Commercial agencies have arisen in the system accepted by several visible firms of continuation of

Commercial agencies have arisen in the system accepted by several visible firms of continuation of the report all information, accessible concerning their clients. In 1841 'the Commercial Agency of New York' has begun the history, and was the predecessor of existing great agencies, whose record books of credits and estimations include names of all business buildings and corporations in this country and Canada. The establishment of the pioneer of this character in the United States was that having now the name 'R. Dun and Co.,' a product 'Commercial Agency of New York.' About 1860 it has transferred a name of Dun which was before the partner since Douglass when the agency was known as 'B. Douglass and Co.' Other popular and influential anxiety is one know as 'Company Bradstreet,' close speaking about as 'Bradstreet"s'. Besides these two leaders there are many other things which messages concerning credits are limited by specific lines of trade. The big agencies soon have found necessary to establish branches in all business sections of the country. The specific area of research is allocated to each branch, and information interchange is in constant advancement.

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.
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VI. TRADING FEATURES OF INDIA
THE PAST AND THE PRESENT OF INDIA WAS COMPARED

Victoria, least of the Australian colonies, had until recently the greatest population (June 1897,

Victoria, least of the Australian colonies, had until recently the greatest population (June 1897, 1 177 304) and also the greatest trade. In both relations, however, it is surpassed now by the New Southern Wales. Victoria owed its last advantage to its gold manufacture. Gold was revealed in a colony in 1851, and for many years production of a precious mineral made not less than 50 000 000$ in a year. Existing production of gold in Victoria, however, makes only 10 000 000$ in a year. Richer, however, than gold mines of Victoria abundance of its soil. The soil most part is extremely fertile - with one of the finest soils having fruit in the world. The wood vegetation of the country is magnificent. Trees of thirty foots in diameter raise to height of 200 foots without a unique lateral branch, and then 100 foots to on 200 foots above still. Pear trees grow to height of eight-ten foots, with trunks of three foots in diameter. But for the present wool growth, wheat lifting, and grapevine growth - the basic agricultural employment of people. The basic agricultural export - 25,000,000$ a wool value in a year. But the considerable part of it arrives from the New Southern Wales. Sheep held number 15 000 000, horned livestock 2 000 000. But the colony still remains mainly extracting community. The five ninth population live in cities. Nevertheless there are a few cities, and two fifth whole population, live Melbourn-a in a city of almost precisely such size, as Boston.
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MELBOURN

If the businessman who has been accustomed to observe projects, continues to dishonour them during

If the businessman who has been accustomed to observe projects, continues to dishonour them during the period, banks through which pass of projects naturally conclude, that it is incapable to cover its debts.

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

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

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

The condition of Italy is in certain respects better than that from Spain, but in worse others

The condition of Italy is in certain respects better than that from Spain, but in worse others. Its population 30 500 000, being three times is more to square mile than that from Spain, and fifty percent. It is more to square mile than that from France. About 1830 population has increased forty five percent., and it despite the fact, that loss by emigration is equal to one half of natural increase from surplus of births in deadly cases. Two million person of the Italian birth today live in foreign countries. Again, Italians, except those [115] in southern parts (Italians of Naples and affinity, for example),
The majority of hardworking people in Europe, with special ability for gardening and an arable land. In fifty years they have corrected 20 000 000 acres from wood, and have increased earth area at by hundred percent. In fifty years, also, they have trebled quantity of the capital which invest in agriculture. With 1860 they have increased quantity of a material, which they use in their textile (a clap, a wool, silk, and a cloth) almost . With 1850 they have increased the foreign trade two and one half of times. At last, with 1830, they have increased the domestic trade two and quarter times. But all these signs of prosperity in Italy - negatived in constantly increasing size of its public debt. It makes now more than 2,500,000,000$, or it is more than two and one half of times a full pure public debt of the United States, and approximately one quarter is more than the full compatriot, the state, a county, municipal, and debts of school district of the United States. And this extensive debt for people 30 500 000 is exclusive from provincial and municipal debts which make additional 275 000 000$. Italy since its reorganisation as kingdom in 1870 intended to be the first class military both naval power, and cost - more than it can stand. It has a standing army almost 800 000 men, 250 000 of which it constantly holds under the weapon. It has a fleet of seventeen linear ships, two courts of the coastal defence, eighteen cruisers, and 272 crafts of a torpedo, the majority of them having modern type and in the first class an estimation. It spends for its army almost 50 000 000$ annually, and on its fleet almost 20 000 000$ annually. It, with annual payment of interest 115 000 000$, all non-productive expenses, demands on its income which exhausts its people of blood of their life. To each kind of the taxation address k-direct and indirect; the earth, [116] house, and the income; sequence duties, registration charges, and the press for bills;
Customs, the excise and octroi; besides the governmental monopolies; and all this exclusive the municipal taxation. And still with 1891 was annual deficiency of the national income at the national expenses averaging 2 250 000$. As consequence of these taxes, and repressive effect they have on the industrial enterprise, the country net profit in the inhabitant more low in Italy than in any other European state except Turkey, Russia, and is lower Greece, even, than in states Danubian and Portugal and Spain.
TRADE OF ITALY AND SPECIAL SHOPPING CENTERS

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.

