Thefundsobtainedoncreditareingreatmeasureinvestedcompetitivelyinthesameaggregateofmaterialitemsthatisalreadyemployedinindustryapartfromtheuseofloancredit，withtheresultthatthesamerangeofitemsofwealthareratedatalargernumberofmoneyunits。Intheseitemsofwealth-
which，apartfromtheuseofcredit，areownedbytheirnominalowners-thecreditors，byvirtueofthecreditextension，cometoownanundividedinterestproportionedtotheadvanceswhichtheyhavemade。Theaggregateoftheseitemsofpropertycomesherebytobepotentiallyownedbythecreditorsinapproximatelytheproportionwhichtheloansbeartothecollatcralplustheloans。Theoutcomeofcreditextension，inthisrespect，isasituationinwhichthecreditorshavebecomepotentialownersofsuchafractionoftheindustrialequipmentaswouldberepresentedbytheformula:17*
loans/capitalization=collateralloans
Inaperiodofliquidationthispotentialownershiponthepartofthecreditorstakeseffecttotheextenttowhichtheliquidationiscarriedthrough。18*
Theprecisemeasureandproportioninwhichtheindustrialpropertyofthebusinesscommunitypassesintothehandsofthecreditorsinaperiodofliquidationcan，ofcourse，notbespecified；itdependsonthedegreeofshrinkageinvalues，aswellasonthedegreeofthoroughnesswithwhichtheliquidationiscarriedout，andperhapsonotherstilllessascertainablecauses，amongwhichisthedegreeofclosenessoforganizationofthebusinesscommunity。Itis，however，throughtheshrinkageofmarketvaluesoftheoutputandtheindustrialplantthatthetransferofownershiptothecreditorclasstakesplace。Incasenoshrinkageofvaluestookplace，nosuchgeneraltransferofownershiptothecreditorsasaclasswouldbecomeevident。