But while it is true, that domestic trade of Germany - its most important trade, also it is true,

But while it is true, that domestic trade of Germany - its most important trade, also it is true, that its foreign trade has during last half of the century made more of successes than those from any other European country, and within last three or four decades there is more than advancement than even those from the United States. About 1840 it has increased six and two third time while that from the Great Britain has increased six times, and France only four and [108] times one heel. It is now the second
In the world, being it is more than that half from the Great Britain, before those from the United States, [1] and it is very considerable before that from France while in 1860 it was much less than half of that from the Great Britain, it is less than those from the United States, and it is much less than that from France. Germany, however, well is not approved concerning seaports as in its overseas trade it substantially depends on foreign seaports namely, ports in Belgium, Holland, France, Italy, and Austria. Rotterdam in Holland and Antwerp in Belgium is much more favorably located concerning trade of its head extracting and industrial areas than any of its own ports. There are only two German seaports with water of depth, sufficient to adapt deeply pulling vessels in which foreign trade now mainly bear on - namely, Cuxhaven, the remote port of Hamburg, sixty five miles from Hamburg, and Bremerhaven, the remote port of Bremen, thirty five miles from Bremen though recent improvements of navigation of Elba allow courts even a sketch to rise to Elba completely to Hamburg. But Hamburg (625 000), for the reason, that within many centuries it was ex-port an input, has created very big foreign trade, being the fifth in the world in this respect, London, New York, Liverpool, and Rotterdam, one being before it. Foreign trade of Hamburg - almost one half is more than the whole foreign trade of all other German connected ports, while foreign trade of Bremen - approximately one quarter that from Hamburg. Bremen as Hamburg, was [109] within many centuries ex-port an input, but in 1888 both Hamburg and Bremen surrendered in the big
Divide them ex-port privileges, and has entered into the general customs association of empire. Both cities extremely did not wish to throw their ancient unique commercial privileges as they were afraid of huge loss of trade thus, but hoped, that that they have lost in foreign trade, will be made to them in the increased trade with other parts of empire. One reason for the big development of foreign trade of Germany last years is found in services, that it possesses for high-speed transport to and from Italy by means of tunnels through the Alpes.
Northern central Germany, showing a ship canal and leading commercial arteries.
FOOTNOTE:

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

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

Other area of full value of commercial agency is in подвергании disappearing debtor and

Preparation of roguish refusal can aspire to open many new accounts
Other area of full value of commercial agency is in disappearing debtor and it where [262] abouts, and also the dishonest dealer who in
Preparation of roguish refusal can aspire to open many new accounts. Unusual requirements of messages, respecting the such lead to cautious research. Instead of the restrictive tendency the commercial agency advances credit expansion and still supposes appropriate conservatism. It opens to the dealer as the market for its goods each new and reliable account. It bridles the assumption, stimulates diligence in business, accustoms accuracy, and develops character. When we remember that existing annual domestic trade of our country is estimated approximately in 800 000 000 tons of the goods, bore average distance of 120 miles, and that this volume of trade costs more than 10 000 000 000$, we are compelled to recognise, that the unique system of these credit-information bureaus has made much to further and does possible this commercial prosperity.
[263]
IX. BONDS
THE UNITED STATES, THE STATE, AND MUNICIPAL BONDS

To be the addressee of the valuable information given by these men of business of agencies,

