Superfluous Fund

Superfluous Fund. It is not standard to pay the dividend than good interest. The profit remaining after expenses and dividends, is paid, financed to that name superfluous fund. This fund - the property of shareholders also is usually invested in good securities.

Rules and instructions of savings banks differ substantially

Rules and instructions of savings banks differ substantially. In some deposits of establishments of a ten-kopeck coin for are once accepted; in others dollar - a limit. Deposits usually start to pull interest in the first day of each quarter, but they have the right to it, only if they remain till the end of a semestre. Thus the money deposited on 1st of January, is called on interest of six months on 1st of July though it is not called on any interest if is taken away in June. Some banks allow interest to begin on 1st of each month. The majority of savings banks does not allow to be to money taken away except for the notice of thirty days. Students of this course who are interested in maintenance of the certain information concerning this subject concerning any specific bank, should address to that bank of some its rules and instructions for the information of investors.
THE COMPANIES

Most interesting of all Australian colonies - Queensland (the population 472 179) as it is the

Most interesting of all Australian colonies - Queensland (the population 472 179) as it is the tropical country with a climate, so salutary, that white people can live in it both to be convenient and to be healthy. The heat instead of was exhausting, stimulates and surrounds. The most part of its soil has unsurpassed abundance. A unique lack - unequal distribution within a year of a downpour. But everywhere, where irrigational wells are shipped, the climate becomes very approaching for lifting of sheep, and also for growth of many kinds of fruit. Already there are 15 000 000 sheep and 5 000 000 horned livestock in a colony, and the wool is exported for the sum 15 000 000$ annually. Other agricultural export is frozen beef and mutton, and disappears also skin. A wool - the main export. The second export to importance is gold which reaches 10 000 000$ in a year. Tin also is exported, [174] and coal though worked a little,
It is a lot of. Developing export - sugar (2 500 000$ in a year), , a clap, tobacco, rice, and coffee. Difficulty, however, in development of these products is a labour question. White cannot work in plantations. Chineses prefer to work in mines. Natives will not work somewhere. No Negroes are accessible. As consequence Inhabitants of Polynesia should be imported. Brisbane (100 913) is the capital both the main city and port.
WESTERN AUSTRALIA

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.

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.

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.

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

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

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

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

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

Preference shares

Preference shares. Preference shares - a stock to which guarantee certain advantages before a usual stock. It is usually given to provide some obligation of the company, and on it, dividends are declared in preference to usual actions. That is, if the person holds the action of preference shares it will receive interest after that [45] of profit in business before such profit will be given in the form of dividends to shareholders in general. Preference shares can be
Let out only when it is authorised by company charter-party. Interest on investments in case of preference shares is more assured, but safety is no more safe than in case of usual actions.

Preference shares

Preference shares. Preference shares - a stock to which guarantee certain advantages before a usual stock. It is usually given to provide some obligation of the company, and on it, dividends are declared in preference to usual actions. That is, if the person holds the action of preference shares it will receive interest after that [45] of profit in business before such profit will be given in the form of dividends to shareholders in general. Preference shares can be
Let out only when it is authorised by company charter-party. Interest on investments in case of preference shares is more assured, but safety is no more safe than in case of usual actions.