The big prosperity of Argentina has occurred because of degree and direct suitability of its

The big prosperity of Argentina has occurred because of degree and direct suitability of its agricultural resources as its wood riches remain undeveloped, and its minerals are rather poor. Its extensive and plains without stones did not require any 'improvements' to make their suitable for settlement, and soil which covers their being a virgin crop of bears of riches after a crop, not impregnating and with very small . Immigrants arrive to the country without dollar, and in twenty years owners of conditions of 5000 acres everyone. In any country in the world has agricultural expansion, faster. In twenty years the earth area in acres at has increased 1400 percent. The quantity at in one only to wheat has increased 2600 percent. 40 000 000 averages of manufacture of wheat which far does not require one quarter of full export of wheat of the United States. Manufacture on 1897 made 60 000 000 though the exported quantity was much less than it. Wheat product is really very variable, owing to a drought and a locust, as as Australia, Argentina is doubtful in the downpour. The grain yield is steadier, and in 1896 made (for one only export) to 60 000 000 . More important in aggregate than direct products of soil indirect products. There is 22 000 000 horned livestock, kept in Argentina, 75 000 000 sheep, and 4 500 000 horses. Full export of animals and products of animals makes 70$, - [182 000,000. From this export the basic point
The wool, paper clip of a wool of Argentina to be, in weight, the one seventh full paper clip of a wool of the world. Unfortunately, however, the Argentina wool is very dirty, and when is washed up reduces to one third while the Australian wool reduces only to two thirds or three fifth and is free from seeds. The profit, collecting to the Argentina manufacturer of a wool, thus is reduced. But, however, wool growth in Argentina - very favourable industry, and at many farmers (mainly Irish ) is from 50 000 to 100 000 sheep everyone. The horned livestock agriculture is continued mainly by the native Argentinean, and many cattle-breeding farms are supplied about the whole 10 000 horned livestock and horses 2000 everyone. The big export of Argentina, therefore, after wheat and grain and a wool, disappears also skin, the oil, the cooled beef, both mutton and bones. There are five factories in the Madrigals of Buenos Aires occupied completely in frightening mutton, and export of the cooled mutton to one only the Great Britain makes 5 000 000$ in a year. Other growing agricultural product - wine, the annual manufacture which is of 1 500 000 gallons. Despite magnificent wood areas of Argentina, but a few wood it is exported or even it is made for house consumption. Other basic manufacturing industry - the car - a cart - and seat belt creation, a cigarette - and competition creation, preservation and tinning meat, brewing, a flour - and grains, and creation from macaroni.
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MADRIGALS BUENOS-AJRESA
The most succeeding part of the South America.

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.
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V. TRADING FEATURES OF RUSSIA
RUSSIA, THE COUNTRY, WHICH FUTURE - THE PROBLEM

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.

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FINANCE, TRADE, AND TRANSPORTATION [8]
I
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FINANCE, TRADE, AND TRANSPORTATION [8]
I. NATIONAL AND THE STATE BANKS
ORIGIN OF BANKING ESTABLISHMENTS
The state bank of England, showing the Street input in the Streamlet.

When the goods are sold during the excellent periods of the credit, and in general it is meant,

When the goods are sold during the excellent periods of the credit, and in general it is meant, that becoming ripe accounts subject to kind projects, there should be no requirement of the notice of the debtor in advance. Some buildings, however, do the general custom of a parcel of notices ten days in advance, declaring, that the project will be delayed, if the check is not received in the meantime.

Canada as all new countries, depends for its prosperity on development and export of its natural

Canada as all new countries, depends for its prosperity on development and export of its natural products. They have four big classes: (1), products of its woods; (2), products of its mines; (3), products of its fishery; (4), its agricultural products. Wood resources of Canada when both degree and quality consider, are the finest in the world. The wood not cut area was in 1891 almost 1 250 000 square miles, or it is more than one third of area of the whole country. Annual value of wood and the made wood makes approximately 82 500 000$. Annual value of wood and exported wood makes approximately 32 000 000$. Two thirds of it go to the Great Britain, and more than 9 000 000$ in wood and registration go to the United States. At Quebec and Ontario is unlimited deliveries of a fur-tree for manufacturing of the wooden pulp which annual development reaches 200 000 tons. Not cut wood of British Columbia which includes a pine of Douglas, fur-tree Menzies, an elegant, red-yellow cedar, and as it is estimated, makes 100 000 000 000 cubic foots.
MINERALS OF CANADA

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.

