,,up-,,to-,,date ,,bus9ess ,,home ,,/udy ,,circle ,,libr>y ,,edit$ ,,by ,,seym\r ,,eaton ,,up ,,to ,,date ,,bus9ess ,,includ+ ,,lessons ,,9 ,,bank+1 ,,ex*ange1 ,,bus9ess ,,geography1 ,,f9ance1 ,,transportation ,,& ,,comm]cial ,,law ,,f ,,! ,,*icago ,,record ,,new ,,york ,,! ,,d\bl$ay ,mc,c,l,u,r,e ,,co4 #aijj ,copyright1 #ahig1 #ahih1 #ahii1 by ! ,,*icago ,,record ,,copyright1 #ahii by ,,seym\r ,,eaton ,,copyright1 #ahii1 #aijj1 by ,,victor ,f4 ,,lawson ,,cont5ts ,i ,,g5]al ,,bus9ess ,,in=mation ,,page ,i4 ,comm]cial ,t]ms & ,usages #c ,,ii4 ,comm]cial ,t]ms & ,usages 7,cont9u$7 #d ,,iii4 ,bank ,*eques #f ,,iv4 ,bank ,*eques 7,cont9u$7 #h ,v4 ,bank ,*eques 7,cont9u$7 #ab ,,vi4 ,bank ,drafts #ae ,,vii4 ,promissory ,notes #ah ,,viii4 ,! ,cle>+-h\se ,sy/em #ba ,,ix4 ,comm]cial ,drafts #bf ,x4 ,=eign ,ex*ange #ca ,,xi4 ,lett]s ( ,cr$it #cg ,,xii4 ,jo9t-/ock ,companies #da ,,xiii4 ,prote/$ ,pap] #df ,,xiv4 ,pap] ,(f]$ = ,disc\nt #di ,,xv4 ,corporations #ea ,,xvi4 ,bonds #ed ,,xvii4 ,transportation #eg ,,xviii4 ,transportation ,pap]s #ei ,exam9ation ,pap] #fd ,,ii ,,bus9ess ,,geography ,,trade ,,features ,i4 ,! ,trade ,features ( ! ,briti% ,isles #fi ,,ii4 ,! ,trade ,features ( ,france #id ,,iii4 ,g]many #ajb ,,iv4 ,spa9 & ,italy #aaa ,v4 ,russia #abj ,,vi4 ,india #abi ,,vii4 ,*9a #aci ,,viii4 ,japan #adh ,,ix4 ,africa #aeg ,x4 ,au/ralia & ,au/ralasia #aff ,,xi4 ,s\? ,am]ica #agg ,,xii4 ,canada #ahg ,,xiii4 ,! ,unit$ ,/ates #aid ,exam9ation ,pap] #baj ,,iii ,,f9ance1 ,,trade1 ,,& ,,transportation ,i4 ,national & ,/ate ,banks #bae ,,ii4 ,sav+s ,banks & ,tru/ ,companies #bba ,,iii4 ,corporations & ,/ock ,companies #bbe ,,iv4 ,borr[+ & ,loan+ ,money #bbh ,v4 ,collat]als & ,securities #bcc ,,vi4 ,*eques1 ,drafts1 & ,bills ( ,ex*ange #bdj ,,vii4 ,! ,cle>+-h\se ,sy/em #bdh ,,viii4 ,comm]cial ,cr$its & ,m]cantile ,ag5cies #bed ,,ix4 ,bonds #bfc ,x4 ,transportation by ,rail #bfg ,,xi4 ,freight ,transportation #bgd ,,xii4 ,railroad ,rates #bha ,,xiii4 ,/ock & ,produce ,ex*anges #bhh ,,xiv4 ,/orage & ,w>eh\s+ #bid ,exam9ation ,pap] #cja ,,iv ,,comm]cial ,,law ,i4 ,! ,diff]5t ,k9ds ( ,contracts #cji ,,ii4 ,! ,p>ties to a ,contract #cab ,,iii4 ,! ,p>ties to a ,contract 7,cont9u$7 #cae ,,iv4 ,! ,consid]ation 9 ,contracts #cah ,v4 ,! ,ess5tials ( a ,contract #cba ,,vi4 ,contracts by ,correspond5ce #cbf ,,vii4 ,:at ,contracts ,mu/ ,be 9 ,writ+ #ccb ,,viii4 ,contracts = ! ,sale ( ,m]*&ise #ccf ,,ix4 ,! ,w>ranties ( ,m]*&ise #cdj ,x4 ,common ,c>ri]s #cdd ,,xi4 ,! ,c>ry+ ( ,pass5g]s #cdg ,,xii4 ,on ! ,keep+ ( ,?+s #cej ,,xiii4 ,conc]n+ ,ag5ts #cec ,,xiv4 ,! ,law ,relat+ to ,bank ,*eques #ceh ,,xv4 ,! ,law ,relat+ to ,leases #cfc ,,xvi4 ,liability ( ,employ]s to ,employs #cfi ,,xvii4 ,liability ( ,employ]s to ,employs 7,cont9u$7 #cgc ,exam9ation ,pap] #cgg ,v ,,prep>+ ,,copy ,,= ,,! ,,press ,,& ,,pro(-,,read+ ,i4 ,prep>+ ,copy #cha ,,ii4 ,on ! ,names & ,sizes ( ,type #chb ,,iii4 ,! ,t]ms ,us$ 9 ,pr9t+ #chd ,,iv4 ,m>ks ,us$ 9 ,pro(-read+ #chg ,,illu/rations ,i ,,g5]al ,,bus9ess ,,in=mation ,,page ,a ,poorly ,drawn ,*eque #g ,a ,c>efully ,drawn ,*eque #h ,a ,*eque ,drawn s z to ,insure ,paym5t to ,prop] ,p>ty #i ,a ,*eque ,payable to ,ord] #aa ,a ,blank ,indorsem5t #aa ,a ,*eque ,made to ,obta9 ,money = ,imm$iate ,use #ac ,a ,c]tifi$ ,*eque #ad ,a ,*eque = ! ,pur*ase ( a ,draft #af ,a ,bank ,draft #ag ,ord9>y ,=m ( ,promissory ,note #ah ,a ,promissory ,note ,fill$ ,out 9 an ,engrav$ ,blank #ai ,a ,special ,=m = a ,promissory ,note #bj ,! ,advantages ( ! ,cle>+-h\se ,sy/em #bb ,! ,r\te ( a ,*eque #bd ,backs ( ,two ,paid ,*eques #be ,a ,sight ,draft ,develop$ f ,lett] #bg ,a ,sight ,draft #bh ,an ,accept$ ,t5-day ,sight ,draft #bh ,an ,accept$ ,sight ,draft #bi ,a ,"t ,draft #bi ,=eign ,ex*ange #cb ,a ,bill ( ,ex*ange 7,private7 #ce ,a ,bill ( ,ex*ange 7,bank]'s7 #cf ,fir/ ,page ( a ,lett] ( ,cr$it #ch ,second ,page ( a ,lett] ( ,cr$it #dj ,a ,c]tificate ( ,/ock 9 a ,national ,bank #db ,a ,c]tificate ( ,/ock 9 a ,manufactur+ ,company #dc ,a ,prote/ #dh ,a ,private ,bond #ee ,a ,%ipp+ ,receipt 7,orig9al7 #fj ,a ,/eam%ip ,bill ( ,lad+ #fa ,a ,local ,waybill #fb ,,ii ,,bus9ess ,,geography ,london ! ,natural ,c5tre ( ! ,_w's ,trade #gb ,briti% ,m]cantile ,m>9e #gd ,london ,bridge #gf ,! ,coal-fields ( ,engl& #hj ,! ,man*e/] ,%ip ,canal #hd ,! ,great ,manufactur+ ,di/ricts ( ,engl& #hh ,france ,comp>$ 9 ,size ) ! ,/ates ( ,ill9ois & ,texas #ie ,/reet ,sc5e 9 ,p>is1 ,%[+ ! ,b\rse #ig ,approximate ,size ( ! ,g]man ,empire #ajd ,nor? ,c5tral ,g]many1 ,%[+ ! ,%ip ,canal & ! ,lead+ ,comm]cial ,c5tres #aji ,spa9 ,comp>$ 9 ,size ) ,cali=nia #aac ,italy & its ,*ief ,comm]cial ,c5tres #aag ,russia1 ! ,briti% ,empire1 & ! ,unit$ ,/ates ,comp>$ #aba ,mosc[ #abg ,comp>ative ,sizes ( ,india & ! ,unit$ ,/ates #acc ,*9a & its ,*ief ,trade ,c5tres #ade ,japan's ,relation to ,ea/]n ,asia #aee ,! ,p>tition ( ,africa #aei ,au/ralia #aga ,! ,mo/ ,prosp]\s ,"p ( ,s\? ,am]ica #ahc ,trade ,c5tres ( ,canada & ,trunk ,railway ,l9es #aib ,export ,trade ( ,unit$ ,/ates & ,great ,brita9 ,comp>$ #aih ,unit$ ,/ates ,manufactures & ,int]nal ,trade ,comp>$ ) ! ,manufactures & ,int]nal ,trade ( all ,o!r ,c\ntries #aii ,pr9cipal ,articles ( ,dome/ic ,exports ( ! ,unit$ ,/ates #bje ,,iii ,,f9ance1 ,,trade1 ,,& ,,transportation ,! ,bank ( ,engl& #baf ,%[+ ,*eque ,rais$ f #g4ej to #gj4ej #bda ,a ,c]tifi$ ,*eque #bdd ,a ,bank ,draft #bde ,a ,bill ( ,ex*ange #bdf ,illu/rat+ ,*eque ,collections #beb ,a ,m]cantile ,ag5cy ,inquiry ,=m #bei ,specim5s ( ,int]e/ ,c\pons #bff ,judge ,?omas ,m4 ,cooley1 ,fir/ ,*airman ( ! ,int]/ate ,comm]ce ,commission #bhg ,! ,p>is ,b\rse #bhi ,int]ior ,view ( ,new ,york ,/ock ,ex*ange #bij ,v ,,prep>+ ,,copy ,,= ,,! ,,press ,,& ,,pro(-,,read+ ,a ,pr9t]'s ,pro( #cij ,a ,pr9t]'s ,correct$ ,pro( #cia ,,g5]al ,,bus9ess ,,in=mation ,i4 ,,comm]cial ,,t]ms ,,& ,,usages ,illu/ration ,!re is a di/9ction betwe5 ! usage ( ! names ,,comm]ce & ,,bus9ess4 ,! int]*ange ( products & manufactur$ articles betwe5 c\ntries1 or ev5 betwe5 diff]5t sections ( ! same c\ntry1 is usually ref]r$ to z comm]ce4 ,! t]m bus9ess ref]s m p>ticul>ly to our deal+s at home--t is1 9 our own t[n or city4 ,sometimes ?is "n is us$ 9 connection ) a p>ticul> product1 z ! coal bus9ess or ! lumb] bus9ess1 or 9 connection ) a p>ticul> class1 z ! dry-goods bus9ess or ! groc]y bus9ess4 ,! "n comm]ce1 h[ev]1 seldom admits ( a limit$ application4 ,9 ! ,unit$ ,/ates ,,trade is synonym\s ) bus9ess4 ,! ^w ,,traffic applies m especially to ! conveyance ?an to ! ex*ange ( products2 ?us we ref] to railroad traffic or lake traffic4 ,,products1 :5 consid]$ articles ( trade1 are call$ m]*&ise1 goods1 w>es4 ,! t]m ,,m]*&ise has ! wide/ mean+1 & includes all k9ds ( movable articles b\ght or sold4 ,,goods is appli$ m p>ticul>ly to ! supplies ( a m]*ant4 ,,w>es is commonly appli$ to ut5sils1 z glassw>e1 h>dw>e1 etc4 ,,gross commonly means co>se or bulky4 ,9 trade x is us$ ) ref]5ce to bo? money & goods4 ,! gross weight ( a package includes ! weight ( ! case or wrapp+s4 ,! l>g] sum 9 an acc\nt or bill--t is1 ! sum ( money be=e any all[ance or d$uctions are made--is ! gross am\nt ( ! bill4 ,! ^w ,,net is d]iv$ f a ,lat9 ^w mean+ neat1 clean1 unadult]at$1 & indicates ! am\nt ( goods or money aft] all ! d$uctions h be5 made4 ,to say t a price is net is to indicate t no fur!r disc\nt w be made4 ,! ^w ,,firm relates to solidity1 e/abli%m5t1 /r5g?1 & 9 a bus9ess s5se signifies two or m p]sons unit$ 9 p>tn]%ip = ! purpose ( trad+4 ,! ^w ,,h\se is v frequ5tly us$ 9 ! same s5se4 ,9 m]cantile usage h\se does n mean ! build+ 9 :i* ! bus9ess is conduct$1 b ! m5 :o own ! bus9ess1 includ+1 p]haps1 ! build+1 /ock1 plant1 & bus9ess reputation4 ,! "n ,,conc]n is (t5 us$ 9 a v simil> way4 ,! "n ,,m>ket expresses a locality = ! sale ( goods1 & 9 comm]ce is (t5 us$ to d5ote cities or ev5 c\ntries4 ,we say t ,bo/on is a lea!r m>ket1 mean+ t a l>ge numb] ( ,bo/on m]*ants buy & sell lea!r4 ,9 ! same s5se we call ,*icago a gra9 m>ket1 or ,new ,orleans a cotton m>ket4 ,9 its m re/rict$ s5se ! "n m>ket signifies a build+ or place :]e meat or produce is b\ght & sold4 ,we say t ! m>ket is flood$ ) a p>ticul> article :5 deal]s are c>ry+ m ( t article ?an !y c f9d sale =4 ,!re is no m>ket = any product :5 !re is no dem&4 ,! money m>ket is tight or close :5 x is difficult to borr[ money f banks & money-l5d]s4 ,,ii4 ,,comm]cial ,,t]ms ,,& ,,usages 7,cont9u$7 ,,! ,,natural ,,res\rces ( a c\ntry are ma9ly ! m9]al commodities & agricultural produce t x yields4 ,! lumb] & fi% produc$ 9 a c\ntry are also among its natural res\rces4 ,! positions & indu/ries ( cities are usually fix$ by natural conditions1 b ! mo/ p[]ful ag5t is ! p]sonal en]gy ( ent]pris+ & p]sev]+ m51 :o1 by sup]ior education1 or sci5tific k1 or practical =esight1 h (t5 be5 able to f\nd indu/rial c5tres 9 situations :i* no geographical consid]ations w\ld sugge/ or expla94 ,,commission ,,m]*ants receive & sell goods belong+ to o!rs = a comp5sation call$ a commission4 ,a ,,sell+ ,,ag5t is a p]son :o repres5ts a manufactur+ e/abli%m5t 9 its deal+s ) ! trade4 ,! factory may be locat$ 9 a small t[n1 :ile ! sell+ ag5t has 8 (fice & samples 9 ! he>t ( a great city4 ,z reg>ds ! quantity ( goods b\ght or sold 9 a s+le transaction1 trade is divid$ into ,,:olesale & ,,retail4 ,! :olesale deal] sells to o!r deal]s1 :ile ! retail deal] sells to ! consum]--t is1 ! p]son :o consumes1 or uses1 ! goods4 ,a ,,jobb] is "o :o buys f import]s & manufactur]s & sells to retail]s4 ,he is con/antly 9 ! m>ket = b>ga9s4 ,! names ,,jobb] & ,,:olesal] are (t5 us$ 9 ! same s5se1 b a jobb] sometimes sells to :olesal]s4 ,,:olesale has ref]5ce to ! quantity ! deal] sells1 & n to ! s\rce f :i* he buys1 or ! p]son to :om he sells4 ,! :olesal]1 z a rule1 deals 9 ,,/aples--t is1 goods :i* are us$ season aft] season--?\gh ( c\rse !re are :olesal]s 9 practically all bus9esses4 ,:olesale deal]s s5d out ,,travell]s or ,,drumm]s1 :o c>ry samples ( ! goods4 ,frequ5tly ! travell] />ts out ) 8 samples f six mon?s to a ye> 9 advance ( ! "t ( deliv]y4 ,x is q a common ?+ = ! retail] to ord] f samples m]*&ise :i* at ! "t ( plac+ ! ord] may n ev5 be manufactur$4 ,by ! ,,price ( a commodity is meant its value e/imat$ 9 money1 or ! am\nt ( money = :i* x w ex*ange4 ,! ex*angeable value ( commodities dep5ds at any giv5 p]iod p>tly ^u ! exp5se ( production & p>tly ^u ! relation ( supply & dem&4 ,prices are affect$ by ! creation ( monopolies1 by ! op5+ ( new m>kets1 by ! ob/ruct+ ( ! ord9>y *annels ( comm]cial int]c\rse1 & by ! anticipation ( ^! & o!r causes4 ,x is ! bus9ess ( ! m]*ant to acqua9t himself ) e circum/ance affect+ ! prices ( ! goods 9 :i* he deals4 ,! entire _w is ! field ( ! mod]n m]*ant4 ,he buys raw & manufactur$ products :]ev] he c buy *eape/1 & he %ips to :atev] m>ket pays him ! highe/ price4 ,our corn] groc] or produce-deal] may furni% u ) beef f ,texas1 potatoes f ,egypt1 cel]y f ,mi*igan1 onions f ,jamaica1 c(fee f ,java1 oranges f ,spa91 & a hundr$ o!r ?