France by the nature - one of most very exclusive countries in the world

France by the nature - one of most very exclusive countries in the world. Its climate is affable. Its temperature is so various, that almost each vegetable, grain or the fruit necessary for a daily bread of the person, can be lifted within its borders. Its soil though not surprisingly fertile, nevertheless crops many such products as approach for this purpose. Its minerals, especially in coal, gland, leadership, marble, and salt, are very considerable. Its area is compact. Its services for foreign trade are unsurpassed. It is between these two weights of water - Atlantic and the Mediterranean - the biggest trading value in the world. And its people, especially those in rural parts, are exclusively modest and hardworking. But France as the nation has not made progresses in the world for which call its natural advantages. It was with expensive both changeable governments and bloody wars. Its higher estates, natural leaders of its people, excessively love pleasure and military glory, and to energy of the nation have been very incorrectly directed. As consequence, despite its natural advantages, France loses the basis [95] among the world nations. Its public debt makes almost 7,000,000,000$, the greatest public debt
Known in history, being per capita seventeen and one half of times, so big as that from Germany, six times bigger than those from the United States, and is much more than one and one half of times so big as that from the Great Britain. But, that more serious consequence has, survivability of its people seems exhausted. For many years the annual number of births in France while the annual number of deadly cases more or less increased steadily decreased. On the most part of the country the number of deadly cases annually exceeds number of births. In numerous years it so for the whole country. The birth rate factor is the lowest in Europe. A death rate indicator, while not the highest, nevertheless above than in many other things the countries. As consequence of all that the population of France is almost constant. Within last seventy years it has increased only 18 percent. While that from the Great Britain has increased 63 percent., Germany of 75 percent., Russia of 92 percent. And Europe as a whole 62 percent. And even this increase, small as it, occurs substantially because of immigration from other countries. And thus emigration of Frenchmen not to their colonies or to other countries which will be are considered a sufficient explanation. Frenchmen to emigration. Now the number of the Frenchmen living abroad, is only little bit more than a half-million while from the foreigners living in France, the number far does not require and a quarter one million.
France compared in size with States of Illinois and Texas.
[96]
FRENCHMEN ECONOMICAL, MODEST PEOPLE

Pride and boasting of Argentina were the fast advancement

Pride and boasting of Argentina were the fast advancement. For these thirty years finishing 1886, immigration was more than one million. With 1886 to 1889 it was from 100 000 in a year to 200 000 in a year. In 1890, owing to financial crisis of that year, it did not disappear almost to what. About 1890 it till now, it gradually increased - approximately 100 000 year again. In 1869 population was only 1 837 000. Now it - more than 4 000 000. As the capital, Madrigals of Buenos Aires, has made increase not easily compared. In 1869 its population was only 187 126. In 1887 it was 423 996. Census 1895 it was 663 854. Today it as speak, [181 750 000. From this number approximately one half foreigners. The high protective tariff established by Argentina in 1878, had
The effect of establishment of many small industries in Madrigals of Buenos Aires, and to this reason extremely fast growth of its population is partially concerning.
AGRICULTURE OF ARGENTINA AND MANUFACTURING

Cargo business of railways of the United States is much more than their passenger service, the

Cargo business of railways of the United States is much more than their passenger service, the income of the freight which is almost three times that from passenger movement. It is only in some of the states of New England, most densely occupied parts of the United States, that the passenger gives the receipt the equal cargo income. Industrial conditions of the United States demand movement of considerable quantities of the big cargo long distances. Our basic areas of grain from 1000 to 1500 miles from industrial areas and coast cities. Our richest iron deposits are in States, adjacent with Lake Top hundreds miles from coal layers of Illinois, Ohio, and Pennsylvania. The most part of a cotton crop is moved long distances to reach factories of New England and the Great Britain. Actually, the majority of products of our areas, woods, mines, and factories is sold on wide areas. The average distance has gone in each ton of the freight moved within year, finished on June, 30th 1896, there were 124.47 miles; and, as railways bore 765 891 385 tons that year, the number of the bearing one mile of tons was 95 328 360 278.