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.
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BONDS AND CERTIFICATES ON THE STOCK

From Southern Africa as above a certain Colony of Cape and Натальный now the most

From Southern Africa as above a certain Colony of Cape and now the most important parts. Their climate is in certain respects the finest in the world. Their soil has remarkable riches. The number of excellent versions of the local factories found on it, is more than for any other equal area on globe. The same remark was true once for the animals found in Southern Africa which again is the proof to the big abundance of soil. But a serious lack - a lack and uncertainty in rain delivery. , however, it is carried out, and everywhere where it is possible, the earth can be made to blossom as increase. The agriculture, however, only is indifferent is pursued. The grapevine in the Cape Colony makes more much, very much more it is a lot of than somewhere else in the world, and still neither grapes lifting, nor wine creation as cannot speak, are successful. Pasturing - the basic employment of people in rural areas. There are 17 000 000 sheep in Cape Colonies, and 6 000 000 goats. , at what 500 000 sheep more , is. Other basic employment - agriculture of an ostrich. The ostrich, once wild in Southern Africa, is dissolved now in the country. The Cape Colony has 230 000 ostriches. [163] ostrich feathers
Effort from 150$ to 300$ for pound. Horned livestock lifting - other basic employment, and sketch horned livestock is very much used in the transport purposes. The Cape Colony has 2 000 000 horned livestock; , 1 000 000. The basic grain crops of food - wheat and corn, but it is a little lifted for export. In , sugar the important product, and also tea. Many magnificent woods of wood are found, but trees are sickly, and a few wood is exported. Very much has been spent for nothing by fires. The big agricultural possibilities of Southern Africa - a wool, a mohair (hair of the Angora goat), fruit, wine, and skin. Grains of Southern Africa possibly all will be necessary for house consumption.
THE BIG MINERAL RICHES OF SOUTHERN AFRICA

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.

The project - the formal requirement of payment of money

The project - the formal requirement of payment of money. Your banker"s check - your project of a kind on your bank. It so is not declared, but it is so understood. The check differs from the usual commercial project, both in its formulation and in its purpose. The bank is obliged to pay your check, if it considers your funds sufficient to meet it while the person on whom will delay your project, can or, probably, does not observe it in its pleasure. The check is used to pay money to the creditor while the project is used as means of collecting of money from the debtor.

What reason of remarkable prosperity of London? Already its population - one fifth all population

What reason of remarkable prosperity of London? Already its population - one fifth all population of England and the Wales, and it increases at the rate of approximately 20 percent. In a decade. Three hundred persons are added to number every day in year, norm of 110 000 inhabitants during a year. It now one half is more than the general number of the population of all Ireland. The Scottish population of London is almost so numerous as that from Edinburgh while its Irish population is rather so numerous as that from Dublin. Each civilised country is presented among its people, and in each civilised language speak among them. The brick and mortar sea, even now fifteen miles in length and ten miles widely, it grows at the rate of the new house each hour of its existence. Its streets already - 28 000 miles in length, and they extend so quickly, that every year many the whole villages and small towns are confused by them. Every day 1 000 000 persons enter into London the railway, and in [71] least quantity, 500 000 persons have employment in it in the afternoon who lives out of its limits
At night. Fifty thousand persons have employment in it in night time who lives out of its limits within day. It is the greatest centre of importation in the Great Britain, and the greatest in the world, and its export is exceeded only by Liverpool, and not always Liverpool. It - also the centre of financial business in the world. For example, dealers in the East Indies which send cargoes of spices and other East product to America, drawn games in settlement on London, instead of on New York while dealers in America which send cargoes, like Marseilles or Riga, drawn games in settlement on London, instead of on Paris or St.-Petersburg. What this which thus does London by the main place of the population in the world, commercial capital of the world, the big financial clearing house of the world?
LONDON THE CENTER OF THE SURFACE OF THE EARTH OF GLOBE

When the note is presented for payment to a maturity and not paid, to it usually object; that is,

When the note is presented for payment to a maturity and not paid, to it usually object; that is, the public of the notary does the formal statement, that the note has been presented for payment, and to payment have given up. The notice on such protest send to the manufacturer of the note and to everyone indorser.