+s f z _m diff]5t po9ts2 & yet1 s complete is ! int]lock+ ( ! _w's comm]cial int]e/s1 & s great is ! spe$ ( transportation1 t he c supply u ) ^! necess>ies "u exi/+ conditions m easily & readily ?an if !y 7 all gr[n on an adjo9+ f>m4 ,,iii4 ,,bank ,,*eques ,a ,,*eque is an ord] = money1 drawn by "o :o has funds 9 ! bank4 ,x is payable on dem&4 ,9 reality1 x is a sight draft on ! bank4 ,banks provide blank *eques = _! cu/om]s1 & x is a v simple matt] to fill !m out prop]ly4 ,9 writ+ 9 ! am\nt beg9 at ! extreme left ( ! l9e4 ,! illu/ration giv5 bel[ %[s a poorly writt5 *eque & "o :i* c\ld be v easily rais$4 ,a fraudul5t receiv] c\ld1 = in/ance write1 n9ety be=e ! six & #i be=e ! figure #f1 & 9 ?is way raise ! *eque f #f to #if4 ,if ?is 7 done & ! *eque ca%$1 ! mak]1 & n ! bank1 w\ld become responsible = ! loss4 ,y _c hold o!r p responsible = y\r own c>elessness4 ,a *eque has be5 rais$ f #ajj to #aij by writ+ ! words & n9ety aft] ! words "o hundr$4 ,"o ( ! ciph]s 9 ! figures 0 *ang$ to a #i by add+ a tail to x4 ,x is wise to draw a runn+ l9e1 ?us 1 aft] ! am\nt 9 words1 ?us prev5t+ any additional writ+4 ,illu/ration3 ,a poorly drawn *eque4 ,! illu/ration on page #h %[s a *eque c>efully & correctly drawn4 ,! signature %\ld be 9 y\r usual /yle1 famili> to ! pay+ tell]4 ,sign y\r "n ! same way all ! "t4 ,h a *>act]i/ic signature1 z famili> to y\r fri5ds z is y\r face4 ,a *eque is a draft or ord] ^u y\r bank1 & x ne$ n necess>ily be writt5 9 ! prescrib$ =m4 ,su* an ord] writt5 on a %eet ( note-pap] ) a lead-p5cil might be 9 e way a legally good *eque4 ,illu/ration3 ,a c>efully drawn *eque4 ,usually *eques %\ld be drawn to ord]4 ,! words ,pay to ! ord] ( ,john ,br[n mean t ! money is to be paid to ,john ,br[n1 or to any p]son t he ord]s x paid to4 ,if a *eque is drawn ,pay to ,john ,br[n or ,be>] or simply ,pay to ,be>]1 any p]son t is ! be>] c collect x4 ,! pay+ tell] may ask ! p]son pres5t+ ! *eque to write 8 "n on ! back1 simply to h x = ref]5ce4 ,9 writ+ & sign+ *eques use good black ink & let ! copy dry a little be=e a blott] is us$4 ,! subject ( indorsem5ts w be treat$ 9 a subsequ5t lesson4 ,,iv4 ,,bank ,,*eques 7,cont9u$7 ,! banks ( ?is c\ntry make x a rule n to ca% a *eque t is drawn payable to ord]1 unless ! p]son pres5t+ ! *eque is kn[n at ! bank1 or unless he satisfies ! pay+ tell] t he is really ! p]son to :om ! money %\ld be paid4 ,x mu/ be rememb]$ h[ev]1 t a *eque drawn to ord] & !n indors$ 9 blank by ! payee is really payable to be>]1 & if ! pay+ tell] is satisfi$ t ! payee's signature is g5u9e he w n likely hesitate to ca% ! *eque4 ,9 ,engl& all *eques app>5tly prop]ly indors$ are paid )\t id5tification4 ,illu/ration3 ,a *eque drawn s z to insure paym5t to prop] p>ty4 ,9 draw+ a *eque 9 fav\r ( a p]son n likely to be well kn[n 9 bank+ circles1 write 8 address or 8 bus9ess aft] 8 "n on ! face ( ! *eque4 ,= in/ance1 if y %\ld s5d a *eque to ,john ,br[n1 ,/4 ,l\is1 x might possibly fall into ! h&s ( ! wrong ,john ,br[n2 b if y write ! *eque 9 fav\r ( ,john ,br[n1 #bdf ,we/ ,av5ue1 ,/4 ,l\is1 x is m ?an likely t ! "r p]son w collect x4 ,if y wi% to get a *eque ca%$ :]e y are unkn[n1 & x is n conv5i5t = a fri5d :o has an acc\nt at ! bank to g ) y = ! purpose ( id5tification1 ask him to place 8 signature on ! back ( y\r *eque1 & y w n likely h tr\ble 9 gett+ x ca%$ at ! bank :]e y\r fri5d keeps 8 acc\nt4 ,by plac+ 8 signature ^u ! back ( ! *eque he gu>antees ! bank aga9/ loss4 ,a bank is responsible = ! signatures ( its depositors1 b x _c be suppos$ to "k ! signatures ( indors]s4 ,! reliable id5tifi] is 9 reality ! p]son :o is responsible4 ,,indors+ ,,*eques ,9 indors+ *eques note ! foll[+ po9ts3 #a4 ,write across ! back--n l5g?wise4 #b4 ,if y\r indorsem5t is ! fir/1 write x ab\t two in*es f ! top ( ! back2 if x is n ! fir/ indorsem5t1 write imm$iately "u ! la/ indorsem5t4 #c4 ,d n indorse wrong end up2 ! top ( ! back is ! left end ( ! face4 #d4 ,write y\r "n z y are accu/om$ to write x1 no matt] h[ x is writt5 on ! face4 ,if y are deposit+ ! *eque write or /amp ,= ,deposit or ,pay to ,,bank1 z may be ! cu/om1 ov] y\r signature4 ,?is is h>dly necess>y if y are tak+ ! *eque y\rself to ! bank4 ,a *eque ) a simple or blank indorsem5t on ! back is payable to be>]1 & if lo/ ! f9d] might succe$ 9 collect+ x2 b if ! words ,= ,deposit appe> ov] ! "n ! bank (ficials und]/& t ! *eque is int5d$ to be deposit$1 & !y w n ca% x4 #e4 ,if y wi% to make ! *eque payable to "s p>ticul> p]son by indors+1 write ,,pay ,,to 7,,"n7 or ,,ord]1 & "u ?is write y\r own "n z y are accu/om$ to sign x4 #f4 ,d n c>ry ar\nd indors$ *eques loosely4 ,su* *eques are payable to be>] & may be collect$ by any "o4 #g4 ,if y receive a *eque :i* has be5 transf]r$ to y by a ,,blank indorsem5t 7"n ( indors] only71 & y wi% to hold x a day or two1 write ov] ! indorsem5t ! words ,,pay ,,to ,,! ,,ord] ,,( 7y\rself--writ+ y\r own "n74 ,?is is all[able legally4 ,! *eque _c !n be collect$ until y indorse x4 ,illu/ration3 ,a *eque payable to ord] & a blank indorsem5t4 #h4 ,an au?oris$ /amp$ indorsem5t is z good z a writt5 "o4 ,:e!r su* indorsem5ts are accept$ or n dep5ds ^u ! regulations ( ! cle>+-h\se 9 ! p>ticul> city 9 :i* !y are (f]$ = deposit4 ,! writt5 indorsem5t is consid]$ saf] = transmission ( out-(-t[n collections4 #i4 ,if y are indors+ = a company1 or society1 or corporation1 write fir/ ! "n ( ! company 7?is may be /amp$ on7 & !n y\r own "n1 foll[$ by ! ^w ,,treas4 #aj4 ,if y h p[] ( attorney to indorse = "s p>ticul> p]son1 write 8 "n1 foll[$ by y\r own1 foll[$ by ! ^w ,,attorney or ,,atty41 z x is usually writt54 #aa4 ,x is sometimes p]missible to indorse ! payee's "n ?us1 ,,by 7y\r own "n74 ,?is may be done by a junior memb] ( a conc]n :5 ! p]son au?oris$ to indorse *eques is abs5t & ! *eques are deposit$ & n ca%$4 #ab4 ,d n write any unnecess>y in=mation on ! back ( y\r *eque4 ,a /ory is told ( a woman :o receiv$ a *eque f h] husb&1 & :5 ca%+ x wrote ,y\r lov+ wife above h] "n on ! back4 ,v4 ,,bank ,,*eques 7,cont9u$7 ,if y wi% to draw money f y\r own acc\nt1 ! mo/ approv$ =m ( *eque is writt5 ,pay to ! ord] ( ,ca%4 ,?is diff]s f a *eque drawn to ,be>]4 ,! pay+ tell] expects to see y\rself1 or "s "o well kn[n to him z y\r repres5tative1 :5 y write ,ca%4 ,if y write ,pay to ! ord] ( 7y\r own "n7 y w be requir$ to indorse y\r *eque be=e y c get x ca%$4 ,if y\r note is due at y\r own bank & y wi% to draw a *eque 9 paym5t1 write ,pay to ! ord] ( ,bills ,payable4 ,if y wi% to write a *eque to draw money = wages1 write ,pay to ! ord] ( ,pay-roll4 ,if y wi% to write a *eque to pay = a draft :i* y are buy+1 write ,pay to ! ord] ( ,n4 ,y4 ,draft & ,ex*ange1 or :atev] ! circum/ances may call =4 ,illu/ration3 ,a *eque made to obta9 money = imm$iate use4 ,if y wi% to /op ! paym5t ( a *eque :i* y h issu$ y %\ld notify ! bank at once1 giv+ full p>ticul>s4 ,banks h a cu/om1 aft] pay+ & *>g+ *eques1 ( cancell+ !m by pun*+ or mak+ "s cut ?r\gh _! face4 ,^! cancell$ *eques are return$ to ! mak]s at ! end ( ea* mon?4 ,if y h deposit$ a *eque & x is return$ ?r\gh y\r bank m>k$ ,no ,funds1 x signifies t ! *eque is wor?less & t ! p]son ^u ^: acc\nt x 0 drawn has no funds to meet x4 ,y\r bank w *>ge ! am\nt to y\r acc\nt4 ,! be/ ?+ to d 9 su* a case is to hold ! *eque z evid5ce ( ! debt1 & write ! p]son :o s5t x to y1 giv+ p>ticul>s & ask+ = an explanation4 ,if y wi% to use y\r *eque to pay a note due at "s o!r bank1 or 9 buy+ real e/ate1 or /ocks1 or bonds1 y may f9d x necess>y to get ! *eque c]tifi$4 ,?is is done by an (fic] ( ! bank1 :o writes or /amps across ! face ( ! *eque ! words ,c]tifi$ or ,good ,:5 ,prop]ly ,indors$1 & signs 8 "n4 7,see illu/ration47 ,! am\nt w imm$iately be d$uct$ f y\r acc\nt1 & ! bank1 by gu>antee+ y\r *eque1 becomes responsible = its paym5t4 ,banks w usually c]tify any *eque drawn ^u !m if ! depositor has ! am\nt call$ = to 8 cr$it1 no matt] :o pres5ts ! *eque1 & ?is c]tify+ makes x feasible = a man to c>ry 9 8 pocket any am\nt ( actual ca%4 ,if y %\ld get a *eque c]tifi$ & !n n use x1 deposit x 9 y\r bank1 o!rwise y\r acc\nt w be %ort ! am\nt = :i* ! *eque is drawn4 ,9 ,canada all *eques are pres5t$ to ! l$g]-keep] = c]tification be=e be+ pres5t$ to ! pay+ tell]4 ,illu/ration3 ,a c]tifi$ *eque4 ,,! ,,usefulness ,,( ,,banks ,banks are absolutely necess>y to ! success ( mod]n comm]cial ent]prises4 ,!y provide a place = ! safe-keep+ ( money & securities1 & !y make ! paym5t ( bills mu* m conv5i5t ?an if curr5cy in/ead ( *eques 7 ! m l>gely us$4 ,b ! great advantage ( a bank+ in/itution to a bus9ess man is ! opportunity x af=ds him ( borr[+ money1 ( secur+ ca% = ! c>ry+ on ( 8 bus9ess :ile 8 own capital is lock$ up 9 m]*&ise or 9 ! h&s ( 8 debtors4 ,ano!r important advantage is to be f\nd 9 ! facilities af=d$ by banks = ! collection ( *eques1 notes1 & drafts4 ,,vi4 ,,bank ,,drafts ,a draft is a =mal dem& = ! paym5t ( money4 ,y\r bank *eque is y\r sight draft on y\r bank4 ,x is n s /at$1 b x is s und]/ood4 ,a *eque diff]s f an ord9>y comm]cial draft1 bo? 9 its word+ & 9 its purpose4 ,! bank is oblig$ to pay y\r *eque if x holds funds ( y\rs suffici5t to meet x1 :ile ! p]son ^u :om y\r draft is drawn may or may n hon\r x at 8 pleasure4 ,a *eque is us$ = pay+ money to a cr$itor1 :ile a draft is us$ z a means ( collect+ money f a debtor4 ,ne>ly all l>ge banks keep money on deposit ) "o or m ( ! banks locat$ 9 ! great comm]cial c5tres4 ,!y call ^! c5trally locat$ banks _! correspond5ts4 ,! l>g] banks h correspond5ts 9 ,new ,york1 ,*icago1 ,bo/on1 & o!r l>ge cities4 ,z bus9ess m5 keep money on deposit ) banks to meet _! *eques1 s banks keep money on deposit ) o!r banks to meet _! drafts4 ,a ,,bank ,,draft is simply ! bank's *eque1 drawn ^u its deposit ) "s o!r bank4 ,banks sell ^! *eques to _! cu/om]s1 & m]*ants make l>ge use ( !m 9 pay+ bills 9 di/ant cities4 ,^! drafts1 or ,,ca%i]s' ,,*eques1 z !y are sometimes call$1 pass z ca% any:]e )9 a reasonable di/ance ( ! money c5tre ^u :i* !y are drawn4 ,bank]s' drafts on ,new ,york w\ld1 "u ord9>y f9ancial conditions1 be consid]$ ca% any:]e 9 ! ,unit$ ,/ates4 ,a draft on a =eign bank is usually call$ a ,,bill ,,( ,,ex*ange4 ,illu/ration3 ,a *eque = ! pur*ase ( a draft4 ,*eques h come to be q g5]ally us$ = ! paym5t ( bills ev5 at long di/ances4 ,if a bus9ess man desires to close an important contract requir+ ca% 9 advance he s5ds a bank draft1 if at a di/ance1 or a c]tifi$ *eque1 if 9 ! same city4 ,if he desires simply to pay a debt he s5ds 8 own p]sonal *eque4 ,bank drafts are q g5]ally us$ by m]*ants 9 ! ,we/ to pay bills 9 ! ,ea/4 ,a draft on ,new ,york b\ght 9 ,san ,francisco is ca% :5 x rea*es ,new ,york1 :ile a ,san ,francisco *eque is n ca% until x returns & is ca%$ by ! bank ^u :i* x is drawn4 ,9 ! ord9>y c\rse ( bus9ess *eques are consid]$ ca% no matt] ^u :at bank drawn4 ,! bank receiv+ !m on deposit gives ! depositor cr$it at once1 ev5 ?