To be the addressee of the valuable information given by these men of business of agencies, bringing an annual payment, are registered as subscribers and are supplied by books of estimations as them name. Besides this book special typewritten messages with difficult details, respecting [260] credit of firm are sent on
Inquiry of the subscriber. The volume of the information registered in these agencies concerning any credit, is received through effort of officials of the agencies known as reporters. These skilled people, integrity, and an insight - searching after trues. Usually each reporter has an excellent line of trade, appointed to it for research and research. It brings to it in a close acquaintance with each dealer in its specific area. He is a Charge d"Affaires avec lettres of the banker and the dealer for the facts. Its business should not collect simply the information, respecting resources of business men but to investigate hearings which in itself can be harmful to the credit, and deny them where only probably and to sustain and support the house credit. Too often it is supposed, that the reporter searches for weakness certificates, when actually its business - most often business of detection of elements of force. Information freely give it as he interviews the men which firms and event - storehouses for riches of the information of the credit. It it becomes fast the authorised representative of the dealer directly which not only says it everything, that he knows about clients and their accounts after its books, but its own business affairs also. Really, the relation becomes so very mutual, that the reporter often supplies the information to the dealer in interview on some question of the credit of the urgent notice. Thus acknowledgement of the facts or a hearing refutation can be made. He examines books of offices of the public report to find the certificate , judgements, and property transfers and to make record of the same on agency books. It is a reporter who at last has collected the information which defines ability of firm to have and hold a credit line.

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.

London - the biggest place of trade and trade in the world

London - the biggest place of trade and trade in the world. Its commercial greatness is testified by its greatness of the population. Its number of inhabitants more than 6 000 000. Buildings in which this extensive population lives if it is placed closely, would make continuous street which would be stretched through all Europe and Asia. The simple effort of maintenance of food for this extensive population demands huge trade. The horned livestock half-million is required to deliver its market of meat every year; also 2 000 000 sheep and 8 000 000 house birds. To deliver its fish market, 400 000 000 pounds of fish are required, and 500 000 000 oysters. Grain, a flour, fruit, oil, eggs, cheese, sugar, tea, and coffee, is brought to London daily in such quantities, that the prices of these consumer goods, all all over the world are based that they will bring in London. The whole nations and areas and areas receive the livelihood from industries which have for their end a delivery of a part of this huge requirement of food. Denmark, for example, owes the all prosperity [70] years of cent to its favourable
Manufacturing of oil for the London market. Brittany and Normandy, in France, almost are completely occupied in supply of that market with a house bird and eggs. Islands of the Sweater and Guernsey receive the basic riches, not as could be assumed, from milk and oil sale, but from delivery of London with a potato. Canada within last six or eight years has created with London huge trade in cheese, trade which exceeds any another which Canada, while even has our own house Illinois of the states in importance, Iowa, and Wisconsin, for to have an example the riches found new sources in a gratification to the London dairy trade. 'Elgin' and oils dairy 'Ames' - the products, known to the London consumer.
LONDON THE WORLD COMMERCIAL CENTRE

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

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

The word firm concerns with validity, establishment, force, and in business sense shows two or more

The word firm concerns with validity, establishment, force, and in business sense shows two or more persons united in association for the purpose of trade. The word house is very often used in the same sense. In commercial use the house does not mean a building in which has put is conducted, but men to whom belong business, including, probably, a building, a stock, factory, and business reputation. The anxiety of the name is often used by very similar way.

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

Agents who do transportation work by rail, are railway corporations

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

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

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

Almost all banks hold money for the deposit in other banks in the big commercial centres for

Almost all banks hold money for the deposit in other banks in the big commercial centres for example, in New York or Chicago. They name these banks their New York or Chicago correspondents. The bank account - simply check of bank which is catching up it the deposit with some other bank. (See an illustration, p. 245). Banks sell these checks to their clients, and dealers do big use of them in creation of remittances from one part of the country to another. These projects or checks of cashiers as they [247] are sometimes named, pass as cash somewhere within limits distances of the centre of money on which they
The delayed.
BILLS

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.

All world - area of the modern dealer

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

[30]

The approved project - really promissory note though it name acceptance is more often
[30]
The approved project - really promissory note though it name acceptance is more often. When the person pays or the project approves, it as speak, observes it. On previous illustration A it is not obliged or to pay or approve the project. It does not connect on it more than the letter would be. He can refuse payment so easily and so with readiness as he could refuse to pay to the collector who calls for payment accounts. Certainly, if the person usually refuses to observe lawful projects, it can damage its credit with banks and business buildings.

We have now on the market and bond stocks, representing all conceivable kinds of the property

We have now on the market and bond stocks, representing all conceivable kinds of the property. 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 property. Thus we find among our railways not only at first, secondly, and the third mortgages, but also bonds of the income, the dividend bond, convertible bonds, have united bonds, bonds of the repayment, the bond of renewal, the bond of fund the falls accompanying the bond, the equipment bond, etc., while they do not put also imposing in apparently infinite disorder.

The note should be presented for payment to exact day of a maturity

The note should be presented for payment to exact day of a maturity. Notes have made subject to payment in bank, or in any other place, should be presented for payment in the named place. When no place is defined, the note subject to payment in a place of the manufacturer of business or in its residence.

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.

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

The cumulative effect of humiliated transportation should increase distance on which for the

The cumulative effect of humiliated transportation should increase distance on which for the manufacturer and the consumer probably to deal with each other. It offers the manufacturer wider market and to the consumer more various source of delivery. As a whole, humiliated transportation is more homogeneously favourable to the consumer; its time advantage to the manufacturer very often leads to overproduction. It has effect also callings of almost homogeneous prices all over the world.

It is error to answer questions for the student if it in a condition from to find answers

It is error to answer questions for the student if it in a condition from to find answers. A question which establishes student"s reflexion, even thus, that it cannot immediately find the satisfactory answer, gives educational training of considerable value. A little from answers to previous questions the following:

Experience has shown, that always number of people in Europe obliged to the American business

Experience has shown, that always number of people in Europe obliged to the American business buildings, about (though it is final not actually) the same as number of people in America obliged to the European buildings. Hence, when New York wishes to make payment B of London, it does not send actual money, but enters into the market that is, to the banker doing foreign business - and buys the project named the bill which is actually the payment commission of bank on its London correspondent, asking that last has paid money to the person, named. There can be so [34] about same time some
The London dealer who owes money in New York, goes besides to the Most London banker and buys the project on the New York bank. Thus one project cancels another and when there is a distinction in a weekend or month through which send actual gold to counterbalance the account.

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

Commercial energy of Germany till now have been mainly concentrated on its domestic trade

Commercial energy of Germany till now have been mainly concentrated on its domestic trade. A total sum of this trade foots to 7,000,000,000$, against 6 000 000 000$ France, and in fifty years which it has [107] trebled while that from France has hardly doubled. At Germany is more miles
The railway than any other country in the world except the United States, its distance which is almost 30 000, against 25 000 France and 21 000 Great Britain. Its natural and artificial waterways also it is better in Europe, and its extensive manufacture of mineral riches is transported from a deposit to a foundry and factory, and its extensive manufacture of wood and grain is transported from wood and area in seaport, substantially by means of the water car. Rhine, Elba, Oder, and Vistula all are navigable everywhere at their whole courses through German territory while Weser and Danube also are navigable everywhere on the most parts of their courses. All these navigable rivers are connected by channels. The full length of possible river navigation makes almost 6000 miles while the full length of channels and made the water drain of the rivers, 2700 miles. Besides, in 1895 Kaiser Wilhelm the Channel, not locked seaworthy channel of the vessel, twenty nine foots of six inches by depth and sixty one mile in length there have been finished, connecting the North Sea and Baltic, and is constructed at cost almost 40 000 000$. This channel makes economy almost a single whole of day for commercial steamships, and three days for all sailing vessels occupied in the Baltic trade and trade of the North Sea.
FOREIGN TRADE OF GERMANY

The commercial project has close similarity to the letter from one person to other requirement that

The commercial project has close similarity to the letter from one person to other requirement that a certain sum of money to be paid to the person who calls, or to bank or firm for which it operates. For example, the project shown on the first illustration, could be formulated something as it: [27]

Banks have a custom, after payment and a gymnastics of checks, cancellation them, striking a fist

Banks have a custom, after payment and a gymnastics of checks, cancellation them, striking a fist or forcing some to cut through their person. These cancelled checks are returned manufacturers in the end of each month.

The similar explanation should be given the fact, that London - the great financial centre of the

The similar explanation should be given the fact, that London - the great financial centre of the world. The same policy who has made the Great Britain the big trading country, also has made its big industrial country. Food products of all world pour in on its coast, and the Great Britain became a cheap place to live century Its handicraftsmen are supplied by the best food which the world can make, and it under the prices which are actually, that the British requirement does by them to be. The British handicraftsman therefore and well eats and cheaply eats. As consequence of it British manufacturing are made more effectively and more cheaply than that of the majority of other nations, and they therefore are exported extremely to each quarter of globe. London, from its availability concerning the great industrial centres of the house, and from its commercial relations and services for trade abroad, is great centre value of distribution of this huge manufacturing. The London exporters have accounts on the goods sold by all of them all over the world. Is, [76] therefore, any quarter of the world where
Money not constantly owing to London; or, if not to London, to Manchester, Birmingham, Sheffield, Leeds, Glasgow, or to some other industrial centre in close financial contact to London. In it then, there is an explanation of the financial superiority of London. Irrespective of that the quarter of world money should any place, final mission of that money - London; as the site to which owe money if it not to be London will be found in almost all cases, that, will be independent the debtor to London. London, therefore, from requirement and as the custom and convenience, became the big clearing house of the world. Final regulators of debts of all commercial centres of the world are made there.
The London bridge.
[77]
THE GREAT BRITAIN THE NATION OF THE CREDITOR OF THE WORLD

[214]

[215]
FINANCE, TRADE, AND TRANSPORTATION [8]
I
[214]
[215]
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.

Though terms закладов to corporation are similar to those on real estate what is presented

Though terms to corporation are similar to those on real estate what is presented by apartment houses, commercial conditions do its inconvenient or impossible to exclude and sell such properties. To stop all business of the railway or to close work of the company of a manufacturing industry not only would lead to a public wound, but will reduce substantially value of acquisition of the property. To overcome this difficulty where the active anxiety is financially confused, the court appoints the receiver who is responsible for appropriate behaviour of business before satisfactory reorganisation, or sale is reached.

It is estimated it approximately ninety percent

It is estimated it approximately ninety percent. From trade in the world it is spent after the credit. And in any country of the world commercial credits so freely given as in the United States. It is the earth apparently unlimited belief in mankind, and still the earth on which often prevailed the dangerous assumption, wastefulness, and bankruptcy. Statistical data show it approximately ninety five percent. From our dealers 'not in a condition to succeed,' and still no other country can brag about such riches, industrial energy, and generous confidence in business integrity. While not money in which it cannot settle a debt, it it is necessary to consider the credit as very strong agent in capital creation. The credit - other name for trust. The business world bases the confidence or trust to men on their character and resources. And degree of this trust becomes unique restriction of purchasing capacity of the businessman. At it, who can show definitively ability and an arrangement to carry out of obligations, there is it within its power to order [255] capitals or the goods of others. The credit - one of fruit of higher civilisation
And a strong condition of business of the country. It means quality of the government, also, which should not depreciate. The nations which most successfully and fairly operate and show the majority of stable conditions of currency also, show us the most extensive and effective systems of the credit. Strongly truly, that these same nations have passed in many cases through the periods of the big disaster from widespread refusals and a serious panic, but it also should be accepted in attention, that these bankruptcies - more often abusing prosperity than a product of a disastrous situation. Self-confidence in men and things has led to the assumption and has accelerated bankruptcy. And if it to be convinced which to inappropriate expansion of the credit is traced number of our financial disasters, it is possible to tell with still force, that all our stimulus to industrial achievement was and still depends on generous realisation of the credit. Building of our railways and channels, operations of our mines, improvements of our big areas of a farm, a building of our cities and cities, and developments of our extensive industrial interests - all result of the trust which has had a rest in men and industrial interests which they represent.
IMPORTANCE OF THE HIGH STANDARD OF THE CREDIT TO BUSINESS MEN

