Paris (2 536 834), of course, the main shopping centre of all France, but trading interests of

Paris (2 536 834), of course, the main shopping centre of all France, but trading interests of Paris is the general, instead of especial. Manufacturing which are most of all localised in Paris, gloves, the freakish equipment, novelties, both luxurious boots and boots are that of articles of luxury, such as jewelry, perfumery. Paris - also the great financial centre. Marseilles (442 000), one of the oldest cities in Europe, is great seaport of France. Its trade makes more than 350 000 000$ annually, and it takes a place then after Hamburg among great seaports of the central Europe. Its speciality - the big trade with the Mediterranean and the East. Opening of Suez canal had uncountable advantage to Marseilles. Then [101] as port shipment arrives Havre (119 000), in a mouth
From , with full trade not far except for that from Marseilles. Havre - actually port or 'shelter' of Paris. It is the big warehouse for the French import from the North America and the South America. They include mainly a clap, tobacco, wheat, an animal make, and a wool. Its import of the South American wool is huge, as three quarters of the wool used in France now, arrive from area of La Plata. Recently Hay it has been deepened, and now both Rouen and Paris it is possible to consider as seaports. It means, that Paris has direct water communications with London, and is, really, third seaport in the country. Then there arrives Bordeaux (257 000), the main place of export for French wines and . Approximately twenty years ago the wine industry of France has transferred huge loss from destructive actions of a grape plant louse of an insect. More than 4 000 000 acres of a vineyard, being of value 1 000 000 000$, have been in full or in part destroyed by this awful wrecker. The plague, however, was eradicated now, but almost 2 000 000 acres of vineyards have been for a long time destroyed and have been devoted a potato and a root of a sugar beet. The result consists that wine manufacture in France - is less now than, that is necessary for house consumption, and more than fifty percent. More fault is imported, than exported. Remaining great navigable ports - Dunkirk (40 000) and Boulogne (37 500). Calais (57 000) have a big passenger trade with England.
[102]
III. TRADING FEATURES OF GERMANY
GERMANY THE MOST SUCCEEDING NATION IN CONTINENTAL EUROPE

The agriculture, including cattle-breeding, manufacture of dairy products and gardening, is the

The agriculture, including cattle-breeding, manufacture of dairy products and gardening, is the biggest industry of Canada. More than 23 000 000 acres are under a crop and approximately 20 000 000 under a pasture. More than 3 000 000 acres are under wheat. Export of Ontario more than two times so is a lot of cheese as all United States, and its product of cheese is recognised as the finest in the world. Canada exports to one only the Great Britain value for 15 000 000$ cheese annually. In 1896, in one only Ontarios, 170 dairy have appeared more than 6 000 000 pounds of butter at the average pure receipt 18? Cents pounds. The refrigerating services given by the governmental Canadian, it is possible to send oil even from far internal points to Liverpool or London without the slightest deterioration. England buys value for 6 000 000$ Canadian bacon and annually, and the Canadian beef is already known in the London market. The American grain for stock feeding suppose to Canada, duty-free and value for approximately 10 000 000$ is imported annually. A lot of east and southern Canada is well adapted for lifting of fruit. The peninsula Niagara -Clair Ontario is especially known for its peaches and .
TRADE OF CANADA WITH THE UNITED STATES

At the senior savings banks, especially those in Eastern States, are not present any fixed capital

At the senior savings banks, especially those in Eastern States, are not present any fixed capital. That is they are mutual in the form of the organisation. Their capital - the saved up deposits of a considerable quantity of people. Investors - owners. When taxes and other expenses are paid, and the appropriate stock is postponed, the remaining profit is included into the form of interest for investors. Many of savings banks in the western states are used for the benefit as other financial institutions, and at Pacific coast at them are a fixed capital or its equivalent in the form of spare fund in which the majority of investors are not interested differently than, how much it gives safety for their deposits.