In a loan of money on demand when it is strictly understood between bank and the borrower, that the

In a loan of money on demand when it is strictly understood between bank and the borrower, that the money so advanced, is positively small money-money which is subject to return to any minute when audits of bank for these-banks usually charge interest low interests. When interest rates are high [232], bankers prefer to deal in long -
Time paper. This general rule is reversed, when the situation is reversed. Bankers aspire to disseminate and define also a site of their maturity so that as seasons slid around, they will not have very much a considerable quantity which is becoming ripe once and very small quantity in other. They plan to be also 'in funds' during those seasons when always there is a big and favourable requirement of money. For example, in the centres of interest of cotton manufacture banks count on the big requirement of money between October and is made January when most part of purchases, to supply factories. Again, among those who operates also business in a wool, there is an active requirement of money in a wool paper clip in spring months. Wheat and grain yields - autumn consumers of money. The middle of winter and a heat of summer in the north usually - the periods of comparative stagnation in the monetary market. All these things mention norms, and the successful banker - it who from supervision and wide experience shows the majority of skill in a choice of time of its monetary weight.
[233]
V. PROPERTY PLEDGES AND SECURITIES
TWO EXCELLENT CLASSES OF SECURITIES

Montreal (250 000) is commercial capital of Canada

Montreal (250 000) is commercial capital of Canada. It is located on island in -Lawrence River, and though 1000 miles from open ocean, the greatest seaworthy vessels reach its moorings with ease. It is a staff of two big railways of Canada - [193] Canadian Pacific system, with
It of 8000 miles of road, and Great system of the Trunk, from it of 5000 miles of road. Through passenger trains which operate from Montreal to Vancouver at Pacific coast, distance almost 3000 miles. Montreal - the centre also the big system of river navigation of Canada.

With such letter the traveller could make a trip round the world and not have in its pocket at any

With such letter the traveller could make a trip round the world and not have in its pocket at any moment some more gold or silver or accounts, than it will be necessary to meet the operational expenditure.

2

2. Books will not be necessary. The student, however, who wishes to make fuller research of national bank system, will find excellent heads of a subject in Principles 'Carroll and Practice of the Finance' (New York: Putnams) and 'Money White and the Banking' (Boston: Ginn and Co.).

HERE distinction between use of trade of names and business

HERE distinction between use of trade of names and business. The exchange of products and made articles between the countries, or even between various sections of the same country, is usually mentioned as trade. The term business concerns in more details our business relations in the house that is, in our own city or a city. Sometimes this name is used in connection with a specific product, as coal business or wood business, or in connection with a specific class, as business of dry goods or groceries business. Name trade, however, seldom supposes the limited statement. In trade of the United States it is synonymous with business. Word movement is applied more especially to transportation than to an exchange of products; thus we address to movement of the railway or lake movement. Products when considered by trade articles, name the goods, the goods, the equipment. The term the goods has the widest value, and includes all kinds of the mobile articles bought or sold. The goods are applied in more details to deliveries of the dealer. The equipment is usually applied to ware, as glasswares, hardware, etc.

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BUSINESS GEOGRAPHY
TRADING FEATURES OF THE GREAT COMMERCIAL NATIONS
I
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BUSINESS GEOGRAPHY
TRADING FEATURES OF THE GREAT COMMERCIAL NATIONS
I. TRADING FEATURES OF BRITISH ISLES
LONDON AS THE FOOD CONSUMER

The world had bankers and change machines during thousand years

The world had bankers and change machines during thousand years. The Babylon tablets have been found, which make entry of bank operations which took place in domination Nebuchadnezzar. Modern banking establishments, however, have arisen in the twelfth century. The Bank of Venice was the first establishment of this character in Europe, has based a. d. 1171. It has been based under the compulsory loan of republic. The funds deposited by it, could not be withdrawn, but have been transferred on books in pleasure of owners. The bank of Genoa [216] has been based in 1407, and many years were one of the basic banks
From Europe. It was the first to let out bank notes in circulation; they were contractual only that is, they have not been made by the check payable to bearer. It was long step before earlier system of transfers of the deposit which also was used by this bank. The bank of Amsterdam established in 1607, was the earliest considerable establishment of a kind which looked at trade encouragement. The bank of Hamburg established in 1619, was depositary bank and the reference based on fine silver bars. Deposits have been limited by silver. The state bank of England - is more than 200 years and as today recognise, are the greatest financial institution in the world. Almost all paper money of England is let out by this bank. This currency [217] is based partially
On securities and partially on coin deposits. Is to three or four banks in the United States more than hundred years. In 1781 Robert Morris, then the head of the finance presented to the Congress the plan concerning establishment of Bank of the North America in Philadelphia. In 1784 state of Massachusetts has included Bank of Massachusetts. In 1791 Bank of New York has been diplomaed.
FOOTNOTE:

But that is more than something else have made London great shopping centre of the world, was a

But that is more than something else have made London great shopping centre of the world, was a policy, now it is a lot of years accepted by the British people, permissions of the goods and products of all other nations to enter into their ports not imposed with the tax. Each port in the Great Britain ex-port an input for all imported goods except alcohol, tobacco, wine, tea, coffee, cocoa, both chicory; and to courts of all nations allow to trade in the British ports on terms precisely same as established for the British courts. The result consists that the Great Britain became a warehouse or an auction hall of distribution for a world product. Vessels of all nations are found in [74] its moorings, and consumer goods from all parts of the world have entered those vessels, are found in its warehouses. Its commercial fleet
Vessels number 21 000, and 8000 from them - steamships. The tonnage of these courts makes more than 8 750 000 tons, and it almost 8 000 000 are occupied in one only foreign trade. Its commercial sailor"s number more than 250 000 men, and more than 150 000 of them is occupied in foreign trade. London - it is final, the main winner from this fine trade. Twenty seven percent. From the whole trade of the country is in her hands. Its dealers are engaged in commerce in each sea port on globe, and trade of the Great Britain with ports in Europe, Levant, Egypt, India, the East Indies, China, Japan, and , almost they completely operate. Its shipment covers the finest merchant marine fleets, known to trade. Its docks and moorings are stretched from both parties of Thames for twenty four miles from the London Bridge downwards to Gravesend, and are the greatest and the finest in the world.
The British commercial marine. In comparison with that from other countries.
[75]
London the WORLD CLEARING HOUSE

If you have brought the check, and it is returned through your bank noted 'Any Funds,' it shows,

If you have brought the check, and it is returned through your bank noted 'Any Funds,' it shows, that the check is nothing standing and that at the person into which account it has been delayed, there are no funds to meet it. Your bank will raise quantity to your account. The best thing to [14] does in that case, should keep
The check as the debt certificate, also writes to the person who has sent it to you, giving detailed data and asking an explanation.

Montreal (250 000) is commercial capital of Canada

Montreal (250 000) is commercial capital of Canada. It is located on island in -Lawrence River, and though 1000 miles from open ocean, the greatest seaworthy vessels reach its moorings with ease. It is a staff of two big railways of Canada - [193] Canadian Pacific system, with
It of 8000 miles of road, and Great system of the Trunk, from it of 5000 miles of road. Through passenger trains which operate from Montreal to Vancouver at Pacific coast, distance almost 3000 miles. Montreal - the centre also the big system of river navigation of Canada.

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

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

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

In check approval remember, that the left end of the person - top when you overturn it

In check approval remember, that the left end of the person - top when you overturn it. Write the name as you are accustomed to write it. If you bring the check, pure that is, with simple yours the name the answer; or you can write or print 'the Payment to the order (bank in which you bring)', and follow with the signature. Any [244] does the check by the absolute property of bank. If you wish to
Pass the check to some specific person write 'the Payment to the order (a designation of the person)' and follow with your own signature; or you can simply write the name on a back. Last form would consider imprudent if you sent the check through mail, for the reason, that pure does the check check payable to bearer. Authorised printed it is so good as written. Whether are accepted such , or does not depend on clearing house instructions in a specific city in which to them offer for the deposit.
NUMBERING OF CHECKS
The certified check.

[56]

At various times the government of the United States has let out bonds to release exchequer
[56]
At various times the government of the United States has let out bonds to release exchequer. These bonds are absolutely safe and are always market. The registered bonds have a name of the registered buyer; not registered bonds - the check payable to bearer. Municipal bonds are let out by cities and other municipalities to lift money for local improvements. If appropriate precautions are taken by buyers, municipal securities can be considered among the most safe and the majority of remunerating investments.

