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

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

There the big companies which business it should let out bonds on safety of other bonds have been

There the big companies which business it should let out bonds on safety of other bonds have been recently generated some. The idea is similar to that from insurance of the name concerning the real estate. Such companies as it is supposed, have surpassing services to investigate securities. They buy what they consider good and under the best prices the possible. They they bring with some the company or banking establishment. With these bonds which they buy as their original property, they let out new own bonds which they sell the public and which they guarantee. Distinctions in the prices and in interest make the profit.
LOANS AND INVESTMENTS

The second illustration shows, how the holder of the specific letter took its advantages

The second illustration shows, how the holder of the specific letter took its advantages. It gives names of banks to which it has presented the letter, and the quantity paid each.

But influence which is more than something else have defined specialisation of industries in

But influence which is more than something else have defined specialisation of industries in certain places in the Great Britain, instead of in others, was presence of coal fields. Only in very few cases have the big industries, supported in areas which are not coal manufacture. The most occupied the industrial centre in all Great Britain - it is possible, Southern Lancashire, the big place of cotton manufacturing. Southern Lancashire - one big coal field. Liverpool, great cotton port of the world, on one edge of this area. Manchester, cotton capital of the world, on other to edge. Between and about these two main cities the whole nest of the big cities and city Preston, Burnley, Blackburn, Rochdale, Bolton to Bury, Ashton, Stockport, Oldham, etc. - each of which is completely devoted cotton interest. From their position all these cities receive both the driving power and the raw materials at the lowest cost. But in addition to its advantages of cheap coal and cheap raw materials Southern Lancashire has one other big advantage in favour of its special industry - its climate extremely approaches for the industry. Its atmosphere is crude, both not too crude, and its temperature is not too cold. The cotton thread can be spun and it is weaved in Lancashire which in other place would break. In hardly any other place in England has a cotton interlacing [88]
Or clap rotation ever proved success. The cotton industry of Scotland so is not localised, as it is in England, but Paisley (65 000) is known all all over the world for its identification with manufacturing of a cotton thread. At Ireland is not present any important cotton except in Belfast. One third of the clap made in the world, is made in the Great Britain. The full product makes approximately 14 000 miles of a fabric daily. Number of separate factories - more than 2500. The annual product makes 500 000 000$ which is hundred times, than it was hundred years ago. Quantity of the crude clap imported annually to sustain this huge manufacture, makes 1 750 000 pounds.
The big industrial areas of England.
[89]
WOOLEN MANUFACTURING OF THE GREAT BRITAIN

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

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

If the businessman borrows 1000$ from bank on its note and gives ten actions of a stock to bank, to

If the businessman borrows 1000$ from bank on its note and gives ten actions of a stock to bank, to be spent by it simply as safety, a stock, thus data, would name property pledge. These property pledges not the bank property, and bank it is responsible for their safe storage. If coupons become ripe, while bonds are spent as property pledge, to owners usually allow to collect quantity for which they sell. Sometimes one note is given as accompanying safety for another which is depreciated.
ARRANGEMENT PAPER

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

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

Our display of illustrations (1) navigable receipt - half of noted 'original'; (2) waybill of a

Our display of illustrations (1) navigable receipt - half of noted 'original'; (2) waybill of a steamship; (3) local waybill.
[64]
EXAMINATION WORK

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

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

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

When the case of the goods which will be sent, has been properly entered and weighed it then is

Allowed to promote without a waybill
When the case of the goods which will be sent, has been properly entered and weighed it then is ready to be the person [63] ifested or waybilled as any shipment not
Allowed to promote without a waybill. The waybill - simply memorandum of cargo, together with full navigable instructions, giving also car number, in which case has been loaded, and point to which the car 'is scratched'. The cargo conductor has waybills for all goods which it bears. They are turned with the goods to the agent of the railway in mission point.