As these banks - keepers of superfluous savings of considerable quantities of people about whom

As these banks - keepers of superfluous savings of considerable quantities of people about whom laws of these several states have insured them with many guarantees, [222] not only for protection of investors, but also establishments directly. It is extremely correct and ought that the state, through its bank
Special representatives or otherwise, should while to supervise operations of savings banks to see, that they carry out the part of their contract with investors.

Though terms закладов to corporation are similar to those on real estate what is presented

Though terms to corporation are similar to those on real estate what is presented by apartment houses, commercial conditions do its inconvenient or impossible to exclude and sell such properties. To stop all business of the railway or to close work of the company of a manufacturing industry not only would lead to a public wound, but will reduce substantially value of acquisition of the property. To overcome this difficulty where the active anxiety is financially confused, the court appoints the receiver who is responsible for appropriate behaviour of business before satisfactory reorganisation, or sale is reached.

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.

Assume it A

Assume it A. B. Is going to make the European trip. It goes to the bank doing foreign business, to speak Brown Bros and Co. New York, also asks the circular letter for? 1000 for which he is obliged to pay approximately 4880$. Copies A. B. " s the signature leave with Brown Bros and Co., also can be probably sent their foreign bank buildings. When A. B. It is represented in bank of Glasgow or Paris with its letter of credit, and asks payment on it, the banker asks, that he has signed the project on Brown Bros and Co., New York, or it is more probable on their London bank, for the demanded quantity, what quantity has been immediately confirmed on the second page of the letter of credit so that when are equaled to the person, the letter has been completely paid. A. B. Simply catches up with its own account that is, on money, which it has brought to provide the letter of credit.

The facts received by commercial agencies, are not a public property

The facts received by commercial agencies, are not a public property. To them give on secret and in unique purpose to help business concerning relevance of granting of the credit. Private messages for eyes interested instead of curious. Every time when some specific point of interest finds the way to agency which would mention the credit seriously, such as granting a personal estate or a judgement or sale recognition and property transfers, it is standard to send nonrequested the special message of these facts to all subscribers to books of agency which ever enquired at any time concerning firm. It would be possible to expect, that these agencies expose themselves to risk of suit for slander but as any criminal intention never intends in any message extended and as it seldom occurs, that destructive messages are sent by these establishments if is not confirmed much, there are a few possibilities of suit of this kind.

There are, however, even now some ways with which foreign trade with China can be increased

There are, however, even now some ways with which foreign trade with China can be increased. Two of them - delivery of its people with the woollen goods, and their deliveries with wheat and a flour. Winters of the most part of China are so cool, that warm subjects of clothes are necessary. Now they are made mainly padded clap. Owing to population density the pasture is not enough, and sheep are almost unknown. For [144] uncertain
Time, therefore, will be the requirement of the woollen goods in China, the requirement which will constantly increase as surpassing convenience of woollen subjects of clothes in subjects of clothes of a padded clap becomes to more and more known people. And though rice - now the basic food of people even all classes, rich classes love a white loaf and receive it when probably. But the agriculture of the country is not supposed by favourable growth of wheat and a flour, and wheat if is used should be imported.
THE BASIC TRADING CITIES OF PORCELAIN

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.

Exchequer Stock

Exchequer Stock. It often occurs, which the new company finds necessary to postpone certain number of actions, which will be sold from time to time to provide a working capital. Such stock is spent in exchequer while it is not necessary, and is named by an exchequer stock.

The received value of words which usually appear on notes, is not necessary legally

The received value of words which usually appear on notes, is not necessary legally. Thousand the good notes made without any consideration of value, are processed daily.

