For the merchant or manufacturer speculation performs a service which has the effect of insurance.
Pour le commerçant ou le fabricant, la spéculation rend un service qui a l'effet d'une assurance.
In a strictly trading business, such items as power, heat and light, insurance and taxes--usually a manufacturing expense--become administrative expense.
Dans une entreprise purement commerciale, énergie, chauffage, éclairage, assurances et impôts, habituellement des frais de fabrication, deviennent administratifs.