As a rule to the private corporations organised according to laws of one state, allow to be engaged

As a rule to the private corporations organised according to laws of one state, allow to be engaged in commerce in other states. It is rather frequent to benefit of the company to organise according to laws of one state for the purpose of trade conducting in other. For example, there are many companies diplomaed according to laws [53] Maine with a staff in Boston. Laws of Massachusetts demand, that during the big proportion of the capital have actually paid
The organisation while the law of Maine does not have such condition. For the similar reasons many the big companies which are engaged in commerce in New York or Philadelphia, are organised according to laws of New Jersey.

In the United States the power to be corporation is the privilege which can exist only through a

In the United States the power to be corporation is the privilege which can exist only through a legislature. [226] there are two excellent methods in which
Corporations can be created: First, the certain grant of the privilege to participants, and, secondly, the general grant which comes into force in favour of specific people when they will organise for the purpose of the help its conditions. When the certain grant is made, it name charter-party. In case of private corporations charter-party should be accepted participants as corporate powers cannot be caused on them against their desire; but charter-party is accepted enough by their action under it. When special charter-parties do not give, people can voluntary communicate, and satisfying a condition of the certain state rights can take to itself corporate powers. Of States private corporations are not transferred to some to be created differently than according to the general laws, and in others the state corporations are created in the same way.
FOOTNOTE:

Commercial use, however, recognises the specific form in which this letter should be written, and

Commercial use, however, recognises the specific form in which this letter should be written, and the address of the person for which it is intended, is usually written in lower left corner instead of on an envelope. Commercial projects usually reach people on whom they are involved by means of banks, instead of directly mail. Allow us to illustrate. Assume, that Chicago should B 200$, and B wishes to collect quantity by means of the project. It is filled in the pure project, signs it, and addresses to it on [28] lower left corner to A. Instead of sending it mail it takes it to its bank
- That is, deposits it for a collection. It will reach the Chicago bank approximately in the same way which checks for a collection go from one place to another. The messenger from the Chicago bank will bear the project in office A"s and to represent it for payment or for acceptance. If it is the project that is, a kind the project subject to payment when A sees it - it can give cash for this purpose at once and to take the project as its receipt. If it does not have the money convenient, he can write through the person, 'Accepted, subject to payment in (its) Bank,' as on an illustration. It then will reach its bank and will be paid, as its personal check would be, and should be entered into its check-book. Banks usually give one day after kind projects. The project will not be presented to second time, but will be spent in bank before end of bank hours next day, where A can call to pay if he chooses. Softness as to time will depend substantially on instructions B"s and the bank relation to A. If the project - the urgent bill of exchange that is if B gives time, certain number of days to pay It if he wishes to pay the project, accepts it. It does it by the letter of the word accepted with date and its signature through the person of the project. It can make it subject to payment in its bank as it would be the note if he so wishes. It then returns the project to the messenger and if time is long, the project is returned to B; if only a few days, bank hold it for a collection.
Number 1. The kind project.
Number 2. The approved ten-day project of a kind.

The project on foreign bank usually name the bill

The project on foreign bank usually name the bill. Bills are usually delayed in a double copy and sometimes in triplicate. (See an illustration, p. 246). Only one account is collected, others simply serving in the meantime as receipts. These accounts are used to pay accounts in foreign countries, the same as projects on New York or Chicago are used to pay house debts.
[248]
VII. SYSTEM of the CLEARING HOUSE [12]
CLEARING HOUSE SYSTEM MODERN ESTABLISHMENT

Japan, being a volcanic origin, the most part of its soil is unsuitable to

Japan, being a volcanic origin, the most part of its soil is unsuitable to . The full productive area makes less than thirty percent., and even it only the small part is capable were tilled modern methods. In existing only twelve percent. From the whole surface of the country it is devoted agriculture, even including pasturing. There is, however, but small pasturing, and a basic tool - a shovel. The modern plough is unknown. But fertilizer (mainly internal fertilizer and dust of fish) is very magnanimously used, and it means, that it is a lot of returning. The basic crop of food - fig. Other grain crops of food - wheat, barley, and a soya bean, but they not in a considerable quantity so. The grown up products of the head with a view of trade - a tree of a mulberry tree (to support the silkworm), tea factory, a varnish tree, and a camphor tree. Rice also is grown up for export just as for house consumption, and the clap very much is substantially grown up for the domestic industry. No milk, oil, or cheese are made, hardly any meat, any wood, and hardly any skin. (For boots and boots [151] the paper is used instead of a skin). From horned livestock is only 1 000 000, in comparison with 10 000 000 in British isles,
Though the population of Japan - is considerable . From horses is 1 500 000, and lifting of horses is very encouraged by the government, but mainly in the military purposes. Horses, really, are too a little employed. In cities, with a view of the car and transportation by motor transport, men are used instead of horses. Even in rural areas of a horse are unknown for agriculture of the purposes, and not, even the manual cart or a wheelbarrow are used. All bear. Fruit is very lifted, - oranges, apples, walnuts, plums, peaches, and , - but the Japanese fruit has very much the lowest quality. Flowers are lifted everywhere in the big variety and in the big abundance, and the chrysanthemum - an emblem of the country and is used on stamps.
MANUFACTURING OF JAPAN: THEIR FUTURE POSSIBILITIES

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 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.

The real riches of India are much and economic value of its vegetation

The real riches of India are much and economic value of its vegetation. As consequence a key industry - agriculture. Only the one tenth people lives in cities. Two thirds of adult men in the country are occupied completely in tilling soil. Each kind of the agricultural product, known to trade, is lifted in India; as from high levels on the mountain parties to low levels at coasts the vegetation of the whole world is made within its borders. Even in wheat India competes in the markets in the world to the countries as Russia and Argentina. In 1896 at the British India was 19 000 000 acres of wheat at , and (though year of a lack) export 4 000 000$. In 1892 export made 25 000 000$. The area known as the Central Area of India, became one of the most important areas of wheat in the world. But the basic agricultural product of India - fig. One only the British India has 70 000 000 acres of rice at , and annual export 60 000 000$. In all coast rice of areas is grown up universally, and also in lower parts of river plains, especially in [134] valley of Ganges. It is the basic food of people everywhere behind an exception above
Levels. On millet of higher levels and corn (grain) the basic products. The following important agricultural product of India - a clap which value for 47 000 000$ in the crude state is exported annually besides it is used the at home. The American civil war was the big reason of start of the industry growing up a clap in India. The following important agricultural product - jute which export to the crude state makes approximately 35 000 000$. No country in the world can compete to India in manufacture of this fibre as jute is very settling of soil, and in a valley of Ganges where it is mainly lifted, the soil is filled annually up . The fifth big agricultural product - tea in which India results now the world. England uses twice more tea of India as the Chinese tea, the reason which is, that teas of India are made with all economic care of the first class English or American made product. Value of export of tea of India makes approximately 27 000 000$. Other main agricultural products - opium (which is the governmental monopoly), oil seeds, disappears, and skin, indigo (in which India surpasses the world, value of the export which is 14 000 000$), coffee (the best, grown up somewhere - except possible from Arabia and Java - though the bean is sometimes damaged by that in a way), a crude wool, lac (to paint), a crust or the Peruvian bark (which as it has been lifted in India, crude silk, crude sugar, tobacco, and spices has very much reduced the quinine price). Spices are made much to India, but their quality not to Equally east Indian spices. Also the clap, rice, sugar, and tobacco of India though it is made is a lot of, is the lowest on quality to that of the United States. Wheat and grain of India so good as wheat and grain of the United States and Canada. Improved , however, in time will improve quality all these [135] products. From export of natural products, not agricultural the head, wood (basically a tic, the most valuable wood known for a vessel -
System, and the salt, the most valuable wood for works) and saltpetre.
MANUFACTURING OF GROWTH OF INDIA

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.

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.

The future of Japan depends on the изготовлений, but they also not without their

The future of Japan depends on the , but they also not without their difficulties. The mineral riches of the country are very big, mainly in coal and gland. On one only northern island (Yezo) coal deposits - those two thirds from all Great Britain. Unfortunately, however, owing to mountainous character of the country, railways in Japan are difficult to construct, and coal or ore transportation is difficult and expensive. As coal deposits and iron deposits are not a number together dark grey, was used with a view of fusion. Iron, therefore, while, has not been made with advantage, and its manufacture has decreased. But silver is extracted much, and also , or the raw materials used in manufacturing of beautiful porcelain of the country. Copper and antimony - also big articles of export. The cores of manufacturing [152] Japan for the present are textiles, especially silk
And a clap. In these modern methods are used, though while manufacture of native internal weaving looms surpasses that of factory weaving looms. Manufacture of textiles by cars has increased quadruple in ten years, and now makes approximately 40 000 000$ annually. It, however, is not a considerable quantity, being it is less than textile manufacture of any important state in Europe, even than Switzerland, or Sweden and Norway, and is only one twentieth those from the United States. Until recently the factory owner in Japan had advantage of cheap work. But the Japanese handicraftsman also becomes 'modernised', and now demands higher wages, and puts into practice its requirement 'strikes'. And as all their dexterity in internal workers of the Japanese language of manufacturing are not so qualified yet in machine work as the British or American workers. It follows, therefore, that manufacture of a fabric in Japan, especially clap and wool manufacturing, yet out of its preliminary or test stage. But Japan, a manor advantage of the extensive national market to the cotton goods (as Chineses, the Japanese simple people carry cotton subjects of clothes all all year long, in the winter, supplementing them for warmth), and having raw materials in its own door (it already grows up the big proportion of all crude clap which it requires), and presence, also, abundance of coal near at hand, should become big industrial a clap the country. The same conditions keep concerning possibilities silk Japan.
POSSIBILITIES OF THE INCREASED FOREIGN TRADE WITH JAPAN

Wholesale dealers send travellers or drummers who are born by samples of the goods

Wholesale dealers send travellers or drummers who are born by samples of the goods. Often the traveller begins with the samples from six months about one year before delivery time. It - rather the general thing for the retail seller to order from samples [6] goods which during time
Order placing cannot even be made.

The majority of bonds has enclosed coupons of interest

The majority of bonds has enclosed coupons of interest. They are disconnected and presented for payment as they become ripe. For example, four percent. The obligation for 1000$ would pull interest for 40$ annually. This sum would be paid in two payments 20$ everyone. If the obligation was within twenty years there would be during a problem forty coupons of the interest, everyone calling to 20$ and a subject of a collecting with intervals in six months.
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X. TRANSPORTATION BY RAIL
GROWTH OF OUR SYSTEM OF THE RAILWAY

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

It will be noticed, that decades of the fastest railway development were that with 1850 to 1860,

It will be noticed, that decades of the fastest railway development were that with 1850 to 1860, after gold opening in California, and two between 1870 and 1890. We have added 70 000 miles to our railway system between 1880 and 1890-a the report to which no other country was equaled. To 1892 we, apparently, have met more urgent requirements of new lines, and we annually build now less than 2000 miles of new roads. The face-value of the capital which now invest in the American railways, makes 11,000,000,000$. Number of the people employed in railway service, 850 000.
RAILWAY CORPORATION

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

[20]

The promise to a payment of the contractual note should be unconditional
[20]
The promise to a payment of the contractual note should be unconditional. It cannot be made to depend on any unforeseen circumstance in general.