Japan consists of group of the islands located on the east of continent of Asia, a little as

Japan consists of group of the islands located on the east of continent of Asia, a little as British isles are located on the West of continent of Europe. But islands of Japan have a volcanic origin and are very numerous. There, as speak, 4223 from them. However, there are only four which have the important size, and it - they of which usually think when about Japan speak. The area of these four islands makes 147 655 miles which is almost one quarter more than that from the Great Britain and Ireland. The population (census 1895) 42 270 620 which is 4 000 000 more than that from the Great Britain and Ireland. The population in square mile 286, which though big, is not absolutely so big as that from the Great Britain. If, however, we do not consider northern island (Yezo) which is still partially occupied by not civilised natives, the population in square mile 375 which is considerably moreover from China and the Great Britain and Ireland though it is still considerable less than that from one only England. Aforementioned statistical data do not include island of Formosa (area of 13 500 miles, the population almost 2 000 000) which has been transferred from [149] China to Japan in 1895, in end of last Paper -
The Japanese war.
REMARKABLE TRANSFORMATION OF JAPAN

3

3. Lift papers of the paragraph of a course according to the paragraph and wonder the reason why everyone is presented. Discuss with the friends to advantage or inconvenience of specific requirements.
OUR NATIONAL BANK SYSTEM

The most characteristic physical feature of the European Russia - the planeness

The most characteristic physical feature of the European Russia - the planeness. In a consequence of its river - almost all navigable, and as most important of them are connected by channels, services for transportation which they give, are very considerable. As a whole the length of river navigation thus gave quantity almost 47 000 miles. This abundance of navigating services has detained growth of railways, but already there are 25 756 miles of the finished railway in one only the European Russia. The full length of the railway all Russia has constructed, and in a building of 34 849 miles. The most important railway enterprise in empire - the Trans-Siberian Railway which will give through communications from Baltic to T ocean. The shortest distance between these two weights of water makes 4500 miles. The length of the railway will make 4950 miles, and its cost, it is supposed, will be 120 000 000$. To 1905 it should be finished.
CITIES OF RUSSIA AND CITY
Moscow.

In detection of term of payment it is important to remember, that when the note - the delayed days

In detection of term of payment it is important to remember, that when the note - the delayed days after, are dated, actual days should be counted, and when the delayed months after are dated, time is considered by months.

In municipal corporations participants - citizens; number vaguely; everyone stops to be the

In municipal corporations participants - citizens; number vaguely; everyone stops to be the participant when it moves from a city or a city while each new inhabitant becomes the participant when according to the law it becomes the allocated right to privileges of local citizenship.

[42]

Usual face value of the action of a stock makes 100$
[42]
Usual face value of the action of a stock makes 100$. Thus, if the company organises with the capital 200 000$, there will be actions 2000 to sell. Each person who buys or subscribes for a stock that is who joins the company - receives the certificate on a stock. Our illustrations show two examples; one of national bank, and other firm-manufacturer. These certificates are transferred in pleasure of owners. Transfer usually becomes the form in the end of the certificate, but to be legal, transfer should be registered on company books.
The certificate on a stock in national bank.

Annual value of full manufacturing of textile fabrics in British isles makes approximately 1 000

Annual value of full manufacturing of textile fabrics in British isles makes approximately 1 000 000 000$, not far short, really, one quarter of full manufacturing of textile fabrics all over the world. The Great Britain invested more than 1 000 000 000$ in its textile industry, and one half of its full export consists of [91] textile manufacturings. The clap, woollen, and linen fabrics - the main main products of this industry, but is many other branches of it and many
Other vicinities, in which it besides those already mentioned. Leicester (204 000), which, as many other industrial cities of England, lie in the coal field centre, the main place wollen jersey manufacturing. Dumfries - the main place of woollen manufacturing of jersey in Scotland. Kidderminster, in , is the main place of the 'Bruxelles' industry of a carpet; , in Wiltshire, the industry of carpet . Kilmarnock, in , is the main place of manufacturing of a carpet in Scotland. Nottingham (233 000) is capital of cotton jersey and manufacturing of a lace of England. Norwich (110 000), in east England, has noted manufacturing of a gauze and the fine goods of a dress. Noridzhsky textile manufacturing - a case of duration of the industry in the community historically connected with it though its place is far removed from a coal field. Silk manufacturing of the Great Britain almost is completely limited by a county of Derby and adjacent areas in England. Macclesfield, in Cheshire, is the main centre. Coventry is noted for its silk tapes and a gauze. But silk manufacturing in the Great Britain does not prosper as these its other textile fabrics. Actually, in forty years it depreciated three quarters. The British silk manufacturers are not so skilful in the extra charge of their products with paints as their French competitors, and in silks of English language of a consequence though it is peculiar is better than the French silks, look the lowest and consequently cannot be sold under the favourable prices. But, on the other hand, jute manufacturing of the Great Britain increases promptly. Established only sixty years ago, value of its annual development - now twice value of the whole manufacturing of silk, and in [92], twenty five years have trebled. The main place of this industry - Dundee
(160,000), in Scotland.
MANUFACTURING OF HARDWARE OF THE GREAT BRITAIN

Notes which are made in settlement of original business transactions, arrive under a head of the

Notes which are made in settlement of original business transactions, arrive under a head of the regular, lawful official paper. The arrangement note - what is signed, or is confirmed, is simple as the arrangement, instead of in settlement of the account or in debts payment. With banks the arrangement paper has on advantage a difficult reputation. However, there are all grades and shades of a paper of the arrangement though it does not represent the actual business transaction between the parties to it, and has not a rest on any other fund than that of the mutual agreement. No contract is good without consideration, but it only is true between the original parties for the note. The third party either the innocent receiver or the holder of the note have the good name, and can return its value, even thus, that it has been originally given without valuable consideration. The innocent holder of the note which has been originally lost or stolen, has a good name on it if it has received it for value.
The special form for the promissory note.

The dominion of Canada includes all that a part of continent of the north of the North America of

The dominion of Canada includes all that a part of continent of the north of the North America of the Incorporated states - except Alaska and Newfoundland and coast of Labrador. (Newfoundland and Labrador coast - a colony in direct relations to the Great Britain). Canada is completely self-coping both self-maintenance, and its communication with the Great Britain - almost completely a loyalty and attachment question. It consists (1) of seven Areas: Ontario, Quebec, Nova Scotia, New Brunswick, Prince Edward island, Manitoba, and British Columbia which, in their self-coping powers and their relation to the government, corresponds very close to our states; (2) from four -Assiniboia, Alberts, Saskatchewan, and which correspond a little on our Territories; (3) from four others -Ungava, , Mackenzie, and Yukon which the government operates; And (4) Area Keewatin which is under jurisdiction of the vice-governor of Manitoba. The capital of the whole dominion - Ottawa. Each area has an own capital.
[188]
THE SIZE, SOIL, CLIMATE, AND THE POPULATION OF CANADA

Melbourn (451 110; with suburb, 500 000), capital of Victoria and the main city to Australia, also

Melbourn (451 110; with suburb, 500 000), capital of Victoria and the main city to Australia, also one of the most beautiful cities in the world. Its buildings of parliament, a town hall, mail, exchequer, a mint, lawful courts, public libraries, picture galleries, theatres, churches, and clubs - all buildings of architectural magnificence and beauty while its parkways, parks and gardens are equally magnificent. Once money flew freely, and the big commercial recklessness prevailed. But though Melbourn has sustained some serious depressions, its present conditions are rich, and its future is assured. It - however, a city loving pleasure, and it is so on this account as because of its big beauty, that it name 'Paris of southern hemisphere.' Anywhere in the world, probably, not internal entertainments - theatre, concerts, etc. - or external cricket of entertainments, football, the jumps etc. more faithfully sponsoring than in Melbourn. Other important places in Victoria - Ballarat (40 000) and Sandhurst (37 000), both miner"s cities, and Geelong (25 000) in local scale noted for its manufacturing 'tweeds'.
[171]
THE NEW SOUTHERN WALES
Australia. The shaded parts show, where the downpour is enough much.

Now it will cost B a considerable sum of money to send? 14 000 in gold to A, for all exchanges

Now it will cost B a considerable sum of money to send? 14 000 in gold to A, for all exchanges between Europe and America are subject to payment in gold. Assume, what S New York should T London? 14 000, and T involves S and takes the project to Surround with shaft B in London and offers it for sale. Offer Will B more or less than? 14 000 for the bill or the project? He will offer more. More cheaply for it will pay the award for the project than to send gold, as it can send this project to Operate bank, to pay its debts, and A can gather from S.

One article of export which has the great value in our trade, is a clap

One article of export which has the great value in our trade, is a clap. Clap manufacture in the United States hugely. In a year it far does not require 5 000 000 000 pounds. It - possibly four times the quantity made on the whole globe in other place. Our export makes annually approximately 4,000,000,000 pounds, with a total cost approximately 240 000 000$. Our greatest competitors in the cotton markets in the world - Egypt and India. Export of a clap makes of Egypt 50 000 000$ annually. Export of a clap makes of India 45 000 000$ annually. At least one half of our export of a clap goes to the Great Britain. Our following greatest clients (that) Germany, France, Italy, Spain, and Russia. We send value for approximately 7 500 000$ annually to Japan, and value for 4 000 000$ annually to Canada. All our southeast states make [201] clap, but States which make it
Most it is a lot of (that) Texas (approximately one third whole), Georgia, , and Alabama. The area at in the whole country makes approximately 21 000 000 acres, which is approximately the one sixth area devoted to process grains, wheat, and oats, or one half of the area devoted to dry hay. Areas of the biggest cotton manufacture (1) 'basis Yazoo,' a strip on the left coast Mississipi, stretched from memphis to Vicksburg, and (2) top part of right coast Tombigbee. Productivity of a clap much more above in the United States, than it is in India, averaging not far except for 200 pounds for an acre, in comparison with less than 100 pounds in India. In India, however, the cotton crop has been grown up on the same soil the whole eternity whereas in the United States practice should replace with new soils old as soon as grain crops start to suffer failure. On the other hand, the cotton crop of the United States is much less in an acre than a crop in Egypt. There a crop in an acre from 300 pounds to 500 pounds. Means from this defect of productivity in our cotton crop in comparison with that from Egypt - fertilizer manure. Where fertilizer is properly visited by manure by our cotton crop, is comparable to Egypt. But a clap of Egypt better quality than the big weight of a cotton crop of the United States ('' has a cotton crop). On the other hand in low, flat islands near to coast of Georgia and South Carolina the clap version grows (a clap of 'sea island') which is the finest in the world, its fibres which are longest, the finest, and straightest, all cotton fibres made somewhere, and the most beautiful on appearance in weight. From this 'sea island' cotton value approximately three - four millions dollars is exported annually at price averaging from two and one quarter to two and three fourth times value to pound '' a clap. Great cotton ports of our country - (in an order [202] quantity of export) New Orleans, Galveston, Savanna, New York, Charleston,
Mobile, and Uilmingtonsky. Export of a new Anatto tree - approximately one third approximately one heel whole, and Galveston.
OUR MANUFACTURE AND EXPORT OF GRAINS

The third big textile manufacturing of the Great Britain - manufacturing of cloths

The third big textile manufacturing of the Great Britain - manufacturing of cloths. It is one manufacturing in which Ireland surpasses its sisterly kingdoms, England and Scotland. flax and rotation of a linen yarn were the domestic industries everywhere across all Ireland from time immemorial. But now the linen manufacturing industry of Ireland almost is completely concentrated in Belfast. In Scotland which now almost competitors Ireland in degree and its perfection linen , the industry is mainly located in Fifeshire and Forfarshire, especially in cities of Dundee and Dunfermline, last city which is becoming famous very of it napery and table linen. A cloth as the clap, demands a specific atmospheric condition of temperature, and humidity for its manufacturing, and only in few vicinities the linen industry successfully established. The total cost of annual linen manufacturing of the Great Britain makes 100 000 000$.
OTHERS TEXTILE MANUFACTURING OF THE GREAT BRITAIN

The first form shows the project made the coal company on shipping company to pay for coal,

The first form shows the project made the coal company on shipping company to pay for coal, delivered to a specific steamship. Assume, that the shipping company has a contract with Robert Hare Powel and Co. Philadelphia to deliver coal to their steamships. A steamship Cardiff when in port in Philadelphia, it is delivered; the account is certified to the engineer; the owner (captain) of a vessel signs project Powel and Co. (And in performance of it really does it by the project of the captain); the account is in writing confirmed reception. Now Powel and Co. Sells this exchange (project) for London to the broker or the banker doing foreign business. It is sent London and presented in due time at office of the Company of Navigation of the Wales for payment.

Owing to irregular accustoming of a surface of the country good roads to Japan as can speak hardly,

Owing to irregular accustoming of a surface of the country good roads to Japan as can speak hardly, exist. But 20 000 miles of roads have been constructed, from which the state supports approximately one quarter. There are also 2505 miles of the railway which the state has and supports approximately one quarter also. There are 11 720 miles of routes of telegraph, from 37 000 miles of a wire; 520 miles of telephone routes, with 6347 miles of a wire; and 387 miles of underwater cable routes, with 1481 lovelier than a wire. [154] the country also has a merchant marine fleet of 827 steam courts of modern type and 702 sailing vessels of modern type,
Besides 668 native crafts. Owing to the irregular and rocky nature of a coastal line and the big number of small islands which exist, numerous beacons are necessary; but system of a beacon of Japan - one of the best in the world.
FOREIGN TRADE OF JAPAN

All wholesale transactions and the big proportion of retail transactions are finished by passage of

All wholesale transactions and the big proportion of retail transactions are finished by passage of tools of credits-notes, checks, projects, etc.; the part only retail is spent according to actual accounts of currency and 'change'. Banks address with the most part of these transferred names and business to very small degree that is, is proportional - in actual money. Notes, projects, bills, and banker"s checks are representative for the property, passing the name in money from manufacturers to consumers. The small proportion probably six or eight in cent.-from these transactions is spent by means of actual bank or juridichesko-gentle notes. This trade in [18] tools of the credit makes in the United States of fifty billions of dollars annually.
VII. PROMISSORY NOTES
The usual form of the promissory note.

To define the right of the buyer to the credit and a safe limit of the credit which will be

To define the right of the buyer to the credit and a safe limit of the credit which will be expanded on it, - a serious problem of the seller. It is standard to ask references, to find out, how other firms regard the credit of the applicant. But these references can be cautious of the answer. The selfish desire to keep the client for itself, or higher occasion of desire to be true for interests and and the client can make doubtful or very incomplete messages. If the bank among the references, everyone does not place too big pressure in very favorable answer from it because the dealer usually studies an expediency lesson in creation of the friend to its banker. And, besides, everyone tries to show only the best party of its business affairs to bank. Favorable answers from several firms, showing a homogeneous line of the credit go an excellent way drawing a safe conclusion. But these days extensive and diverse interests there has developed, as a result of this desire of adequate knowledge, respecting the man"s credit, agency for excluding [258] clusive the purpose
Achievement of the certain and reliable certificate on financial affairs; and after years of men of experience studied to depend on these commercial agencies as from the most valuable and reliable assistants.
COMMERCIAL AGENCIES

At means of the clearing houses located in the centres of money and cooperation between banks in

At means of the clearing houses located in the centres of money and cooperation between banks in remote points, transfer of credits between business men has defined a site somewhere in the United States, or in this respect in the world, became rather simple question. If not the agency of this system for the big city could not be made business of unique day. All actual money in all banks and shops and safes and pockets of New York would fall today far short if is used to pay today"s transactions. It is considered, that cash transactions of unique day in fifty times more than the actual cash passing to other owner in one day. So that the big most part of business of the country, both cash and the credit, have been made on system [250]
From the credit passes made possible completely at means of our bank system.
FOOTNOTE:

To interest of dealers or bankers deal [36] in foreign accounts to buy them where they are the

To interest of dealers or bankers deal [36] in foreign accounts to buy them where they are the cheapest and to sell it where they are the most expensive.
For this reason it could advantage to the New York dealer is frequent to be to buy the account on London, to pay a debt in Paris.
The bill (banker).

London costs almost in the centre of a surface of the earth of globe

London costs almost in the centre of a surface of the earth of globe. Its situation, therefore, extremely adapts it to be the great centre of trade in the world - great centre value of distribution of products in the world. Its vessels can go to the most distant parts of the earth, and, loading their directly natural products of these parts, can bring it in its docks without division of cargo parties into smaller parties, bring them there for assortment, and then clean them again to other parts of the earth, and make it more economically than vessels almost any other port in the world. But the big reason consists in being found in the fact, that within many centuries the British people pursued the certain policy of manufacturing, trade, and trade, and had good luck to face that policy to a lesser degree than any other nation in the world war destroying trade, either internal or external. And every time when the Great Britain was in external wars, its fleet was able protect its commercial interests. London, being capital of kingdom and its main place of trade, has naturally received the basic benefit from these many [73] years of the peace industry and trade. Then, again, London is favorably adapted to exchange
Respect to its own country. It is the seaport, sixty miles in the country, and it is connected by ship canals with all other manufacture of the head and country commercial centres. Its railway services, also, are so full, that there is no factory city in the whole island which is not within fifteen hours after from it. Then, also, the specific configuration of a coastal line of the Great Britain does each point on island within an hour or two of the car from seaport. At last, all British seaports are in trading communication with London service of coasting navigation incomparable in the world for cheapness, completeness, and efficiency. In a word, London costs not only in the centre of a surface of the earth of globe, but also and in a commercial centre of its own house territory that is within easy reach and waterway and the earth of all trade and manufacture of interests of people which within many centuries were leaders in commercial both a manufacturing industry and the enterprise.
THE COMMERCIAL POLICY OF THE GREAT BRITAIN

Banks of this country do by a rule not to exchange for money the check, which will delay subject to

Banks of this country do by a rule not to exchange for money the check, which will delay subject to payment to order if the person representing the check, it is not known in bank or if it satisfies the paying cashier, that - really person to whom money should be paid. It needs to be remembered [9] however, that the delayed check
To order and then confirmed in the form the addressee of payment - really check payable to bearer and if the paying cashier is satisfied, that the signature of the addressee of payment original he will be confused hardly to exchange for money the check. In England all checks obviously properly confirmed, are paid without identification.
The check delayed to insure payment to the appropriate party.

After establishment of national bank system большее number of the banks included according

After establishment of national bank system number of the banks included according to laws of these several states, have been organised as national banks. With others, however, the rights to a problem did not outweigh some inconveniences of national system and as a result there is now an important class of banks, and the loan and the companies organised according to the state legislation and continuation business of the loan and the deposit. Instructions under which they work, are necessarily various, and the quantity of public supervision on them changes on the various states. The State Banks already existing when the national bank system has been organised, have been obliged to leave their reference of the note, owing to the fact, that the government has imposed the tax of ten percent. On their reference. The taxable object consisted in providing resignation of the state banknotes, to create a place for the reference of national banks. The internal mechanism of the State Banks differs, but it is a little from that from national banks.
[221]
II. SAVINGS BANKS AND THE COMPANIES
SAVINGS BANKS

The Great Britain as all other civilised countries, was originally agricultural country

The Great Britain as all other civilised countries, was originally agricultural country. Though within several centuries it was one of manufacture of the head and the commercial countries of the world, it was only during the past [78 hundred years, and especially within last fifty years, that its development in
Manufacturing and in trade were remarkable. The Great Britain still, concerning quality, the advanced agricultural country on globe. Its breeds of horses, horned livestock, sheep, and pigs - standard breeds from which almost all other breeds receive the origin and by which from time to time they are improved. And anywhere lifting of grains also supports food of the person and an animal pursued with a considerable quantity of skill and success as in the Great Britain. But the agriculture quickly stops to be the important industry of the Great Britain. Two million acres are under now less, than have been grown up fifty years ago. Wheat Total sum has lifted, enough only for consumption of three months of people; the remaining necessary quantity should be delivered by import. The three fifth general numbers of the population of island live in cities, and only a small proportion of the population which live in the country, is actually supported by agriculture. The agriculture, actually, supports only fifteen percent. From the population in all Great Britain, and in England only ten percent. In three and a half time more person it is personally occupied in manufacturing as in rural prosecution. For three quarters of the century the population in cities and cities became four times faster than the population of rural parts. At the same time the working power of urban population constantly became more effective. In fifty years, the general acceptance of cars, the effective working power of the British worker has been increased the sixfold. In England of eighty six percent. The ferry is made of full work of the country, and in Scotland of ninety percent. The Great Britain, therefore, became actually one big beehive commercial and a manufacturing industry. Agriculture as the general employment of people, except in manufacture of finer food products, [79], such as a choice
Beef and mutton and high-grade dairy products, it is not favourable any more. Really, within last fifteen years the factory (including the earth) used in agricultural productions depreciated in value at the rate of 150 000 000$ annually; that is, in these fifteen years the huge sum 2,250,000,000$ the capital used in agriculture has been erased. But benefit to the capital used in favourable commercial and industrial prosecution, much more more than has given indemnification for this huge loss in agriculture.
COAL FIELDS OF THE GREAT BRITAIN AND IRON DEPOSITS

The most distinctive natural product of Italy - silk, and quantity of the crude and thrown exported

The most distinctive natural product of Italy - silk, and quantity of the crude and thrown exported silk makes approximately 57 500 000$ annually. The silk culture is continued on all extent of kingdom though the industry prospers most extensively in mountain and Lombardy Bottom, in the north. More than 550 000 persons are occupied in cultivation of silkworms, and the annual crop of a cocoon approaches 100 000 000 pounds. Silk - 'throw', or spinning, is the basic manufacturing industry, and the quantity of silk spun and exported, approximately 45 000 tons which most part goes to France. After silk products of the country which make the basic export, are an olive oil, fruit (oranges, lemons, , , fig., dates, and pistachio nuts), and wine (in flanks). Export of an olive oil and export of fruit - everyone approximately the one fifth export of silk, and wine export approximately one sixth. Other important and characteristic export - crude hashish and flax, sulphur, eggs, has made a coral, woods and the roots used for colouring and , rice, marble, and straw. The basic import - wheat, for agricul [117], ture though in general is pursued, is still in the return state of efficiency, and a grain average crop - only one third, that it is in the Great Britain. One
The eighth total sum of wheat should support people, should be imported. Actually, the total sum of the foodstuffs lifted in kingdom, is much less than the demanded quantity to be, for example, in the inhabitant, it is no more than one half of that is lifted in France. In particular there is a deficiency of meat, and quantity of the meat lifted in the inhabitant, is the lowest in Europe. As consequence Italians badly eat, and it is estimated it of four percent. From annual death loss is caused by an impoverishment of blood because of a wholesome food lack. After wheat and a crude clap, the following basic import - coal as Italy does not have any realizable coal fields. In the greatest possible degree hydraulic power is used as the driving power instead of coal, especially in iron industries. [118] important import also - fish as, owing to the big number of the fast days, which Italian people mark, and to tenderness and deficiency
From meat fish - very much general article of consumption. Value for six millions dollars is annually imported, and probably equal quantity is received from local fishery as is more than 22 000 courts and boats and more than 70 000 men occupied in this industry. After a silk throw the most characteristic Italian manufacturing industry - what have the artistic or semiartistic nature, such as creation from fine ceramics, porcelain, glasswares, mosaics, and a lace. Venice (154 000) and Genoa (225 000) is still the basic seaports and shopping centres of Italy, but in trading value these known cities - only simple shades of what they were once. Naples (529 000), the greatest city, is a place of the small enterprise, for its import, mainly grain cereals three or four times value its export which is mainly the cheap country, make. Milan (457 000) and Turin (348 000) is great shopping centres of northern interior, and the most succeeding places in kingdom, being the main places of the industry throwing silk. Milan - also the main place of the Italian manufacturing of a tableware. Palermo (284 000) and Messina (150 000), in [119] Sicily, is the main ports for export of the Italian fruit, and also the Italian fish
(Anchovies, tunas, etc.). Rome (474 000) and Florence (207 000) owes their main importance to their art interest and their historical associations, but Florence has an important manufacturing of fine ceramics and mosaics. Rome - the main place of the government. Drivings (127 000), in Sicily, is the main place of the Italian chartreuse export trade. Livorno (104 000), port of Florence, is the main place of export trade braiding straw. It is necessary to notice, that despite degree of Italy of a coastal line the most part of its foreign trade is spent to the north by means of railways that tunnel the Alpes.
Italy and its main commercial centres.
[120]
V. TRADING FEATURES OF RUSSIA
RUSSIA, THE COUNTRY, WHICH FUTURE - THE PROBLEM

One article of export which has the great value in our trade, is a clap

One article of export which has the great value in our trade, is a clap. Clap manufacture in the United States hugely. In a year it far does not require 5 000 000 000 pounds. It - possibly four times the quantity made on the whole globe in other place. Our export makes annually approximately 4,000,000,000 pounds, with a total cost approximately 240 000 000$. Our greatest competitors in the cotton markets in the world - Egypt and India. Export of a clap makes of Egypt 50 000 000$ annually. Export of a clap makes of India 45 000 000$ annually. At least one half of our export of a clap goes to the Great Britain. Our following greatest clients (that) Germany, France, Italy, Spain, and Russia. We send value for approximately 7 500 000$ annually to Japan, and value for 4 000 000$ annually to Canada. All our southeast states make [201] clap, but States which make it
Most it is a lot of (that) Texas (approximately one third whole), Georgia, , and Alabama. The area at in the whole country makes approximately 21 000 000 acres, which is approximately the one sixth area devoted to process grains, wheat, and oats, or one half of the area devoted to dry hay. Areas of the biggest cotton manufacture (1) 'basis Yazoo,' a strip on the left coast Mississipi, stretched from memphis to Vicksburg, and (2) top part of right coast Tombigbee. Productivity of a clap much more above in the United States, than it is in India, averaging not far except for 200 pounds for an acre, in comparison with less than 100 pounds in India. In India, however, the cotton crop has been grown up on the same soil the whole eternity whereas in the United States practice should replace with new soils old as soon as grain crops start to suffer failure. On the other hand, the cotton crop of the United States is much less in an acre than a crop in Egypt. There a crop in an acre from 300 pounds to 500 pounds. Means from this defect of productivity in our cotton crop in comparison with that from Egypt - fertilizer manure. Where fertilizer is properly visited by manure by our cotton crop, is comparable to Egypt. But a clap of Egypt better quality than the big weight of a cotton crop of the United States ('' has a cotton crop). On the other hand in low, flat islands near to coast of Georgia and South Carolina the clap version grows (a clap of 'sea island') which is the finest in the world, its fibres which are longest, the finest, and straightest, all cotton fibres made somewhere, and the most beautiful on appearance in weight. From this 'sea island' cotton value approximately three - four millions dollars is exported annually at price averaging from two and one quarter to two and three fourth times value to pound '' a clap. Great cotton ports of our country - (in an order [202] quantity of export) New Orleans, Galveston, Savanna, New York, Charleston,
Mobile, and Uilmingtonsky. Export of a new Anatto tree - approximately one third approximately one heel whole, and Galveston.
OUR MANUFACTURE AND EXPORT OF GRAINS

Melbourn (451 110; with suburb, 500 000), capital of Victoria and the main city to Australia, also

Melbourn (451 110; with suburb, 500 000), capital of Victoria and the main city to Australia, also one of the most beautiful cities in the world. Its buildings of parliament, a town hall, mail, exchequer, a mint, lawful courts, public libraries, picture galleries, theatres, churches, and clubs - all buildings of architectural magnificence and beauty while its parkways, parks and gardens are equally magnificent. Once money flew freely, and the big commercial recklessness prevailed. But though Melbourn has sustained some serious depressions, its present conditions are rich, and its future is assured. It - however, a city loving pleasure, and it is so on this account as because of its big beauty, that it name 'Paris of southern hemisphere.' Anywhere in the world, probably, not internal entertainments - theatre, concerts, etc. - or external cricket of entertainments, football, the jumps etc. more faithfully sponsoring than in Melbourn. Other important places in Victoria - Ballarat (40 000) and Sandhurst (37 000), both miner"s cities, and Geelong (25 000) in local scale noted for its manufacturing 'tweeds'.
[171]
THE NEW SOUTHERN WALES
Australia. The shaded parts show, where the downpour is enough much.

Receiver certificates are let out by receivers of corporations, the companies, etc

Receiver certificates are let out by receivers of corporations, the companies, etc., in financial difficulties to provide a working capital; to them give the first rights to the property and are placed above previous mortgaging deduction and the first mortgages.
XVII. TRANSPORTATION

Almost the increasing banks hold money for the deposit from one or more banks located in great

Almost the increasing banks hold money for the deposit from one or more banks located in great commercial centres. They name these banks located in the centre their correspondents. The big banks have correspondents in New York, Chicago, Boston, and other big cities. [16] as business men hold money
On the deposit with banks to meet their checks, thus banks hold money for the deposit with other banks to meet their projects.

In the big city checks representing millions of dollars, are deposited in banks every day

In the big city checks representing millions of dollars, are deposited in banks every day. Their separate collection would be almost impossible, there was it not for clearing house system. Each big city has a clearing house. It is the establishment generated by banks directly, and for their own convenience. Leading banks of a city connect themselves to a clearing house of that city, and through other banks with clearing houses of other cities, especially New York. Country banks connect themselves to one or more clearing houses through city banks which do them [22] business for them.
The New York banks, substantially through private bankers, branches of foreign bank buildings, connect themselves to London so that each bank in the world has been connected indirectly with any bank in the world, and in London a final clearing house of the world.
Advantages of system of a clearing house.

Textile manufacturing of the Great Britain are in aggregate at first in importance, but

Textile manufacturing of the Great Britain are in aggregate at first in importance, but manufacturing of hardware arrive close second. The total sum of products of hardware of the Great Britain makes approximately 750 000 000$, or one quarter of a full product of the world, and it, approximately one third is exported. Even it is more than its textile fabrics, manufacturing of hardware of the Great Britain are connected with its coal fields. The most distinctive 'the centre of hardware' that what is identified with the big coal field in the middle of England known as 'the Black country.' Birmingham (506 000), the main place in this centre, is unsurpassed in the world for multifigurativeness and its degree metal . Literally truly, that all with 'needles on an anchor' is made within its limits. But though its industries include mainly that of iron and a steel, it in gold, silver, copper, zinc, leadership, and aluminium also is very important. Birmingham, also, is unsurpassed in the world in the art statement to metal work. Its manufacturing of jewelry, both gold and silver ornaments, are huge. Its manufacturing of the small equipment also is huge. For example, it appears 15 000 000 handles weekly. Its manufacturing of buttons faces from hundreds thousand millions. Wolverhampton (88 000), also in the Black country, is noted for its manufacturing of heavy hardware and cars. So also in Oldham, in Lankashirsky area. So also in Leeds, around West Yorkshire. Sheffield (352 000), also in , is historically identified with its well-known manufacturing of a tableware, the industry which at first has begun there because of quality and [93] abundance of the found millstones
Nearby. With coal layers of Durham and Cumberland the big shipbuilding and building industries of the locomotive of Newcastle (218 000), Sunderland (142 000), and Darlington, on the northeast party of England, and big steel (the greatest in kingdom) and ship-building industries Barrow-on-Furness, on the northwest party are identified. With coal fields of the Southern Wales (noted for it coal) industries of fusion of Swansea (70 000) are identified. Copper ores especially, but also and silver, zinc, and leadership, are brought from all continents to Swansea to be smelted. These Southern coal fields of the Wales also make the fact, that in respect for the tonnage sum Cardiff (160 000) is one of the main ports for export to the world, taking a place in this respect then after New York. Export of coal from Cardiff - now 12 000 000 tons annually.
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II. TRADING FEATURES OF FRANCE
FRANCE RICHLY EXCLUSIVE COUNTRY

There the class of financial institutions which take some kind of the second plan between

There the class of financial institutions which take some kind of the second plan between commercial bank and savings bank has grown in this country, how much their service to the public is interested. They - that is known as to the company. National banks are forbidden according to the law from creation of loans on real estate and though the State Banks are not insured thus as a good banking they usually avoid loans of this character. The policy of commercial banks should make many rather small loans for a paper of the reduced working day while that from the companies should make the big loans for old [224] securities. Deposits the companies consist substantially of the serene sums what could be bypassed managers, executors, trustees,
Committees, societies, or from private conditions. They - what hardly will fluctuate very much in quantity. From the nature of their trust of deposits of the company find it convenient and favourable to make the big loans and in longer periods, than do usual banks. the companies not only receive the sums of money for the deposit which is subject to the check and for savings, and lend money for the bill and other securities, also, as well as commercial banks; but they also operate as agents, trustees, executors, managers, representatives, receivers for individual properties, and corporations. They often help as patrons or reorganizers of corporations and with sale of stocks, bonds, and securities. They operate also as agents for payment of the obligations which are becoming ripe in the future dates, such as awards on insurance, interest on and bonds, etc. the companies are organised according to state laws in which they exist and are usually subject to all supervision demanded in case of the State Banks.
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III. CORPORATIONS AND THE JOINT-STOCK COMPANIES [9]
CORPORATIONS

To depreciate the note means to sell it at a discount

To depreciate the note means to sell it at a discount. Norms of the discount change according to the safety offered, either character of the loan, or the state of the monetary market. For the usual bill of norm run from four to eight percent. The notes received both given by commercial buildings and depreciated banks, usually not during longer period than four months.
VIII. CLEARING HOUSE SYSTEM

France has one element of the stability, one feature inducive thrift which the majority of other

France has one element of the stability, one feature inducive thrift which the majority of other countries of Europe lacks. In the majority of other European countries the earth is spent by few owners. It is spent to France by many. To the Great Britain and Ireland, for example, the earth which is devoted agriculture, is spent only 19 000 owners. It is spent to France of 3 500 000 owners. There are also 3 500 000 district farms in France, though only sixty percent. From the agricultural ground area of the country it is grown up by owners. It follows from this, that the agriculture has in France a power over attachments and a personal interest of people which it has no in any other country in the world. Approximately forty two percent. From the general number of the population of the country, capable to work, are used in agricultural prosecution. The agriculture, therefore, is one of the most important industries of France. One fifth the full income of its people is made in agriculture. It is impossible to tell, however, that the agriculture in France is pursued so successfully as it is in some other countries - in the Great Britain, for example. France, with sometimes exception of Russia, is the greatest manufacturer of wheat of all nations of Europe, but its manufacture of grain in an acre - is no more than four seventh that from the Great Britain while its manufacture of grain in hand agriculture is only two thirds that from the Great Britain. But the most part of agricultural effort of France is devoted such industries as the poultry can be continued in small farms or potato lifting , for example, and lifting of fruit and ', lifting it' a full product of money in an acre in France [99] are not far except that it is in the Great Britain. That is, while the agriculture more with advantage is continued in Big
The Great Britain than in France, it proportionally supports number of people in France than in the Great Britain.
WATERWAYS OF FRANCE AND RAILWAYS

All world - area of the modern dealer

All world - area of the modern dealer. He buys the crude and made products everywhere where he can buy the cheapest, and he sends to any market, pays to it the highest price. Our angular grocer or a product-dealer can supply us with beef from Texas, a potato from Egypt, a celery from Michigan, onions from Jamaica, coffee from Java, oranges from Spain, and hundred other things from so many various points; and still, so finish, blocking of commercial interests in the world, and so big speed of transportation, that it can supply us with these accessories under existing conditions easier and with readiness than if they all have been grown up on an adjacent farm.
III. BANKER"S CHECKS

Germany as England, quickly changes character of its industries and becomes manufacture and the

Germany as England, quickly changes character of its industries and becomes manufacture and the commercial nation instead of the agricultural nation. It is reason of its known anxiety to provide the control over territories in Africa, Asia, etc., as the exclusive markets for it , as, unlike England, Germany - now the supporter in an exception in trade, and houses and in its colonies. Fifty years ago approximately the four seventh people of Germany have been occupied in agriculture; now only approximately one third of people is so employed. Growth of the big cities of Germany in eight times faster than that from rural areas, and in fifty years the cumulative population of six greatest cities of Berlin of empire, Hamburg, Leipzig, Munich, Breslau, also has Dresden grown up sixfold, namely, from 600 000 to 3 600 000. In fifty years, also, manufacturing of Germany have almost doubled, the trade almost trebled, shipment has increased more than fivefold, and the mining industry made more than sixfold. While all it is true, however also is true, that the area of cultural soil in Germany is double, than it was fifty years ago. But it - because it is a lot of the earth, before be gone for nothing or in a pasture, has been brought at . Nevertheless even now only one half of earth of Germany is grown up, and thirty three percent. From full consumption of food of people should be imported. Fifty years ago only five percent. From full food consumption has been imported, and this small fraction consisted almost completely of luxury.
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SUCCESS OF GERMANY IN THE TECHNICAL EDUCATION
The approximate size of German Empire.

To illustrate communication between banks in the remote points mass-media, Pennsylvania who holds

To illustrate communication between banks in the remote points mass-media, Pennsylvania who holds its money for the deposit in the First National Bank of mass-media allow us to assume, that B, sends the check in the payment of invoice to K Southern Evanston, Illinois. K brings the check in Bank of Citizens of its city and receives the direct credit for it for its bankbook, all the same as though the check has been delayed on the same or the next bank. The bank of Citizens simply sends the check, with other remote checks, to its correspondent, National Bank of republic, Chicago, on the deposit, in many cases in approximately same sense, that K has brought the check in Bank of Citizens. The national Bank of republic sends the check, with other checks, to its New York correspondent, Bank of National park. It can probably send to direct Philadelphia, or even in mass-media; but it is very improbable. The bank of National park sends the check to its Filadelfijsky correspondent, to speak National Bank Penn. Now the clerk of a clearing house of Compatriot Penn bears the check to the Filadelfijsky clearing house and enters into it, with other checks, on the First Compatriot of mass-media. The custom, however, differs very much very much on this detail. Many the next banks of the country are cleared through city banks; others are cleared less directly. If the First National Bank of Philadelphia is known in a clearing house as the representative of the First National Bank of mass-media, at it it is probable to eat the money belonging to it, mass-media rely on the deposit. In this case the check is being 'under a high' against the account of the First Compatriot of Philadelphia. This bank then sends the check to the First Compatriot of mass-media with which it is being 'under a high' against B. This system of a collection of checks about so fine, as post system of carrying over of the registered mail.

Australia has many features

Australia has many features. It has only one big river, and even which becomes a number of the isolated associations in the summer. It does not have any high mountain chain, its basic mountains which are only a number of ramparts, separating lower earths of coast from an internal plateau. Again, its four-footed animals on a birth completely differ from that of other continents, being almost everything, or it is a little or big, 'marsupials', or 'bearers of a sack', as a kangaroo. Its birds mainly songless. Its colours, generally, do not have any aroma. Its trees are the covered leaves vertically and do not throw a shade. Its local residents have not made successes to a civilisation. When Europeans at first have arrived to the country, they have found animal on a birth into which it was possible to enter any use, any native fruit, a vegetable, or grain which could be used for food. However, all European pets prosper much in the country and so make all European fruit, grasses, grains, and vege [169] tables. English rabbits, really, became the awful wrecker. Whole 25 000 000 from them have been killed in a year without any obvious
Reduction in their numbers. More than 1 000 000$ in a year from time to time have been spent to exterminate them, all is aimless.
VICTORIA

The money postponed by municipality or corporation to ship a debt in certain future time, name

The money postponed by municipality or corporation to ship a debt in certain future time, name decreasing fund. For example, if the city should let out twenty years" bonds for 100 000$ to provide money for the street improvements, all debt would come in twenty years, but to avoid to have such considerable quantity come in one year, the proportional sum is bypassed every year as decreasing fund that is, to ship, either to reduce, or to wipe debts when bonds become ripe. Bonds are not paid before a maturity.
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INTEREST COUPONS
Copies of coupons of interest.

Each big city has a system of a clearing house

Each big city has a system of a clearing house. To establish a clearing house, many banks connect themselves together, under certain instructions, for the purpose of an exchange daily once and place checks and other bill which they remember each other. Usual officials - the president, the secretary, the treasurer, both the manager, and clearing house committee. Checks, etc., which banks take to a clearing house, name clearing house exchanges, and a total sum papers name clearings of day. Those banks which bring less quantities than, they clean, are obliged to matter, good in cash or its equivalent within motionless time in the same day. Assume, for an illustration, that the clearing house association consists of five Banks-A, B, C, D, and E-and, which Bank A took to checks of a clearing house against B, C, D, and E achievement 20 000$, and that B, C, D, and E took to checks of a clearing house against achievement 21 000$. Then A there is this specific day a bank of the debtor, and owes a clearing house, or other banks through a clearing house, 1000$. Payment of balances by banks of the debtor and the receipt of balances banks of the creditor finishes transactions of each day. As the total sum brought to a clearing house, always is the same as the cleaned quantity, thus balances, should from banks of the debtor, there should be precisely equal to the sums to reception banks of the creditor. Clearings in New York in one day make from 100 000 000$ to 200 000 000$, and the actual processed cash if those in general are available, require [251] only to be for actual debtor balances. Usually once a week (in some cities
To thicket), city banks do to their clearing house the message based on daily balances, their conditions. The Clearing house establishes association among banks which has already proved in days of a panic of money of the biggest service to itself and community.
PAYMENT of BALANCES In CLEARING HOUSES

The state rights concerning the joint-stock companies differ very much substantially

The state rights concerning the joint-stock companies differ very much substantially. Students of this course who wish to know the law in any specific state, can easily provide the information by the letter to the secretary of that state.

But even when all areas of desert of Australia are excluded from calculation there, still there is

But even when all areas of desert of Australia are excluded from calculation there, still there is in an internal plateau, to the east and the south, a huge area [168] of the country of the big abundance and productivity. One only River exhausts area of 500 000 square miles, the one sixth whole
The continent, which most part has excessive riches. In this fertile parts by artesian wells has been tried, and always with the big success. Also it is considered, that almost whole continent can be returned for agriculture, or at least for the sheep-pasturing, similar means; for even in droughty and so-called parts of desert of an interior, there are very few soils which is not really fertile as all it is covered by thick brushwood. One only humidity is necessary to force it to have grain crops much. And this drought of atmosphere which prevails everywhere on the whole continent, not without its indemnifications. It gives extremely healthy climate.
AUSTRALIA CONTINENT OF FEATURES

Bonds are let out against all conceivable kinds of securities

Bonds are let out against all conceivable kinds of securities. Not only that properties of many kinds are used to let out bonds on, but it is a lot of kinds of bonds, often are issued on the same properties. It is especially true for railways, where various kinds often knees and imposing in almost infinite disorder.
FALL OF FUNDS

Agents who do transportation work by rail, are railway corporations

Agents who do transportation work by rail, are railway corporations. These 'legal bodies' [269] are created by these several states and entrusted
With work of services of the public nature. In all German states and substantially in many other things the European states, the governments provide transportation means by rail; but in the United States the property and management of railways are fairly regarded to be a problem sizes, than the administrative department of our government for the present in a condition to consult.

The irrigated Stock

The irrigated Stock. When the stock is let out to shareholders without increase in the actual capital, a stock as speak, has been irrigated. The company can organise for, say, 10 000$, and can wish to increase to 50 000$, not adding to number of its shareholders. Each holder of one action, in this case, will receive four new actions, and in the future instead of receiving the dividend on one action will receive the dividend on five actions. The object of it consists in, rather usually, to avoid the state rights demanding that certain corporations have paid surplus of profit on the established percent of norm. In the state exchequer.

If you wish to use your check to pay the note, should in some other bank, or in real estate

If you wish to use your check to pay the note, should in some other bank, or in real estate purchase, either stocks, or bonds, you can find necessary to certify the check. It is made by the official of bank who writes or prints through the person of the check of a word 'or' Good When Properly Confirmed, 'and signs its name. (See an illustration). The quantity will be immediately subtracted from your account, and bank, guaranteeing your check, becomes responsible for its payment. Banks will usually certify any check, caught up them if to the investor have called for quantity to its credit irrespective of who represents the check, and this certificate does it for the person to bear in its pocket any quantity of actual cash. If you certify the check and then not use it, bring it in your bank, differently your account will be short quantity for which will delay the check. In Canada all checks are presented 'the keeper of the account book' for the certificate before to be presented to the paying cashier.
The certified check.
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FULL VALUE OF BANKS

In municipal corporations participants - citizens; number vaguely; everyone stops to be the

In municipal corporations participants - citizens; number vaguely; everyone stops to be the participant when it moves from a city or a city while each new inhabitant becomes the participant when according to the law it becomes the allocated right to privileges of local citizenship.