The ancient empire Morocco still exists in the independent state

The ancient empire Morocco still exists in the independent state. Abyssinia though Italy has tried to enslave it, again also is independent. The small republic of Liberia is nominally independent. Some territory in the heart of Sahara or the Big Desert is nevertheless in its primordial independence. But in other place, everywhere on the whole continent, Africa - either British, or the French language, either German language, or the Belgian, either the Portuguese language, or the Italian language. The holding of Spain does not need to be mentioned. The holding of Italy also hardly should be mentioned. The holding of Portugal has not been increased in recent 'fight' - only made more certain. The holding of France, however, has been extremely increased, and now the greatest (3 300 000 square miles), though the most part of the French area - fruitless desert, [160] and the most part of its other part unfit for human habitation white people. The holding of the Great Britain also has been very increased, but not almost so that it
There would be if in earlier years of fight the British government was not especially blind to actions of other governments in a question. Germany, also, has an essential holding (925 000 square miles). A free condition of Congo, which though nominally independent, is actually under suzerainty Belgium, and should look at Belgium for funds to advance its development, is also essential possession, being it is little bit less than holding of Germany of 900 000 square miles.
THE GREAT BRITAIN IN AFRICA

The clearing house purpose consists in substantially to facilitate transfer of credits

The clearing house purpose consists in substantially to facilitate transfer of credits. It is explained by the following [249] illustration of low: Assume that Brown colour and Smith
Hold their money for the deposit in Bank A and that Brown colour gives to Smith, its check on 100$ and Smith bring it in bank to its (Smith"s) credit. Officials of bank will subtract 100$ from the account of Brown colour and will add the same quantity to Smith"s account. No actual money should be mentioned. It - simply question of arithmetics and accounts department. The credit has been transferred from Brown colour to Smith. If all people of a city held the money in one central bank there would be no requirement of a clearing house. Bookkeepers of bank would be kept by the occupied credits of transfer from one client to another on bank books. But if Brown colour holds its money in Bank A, and Smith holds the money in Bank B, it is necessary, that Bank A and Bank B unite somewhere that it is convenient to do credit pass, and it actually, that they do in a clearing house. Then, again, if Bank A should be located in San Francisco and Bank B in Boston, difficulty of transfer of the credit is very increased.

Commercial agencies have arisen in the system accepted by several visible firms of continuation of

Commercial agencies have arisen in the system accepted by several visible firms of continuation of the report all information, accessible concerning their clients. In 1841 'the Commercial Agency of New York' has begun the history, and was the predecessor of existing great agencies, whose record books of credits and estimations include names of all business buildings and corporations in this country and Canada. The establishment of the pioneer of this character in the United States was that having now the name 'R. Dun and Co.,' a product 'Commercial Agency of New York.' About 1860 it has transferred a name of Dun which was before the partner since Douglass when the agency was known as 'B. Douglass and Co.' Other popular and influential anxiety is one know as 'Company Bradstreet,' close speaking about as 'Bradstreet"s'. Besides these two leaders there are many other things which messages concerning credits are limited by specific lines of trade. The big agencies soon have found necessary to establish branches in all business sections of the country. The specific area of research is allocated to each branch, and information interchange is in constant advancement.

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

Position of Russia in the world - some kind of a problem

Position of Russia in the world - some kind of a problem. Its area huge. It is more than the one seventh surfaces of the earth of globe it is included within its compact borders. From this extensive territory the area of one only the European Russia is only one quarter; but even in this case it is more than area of all other European connected states. The population of Russia - more than 129 000 000 from which more than 106 000 000 belong to the European Russia. But the capture even the European Russia is the population only fifty four to square mile, the lowest proportion in Europe, except in Sweden and Norway. And the population increases. The birth rate factor is the highest in the world. And though the death rate indicator is very heavy, being fifty percent. It is more than it are in England, the increase since births is so big, that the population doubles in forty six years. There is thus obviously prospect, that Russia will play, in the near future, the important role in a drama of the nations, its capacities and ability to growth seem so shaking. And still there is an underside to a picture. From 106 000 000 inhabitants of the European Russia 10 000 000 belong to a cultural, progressive class, [121] rather equal of any people in Europe. But the rest
Mainly low grade of the peasantry which is not long deleted from slavery. The basic employment their peasantry is engaged in agriculture. But their farms are small, it is no more than ten acres for a piece, and the aggregate profit which they receive from them, does not average more than 65$ in a year in a farm. The food their peasantry is the most bad in Europe. Basically it consists of rye bread and the mushroom soup standing approximately four cents a day. Buildings it is frequent - simple huts, it is no more than a five-foot square. Women just as work of men in areas, and still the food total sum has lifted, has no more per capita than one tenth that is lifted by peasantry of France. Value of the food lifted in an acre, also, is too a little more than one third of average in an acre for all Europe.
Russia, British Empire, the United States were compared.
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RUSSIA THE COUNTRY OF SOCIAL EXTREME MEASURES

The commercial superiority reached many of big cities of Great Britain, does not occur absolutely