\gh x may take a week be=e ! value repres5t$ by ! *eque is 9 ! possession ( ! bank4 ,illu/ration3 ,a bank draft4 ,all :olesale transactions & a l>ge proportion ( retail transactions are complet$ by ! pass+ ( in/rum5ts ( cr$it--notes1 *eques1 drafts1 etc42 a "p only ( ! retail trade is conduct$ by actual curr5cy-bills & *ange4 ,banks h&le ! bulk ( ^! transf]able titles & deal to a v small ext5t--t is1 proportionally--9 actual money4 ,! notes1 drafts1 bills ( ex*ange1 & bank *eques are repres5tative ( ! prop]ty pass+ by title 9 money f ! produc]s to ! consum]s4 ,a small proportion--p]haps six or eight p] c5t4--( ^! transactions is conduct$ by ! use ( actual bank or legal-t5d] notes4 ,?is trade 9 in/rum5ts ( cr$it am\nts 9 ! ,unit$ ,/ates to fifty billions ( doll>s ye>ly4 ,,vii4 ,,promissory ,,notes ,illu/ration3 ,ord9>y =m ( promissory note4 ,a ,,promissory ,,note is a writt5 promise to pay a specifi$ sum ( money4 ,at ! "t ( ! note's issue--t is1 :5 sign$ & deliv]$--two p>ties are connect$ ) x1 ! mak] & ! payee4 ,! mak] is ! p]son :o signs or promises to pay ! note2 ! payee is ! p]son to :om or to ^: ord] ! note is made payable4 ,,negotiable 9 a comm]cial s5se means transf]able1 & a negotiable note is a note :i* c be transf]r$ f "o p]son to ano!r4 ,a note to be made negotiable mu/ conta9 ! ^w be>] or ! ^w ord]--t is1 x mu/ be payable ei!r to be>]1 or to ! ord] ( ! payee4 ,a ,,non-,,negotiable note is payable to a p>ticul> p]son only4 ,a note may be writt5 on any k9d ( pap]1 9 ink or p5cil4 ,x is wise1 h[ev]1 to use ink to prev5t *anges4 ,all /ation]s sell blank =ms = notes :i* are easily fill$ 94 ,! samples ( notes :i* appe> 9 ?is lesson are select$ simply to illu/rate to /ud5ts ! fact t !re are a great _m special =ms ( notes 9 common use4 ,! word+ diff]s slightly 9 diff]5t ,/ates4 ,! ,,date ( a note is a matt] ( ! fir/ importance4 ,"s bank]s & bus9ess m5 consid] x bett] to draw notes payable at a c]ta9 fix$ "t1 z1 ,i promise to pay on ! #aj? ( ,m>*1 #ahig4 ,! common cu/om is to make notes payable a c]ta9 numb] ( days or mon?s aft] date4 ,a note made or issu$ on ,sunday is void4 ,! ,,day ,,( ,,maturity is ! day ^u :i* a note becomes legally due4 ,9 sev]al ( ! ,/ates a note is n legally due until ?ree days1 call$ ,,days ,,( ,,grace1 aft] ! expiration ( ! "t specifi$ 9 ! note4 ,illu/ration3 ,a promissory note fill$ out on an engrav$ blank4 ,! words ,,value ,,receiv$1 :i* usually appe> ^u notes1 are n necess>y legally4 ,?\s&s ( good notes made )\t any value consid]ation are h&l$ daily4 ,! ,,promise ,,to ,,pay ( a negotiable note mu/ be unconditional4 ,x _c be made to dep5d ^u any cont+5cy :atev]4 ,notes t are made 9 settlem5t ( g5u9e bus9ess transactions come "u ! head ( regul>1 legitimate bus9ess pap]4 ,an ,,accommodation note is "o :i* is sign$1 or indors$1 simply z an accommodation1 & n 9 settlem5t ( an acc\nt or 9 paym5t ( an indebt$ness4 ,) banks accommodation pap] has a des]v$ly h>d reputation4 ,h[ev]1 !re are all grades & %ades ( accommodation pap]1 ?\gh x repres5ts no actual bus9ess transaction betwe5 ! p>ties to x1 & re/s ^u no o!r f\ndation ?an t ( mutual agreem5t4 ,no contract is good )\t a consid]ation1 b ?is is only true betwe5 ! orig9al p>ties to a note4 ,! ?ird p>ty or innoc5t receiv] or hold] ( a note has a good title1 & c recov] its value1 ev5 ?\gh x 0 orig9ally giv5 )\t a valuable consid]ation4 ,an innoc5t hold] ( a note :i* _h be5 orig9ally lo/ or /ol5 has a good title to x if he receiv$ x = value4 ,illu/ration3 ,a special =m = a promissory note4 ,a note does n draw int]e/ until aft] maturity1 unless ! words ,,) ,,int]e/ appe> on ! face4 ,notes draw int]e/ aft] maturity & until paid1 at ! legal rate4 ,a note %\ld be pres5t$ = paym5t ^u ! exact day ( maturity4 ,notes made payable at a bank1 or at any o!r place1 mu/ be pres5t$ = paym5t at ! place nam$4 ,:5 no place is specifi$ ! note is payable at ! mak]'s place ( bus9ess or at 8 resid5ce4 ,9 f9d+ ! date ( maturity x is important to rememb] t :5 a note is drawn days aft] date ! actual days mu/ be c\nt$1 & :5 drawn mon?s aft] date ! "t is reckon$ by mon?s4 ,to ,,disc\nt a note is to sell x at a disc\nt4 ,! rates ( disc\nt v>y accord+ to ! security (f]$1 or ! "* ( ! loan1 or ! /ate ( ! money m>ket4 ,= ord9>y comm]cial pap] ! rates run f f\r to eight p] c5t4 ,notes receiv$ & giv5 by comm]cial h\ses & disc\nt$ by banks are n usually = a long] p]iod ?an f\r mon?s4 ,,viii4 ,,! ,,cle>+-,,h\se ,,sy/em ,9 l>ge cities *eques repres5t+ millions ( doll>s are deposit$ 9 ! banks e day4 ,! sep>ate collection ( ^! w\ld be almo/ impossible 7 x n = ! cle>+-h\se sy/em4 ,ea* l>ge city has its cle>+-h\se4 ,x is an e/abli%m5t =m$ by ! banks !mselves1 & = _! own conv5i5ce4 ,! lead+ banks ( a city connect !mselves ) ! cle>+-h\se ( t city1 & ?r\gh o!r banks ) ! cle>+-h\ses ( o!r cities1 p>ticul>ly ,new ,york4 ,c\ntry banks connect !mselves ) "o or m cle>+-h\ses ?r\gh city banks1 :i* d _! bus9ess = !m4 ,! ,new ,york banks1 l>gely ?r\gh private bank]s1 bran*es ( =eign bank+ h\ses1 connect !mselves ) ,london1 s t ea* bank 9 ! _w is connect$ indirectly ) e o!r bank 9 ! _w1 & 9 ,london is ! f9al cle>+-h\se ( ! _w4 ,illu/ration3 ,! advantages ( ! cle>+-h\se sy/em4 ,suppose t ! above diagram repres5ts ! banks & cle>+-h\se ( a city1 & also ! two bus9ess h\ses ( ,br[n & ,smi?4 ,br[n keeps 8 money on deposit 9 ,bank ,e1 & ,smi? 9 ,bank ,b4 ,br[n s5ds 7by mail7 a *eque to ,smi? 9 paym5t ( a bill4 ,n[1 ,smi? c come all ! way to ,bank ,e1 &1 if he is prop]ly id5tifi$1 c collect ! *eque4 ,he does n d ?is1 h[ev]1 b deposits ,br[n's *eque 9 ,bank ,b1 ! bank :]e he does 8 bank+ bus9ess4 ,n[1 ,b _c s5d to ,e to get ! money4 ,x c\ld d ?is1 p]haps1 if x _h only "o *eque1 b x has tak5 9 hundr$s ( *eques1 "s1 p]haps1 on e bank 9 t[n1 & on _m banks out ( t[n4 ,x w\ld take a hundr$ mess5g]s to collect !m4 ,s1 in/ead ( ,b's go+ to ,e1 !y meet half-way1 or at a c5tral po9t call$ a cle>+-h\se1 & !re collect _! *eques4 ,b may h #ejjj 9 *eques on ,e1 & ,e may h #djjj 9 *eques on ,b1 s t ! ex*ange c be made--t is1 ! *eques c be paid by ,e pay+ ! diff]5ce ( #ajjj1 :i* is done1 n direct1 b ?r\gh ! (fic]s ( ! cle>+-h\se4 ,n[ ,bank ,e's mess5g] c>ries ,br[n's *eque back ) him & ent]s x up aga9/ ,br[n's acc\nt4 ,?is 9 simple language is ! prim>y idea ( ! cle>+-h\se4 ,! cle>+s 9 ,new ,york 9 "o day am\nt to f "o to two hundr$ millions ( doll>s4 ,by cle>+s we mean ! value ( ! *eques :i* are cle>$--t is1 :i* *ange h&s ?r\gh ! cle>+-h\se4 ,usually once a week 79 "s cities (t5]7 ! banks ( a city make to _! cle>+-h\se a report1 bas$ on daily balances1 ( _! condition4 ,illu/ration3 ,! r\te ( a *eque4 ,to illu/rate ! connection betwe5 banks at di/ant po9ts let u suppose t ,b ( ,m$ia1 ,p5nsylvania1 :o keeps 8 money on deposit 9 ! ,fir/ ,national ,bank ( ,m$ia1 s5ds a *eque 9 paym5t ( a bill to ,k ( ,s\? ,evan/on1 ,ill9ois4 ,k deposits ! *eque 9 ! ,citiz5s ,bank ( 8 t[n & receives imm$iate cr$it = x ^u 8 bank-book1 j ! same z ?\gh ! *eque 7 drawn ^u ! same or a ne>-by bank4 ,! ,citiz5s ,bank simply s5ds ! *eque1 ) o!r di/ant *eques1 to its correspond5t1 ! ,national ,bank ( ! ,republic1 ,*icago1 on deposit1 9 _m in/ances 9 ab\t ! same s5se t ,k deposit$ ! *eque 9 ! ,citiz5s ,bank4 ,! ,national ,bank ( ! ,republic s5ds ! *eque1 ) o!r *eques1 to its ,new ,york correspond5t1 ! ,national ,p>k ,bank4 ,x may possibly s5d to ,philadelphia direct1 or ev5 to ,m$ia2 b ?is is v unlikely4 ,! ,national ,p>k ,bank s5ds ! *eque to its ,philadelphia correspond5t1 say ! ,p5n ,national ,bank4 ,n[ ! cle>+-h\se cl]k ( ! ,p5n ,national c>ries ! *eque to ! ,philadelphia cle>+-h\se & ent]s x1 ) o!r *eques1 on ! ,fir/ ,national ( ,m$ia4 ,cu/om1 h[ev]1 diff]s v greatly 9 ?is p>ticul>4 ,_m ne>-by c\ntry banks cle> ?r\gh city banks2 o!rs cle> less directly4 ,if ! ,fir/ ,national ,bank ( ,philadelphia is kn[n at ! cle>+-h\se z ! repres5tative ( ! ,fir/ ,national ,bank ( ,m$ia x likely has money belong+ to ?is ,m$ia bank on deposit4 ,9 t case ! *eque is *>g$ up aga9/ ! acc\nt ( ! ,fir/ ,national ( ,philadelphia4 ,?is bank !n s5ds ! *eque to ! ,fir/ ,national ( ,m$ia1 by :i* x is *>g$ up aga9/ ,b4 ,?is sy/em ( collection ( *eques is ab\t z p]fect z is ! po/-(fice sy/em ( c>ry+ regi/]$ mail4 ,illu/ration3 ,backs ( two paid *eques4 ,n[1 ! banks & cle>+-h\ses ?r\gh :i* ! *eque passes on its way home /amp _! indorsem5ts & o!r in=mation ^u ! back4 ,our illu/ration %[s ! backs ( two *eques :i* h travell$4 ,millions ( doll>s are collect$ by banks daily 9 ?is way1 & all )\t exp5se to _! cu/om]s4 ,x is e/imat$ t ^! collections co/ ! ,new ,york ,city banks m ?an two million doll>s a ye> 9 loss ( int]e/ :ile ! *eques are en r\te4 ,t5 ?\s& collection lett]s are s5t out daily by ! banks ( ,new ,york ,city alone4 ,,ix4 ,,comm]cial ,,drafts ,a ,,comm]cial ,,draft be>s a close resemblance to a lett] f "o p]son to ano!r reque/+ t a c]ta9 sum ( money be paid to ! p]son :o calls1 or to ! bank or firm = :om he is act+4 ,= in/ance1 ! draft %[n 9 ! fir/ illu/ration might be word$ some?+ l ?is3 ,/4 ,l\is1 ,mo41 ,feb4 #bb1 #ahii4 ,mr4 ,rob]t ,elsm]e1 ,jeff]son ,city1 ,mo4 ,my de> ,sir3 ,w y k9dly pay to ! mess5g] f ! ---- ,bank :o w call to-morr[ ! sum ( ?ree hundr$ & n9ety-sev5 doll>s & *>ge to my acc\nt8 ,y\rs1 v truly1 ,david ,grieve4 ,illu/ration3 ,a sight draft develop$ f ! above lett]4 ,comm]cial usage1 h[ev]1 recognises a p>ticul> =m 9 :i* ?is lett] is to be writt51 & ! address ( ! p]son = :om x is int5d$ is usually writt5 at ! l[] left-h& corn] in/ead ( on an envelope4 ,comm]cial drafts usually rea* ! p]sons ^u :om !y are drawn ?r\gh ! m$ium ( ! banks r ?an directly by mail4 ,let u illu/rate4 ,suppose t ,a ( ,*icago owes ,b ( ,buffalo #bjj1 & ,b desires to collect ! am\nt by means ( a draft4 ,he fills 9 a blank draft1 signs x1 & addresses x on ! l[] left-h& corn] to ,a4 ,in/ead ( s5d+ x by mail he takes x to 8 bank--t is1 deposits x = collection4 ,x w rea* a ,*icago bank 9 ab\t ! same way t *eques = collection g f "o place to ano!r4 ,a mess5g] f ! ,*icago bank w c>ry ! draft