Our full export within these twelve months finished on June, 30th 1898, made the unprecedented sum

Our full export within these twelve months finished on June, 30th 1898, made the unprecedented sum almost 1 250 000 000$ (1 231 329 950$). [4] It is quantity almost a quarter on billion dollars more than ever before, unique years when export even has approached this quantity which is 1897 and 1892, when export was a little more than billion dollars in each case. From this export the sum 855 000 000$, or seventy one percent. From whole, there were for agriculture products, the basic points which are (1) 'grains,' [196], including wheat and wheat flour, grain and fodder grain, an oats
And porridge, a rye and a rye flour, 335 000 000$; (2) clap, 231 000 000$; (3) 'conditions,' including beef and oil, bacon and a ham, pork and fat, oleomargarine, both oil and cheese, 166 000 000$; (4) animals, including horned livestock, horses, sheep, and hogs, 47 000 000$; (5) crude tobacco, 23 000 000$; (6) oil pie, 12 500 000$, both (7) fruit and nuts, 9 000 000$. Export of products of our mines made only 1.6 percent. From full export, or hardly 20 000 000$, the basic points which are (1) coal and coke, 12 500 000$; (2) crude oil, 4 000 000$, and (3) copper ore. Export of products of wood made only three percent. From full export, or 38 000 000$, the basic points which are (1) sawn and cut wood, registration, wood, a pebble, and sticks, 28 500 000$, and (2) naval shops, including pitch, pitch, turpentine, and giving, 9 000 000$. Export of products of our fishery made only 4 500 000$, or it is less than one half one percent. From full export. Export of our products , according to official returnings, made 289 000 000$, or twenty four percent. From full export. But this sum included many points which represent the crude natural products transformed simply in a material for the subsequent manufacturing as, for example, a pig - and iron, boards, a unique skin, an ingot - and bar copper, cotton oil, both a pig - and bar zinc. The basic points in the true list '' (1) cars, including cars of processing of metals, steam engines and locomotives, electric cars, swinging cars, sewing-machines, cars of typewriting and printing machines, and railway rails, hardware, and nails, 65 000 000$; (2) cleared oil, 50 000 000$; (3) manufacturings of a clap, 17 000 000$; (4) vegetable oils and essence, 12 000 000$; (5) agricultural tools, 7 000 000$; (6) cycles, 7 000 000$; (7) paper and [197] paper for printers, 5 500 000$; (8) furniture and another
Wood manufacturing, 5 000 000$; (9) tobacco and cigarettes, 5 000 000$; (10) fertilisers, 4 500 000$; (11) boots and boots, a seat belt, and rubber boots, 3 500 000$; (12) telegraph, phone, and other tools, 3 000 000$; (13) bags, a rigging, and a cord, 2 500 000$; (14) books and brochures, 2 500 000$; (15) sugar, a syrup, treacle, a sugar candy, and a confectioner"s shop, 2 000 000$; (16) alcohol, including and whisky, 2 000 000$; both (17) hours and hours, 2 000 000$.
FOOTNOTE:

India - much more the big and more densely populated country, than the majority of people thinks,

India - much more the big and more densely populated country, than the majority of people thinks, that it. In shape it resembles on the huge paper snake, each of whose diameters make more than 2000 miles in length a little, or it is more than distance through Atlantic from Ireland to Newfoundland. Its territory makes approximately 1 700 000 square miles. From this area more than 1 000 000 square miles, territory, much more than territory of all states of Europe (including British isles) except Russia, are directly under the British control. The rest is indirectly under the British control. The population 308 000 000 from which 236 000 000 are directly under the British control and 72 000 000 indirectly so. This population is made of people who speak in seventy eight various languages from which in twenty languages speak not less than 1 000 000 persons everyone.
THE BIG ABUNDANCE OF INDIA

When the country borrows money, it gives a guarantee, that money will be returned during specific

When the country borrows money, it gives a guarantee, that money will be returned during specific time and that interest will be paid in regular intervals on motionless norm. This guarantee name the obligation. In actual practice instead of borrowing demanded money and then giving bonds for its returning, the countries usually let out bonds at first, and sell to their person offering the highest price. For example, if our government should borrow 1 000 000$, it would let out bonds for this quantity, declaring definitely percent which will be paid, and would call for offers. If the percent made four percent. And the buyer has paid more than 1000$ for the obligation for 1000$, it, of course, will make less than four percent. On its investment. Such bonds are absolutely safe and always market because of our strong financial position among the world nations. Similar bonds are let out by the states, cities, cities, school districts, etc. They not in usual sense, and their value consists completely in ability letting out through its tax power to meet the suffered obligations. Municipal bonds are let out by cities and other municipalities to lift money for local improvements.
[264]
BONDS AND CERTIFICATES ON THE STOCK

St

St.-Petersburg (with suburb 1 267 000), capital of Russia, as the majority of the European capitals, the important [127] shopping centre just as a place
The government. Its manufacturing the main things - interested in creation of an ammunition of war are the general and numerous, but. To 1885 St.-Petersburg was not seaport, but that year the channel has been constructed, which resolves now to the courts pulling twenty two foots of water to enter into its docks. Its harbour, however, is closed with ice since November till May. About St.-Petersburg Reval, the main cotton port of Russia. Crude cotton import of averages of Russia approximately 60 000 000$ annually which most part arrives a straight line from the United States. Moscow (988 000), ancient capital of Russia, is also the big industrial city, but its basic importance is received from the fact that is the great centre of domestic trade of Russia. Warsaw (615 000), capital of the Polish Russia, is the great railway centre, and the basic warehouse of a railway traffic between Russia and other part of Europe. Lodz (315 000), also in the Polish Russia, is a great industrial clap the empire centre. Odessa (405 000) is the main seaport of Russia. It has a huge export trade in grain, oil, gland, a linen seed, [128] wood, disappears, a rigging, a canvas, pitch, and beef. At Riga (283 000), the main port of Russia to Baltic, is the big export trade
With England in characteristic Russian make. Kieff (249 000) is the centre of the Russian industry clearing sugar. Astrakhan (113 000), on the Volga delta, is noted for its fishery of a sturgeon, and its export of caviar, making as speak, 1 500 000$ annually. Tula (111 000) is Sheffield Russia. Even in 1828 in Tula was 600 establishments of a tableware, but manufacturing was then mainly internal. It - now a city of factories as it costs on the big coal and iron area. Nijni- (99 000) it is noted for its fair, the Asian establishment which will be soon cancelled undoubtedly by a modern civilisation. Once a year dealers to number 200 000 come to Nijni- from on all extent of Russia, and even from India and China, to exchange their equipment. Value of an exchange sometimes makes 100 000 000$. Orenburg (73 000), in Urals Mountains, is a limiting warehouse of trade of a trailer of the Asian Russia. The archangel (25 000), by the White sea, is the main shopping centre of trade in the north, with export of characteristic northern product. Baku, on Caspian sea, is the main place of a petroleum industry of Russia. All cities and cities above named grew extremely within last twenty years.
[129]
VI. TRADING FEATURES OF INDIA
THE PAST AND THE PRESENT OF INDIA WAS COMPARED

Notes and acceptances which are made in settlement of original business transactions, arrive under

Notes and acceptances which are made in settlement of original business transactions, arrive under a head of the regular, lawful official paper. The note of the arrangement or acceptance - what is signed or confirmed or accepted simply 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, has 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 law, fairly protecting such holder against an error or negligence of others.
[231]
NOTE BROKERS

There are two excellent classes of securities заклада one class based on actual value and

There are two excellent classes of securities one class based on actual value and the friend on value of acquisition of the property. When the person gives money for an apartment house, it bases the estimation of safety on (1) cost of the property, (2) its site, (3) average value of adjacent properties, and (4) general character of a site; that is value of the property - the safety basis. On the other hand, the creditor of money on railway , for example (that is, the buyer of the securities known as railway ), considers the road aggregate profit, instead of cost of construction and the road equipment as the correct basis to estimate value of safety. These two classes of securities differ on other detailed data. Value on usual real estate is a constant, and safety, so possibly, will not change the property while value railway can vary depending on success or road refusal, and safety constantly is in the market as the speculative property. The whole property of the company of the railway which consider simply as real estate and the equipment, is usually standing, but small [234] fraction
Quantity for which it is put in pawn. Creditors, as a rule, depend for safety of their money for company business.