But while it is true, that domestic trade of Germany - its most important trade, also it is true,

But while it is true, that domestic trade of Germany - its most important trade, also it is true, that its foreign trade has during last half of the century made more of successes than those from any other European country, and within last three or four decades there is more than advancement than even those from the United States. About 1840 it has increased six and two third time while that from the Great Britain has increased six times, and France only four and [108] times one heel. It is now the second
In the world, being it is more than that half from the Great Britain, before those from the United States, [1] and it is very considerable before that from France while in 1860 it was much less than half of that from the Great Britain, it is less than those from the United States, and it is much less than that from France. Germany, however, well is not approved concerning seaports as in its overseas trade it substantially depends on foreign seaports namely, ports in Belgium, Holland, France, Italy, and Austria. Rotterdam in Holland and Antwerp in Belgium is much more favorably located concerning trade of its head extracting and industrial areas than any of its own ports. There are only two German seaports with water of depth, sufficient to adapt deeply pulling vessels in which foreign trade now mainly bear on - namely, Cuxhaven, the remote port of Hamburg, sixty five miles from Hamburg, and Bremerhaven, the remote port of Bremen, thirty five miles from Bremen though recent improvements of navigation of Elba allow courts even a sketch to rise to Elba completely to Hamburg. But Hamburg (625 000), for the reason, that within many centuries it was ex-port an input, has created very big foreign trade, being the fifth in the world in this respect, London, New York, Liverpool, and Rotterdam, one being before it. Foreign trade of Hamburg - almost one half is more than the whole foreign trade of all other German connected ports, while foreign trade of Bremen - approximately one quarter that from Hamburg. Bremen as Hamburg, was [109] within many centuries ex-port an input, but in 1888 both Hamburg and Bremen surrendered in the big
Divide them ex-port privileges, and has entered into the general customs association of empire. Both cities extremely did not wish to throw their ancient unique commercial privileges as they were afraid of huge loss of trade thus, but hoped, that that they have lost in foreign trade, will be made to them in the increased trade with other parts of empire. One reason for the big development of foreign trade of Germany last years is found in services, that it possesses for high-speed transport to and from Italy by means of tunnels through the Alpes.
Northern central Germany, showing a ship canal and leading commercial arteries.
FOOTNOTE:

The privilege

The privilege. The privilege - the right given by the state to people or corporations. The privilege of the company of the railway - the right to operate its road. Such privilege has a value which is completely distinct from value of factory or the usual property of corporation.

To be the addressee of the valuable information given by these men of business of agencies,

To be the addressee of the valuable information given by these men of business of agencies, bringing an annual payment, are registered as subscribers and are supplied by books of estimations as them name. Besides this book special typewritten messages with difficult details, respecting [260] credit of firm are sent on
Inquiry of the subscriber. The volume of the information registered in these agencies concerning any credit, is received through effort of officials of the agencies known as reporters. These skilled people, integrity, and an insight - searching after trues. Usually each reporter has an excellent line of trade, appointed to it for research and research. It brings to it in a close acquaintance with each dealer in its specific area. He is a Charge d"Affaires avec lettres of the banker and the dealer for the facts. Its business should not collect simply the information, respecting resources of business men but to investigate hearings which in itself can be harmful to the credit, and deny them where only probably and to sustain and support the house credit. Too often it is supposed, that the reporter searches for weakness certificates, when actually its business - most often business of detection of elements of force. Information freely give it as he interviews the men which firms and event - storehouses for riches of the information of the credit. It it becomes fast the authorised representative of the dealer directly which not only says it everything, that he knows about clients and their accounts after its books, but its own business affairs also. Really, the relation becomes so very mutual, that the reporter often supplies the information to the dealer in interview on some question of the credit of the urgent notice. Thus acknowledgement of the facts or a hearing refutation can be made. He examines books of offices of the public report to find the certificate , judgements, and property transfers and to make record of the same on agency books. It is a reporter who at last has collected the information which defines ability of firm to have and hold a credit line.

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

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

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