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

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

When the new enterprise of the railway is undertaken, its patrons often expect to force road not

When the new enterprise of the railway is undertaken, its patrons often expect to force road not only to deliver money for its building but also and to give a working capital besides. It is made by a problem of mortgages. Non-payment in interest payment throws road to receiver hands. Securities immediately fall in value and is possible syndicate of crafty speculators which allow to reorganise road and its management. It is history of many of our roads. There are unusual cases, of course, but the investor should be familiar with the facts before to buy the railway.

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

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

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

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

It to be essential by an agency life that its messages [261] fair and free from any element of

It to be essential by an agency life that its messages [261] fair and free from any element of doubt. The public confidence of reliability of messages will be
Define company prosperity. Probably at first sight it would seem, as though the system of the message on the financial information was serious discrimination against men of the smaller capital and in favour of the rich man. But the simple capital not the unique element entering an estimation of ability to pay. Character and reputation - strong forces in the help to the dealer in credit definition. The agency opens the facts and not opinions. And it within a range of possibility of any to create and support its credit. The capital can gradually grow, but the credit sometimes is established or collapses the unique certificate.

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

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

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

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

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:

The men subscribing thus, become responsible [43] for a good business management and are obliged to

Which company is organised
The men subscribing thus, become responsible [43] for a good business management and are obliged to operate according to state laws in
Which company is organised. Usually they are not responsible individually for debts of anxiety out of quantity of their individual subscriptions.
The certificate on a stock in firm-manufacturer.

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.

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.

Directors

Directors. All shareholders meet together, and from their number choose certain number of directors. Directors choose the president and other necessary officials and establish quantity of the salary to which needs to pay such officials for their work.

There the big companies which business it should let out bonds on safety of other bonds have been

There the big companies which business it should let out bonds on safety of other bonds have been recently generated some. The idea is similar to that from insurance of the name concerning the real estate. Such companies as it is supposed, have surpassing services to investigate securities. They buy what they consider good and under the best prices the possible. They they bring with some the company or banking establishment. With these bonds which they buy as their original property, they let out new own bonds which they sell the public and which they guarantee. Distinctions in the prices and in interest make the profit.
LOANS AND INVESTMENTS

St

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

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.

Despite resources of Russia in products of a farm and in minerals, nevertheless, owing to ignorance

Despite resources of Russia in products of a farm and in minerals, nevertheless, owing to ignorance and degradation of its people, it - the bad country, and its export always - is more than its import. Its full riches in the inhabitant make only 305$, in comparison with 780$ on the inhabitant for [125] Germany, 1260$ for France, and
1510$ for the Great Britain and Ireland. Its full foreign trade makes only 5$ on the inhabitant whereas foreign trade of its neighbour, Germany, makes 35$ on the inhabitant. Its full domestic trade makes only 50$ on the inhabitant whereas even in Greece domestic trade makes 65$ on the inhabitant while in Germany it is 130$ on the inhabitant, and in 215$ on the inhabitant of the United States. The reason of all of it is shortage of energy and the industry in people. Their income in an average of the inhabitant only 12 cents a day. Other reason - shortage of modern household appliances. Comparing the inhabitant with the inhabitant, at Russia is only the one sixth steam power which Germany has. One half of all the countries is made in the country that is, without the driving power or cars. Any industry in Russia not completely to requirements of people when it is estimated under standards of other countries. For example, despite gravity of the climate, only two pounds of a crude wool in the inhabitant are consumed in woollen Russia, in comparison with seven pounds consumed in Germany, and full annual value of all makes only 20$ on the inhabitant, in comparison with 56$ in Germany, and 88$ in the Great Britain. Despite these adverse comparisons, do successes factory industries of Russia. In seventy years cotton-mills have increased and in thirty double years. In sixty years the cotton manufacturing industry has increased sevenfold, and in fifteen double years. Until recently Russia exported a wool. Now it imports more wool, than it exports. Ninety years ago in Russia iron was more expensive than bread, and peasants used wooden actions of a plough and have left their horses shoeless. Now consumption of hardware though still in the inhabitant the least in Europe, is nevertheless in aggregate the fourth in Europe though even in this case it - only two ninth, that it is in the Great Britain. [126] creation of sugar of the Beet - also the new industry, and 500 000 tons are made annually, number
The sugar works which are 235. The crop of a beet of the country makes almost 6 000 000 tons annually. But sugar consumption in the inhabitant makes only seven pounds annually, in comparison with eighteen pounds on the inhabitant in Germany. The universal industry everywhere across Russia - , and a skin of Russia, with its fragrant oil a birch aroma, is highly expensive goods all over the world. But the made quantity makes only 114 000 tons annually, and the exported quantity is insignificant.
RAILWAYS OF RUSSIA AND THE NAVIGABLE RIVERS