The commercial superiority reached many of big cities of Great Britain, does not occur absolutely because of the natural reasons, or even to the usual reasons. The most part of it occurs because of the extraordinary enterprise and foresight from their citizens. London, for example, is the centre of trade in a wool of the Great Britain. Woollen manufacturers of the Great Britain use approximately 250 000 tons of a wool annually, and three quarters of it are imported. Other cities which lay about places of the big woollen Liverpool , for to have an example tried to provide the action of this extensive import of a wool, but London, because of special attention which it gives to this trade, is able to hold almost all trade in its own hands. In the same way London almost completely monopolises trade of England with Arabia, India, the East Indies, China, and Japan. It - therefore the big shopping centre for tea, coffee, sugar, spices, indigo, and crude silk. It also possesses the most part of the British trade in fruit (oranges, lemons, currants, raisin, fig., dates, etc.) and in wines, an olive oil, and more mad, with the countries which lie about the Mediterranean. Advantage partially its situations, but substantially because of the enterprise of its dealers, it absorbs almost all British French trade, and trade of England with Germany, Belgium, Holland, and Denmark. It the fault (from France), and oil includes mainly, [82] eggs, and vegetables.
Other big branch of its trade that with ports of Baltic, including that of Russia, import inclusion, besides wheat and a wool, oil, wood, hashish, and a linen seed. The tobacco imported from Virginia to England, goes almost completely to London; so does almost all and the South American trade in fine woods, dyes, drugs, sugar, disappears, rubber, coffee, and diamonds. Rather big action of trade of the Great Britain with Canada is concentrated in London; also, it is more than one half of trade of England with West Indies, import from last country including mainly sugar, treacle, fruit, rum, coffee, cocoa, fine woods, and ginger.
SPECIAL TRADING FEATURES OF GLASGOW, LIVERPOOL, AND MANCHESTER

Usually checks should be delayed, 'to order

Usually checks should be delayed, 'to order.' Words 'Pay John"s Brown to order', mean, that money should be paid to John Brown, or any person, that he orders, that it has paid. If the check is delayed 'the Payment to John Brown or the Bearer', or is simple 'Pay to the Bearer,' any person who is the bearer, can collect it. The paying cashier can ask, that the person representing the check has written the name on a back, simply had it for the reference.

The ancient empire Morocco still exists in the independent state

The ancient empire Morocco still exists in the independent state. Abyssinia though Italy has tried to enslave it, again also is independent. The small republic of Liberia is nominally independent. Some territory in the heart of Sahara or the Big Desert is nevertheless in its primordial independence. But in other place, everywhere on the whole continent, Africa - either British, or the French language, either German language, or the Belgian, either the Portuguese language, or the Italian language. The holding of Spain does not need to be mentioned. The holding of Italy also hardly should be mentioned. The holding of Portugal has not been increased in recent 'fight' - only made more certain. The holding of France, however, has been extremely increased, and now the greatest (3 300 000 square miles), though the most part of the French area - fruitless desert, [160] and the most part of its other part unfit for human habitation white people. The holding of the Great Britain also has been very increased, but not almost so that it
There would be if in earlier years of fight the British government was not especially blind to actions of other governments in a question. Germany, also, has an essential holding (925 000 square miles). A free condition of Congo, which though nominally independent, is actually under suzerainty Belgium, and should look at Belgium for funds to advance its development, is also essential possession, being it is little bit less than holding of Germany of 900 000 square miles.
THE GREAT BRITAIN IN AFRICA

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

The holding of the Great Britain, however, on the divided continent includes the best parts

The holding of the Great Britain, however, on the divided continent includes the best parts. The most part of Africa is unfit for human habitation the white. Everywhere, where, however, the white can live - except in northern Africa there, the control was possible to receive the Great Britain. Excepting coast of the Mediterranean, the most part of Africa which consider from points of representation of colonisation and trade, that is known now as 'the British Southern Africa.' It is huge area - area almost 1 000 000 square miles. It the whole southern part of the continent known as the Colony of Cape, and (2), that includes (1), that a part of the big central plateau of continent which is stretched from the Cape Colony to the north to Lakes Nyassa and Tanganyika - all but two republics, Orange Free State and the South African republic. The British East Africa (800 000 square miles) includes territory of Uganda, to the north from Lake Victoria, territory which from character of its population on a birth and its possibilities of trade named 'pearls of Africa.' The British Western Africa (500 000 squares [161] miles) includes pool of lower Niger, most densely occupied area in all Africa, a place of the big empire of a Fula-house of Sokoto-Gandu,
The richest and greatest country-participant of foreign trade on continent. Besides, in the northeast, the Great Britain carries out 'the protectorate control' over the control of Egypt-a which, possibly, will promote correction for Egypt, and thus for a civilisation and trade under the British power, ancient property of all Egypt along Nile so far at least as Uganda. The full area of the British property in Africa, exclusive of two republics and Egypt, makes more than 2 300 000 square miles.
'DOMINION OF SOUTHERN AFRICA'

There are some other forms of road credits in use

There are some other forms of road credits in use. The Check bank, English establishment with a branch in New York, lets out to travellers the book of checks, each of which can be filled only to the limited [41] quantity, as shown according to the printing and punched notices appearing on the person. For example,
For? 100 it is possible to buy a check-book containing fifty checks without a designation of the sum, each advantage when it is properly filled, for? 2. Each of these checks - really certified check, only it is certified before a problem. Any one thousand or more than foreign banks which are agents for Check Bank, sells these check-books, and exchanges checks for money when is presented. The quantity which can be the short delayed movement to cost of a new check-book, or can be returned in cash. The American and other special companies has forms of the road check-books, very similar the let out Bank of the Check.
XII. JOINT-STOCK COMPANIES

Country natural resources - mainly mineral consumer goods and agricultural products that is [5]

Country natural resources - mainly mineral consumer goods and agricultural products that is [5] crops. Wood and fish are made in a
The country also among its natural resources. Positions and industries of cities are usually established by natural conditions, but the strongest agent - personal energy of initiative and persistent men which, by surpassing formation, either scientific knowledge, or a practical prediction, often were able to the found industrial centres in the situations, which any geographical considerations would not offer or would explain.

Brazil - much more the big and more densely populated country than Argentina

Brazil - much more the big and more densely populated country than Argentina. Its area (3 209 878 square miles) is such size, as area of all United States, smaller quantity of half of Alaska. The most part of this area has extremely tropical riches of manufacture. But, unfortunately, the most fertile parts of Brazil - parts, the least suitable for settlement white. The population last census - approximately 14 500 000, but is less than 4 000 000 of this population - pure white. Negroes who were recently slavish number more than 2 000 000, and there as it is supposed, are approximately 1 000 000 Hindus. An intermediate link between Hindus and Negroes and the white population - the numerous mixed races or hybrids. The agriculture [185] main industry, but is two kinds: tropical agriculture
From the central and southern central coast which is continued mainly by work of the Negro and the mulatto, and agriculture of moderate area of the extreme south which is continued mainly by colonists from Europe, the recent European emigration almost completely directed to that area. All interior of Brazil still remains unresolved and untilled. The crop of coffee of Brazil is huge and is the basic product. Manufacture makes 8 000 000 bags or more than 1 000 000 000 pounds annually which is more than two thirds of total sum of the coffee used in the world. The Labour party for coffee is insufficient also road, and in earlier stages of manufacture of a berry awfully consider the Brazilian coffee. But cars are used everywhere where probably, and in later stages of manufacture the Brazilian coffee receives the best attention which can develop skill. As consequence the product of coffee of Brazil raises on an estimation of users of coffee. Bushes are grown up under palm trees to hold them from an intensive heat of the sun. In a year three or four crops of berries are received. Rio Janeiro and Santos - two main centres of the industry of coffee. Near to coffee the main tropical product - the sugar, which export makes approximately 250 000 tons annually, mainly of Pernambuco. Other products of tropical area of Brazil - cocoa and a clap, from cultural areas of coast, and rubber and the Brazilian nuts, from dense woods of lower Amazon; also dyewoods and office woods, drugs, and diamonds. Brazil is a lot of years was celebrated for its received of diamonds basically from a city in an interior by name of Diamantina. Existing diamond manufacture is not big. From moderate agricultural area of the southern, dried up beef, disappears, and oil - the main export. The greatest client of the Brazilian makes, the Incorporated [186] states, which beret value for 70 000 000$. The Great Britain is following, with
Value for 35 000 000$ (in one only rubber in 15 000 000 1896$). Brazil receives its goods mainly from the Great Britain, the United States, France, and Germany - from the Great Britain 20 000 000$, from the United States 13 000 000$. Import includes almost all articles necessary for internal and industrial claps wood is more whole especially and woollens, the hardware goods, cars, the flour, rice, has dried up meat, kerosene, oil, and fish. Is, however, 155 cotton factories established in Brazil, with the capital to value 50 000 000$, and cotton manufacture is protected by very heavy duties. But agricultural cars and such as manufacturing are very slightly imposed by the tax. The basic food of people - a flour ().
JANEIRO