China, to the student of trade, is the most interesting country on globe

China, to the student of trade, is the most interesting country on globe. The reason for this purpose - that its area is so big, its population, so extensive, and its possibilities for development, so magnificent. The full area of empire, according to last estimations, makes 4 218 401 square mile. Other estimations do it in 4 468 470 square miles. Greatness of this area can be understood from several comparisons. It - approximately one twelfth a full surface of the earth of globe. These are two and times of one quarter the size of the European Russia. It - almost one and one half of times full area of the United States, exclusive from Alaska. But all this territory has no equal commercial interest. The Chinese Empire consists of six parts: Appropriate China, Manchuria, Mongolia, Tibet, Jungaria, and East Turkestan. Because of recent agreements which grant Russia the right to construct and 'operate' railways in Manchuria ostensibly for the purpose of maintenance for the big Russian Trans-Siberian Railway shorter route to Vladivostok, its Pacific Manchuria a final stop becomes actually Russian possession. Turkestan, Jungaria, Tibet, and Mongolia it is thin are occupied coun the [140] attempts hardly semicivilized. But a part which remains when they
'Dependences' are missed from Chinese by consideration at once one of the greatest most densely occupied, and the most fertile countries on the person of globe, and one also most richly provided in mineral products. Its area makes 1 336 841 square mile. Its population 386 000 000. Its population in square mile far does not require 300. That is its area is more than in eleven times more than that from the Great Britain and Ireland, and almost than those one half from the United States, exclusive of Alaska; its population ten times is more than that from the Great Britain and Ireland, and it is more than six times more than those from the United States; while its population in square mile is more than that from any European or American country except the Great Britain (to which, however, it is almost equaled), Holland, and Belgium. Actually, it is more than one quarter of the general number of the population of globe is concentrated within borders of Appropriate China.
PORCELAIN THE COUNTRY OF THE BIG TRADING POSSIBILITIES

The name market expresses a site for sale of the goods, and in trade is often used to designate

The name market expresses a site for sale of the goods, and in trade is often used to designate cities or even the countries. We say, that Boston - the leather market, meaning, that the considerable quantity of the Boston dealers buys and sells a skin. In the same sense we name Chicago the grain market, or New Orleans the cotton market. In its more limited sense the name market shows a building or a place where meat or a product are bought and sold. We say, that the market is flooded with specific article when dealers bear more than that article, than they can find sale for. There is no market for any product, when there is no any requirement. The monetary market is strained or to relatives when it is difficult to borrow money from banks and usurers.
II. COMMERCIAL TERMS And USES (Proceeded)

It rather that we followed lessons on a clearing house and commercial projects with a lesson on a

It rather that we followed lessons on a clearing house and commercial projects with a lesson on a foreign currency.

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

Safety, at the best is relative only; there is no absolute safety for a part for twenty dollars

Safety, at the best is relative only; there is no absolute safety for a part for twenty dollars which the person has in the pocket, whether it is in the street, at its office, or its own home. To us remind, that " the riches take to itself wings and that " thieves break and steal. " No savings bank can hold money near at hand or bring them or lend them with absolute safety. All rather. It is feature of money, that each dollar demands supervision; the general supervision is not enough; hence happens so, that safety of monetary establishments depends on ability and honesty of those in the control, instead of on adherence to any rules. Any arch corrected cannot be accepted, which will connect dishonest men, it will give indemnification in the absence of experience and ability of the fair.

[6] Part of export of the grains made to Hongkong, undoubtedly is intended for consumption in China

[6] Part of export of the grains made to Hongkong, undoubtedly is intended for consumption in China and Japan.
[205]
OUR EXPORT OF CONDITIONS AND ANIMALS
Basic articles of internal export of the United States. [7]
FOOTNOTE:

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.
[104]
SUCCESS OF GERMANY IN THE TECHNICAL EDUCATION
The approximate size of German Empire.

The bank account - simply check of bank, its caught up deposit with some other bank

The bank account - simply check of bank, its caught up deposit with some other bank. Banks sell these checks to their clients, and dealers do big use of them in payment of accounts in the remote cities. These projects, or checks of cashiers as them sometimes name, pass as cash somewhere within limits distances of the centre of money on which they are involved. Projects of bankers on New York, under usual financial conditions, would consider as cash somewhere in the United States. The project on foreign bank usually name the bill.
The check for project purchase.