Calcutta (862 000) is capital of empire of India and the second city in British Empire

Calcutta (862 000) is capital of empire of India and the second city in British Empire. Though it is located on a hand of delta of Ganges, eighty miles in the country, Calcutta - huge seaport, but its seaworthy privileges can be supported only great machine-building factory, because of the silt, which Ganges constantly reduces and brings in aside exhausting channels. Calcutta possesses almost monopoly of the whole trade of valleys of Ganges and , and to a building of Suez canal, at it was almost monopoly of trade directed outside of the whole peninsula of Hindustan. Its full trade is even nevertheless very big, incorporating for and internal business directed outside together approximately 700 000 000$ in a year, the sum which can be appreciated from the fact, that it about equal to full trade in import of all United States. Bombay (822 000), the second city of the Indian Empire, owe the popularity to three things: (1) opening of Suez canal which has made it port of India the closest England; (2) start of the industry growing up a clap in India, owing to the American civil war (a growing up clap the area of India is adjacent with Bombay); and (3) development of railway system of India which does Bombay, instead of Calcutta a natural ocean exit for trade [138] country. Madras (453 000), the third city
India, also the third seaport. But it does not have any natural harbour, and its coast is broken by a surf and within many months together exposed full fury of northeast monsoons. The artificial harbour, however, has been recently constructed. Besides cities, aforementioned, there is one (Hyderabad) with the population more than 400 000; there are two (Lucknow and Benares) with the population more than 150 000 everyone, and eleven more with the population more than 100 000 everyone. There is besides forty seven cities with the population more than 50 000 everyone, and more than one thousand cities with the population approximately 10 000 everyone.
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VII. TRADING FEATURES OF PORCELAIN
IMMENSITY OF AREA OF PORCELAIN AND THE POPULATION

But natural advantages of the situation captured by these big cities, have been grandiosely added

But natural advantages of the situation captured by these big cities, have been grandiosely added by the enterprise of their inhabitants. Glasgow - only river port. As on twenty miles below its site Clyde is naturally narrow, small, and burdened with shoal. In places it is natural no more than fifteen inches depth. Expenses the sum is not less than 60 000 000$ this small stream has been transformed to the continuous harbour levelled from both parties for miles with moorings and docks, and easily capable to placing of the greatest and finest trading courts afloat. As consequence of this enterprise of Glasgow became the greatest port of shipbuilding in the world. No less than twenty shipyards any less - in efficiency and size very much the highest exists a class to be found along banks once small, impassable Clyde, between appropriate Glasgow and a river mouth.

While probably today to define average losses from bad debts in various trading specialisations,

While probably today to define average losses from bad debts in various trading specialisations, individual risks cannot be accepted on that basis. Everyone demands special research. If the addressing client paints the financial condition in pinkish colours, allow it, wish to reduce its statement to the letter and when its signature is attached, its statement is much more reliable, because he knows about the hung responsibility of swindle if it has deformed. The men who are not inclined to transformation oral [257] statement to the letter, immediately discredited themselves. Men who wish to be fair, can be optimistic in the image of prospects
And to be inclined to establish imprudent value on their property and business degree. Can be easier to tell the absolute truth about debts, because they - such constantly real things; but actives have elastic qualities in many man"s minds and seem capable to any expansion in an extreme situation. Buyers who make upon itself impression optimum on the business house, are frank in their statements. The obvious, sincere laconic person will deserve consideration. Servility or a pleading kind contribute that adversely. Stephen Girard has told concerning the one who in tears has asked the loan: 'the person, who shouts, when it comes to borrow, will shout, when it will arrive to pay.'