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

Australia undoubtedly on the eve of the period of the big development

Australia undoubtedly on the eve of the period of the big development. Its resources, as is known, the huge. Its climate has been found by the most favorable concerning human health, and undesirable feature of a climate, and malfunctions of a downpour, have been studied and became understood and found . As soon as the confederation which is now in the course of formation [175], takes place, there is no doubt, that Australia will enter in new and
Succeeding commercial era. Owing to the fact, that its main possibilities of riches lay in development of its natural resources, it is probable, that during some time to arrive almost all goods of an industrial function which Australia requires, should be imported. Already its import makes 275 000 000$ which, of course, the Great Britain delivers the basic action. This import mainly dresses also materials for clothes, but it also includes hardware and cars, and actually all demanded by people very civilised and spending money, except grains and conditions. The size of this import can be comprehended from the fact, that it - is more than one third of full export of the United States within any year, save one to 1896, including our huge export of grains, conditions, and a clap. And besides export articles already the upom-wool, meat, disappears, skin, minerals, fruit, etc. There one other Australian resource which is capable to almost uncertain development. It is its wood. or a rubber tree some of its most general variants prevail almost universally in Australia, and, being and strong and insects, have almost incomparable value for shipbuilding, cross ties, and harbour and dock buildings. That Australians completely realise importance of development of their foreign trade, is noticed in efforts, which they have undertaken to provide services for this purpose, that they have brought their products to ocean ports. There are 11 980 miles of the railway, almost which each mile has been constructed by the governments. It is one mile of the railway for each 300 inhabitants, in comparison with one mile for each 400 inhabitants in the United States. These railways which operate completely to and from coast. There are no factory cities which will be . The Australian trade consists completely in [176]
Exchange of the natural products lifted by the house for imported . Equally remarkable with the enterprise of the railway of Australians their enterprise in cable building and establishment of cable communications. For example, the cable line of 2000 miles in length, on continent from Adelaide to Hold Darwin in a front rack, has been constructed by area of South Australia to connect to a cable from Port of Darwin to Java, Singapore, etc., and thus with Europe and America. At least for 1500 miles this cable line runs one of the most deserted and inaccessible areas in the world.
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XI. TRADING FEATURES OF THE SOUTH AMERICA
THE SOUTH AMERICA, FERTILE CONTINENT WITH LACKS

To organise the joint-stock company, it is necessary for many people to unite and make the

To organise the joint-stock company, it is necessary for many people to unite and make the certificate in the sense that they suggest to generate the company to have the certain name, for the purpose of carrying out of a certain kind of business in a certain place. The certificate declares, that they suggest to let out certain number of actions of a stock for a determined price in the action, that the fixed capital should be certain quantity, and that the company should continue to exist for a certain time interval. The blank forms for such certificate are delivered by the Secretary of the state where the company will be organised and when such certificate is properly filled, signed, and put to it, it lets out the licence, or charter-party, to the people doing such certificate, giving to them the permission to open the book to sell a stock, and to continue the enterprise depicted in general.

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

To the student of a civilisation India - one of the most interesting countries in the world

To the student of a civilisation India - one of the most interesting countries in the world. It always was one of the most fertile and densely populated areas of globe. Within many centuries it as thought, was one of the richest. In a consequence it, again and again, there was a scene of intrusion, a gain, and property capture. But its riches never consisted so in natural treasure as in savings of hardworking and modest people. Since a year 1600 European nations had the direct relation to India, especially England, France, Portugal, and Holland. Within last 140 years, however, England was the dominating power there. Regardless of the fact that can be told concerning an occasion of intervention of England in affairs of India first, it is possible to tell only, that existing influence of England in India is very favourable to the country. Prosperity of India as a whole is comparable now to that from any civilised nation on globe. And people who once, because of a repeated gain and property capture, have lost all sense of honour and self-respect, now, under soft influence of the world, the law, the order, and safety, quickly becoming noble, itself [130] - assured, both initiative, and ambitious to possess all rights and privileges of the modern
Civilisation.
THE SIZE OF INDIA AND THE POPULATION

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

One of the most valuable parts of formation of the banker should learn, whom to trust

One of the most valuable parts of formation of the banker should learn, whom to trust. At each bank should be well organised and completely supplied department of the credit which is responsible for someone, on whom it is possible to rely to be engaged in investigations carefully, all names have mentioned its officials. The banker has the right to expect the fullest confidence from the borrower, and the borrower should supply with its full and detailed statement of a condition of its affairs. It is safe to conclude, that when the borrower refuses to give absolutely any information concerning its financial condition, its credit is not in the most favorable form.

Заклады on the improved property if it is properly diplomaed in quantity, should be safe and

on the improved property if it is properly diplomaed in quantity, should be safe and favourable investments. The buyer, however, should carry out the big care and good judgement. There should be there an arrangement between the agent of a loan and the land owner, money has promoted, can be substantially over actual value of the property. Villages with less than a building of a dozen often - sites of the investment companies engaged in commerce under pretentious names and offering to the investment in interest rates which local conditions are impossible. One of devices of these initiative companies should offer their own guarantees and concerning the head and rather [236] interest of all about which they agree. The investor should be convinced of two things: (1) safety
The head, and (2) regularity in interest payment. There is a big danger of non-payment from the reasons which are not expected by the debtor under the mortgage and over which it has no control.
STOCKS AS SECURITIES