to ,a's (fice & pres5t x = paym5t or = acceptance4 ,if x is a sight draft--t is1 a draft payable :5 ,a sees x--he may give ca% = x at once & take ! draft z 8 receipt4 ,if he has n ! money conv5i5t he may write across ! face ,accept$1 payable at 787 ,bank1 z 9 ! illu/ration4 ,x w !n rea* 8 bank & be paid z 8 p]sonal *eque w\ld be1 & %\ld be ent]$ 9 8 *eque-book4 ,banks usually give "o day ^u sight drafts4 ,! draft w n be pres5t$ a second "t1 b w be held at ! bank until ! close ( ! bank+ h\rs ! next day1 :]e ,a c call to pay if he *ooses4 ,l5i5cy 9 ! matt] ( "t w dep5d l>gely ^u ,b's in/ructions & ! bank's attitude t[>d ,a4 ,if ! draft is a "t draft--t is1 if ,b gives ,a "t1 a c]ta9 numb] ( days1 9 :i* to pay x--,a1 if he wi%es to pay ! draft1 accepts x4 ,he does ?is by writ+ ! ^w accept$ ) ! date & 8 signature across ! face ( ! draft4 ,he may make x payable at 8 bank z he w\ld a note1 if he s desires4 ,he !n returns ! draft to ! mess5g]1 & if ! "t is long ! draft is return$ to ,b2 if only a few days1 ! bank holds x = collection4 ,illu/ration3 ,no4 #a4 ,a sight draft4 ,illu/ration3 ,no4 #b4 ,an accept$ t5-day sight draft4 ,illu/ration3 ,no4 #c4 ,an accept$ sight draft4 ,illu/ration3 ,no4 #d4 ,a "t draft4 ,an accept$ draft is really a promissory note1 ?\gh x is m (t5 call$ an acceptance4 ,:5 a man pays or accepts a draft he is said to hon\r x4 ,9 ! =ego+ illu/ration ,a is n oblig$ ei!r to pay or to accept ! draft4 ,x is n b9d+ ^u him any m ?an a lett] w\ld be4 ,he c refuse paym5t j z easily & z readily z he c\ld decl9e to pay a collector :o calls = paym5t ( a bill4 ,( c\rse1 if a man habitually refuses to hon\r legitimate drafts x may injure 8 cr$it ) banks & bus9ess h\ses4 ,x is a v common ?+ to collect di/ant acc\nts by means ( comm]cial drafts4 ,a debtor is m likely to meet--t is1 to pay--a draft ?an he is to reply to a lett] & inclose 8 *eque4 ,x is really m conv5i5t1 & saf]1 too1 = !re is "s risk 9 s5d+ p]sonal *eques ?r\gh ! mail4 ,!re are "s h\ses t make all _! paym5ts by *eques1 :ile !re are o!rs :i* pref] to h _! cr$itors at a di/ance draw on !m = ! am\nts due4 ,if a bus9ess man :o has be5 accu/om$ to hon\r drafts cont9ues = a p]iod to di%on\r !m1 ! banks ?r\gh :i* ! drafts pass naturally conclude t he is unable to meet 8 liabilities4 ,"s h\ses deposit _! drafts = collection 9 _! home banks1 :ile o!rs h a cu/om ( s5d+ !m direct to "s bank 9 or ne> ! place :]e ! debtor resides4 ,if ! place is a v small "o ! collection is sometimes made ?r\gh "o ( ! express companies4 ,:5 goods are sold = di/9ct p]iods ( cr$it1 & x is g5]ally und]/ood t matur+ acc\nts are subject to sight drafts1 !re %\ld be no ne$ ( notify+ ! debtor 9 advance4 ,"s h\ses1 h[ev]1 make a g5]al cu/om ( s5d+ notices t5 days 9 advance1 /at+ t a draft w be drawn if *eque is n receiv$ 9 ! meantime4 ,notice ! illu/rations4 ,! prote/ notice at ! left ( ,nos4 #a1 #b1 & #d is int5d$ = ! bank pres5t+ ! draft = paym5t4 ,! reason = ?is w be fully expla9$ 9 our lesson on prote/$ pap]4 7,see ,,lesson ,,xiii47 ,no4 #b %[s an accept$ draft payable to ! ord] ( a bank 9 ! city ^u :i* x is drawn4 ,no4 #a is payable to ! ord] ( a bank 9 ! city ( ! draw]4 ,no4 #c is a sight draft payable to ! ord] ( a bank & accept$ payable at a bank4 ,no4 #d is a "t draft payable to ourselves--t is1 ! ,p5nsylvania ,/eel ,company4 ,drafts are (t5 disc\nt$ at banks be=e acceptance :]e ! cr$it ( ! draw] is good4 ,9 su* cases ! drafts :i* are di%on\r$ are *>g$ up aga9/ ! draw]'s acc\nt4 ,x4 ,,=eign ,,ex*ange ,x is q 9 ord] t we %\ld foll[ lessons on ! cle>+-h\se & comm]cial drafts ) a lesson on =eign ex*ange4 ,we le>n$ 9 ! la/ lesson t comm]cial drafts are made use ( to facilitate ! collection ( acc\nts4 ,!y are simply =mal dem&s = ! paym5t ( legitimate debts4 ,:5 ^! =mal dem&s are made ^u =eign debtors !y are call$ bills ( ex*ange2 & ! process ( buy+ & sell+ ^! drafts1 ! drafts !mselves1 & ! fluctuations 9 price1 all are includ$ 9 ! g5]al "n ex*ange4 ,illu/ration3 ,=eign ex*ange4 ,to illu/rate ! pr9ciples ( ex*ange let u suppose t ! foll[+ transactions h occurr$3 #a4 ,c ( ,bo/on has sold goods1 #bjjj1 to ,h ( ,hamburg4 #b4 ,d ( ,*icago has sold goods1 #ejjj1 to ,f ( ,glasg[4 #c4 ,m ( ,*icago has sold goods1 #cjjj1 to ,k ( ,london4 #d4 ,e ( ,philadelphia has sold goods1 #fjjj1 to ,r ( ,p>is4 #e4 ,p ( ,new ,york has sold goods1 #ajjj1 to ,g ( ,p>is4 ,c draws on ,h = #bjjj1 sells ! draft to a bank+-h\se 9 ,bo/on2 !y s5d to ,bank ,a ( ,new ,york1 & ! ,new ,york bank to _! ,london correspond5t1 say ,bank ,b1 ) in/ructions to collect f ,hamburg4 ,d draws 9 a simil> way on ,f4 ,e draws on ,r1 & ,p on ,g4 ,suppose t ,m in/ead ( draw+ on ,k receives a draft drawn by ,bank ,b ( ,london on ,bank ,a ( ,new ,york1 payable to ,m's ord]4 ,,am]ica has sold goods wor? #ag1jjj to ,,europe4 ,,europe 4 4 4 4 4 4 owes #ag1jjj to 4 4 4 4 4 4 ,,am]ica ,b ,b has paid ,a #cjjj4 --------------- ,b 4 4 4 4 4 4 !re=e owes #ad1jjj to 4 4 4 4 4 4 ,a ,n[ x w co/ ,b a consid]able sum ( money to %ip #ad1jjj 9 gold to ,a1 = all ex*anges betwe5 ,europe & ,am]ica are payable 9 gold4 ,suppose t ,s ( ,new ,york owes ,t ( ,london #ad1jjj1 & ,t draws on ,s & takes ! draft to ,bank ,b 9 ,london & (f]s x = sale4 ,w ,b (f] m or less ?an #ad1jjj = ! bill ( ex*ange or draft8 ,he w (f] m4 ,x w be *eap] = him to pay a premium = ! draft ?an to %ip gold1 = he c s5d ?is draft to ,bank ,a to pay 8 indebt$ness1 & ,a c collect f ,s4 ,9 ! money m>ket 9 ,new ,york !re is a con/ant supply ( ex*anges 7drafts7 on ,london1 & 9 ,london a con/ant supply ( ex*anges on ,new ,york4 ,exp]i5ce has %[n t at all times ! numb] ( p]sons 9 ,europe indebt$ to ,am]ican bus9ess h\ses is ab\t 7?