Now foreign trade of China is substantially in hands of Englishmen

Now foreign trade of China is substantially in hands of Englishmen. In a year 1896 foreign export trade of China made 167 000 000$. From this quantity 132 500 000$ was with the Great Britain and its dependences; 10 000 000$ with the United States; something more than 8 000 000$ with continent of Europe, exclusive of Russia, and is less than 2 000 000$ with Russia. In the same year foreign trade in import of China made 102 500 000$ from which 56 000 000$ was with the Great Britain and its dependences; the little more, than 9 000 000$ with the United States; 15 000 000$ with continent of Europe, exclusive from Russia, and 12 500 000$ with Russia. (Other part of its trade was mainly with Japan). The policy of the government of China should prevent always, or [142] limit foreign trade; and even today foreign trade can be continued only in twenty six Chinese ports - so-called 'the agreement
Ports. 'The policy of the Great Britain should provide according to the agreement so big privilege of trade with China as far as possible; to throw opened the privilege in the world, but to follow it with such commercial activity by its own part as would provide to it the lion"s share of turning out trade. From these twenty six ports now according to the agreement opened for the world for trade, twenty three, have been provided by the Great Britain and three Japan.
PORCELAIN EXPORT, IMPORT, AND RESOURCES

The basic business of Russia - agriculture

The basic business of Russia - agriculture. It is more than one half of its whole domestic trade is agricultural. Its agricultural products one and one half of times, is more than its products and ten times more than its products of a mining industry or its import. And though its manufacture of grain in an acre is the lowest in all Europe except Italy, Spain, both Portugal, and its full manufacture of all food products in an acre certainly lowest in Europe (it is no more than that one third from Spain which is then the lowest), nevertheless to it is possible to export quantity of grain than any other country in Europe, France, only sometimes the excluded. Export of Russia within several past years has averaged grains 266 000 000 in a year. Its export of one only has averaged wheat 94 000 000 in a year, or much more than one fifth full export of wheat of the world. The explanation of this huge export of wheat from so bad country consists that three quarters of people live on a rye. Among peasants the white loaf is actually unknown, and nothing could be more pathetic than firm blocks of a rye which have passed as bread during last hunger. Other agricultural export (besides grain) is flax, hashish, a pie of a seed of olive culture, a linen seed and a grass seed, oil, eggs, a wool, disappear, and bristles of hogs. Wood, wood, and wood also are extensively exported. England - the best client of Russia. The quantity of annual import of England of aforementioned products (including grain) exceeds 112 000 000$.
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MINERAL RICHES OF RUSSIA

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

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.
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FRENCHMEN ECONOMICAL, MODEST PEOPLE

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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 check - the project or the order concerning your bank, and it should be not necessarily written

The check - the project or the order concerning your bank, and it should be not necessarily written when due hereunder. Such order written on sheet of a post paper about [8] graphite pencil, could be each way legally good check.
Carefully delayed check.

Each person who subscribes for a stock, has a part of business and is named by the shareholder

Each person who subscribes for a stock, has a part of business and is named by the shareholder. All shareholders meet together, and they choose certain number of directors from their number. Directors choose the president, and other necessary officials, and direct the general way a policy of the company. As a rule directors do not have any salaries enclosed to their positions. [44] general meetings of shareholders as it is considered, choose once a year directors
And to hear messages of officials.

The student should be familiar general way with various classes of a stock and with the technical

The student should be familiar general way with various classes of a stock and with the technical terms familiar to the joint-stock companies. More important of these affairs the following: