted to their present values by applying discount factors, taking account of interest that could be earned for the relevant number of years to the date of payment or receipt.
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A discretionary trust is a trust in which the shares of each beneficiary are not fixed by the settlor in the trust deed but may be varied at the discretion of some person or persons (often the trustees). In an exhaustive discretionary trust all the income arising in any year must be paid out during that year, although no beneficiary has a right to any specific sum. In a nonexhaustive discretionary trust, income may be carried forward to subsequent years and no beneficiary need receive anything. Such trusts are useful when the needs of the beneficiaries are likely to change, for example when they are children.
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A dividend is a distribution of part of the earnings of a company to its shareholders. The dividend is normally expressed as an amount per share on the par value of the share. Thus a 15% dividend on a œ1 share will pay 15p. However, investors are usually more interested in the dividend yield, i.e. the dividend expressed as a percentage of the share value; thus if the market value of these œ1 shares is now œ5, the dividend yield would be 1/5 × 15% = 3%. The size of the dividend payment is determined by the board of directors of a company, who must decide how much to pay out to shareholders and how much to retain in the business; these amounts may vary from year to year. In the UK it is usual for companies to pay a dividend every six months, the largest portion (the final dividend) being announced at the company's AGM together with the annual financial results. A smaller interim dividend usually accompanies the interim statement of the company's affairs, six months before the AGM. In the USA dividends are usually paid quarterly.
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Dividend stripping (bond washing) is the practice of buying gilt-edged securities after they have gone ex- dividend and selling them cum-dividend just before the next dividend is due. This procedure enables the investor to avoid receiving dividends, which in the UK are taxable as income, and to make a tax-free capital gain. This activity has mainly been indulged in by high-rate taxpayers but has now become of little interest since the rules regulating the taxation of accrued interest were changed.
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The division of labour is the specialization of workers in the processes of production (or any other economic activity). Division of labour was identified by Adam Smith in The Wealth of Nations as one of the greatest contributions to the advancement of national wealth then (early in the Industrial Revolution) being experienced in Britain. The idea that specialization permits higher production and therefore improved economic welfare is the basis for one of the fundamental principles of economics, the theory of comparative advantage, and for the almost universal support amongst economists for free trade.
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The doit was an ancient Scottish silver penny, twelve equal to the English penny.
In England, the doit was a former base coin of small value abolished by Henry V.
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The dollar is the currency of many countries including: Australia, Brunei, Canada, Ethiopia, Fiji, Jamaica, Singapore and the USA. Dollars, the name coming from the German word 'thaler', were first issued in Spain in 1797.
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The dong is the currency of Vietnam.
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The double eagle, or twenty-dollar gold piece, was American coinage authorized by Congress in March, 1849, coinage beginning in 1850. It was legal tender to an unlimited amount. The double eagle was so called from the figure of the national bird stamped on reverse.
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In insurance, double indemnity is a clause in a policy which provides for payment of twice the face value of the policy in the event of accidental death.
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Double taxation is taxation that falls on the same source of income in more than one country. Taxation is normally levied on a person's world-wide income in his country of residence. He may also be taxed in other countries in which he has a permanent trading establishment. Because this would inhibit trade, arrangements are normally made to mitigate or abolish this double taxation. This is often achieved by double-taxation treaties between countries; it may also be imposed by a country unilaterally. The principal methods of double- taxation relief are: (1) inclusion of the income in one country after deduction of the tax levied in the other; (2) agreement between countries that only one of them will tax the income; and (3) double- tax credits, enabling one country to allow a credit against its own tax for the tax paid in the other country.
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A doubloon was a Spanish and Spanish American gold coin in use until the late 19th century. It was originaly valued at double the value of the pistole, from whence its name derived, by the end of the 19th century it was equivalent to twenty-one shillings sterling. The doubloon was divided into 100 reals.
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The Dow Jones Industrial Average is an index of security prices issued by Dow Jones & Co., used on the New York Stock Exchange. It is a narrowly based index, comparable to the London Financial Times Ordinary Share Index, having 30 constituent companies. The index was founded in 1884, based then on 11 stocks (mostly in railways), but was reorganized in 1928 when it was given the value of 100. Its lowest point was on 2 July, 1932, when it reached 41. In 1987 it exceeded 2400. There are three other Dow Jones indexes, representing price movements in US home bonds, transportation stocks, and utilities.
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The doydekyn was a small Dutch coin used around 1400.
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The drachma is the currency of Greece.
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The Dragon was a Chinese silver dollar.
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The ducat was a coin, usually of gold, used at various times in different European countries. The first ducat was struck in silver by Roger II of Sicily in 1140. In 1252 Florence issued a gold ducat and in 1283 Venice also struck gold ducats (later known as sequins). The gold ducats passed in circulation into Hungary early in the 14h century, and then to Germany, where the Augsbirg Convention of 1559 adopted it.
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A dump was an old, low-value, Brazilian copper coin.
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A Dutch auction is an auction sale in which the auctioneer starts by calling a very high price and reduces it until he receives a bid.
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Dutch disease is the deindustrialization of an economy as a result of the discovery of a natural resource. So named because it occurred in Holland after the discovery of North Sea gas; it has also been applied to the UK since the discovery of North Sea oil. The discovery of such a resource lifts the value of the country's currency, making manufactured goods less competitive; exports therefore decline and imports rise.
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The Dutch East India Company was a chartered company formed in 1595 and granted a monopoly of trade in the Pacific and Indian Ocean in 1602. It was dissolved in 1798 and its territories taken over by the Dutch Government.
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The Dutch West India Company was a chartered company granted a monopoly of trade in the Atlantic Ocean with America and Africa by the Dutch Government in 1621.
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Abbreviations
Money