Spain, because of a various climate of its several parts, is capable to manufacture almost all

Spain, because of a various climate of its several parts, is capable to manufacture almost all edible fruit and the grains known both moderate and tropical areas. Though there are some areas of desert, the soil most part is strongly productive, and was the agriculture pursued with the same skill as it is in other countries - in England and Scotland as Spain of an example would be one of the richest agricultural areas on globe. But not only that the agriculture is very inefficiently pursued, but also the country also is seldom occupied (only 90 to square mile, in comparison with 270 to square mile in Italy), and only one quarter from this is grown up. As consequence only those products are lifted in Spain in which, because of its advantages of a climate, etc., it has the least quantity of competition. The basic commercial agricultural product - wine, a grapevine which is grown up in each area in kingdom. Six hundred millions gallons of wine are lifted annually which is more in value, than the full quantity of grain has lifted. Only one fifth from this, however, is exported (mainly to France), and even it, the most part - wine of the lowest grade, used to mix up. Remaining agricultural products of the exported Spain are basically oranges, lemons, , raisin, nuts, olives, and onions. From this value for more than 15 000 000$ go to England annually. England and France, really, possess the big most part of foreign trade of Spain, but last years Germany and the United States take the small action of it. The mineral riches of Spain are huge, and as mines the foreign capital often operates, they are worked with energy. The whole eternity iron ore of Basque Provinces of the north and copper ore of area about Cadiz [113] were known. Value for thirty five millions dollars of copper, iron, leadership, silver, and mercury is exported in Big
The Great Britain annually. Is manufacturing of claps, woollens, cloths, and silks, but any of them as cannot speak, is very rich, though within last twenty five years, owing to the high protective tariff, the quantity of the raw materials used in textile manufacturing in Spain, has doubled. Spain makes an excellent wool, but its woollen manufacturing is incapable to use all it, and one quarter is exported. In the same way, though Spain is especially rich with iron areas, it receives approximately one third of hardware which it requires for own consumption from England. The full area of coal fields of Spain is estimated in 5500 miles, but till now a few coal has been extracted, partially because it is a little inaccessible. Value for four million dollars of coal is annually imported from England. The whole mountains of stone salt exist, but is a little extracted, and any is not exported, though the bay salt received in the south, exported to fishermen of Cornwall. Other important export - a grass which send to England which will be used in paper manufacture. And still another - a stopper though Portugal which adjoins Spain, is the main place of the industry making a stopper. Madrid (470 000) is the capital and the greatest city. Barcelona (250 000) is the main seaport of Spain and the main industrial centre. Valencia (145 000), in the southeast, both Seville (135 000) and Malaga (115 000), in the south, is the basic places of export trade in country fruit. At Cadiz (65 000), the basic naval seaport of Spain, is known export trade in sherry wines. The general number of the population of Spain 17 500 000.
Spain was compared in size to California.
[114]
SAD CONDITION OF ITALY

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

With growth of riches we find increasing numbers of people which wish to invest their means in good

With growth of riches we find increasing numbers of people which wish to invest their means in good securities. To make it successfully and safely is very difficult question. It is even more difficult to hold money with advantage used than to make it. Changes and innovations have continuous occurrence. Not only that new securities constantly encounter the market, but also new subjects as for the basis of their manufacture assiduously search. Each recently found out force or process in the mechanic mean occurrence of other branch of paper securities. Revolt war popularised the coupon obligation, because of its acceptance by the government, and has made it, the favourite form invests the capital [238] ment a paper. Railways and other corporations
Soon helped directly the confidence, which that version of the paper inspired, and the states, cities, and districts, soon flooded the country with the obligations bearing long appendices of the coupon. Many people have bought and have paid the good prices for coupon bonds , giving to them any control over their safety who would reject the joint-stock certificates designating equal interest in the promised property and granting it the right to participate in its management, with possibility returnings for their money. Many of States through the negligent legislation have allowed to solve to corporations for themselves quantity of obligations which they could make, and the privilege have very much abused. We have now stocks and bonds on the market representing almost all conceivable kinds of telegraph of the property, and we call to the companies, extracting the companies, ranch of horned livestock, a grain farm, a waterworks, channels, bridges, oil - and gas wells, electric illumination, the companies of the cart, factory and factories, we patent the rights, steamship lines, apartment houses, etc. 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. One problem of bonds sometimes becomes the basis of other problems. Someone has told, that never there was time in world history when it was so easy to invest money - and to lose it. From securities which are offered with the first class recommendations, it is probable, that approximately one third is actually good, one third has some value, and one third is actually nothing standing. In creation of investments the first and main which will be studied, is safety. Never buy safety of any kind having read it. Do not buy that is usually known as cheap securities. Do not rely exclusively on council of the broker; it can have a personal interest to serve. Certainly the number of losses to investors in securities pur [239] has been pursued exclusively under the recommendation of interested men of the commission.
It is error to give preference to the listed securities that is, on what inform in stock exchange lists. Stocks are too often listed simply in the speculative purposes, and the price represents not so value of the property as assumption giving at that time. Securities finally should stand on their advantages. As a rule the best time for the skilled investor to buy - when others unload.
[240]
VI. CHECKS, PROJECTS, AND BILLS [11]
BANKER"S CHECKS
Check display has lifted from 7.50$ till 70.50$.

In an estimation of value of the paper offered for the discount it is necessary to consider

Full own capital of the borrower
In an estimation of value of the paper offered for the discount it is necessary to consider following points:
Full own capital of the borrower.
Character of its business; whether it is speculative or the basic.
The report of the borrower both standing in community and its business habits.
Whether it is in the enterprise abreast with modern ideas and methods.
Character of the goods belongs to the borrower. What would it sell by auction? The groceries and raw materials can usually turn to cash at compulsory sale with very small discount from the current prices. Not so with hardware, a glass, dry goods, boots and boots, books, etc. Cars and fastenings not a suitable active to the account to base the credit.

Clearing house - rather modern establishment, the Edinburgh bankers demanding the credit of an

Clearing house - rather modern establishment, the Edinburgh bankers demanding the credit of an establishment first. The earliest clearing house which transactions we have any report, is a clearing house of London based approximately in 1775. Within completely seventy five years the London clearing house and that from Edinburgh were the unique organisations of the kind known to exist. Monetary and credit systems of the majority of the European countries concentrating round one great national bank, located for the capital of everyone, found in it means of realisation of commercial settlements. The New York clearing house has been established in 1853 from which are dated, the American system of a clearing house grew to huge proportions. Any country in the world does not have so big requirement of clearing houses, as in any country a banker"s check, so in general used in payment of usual accounts.
TRANSFER of CREDITS To CLEARING HOUSES

The national bank system of the United States has been established according to the congress

The national bank system of the United States has been established according to the congress decision in 1863, reconsidered in 1864, and corrected according to later legislation. The big advantage of system as say, - feature of uniformity, the fact, that it brings bank business of the whole United States under one power and at supervision of one company of administrative officials. The department letting out the note is dependent in the public full value on the services given by banks and clearing houses for an exchange by credits. Essential features of national banks are is short formulated as follows:
There is a bureau of the Ministry of Finance having charge of all affairs, the concerning national banks which senior assistant is the dispatcher of currency.
Any number of people, is not less than five, can generate association in the bank purposes, continue no more than twenty years, but within twenty years with approval of the dispatcher.
Powers of bank are limited by discounting of promissory notes, projects, bills, and other certificates of a debt; receiving deposits, dealing in an exchange, a coin, and an ingot, lending money for personal safety, and letting out bank notes in circulation. It cannot keep [218] real estate except what can
Be necessary for the transaction of its business, or what, probably, were are taken as safety for debts, earlier it is diligent.
There can be no national banks somewhere smaller quantity of the capital than 50 000$, and these small are limited to places no more than 6000 inhabitants. In cities it is more than 6000 and less than 50 000 inhabitants cannot be any bank of the capital in size less than 100 000$, and in cities of 50 000 inhabitants or more than any of less than 200 000$. One half of capital needs to pay before the bank can begin business, and the rest should be paid in monthly payments at least ten percent. Everyone.
Shareholders are responsible for bank debts to the quantity equal to face value of their actions in addition to quantity which invest there.
Each bank having the capital which excessive 150 000$ should bring in exchequer of the United States, has registered bringing percent of the bond to quantity not less than 50 000$. What have the capital 150 000 or less $, should bring the bonds equal to one quarter of their fixed capital. Each bank can let out bank notes in circulation for the sum of ninety percent. From market cost of the bonds deposited by it, but not excessive ninety percent. From the same face value, and not excessive ninety percent. From the paid capital of bank; but no bank is compelled to let out bank notes in circulation. No banknotes should be let out smaller than 5$. Notes are comprehensible face value for all dues to the United States except duties on import, and are subject to payment for all debts, former due the United States within the United States except interest on a public debt and in the repayment of currency of the country.
Each bank in the certain defined cities named spare cities, should hold a stock of lawful money equal to twenty five percent. From its deposits. All other banks should hold a similar stock of fifteen percent., but three fifth [219] have told fifteen percent. Can consist of the rests on the contribution to banks
Approved by the dispatcher in spare cities.
Each bank should keep the deposit in exchequer of lawful money of the United States, to equal five percent. From its reference as fund to expiate the same. These are five percent. Can be counted as a part of its lawful stock. It does not release banks from a duty of expiation of their notes in their own counters on demand.
The one tenth net profit needs to bear in superfluous fund while it is not equal to twenty percent. From the capital.
The bank should not give more than one tenth its capital to one person, corporation or firm, expressly or by implication, to give money for safety of its own actions, to be the buyer or the holder of its own actions if is not taken as safety for a debt, earlier is diligent, and time so taken they should be sold within six months under the penalty of to be placed in liquidation.
Each bank should do to the dispatcher not less than five messages every year, showing its condition from time to time to be defined by it, and he can call for special messages from any specific bank every time when he wishes to do so.
Each bank should pay to the treasurer of the United States the tax equal to one percent. In a year on the average quantity of its notes in circulation. Actions are inclined to the taxation States in which they are located on the same norm as other monetary capital belonging to citizens of such states.
Any benefit which is growing out of lost and destroyed notes, operates to benefit of the United States.
The dispatcher has absolute appointment of all receivers and establishes their indemnification. All sums of money realised from actives, are paid in exchequer to the credit of the dispatcher, and all dividends are paid them.
[220]
The supercertificate on checks is strictly forbidden, giving to officials or the clerks inclined to the conclusion.
National directors of bank according to the law are individually responsible for full quantity of the losses following from infringements of national legislations on banks.
THE STATE BANKS

But, fertile as soil of India, and benevolent to an agricultural production as its climate in

But, fertile as soil of India, and benevolent to an agricultural production as its climate in general, its climate is not always favorable. It periodically suffers from surplus of a drought. As consequence to artificial it is necessary to address, or the most part of this fertile country often was desert. In one only the British India of irrigation canals of 28 000 miles are under the government control, 14 000 from which have been constructed by existing (British) governmental works of extensive measurements and the highest technical skill. As a whole 28 000 000 acres in the British India depend for their necessary delivery of humidity to the general , and 8 000 000 on irrigation canals. There was it not for these irrigation canals, 2 000 000 acres in Scinde (northwest India) will be infinite desert as Scinde it is almost perfect . On the other hand, in the most part of India the downpour is excessive. Some areas really are the most damp on globe. In Assam, for example (which is also one of the hottest places in India), the downpour makes 600 inches annually, and it was 650. As consequence of the river in India often leave the coast. Therefore, to protect the country on lower river limits from flooding the British government has constructed more than 1500 miles of quays.
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MINERALS OF INDIA

Australia - continent not only on the name, but also actually

Australia - continent not only on the name, but also actually. Its area, including Tasmania, makes almost 3 000 000 square miles which is about area of the United States, exclusive of Alaska, and only approximately one quarter has less than area of continent of Europe. Completely two fifth this lie of area within a hot zone, and the others, even to Victoria, a part, the most distant from equator, a climate so , that it corresponds that from Spain, southern France, and Italy. But on so extensive territory the big distinctions of a climate should occur, and therefore products also. The general description of a climate and products of Australia therefore are impossible. Nevertheless there are some features which belong to the whole continent. Their head (1) big drought of atmosphere - it is not simple its shortage of a rain, but its absolute freedom from humidity; (2) remarkable inequality, or the regularity, in a downpour want. Sometimes the downpour is excessive, but more frequent and serious reason of trouble - an excessive drought. The continent on each party has a low area of coast where the downpour is heavier also temperature, in general hotter than in a corresponding interior of a plateau to it. But the extensive plateau of an interior has rather small rain, and is valid in some parts of it, especially in the centre and the West, the downpour is so small, that the country - actually desert.

