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.

Dealers sell very many of their notes in the open market that is, to note brokers

Dealers sell very many of their notes in the open market that is, to note brokers. Banks buy these notes from brokers of the note. The help of the broker which addresses with the bill, is the necessary and valuable help to purchasing bank. Completely three quarters of all paper bought by banks in the big cities, are bought under the simple recommendation of brokers of the note. As a rule these brokers simply transfer a paper, not guaranteeing its payment. The notes bought by banks from brokers of the note without them as it is considered, as, they guarantee, will be as it should be in all points except that which covers a question of, whether will pay it or not. The bank uses the best judgement in risking. If the dealer of the note on sale of notes to bank does to what he trusts to be fair and fair representations concerning any specific paper statements of such direct type, that on them no charge of false excuses can be made to have a rest - it simply guarantees the note, original concerning names, date, quantity, etc., and that on sale of it it transfers the good name to a paper. As business men, however, they are very cautious and extremely worry, that a paper which they sell, should be paid, and as a rule they do good any losses which grow from obvious distortions on their part.
NORMS OF BANKERS FOR LOANS

At money as other articles of trade, were during hundreds years the areas for manufacture of crude

At money as other articles of trade, were during hundreds years the areas for manufacture of crude products, its enterprises of a manufacturing industry, its markets and the exchange centres, its sellers and buyers, its wholesale both retail dealers, and its brokers and commission agents. From this trade in an actual coin has grown up trade in paper notes which are really only promises to pay a coin, and from this last trade has grown for the last few years still further huge trade in the securities representing all kinds of the property. Very often these securities are based exclusively after the credit of the names enclosed to them so that our modern system of loan and a loan of money was really system of loan and a credit loan. When our government borrows 100 000 000$ as it has made several years ago, it gives 'the obligation' which money will be paid. When the states, either cities, or railways, or other corporations borrow money, they let out the bonds guaranteeing payment during specific time. When the person borrows money, it gives 'obligation' in the form of the promissory note. These bonds pass from hands in hands [229] and have constant enough value in the monetary market. They really represent trade in money to much to degree
Than does an actual coin so that loan or a loan of money really meant, to very big degree, loan or a credit loan is simple. If we borrow a gold part for 10$, we borrow money; if we borrow the account for 10$ or the name indorser for a back of our note, we simply borrow the credit - in one case the credit of the United States and in other the credit of the person which confirms our paper.
FOOTNOTE:

Agents who do transportation work by rail, are railway corporations

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

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

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

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

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.

All all over the world Southern Africa are known for its diamond mines and its gold mines

All all over the world Southern Africa are known for its diamond mines and its gold mines. Diamonds are found mainly in Griqualand, to the north from the Orange River, now a part of the Colony of Cape, but they also are found in Orange Free State. Diamond areas are very limited, 'pipes' which as assume, were craters of extinct volcanoes. Basic 'pipes' in Kimberley (28 718), in Griqualand. They make the richest diamond areas in the world. It is considered, that value for more than 350 000 000$ diamonds has been taken out from Kimberley since their first opening there in 1867. The greatest South African diamond nevertheless found, cost 300 000$, but many other big have been found. Annual diamond export makes now approximately 20 000 000$. For 1896 export made 23 200 000$; on 1897 it is little bit less. Manufacture and export are strictly limited, so that the prices, probably, did not depreciate. Then in interest for diamond areas gold mines. They while have been found mainly in the south of [164] African republic, or
'Transvaal' as it usually name, in '', or 'reef', about the known city of Iogannesburga (102 078). As gold at first was revealed in (1871), value for 250 000 000$ has been taken out. Annual development makes now almost 50 000 000$, but it is considered, that before can be settled, value for 2,250,000,000$ gold should be - quantity, it is much more than a full public debt of the United States, national, the state, and municipal. But to the north from , in , especially in Mashonaland, the territory usually named 'Earth Ophir,' where extracting operations are just begun, but where gold as it is supposed, it is even more richly kept than in . From this area recently constructed city of Salisbury - the centre. Other mineral products of Southern Africa - coal in , extracted in Newcastle, and copper in the northwest of the Colony of the Cape sent in Port Nolloth.
FOREIGN TRADE OF SOUTHERN AFRICA

It - very much the general thing to collect the remote accounts by means of commercial projects

It - very much the general thing to collect the remote accounts by means of commercial projects. The debtor more possibly to that is, met to pay-a the project, than he should answer the letter and put the check. It really is more convenient, and it is more safe, also, as is a few risk in a parcel of personal checks through mail. There are some buildings which do all their payments by checks while there are others which prefer to have their creditors on distance, involve them for the sums in reception.

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

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

In drawing of the check in favour of the person hardly to be known in bank circles, write its

In drawing of the check in favour of the person hardly to be known in bank circles, write its address or its business after its name on the person of the check. For example, if you send the check to John Brown, -Louis, it could fall probably in wrong John"s Brown hands; but if you write the check to advantage 'John Brown, 246 Western Avenues, -Louis,' more than possibly, that the correct person will collect it.

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

Now it will cost B a considerable sum of money to send? 14 000 in gold to A, for all exchanges

Now it will cost B a considerable sum of money to send? 14 000 in gold to A, for all exchanges between Europe and America are subject to payment in gold. Assume, what S New York should T London? 14 000, and T involves S and takes the project to Surround with shaft B in London and offers it for sale. Offer Will B more or less than? 14 000 for the bill or the project? He will offer more. More cheaply for it will pay the award for the project than to send gold, as it can send this project to Operate bank, to pay its debts, and A can gather from S.

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

At means of the clearing houses located in the centres of money and cooperation between banks in

At means of the clearing houses located in the centres of money and cooperation between banks in remote points, transfer of credits between business men has defined a site somewhere in the United States, or in this respect in the world, became rather simple question. If not the agency of this system for the big city could not be made business of unique day. All actual money in all banks and shops and safes and pockets of New York would fall today far short if is used to pay today"s transactions. It is considered, that cash transactions of unique day in fifty times more than the actual cash passing to other owner in one day. So that the big most part of business of the country, both cash and the credit, have been made on system [250]
From the credit passes made possible completely at means of our bank system.
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.

After establishment of national bank system большее number of the banks included according

After establishment of national bank system number of the banks included according to laws of these several states, have been organised as national banks. With others, however, the rights to a problem did not outweigh some inconveniences of national system and as a result there is now an important class of banks, and the loan and the companies organised according to the state legislation and continuation business of the loan and the deposit. Instructions under which they work, are necessarily various, and the quantity of public supervision on them changes on the various states. The State Banks already existing when the national bank system has been organised, have been obliged to leave their reference of the note, owing to the fact, that the government has imposed the tax of ten percent. On their reference. The taxable object consisted in providing resignation of the state banknotes, to create a place for the reference of national banks. The internal mechanism of the State Banks differs, but it is a little from that from national banks.
[221]
II. SAVINGS BANKS AND THE COMPANIES
SAVINGS BANKS

Full annual value of export of India makes the huge sum 350 000 000$, it is more than one third of

Full annual value of export of India makes the huge sum 350 000 000$, it is more than one third of full export of the United States for record year 1897. [2] From this England receives approximately one half. Full annual value of import of India (exclusive of an ingot) makes 255 000 000$ which is much more than one third of full import of the United States. From this England sends approximately two thirds. (India - therefore the best client of England though from the United States England buys much more). From domestic trade of India no statistical data are accessible, but with fast advance payments in modern conveniences to be engaged in commerce which is accepted by the country, domestic trade also extremely increases. Already 20 290 miles of the railway are constructed and opened, and 13 000 miles of channels and made the water drain of river navigation. [137] railways quickly are under construction in
Each part of the country. More than 31 000 miles of highway for highway and 106 000 of roads without a covering are supported now by the government as public works. There are 38 000 miles of routes of telegraph. The governmental highways and channels just as railways all are excellent designed and have unanimously constructed works. Greatness of India just begins.
FOOTNOTE:

By the goods its value estimated in money, or the sum of money for which it will exchange intends

By the goods its value estimated in money, or the sum of money for which it will exchange intends. Replaceable value of consumer goods depends in any given period partially on the expense of manufacture and partially on the supply and demand relation. The prices are mentioned by creation of monopolies, opening of the new markets, difficulty of usual channels of commercial relations, and expectation of these and other reasons. It is business of the dealer to acquaint itself with each circumstance mentioning the prices of the goods in which it deals.

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

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.

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

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