France as Germany, is well supplied by the navigable rivers, and them, its channels to make a full

France as Germany, is well supplied by the navigable rivers, and them, its channels to make a full network of navigable waterways which cover all country and very much advance nation domestic trade. This navigable set of the rivers of 5500 miles, and ship canals more than 3100 miles. The tonnage of the goods has continued these waterways, is compared rather favorably with which is born by railways. Set of railways of 25 000 miles.
DISTINCTIVE AND IMPORTANT MANUFACTURING OF FRANCE

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

To illustrate communication between banks in the remote points allow us to assume that B Haverhill,

To illustrate communication between banks in the remote points allow us to assume that B Haverhill, Weight., who holds its money for the deposit in the First National Bank of that city, sends the check in S Waconia, the Nobility., in the payment of invoice. S brings the check in Bank of Farmers Waconia and receives the direct credit for it in its bankbook, all the same as though the check has been delayed on the same or the next bank. Contributions to bank of Farmers the check, with other checks, in, say, First National Bank of Minneapolis, or it can send the check to its correspondent in New York - speaks the Ninth National finding-out to which will attribute quantity. For the sake of an illustration, assume, that the check is deposited with the First Compatriot of Minneapolis. Now, this bank has a correspondent in Chicago - the Commercial Compatriot - and the correspondent in New York - National Bank of republic. If it is sent the Commercial Compatriot, this bank has a correspondent in Boston - Bank Eliot where the check would send. Now, the first Compatriot of Haverhill has a correspondent in Boston - the Compatriot Respects Bank. Bank Eliot possibly took this check to the Boston clearing house as charge against Respected Bank. The respected Bank would subtract quantity from the first Compatriot [253] deposit of Haverhill and would send the paid check in
Bank of Haverhill where in end of month it would be handed over B, showing on a back S, and printing representing all banks through which hands it has passed. If the bank of Farmers Waconia has sent directly to its New York correspondent, the Ninth Compatriot this bank would send to its Boston correspondent, Northern Compatriot, and the check will be being 'under a high' through a clearing house against Respected Bank. If the first Compatriot of Minneapolis has sent directly to its New York correspondent, National Bank of republic this bank will send to its Boston correspondent, to Compatriot Shawmut, etc. As a rule, banks gather any route, it seems to the most convenient or favourable. It is considered, that millions dollars are lost to banks every year because of time consumed by checks in a way.
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VIII. COMMERCIAL CREDITS AND COMMERCIAL AGENCIES
AS TRADE IN THE WORLD IS SUBSTANTIALLY SPENT AFTER THE CREDIT

Cost of transfer of an ingot from one country to another forms a limit in which limits increase and

Cost of transfer of an ingot from one country to another forms a limit in which limits increase and falling of a real exchange between them should be limited. If for an illustration the New York dealer owes a debt in [35], London and an exchange stand to it, say, two percent., and cost of shipment of gold is only one
Percent., it should pay in its interests a debt, sending an actual coin through. The favorable real exchange influences as a duty export and as generosity on import.
(Private) bill.

Almost 2 000 000 000$ are deposited in savings banks of the United States

Almost 2 000 000 000$ are deposited in savings banks of the United States. This big sum represents savings approximately 5 000 000 persons. The primary idea of savings bank and mail and other forms of rescue of establishments in foreign countries consists in encouraging development among weights of people.

Заклад - transportation of the property for the purpose of debt maintenance, with a

- transportation of the property for the purpose of debt maintenance, with a condition, that if to a debt pay, transportation should become void. in shape - has really put the earths, with special point, declaring, that the grant is not absolute, but only for safety of a debt. It usually for the debtor during performance to execute also the permission of customs to export of the goods from a warehouse or the promissory note in favour of the creditor for quantity of a debt. It name the note . are often given in cases, where there is the debt existing to provide or compensate the pawnbroker against a small amount of responsibility which it can is possible to take from a name or in favour of the debtor under the mortgage. For example, when the person has confirmed someone"s note for the arrangement of the last or has gone on its obligation as a guarantee, last can execute to former indemnifications. The corporation power to put in pawn its property usually it is regulated by its character or according to the general law according to which it is organised. All should be registered at office of the register of affairs for a county in which the property is located. The object of registration consists in giving the notice on existence to any, who could wish to buy the earth or [235] to take on it. On the same property can be a little . The first pawnbroker has the right to be paid completely at first, then
Secondly, and so on. The pawnbroker can use the as safety for loans, or it can appoint it as it is pleasant. When to requirements do not answer, the holder has under certain conditions the right on that is, excluded to advertise the property for sale and, within time established according to the law, to sell it, to satisfy . It usually for the debtor under the mortgage to insure the property in favour of the pawnbroker.