Area of Canada the huge

Area of Canada the huge. It reaches 3 456 383 square miles which makes almost 500 000 square miles more than full area of the United States, exclusive of Alaska, and is not far were equal to area of all Europe. But almost 150 000 square miles of this area are lifted by lakes and the rivers; and much more the most part than it, under present conditions of a civilisation, is absolutely unfit for human habitation, being or too cold or too fruitless. Nevertheless, when all necessary grants have been made there, still remains in Canada huge area with soil, enough fertile and a climate which is favorable enough in all purposes of very civilised population. More than 900 000 square miles are already occupied, and the occupied area completely one half has been improved'. The senior areas, an acre for an acre so approaching for agricultural prosecution as the adjacent states of the Union. Manitoba, 'Prairie Area,' are almost one extensive area of wheat, with productivity for wheat incomparable somewhere except in a valley Red River of Minnesota and Dakota. Grain of Manitoba collects foots to 50 000 000 . British Columbia - the earth of almost infinite possibilities, not only because of its resources of a mineral and wood, but also and because of its abilities to agriculture and gardening. Territories - so extensive area, that their any general description is not possible, but it is possible to tell, that the big valley of wheat Saskatchewan, the protected country Alberts, and the big plains of wheat of a valley Peace River in , is the areas adapted in soil and a climate to sustain hardy and vigorous people. The population of Canada is rather small. It is estimated in 5 250 000. More than 1 000 000 persons of the Canadian birth live in the Incorporated [189] states, and number of the Americans living in Canada, is only 80 000.
From 2 425 000 persons who have arrived to Canada as immigrants in forty years, not less than 1 310 000, or fifty four percent., has arrived to the United States. It is declared, that this mass flight has stopped, and that if any big movement of the population exists now, it to Canada.
WOOD RICHES OF CANADA

Prosperity of Germany and advancement cannot be completely measured by statistics

Prosperity of Germany and advancement cannot be completely measured by statistics. Nobody can predict, what it will be, as it is partially based on elements from which unfortunately other countries did not take a lot of account. [105] Germany turns attention to practical formation of its people than any another
The nation in the world. Its system of a technical education is stretched on the whole empire, and provides the technical instruction for each class of people and for each employment of evening schools of people for already involved in life work, agricultural schools, forestry schools, business schools, extracting schools, naval schools, and schools in each branch of a manufacturing industry, besides, certainly, schools for formation of what intend to follow the studied trades. As consequence of it very much the general condition of a technical education, in German industrial prosecution the class of the workers who have been not found at seminars of any other compatriots of industrial skill and experience, and at the same time the highest scientific technical achievements in branches of a science which have especially for their work there is occupied. These men work over salaries which in other countries would consider ridiculously low. In almost all other countries possession of sound scientific formation - the passport to social distinction, and each trade is opened for it who has the right to enter into it. In Germany, however, the studied trades, and especially official positions of army and fleet, are almost exclusive reserves of those who is born to the social category. The formed simple person, therefore, should find a shelter directly to make, trade, or trade. From this follows, that scientific skill and investigation extend in German commercial industries than in that of all other nations more widely. While, however, the German handicraftsman equal in its special technical skill was not firmer the specialised English competitor, and as consequence of it, it is more than one sixth full import of Germany consists of the goods brought from England mainly finer kind of textile fabrics [106] and article gland
And a steel. This inferiority in specialisation in German workers cannot long proceed, and the successful competition of Germany to industrial advantage of the Great Britain can is fast to be the tremendous fact.
MINES OF GERMANY AND MANUFACTURING OF HARDWARE