\gh ( c\rse n actually7 ! same z ! numb] ( p]sons 9 ,am]ica indebt$ to ,european h\ses4 ,h5ce :5 ,a ( ,new ,york wi%es to make a paym5t to ,b ( ,london he does n s5d ! actual money1 b goes into ! m>ket--t is1 to a bank] do+ a =eign bus9ess--& buys a draft1 call$ a bill ( ex*ange1 :i* is 9 reality ! bank]'s ord] on 8 ,london correspond5t1 ask+ ! latt] to pay ! money to ! p]son nam$4 ,x may be t ab\t ! same "t "s ,london m]*ant :o owes money 9 ,new ,york goes to ! v same ,london bank] & buys a draft on ! ,new ,york bank4 ,9 ?is way ! "o draft cancels ! o!r1 & :5 !re is a diff]5ce at ! end ( ! week or mon? ! actual gold is s5t across to balance ! acc\nt4 ,^! ex*anges h a sort ( commodity value1 & l all commodities1 dep5d ^u ! law ( supply & dem&4 ,:5 gold is be+ %ipp$ abroad we say t ! balance ( trade is aga9/ u--t is1 we are buy+ m f ,europe ?an ,europe is buy+ f u1 & ! gold is %ipp$ to pay ! balance or diff]5ce4 ,! p> ( ! curr5cy ( any two c\ntries means1 among m]*ants1 ! equival5cy ( a c]ta9 am\nt ( ! 7co97 curr5cy ( ! "o 9 ! 7co97 curr5cy ( ! o!r1 suppos+ ! curr5cies ( bo? to be ( ! precise weight & purity fix$ by ! respective m9ts4 ,! p> ( ex*ange betwe5 ,great ,brita9 & ! ,unit$ ,/ates is #d4hf-b_/c2 t is1 #a /]l+ is wor? #d4hf-b_/c4 ,ex*ange is quot$ daily 9 ,new ,york & o!r city pap]s at #d4hg1 #d4hh1 #d4hh-a_/b1 etc41 = sight bills & at a high] rate = sixty-day bills4 ,bus9ess m5 :o are accu/om$ to wat*+ fluctuations 9 ex*ange rates use ! quotations z a sort ( b>omet] to =etell trade conditions4 ,! imports & exports ( bullion 7unco9$ gold7 are ! real te/ ( ex*ange4 ,if bullion is /ation>y1 fl[+ nei!r into nor out ( a c\ntry1 its ex*anges may be truly said to be at p>2 & on ! o!r h&1 if bullion is be+ export$ f a c\ntry1 x is a pro( t ! ex*ange is aga9/ x2 & conv]sely if !re be l>ge importations4 ,! co/ ( convey+ bullion f "o c\ntry to ano!r =ms ! limit )9 :i* ! rise & fall ( ! real ex*ange betwe5 !m mu/ be conf9$4 ,if1 = illu/ration1 a ,new ,york m]*ant owes a debt 9 ,london & ex*ange co/s him1 say1 two p] c5t41 & ! co/ ( %ipp+ ! gold is only "o p] c5t41 x w be to 8 advantage to pay ! debt by s5d+ ! actual co9 across4 ,a fav\rable real ex*ange op]ates z a duty on exportation & z a b\nty on importation4 ,illu/ration3 ,a bill ( ex*ange 7private74 ,x is to ! int]e/ ( m]*ants or bank]s :o deal 9 =eign bills to buy !m :]e !y are ! *eape/ & to sell !m :]e !y are ! de>e/4 ,= ?is reason x might (t5 be an advantage = a ,new ,york m]*ant to buy a bill on ,london to pay a debt 9 ,p>is4 ,illu/ration3 ,a bill ( ex*ange 7bank]'s74 ,two illu/rations ( bills ( ex*ange are giv5 9 ?is lesson4 ,ea* is drawn 9 duplicate4 ,! orig9al is sold or s5t abroad1 :ile ! duplicate is pres]v$ z a safegu>d aga9/ ! loss ( ! orig9al4 ,:5 "o is paid ! o!r is ( no value4 ,notice ! simil>ity betwe5 bills ( ex*ange z %[n "h & comm]cial drafts z %[n 9 our la/ lesson4 ,! fir/ =m %[s a draft made by a coal company ^u a /eam%ip company to pay = coal suppli$ to a p>ticul> /eam]4 ,suppose t ! /eam%ip company has a contract ) ,rob]t ,h>e ,p[el ,co4 ( ,philadelphia to supply coal to _! /eam]s4 ,! /eam] ,c>diff1 :5 9 port at ,philadelphia1 is suppli$2 ! bill is c]tifi$ to by ! eng9e]2 ! ma/] 7capta97 ( ! vessel signs ,p[el ,co4's draft 7& 9 do+ ?is really makes x ! capta9's draft72 ! bill is receipt$4 ,n[ ,p[el ,co4 sell ?is ex*ange 7draft7 on ,london to a brok] or bank] do+ a =eign bus9ess4 ,x is =w>d$ to ,london & pres5t$ 9 due "t at ! (fice ( ! ,wales ,navigation ,company = paym5t4 ,! second =m %[s a bill ( ex*ange drawn by a ,philadelphia bank+ h\se ^u a ,london bank+ h\se & payable to ! ord] ( ! firm buy+ ! draft4 ,c4 ,h4 ,bann]man ,co4 w s5d ?is bill 7! orig9al7 to pay an acc\nt 9 ,europe4 ,! fir/ =m be>s ! same relation to a comm]cial draft t ! second does to a ca%i]'s *eque4 ,illu/ration3 ,fir/ page ( a lett] ( cr$it4 ,,xi4 ,,lett]s ,,( ,,cr$it ,! usual in/rum5ts ( cr$it by means ( :i* travell]s abroad draw ^u _! deposits at home are kn[n z ,,circul> ,,lett]s ,,( ,,cr$it4 ,^! =ms ( cr$it are ( su* common use t e "o %\ld be famili> ) _! =m4 ,we reproduce "h a facsimile ( ! fir/ & second pages ( a circul> lett] = #ajjj1 copi$ ) slight *ange ( names f an actual in/rum5t4 ,! fir/ page %[s ! cr$it prop] au?oris+ ! v>i\s correspond5ts ( ! bank issu+ x to pay ! hold]1 ^: signature is giv5 on its face1 money to ! ext5t ( #ajjj4 ,! names ( ! banks :o are au?oris$ to advance money ^u ! lett] are usually pr9t$ ^u ! ?ird & f\r? pages1 ?\gh lett]s issu$ by well-kn[n bank+ h\ses are usually recognis$ by any bank+ h\se to :i* !y are pres5t$4 ,! second illu/ration %[s h[ ! hold] ( a p>ticul> lett] avail$ himself ( its advantages4 ,x gives ! names ( ! banks to :i* he pres5t$ 8 lett]1 & ! am\nts paid by ea*4 ,) su* a lett] a travell] c\ld make a trip ar\nd ! _w & n h 9 8 pocket at any "o "t m gold or silv] or bills ?an w\ld be necess>y to meet imm$iate exp5ses4 ,suppose t ,a4 ,b4 is ab\t to make a ,european trip4 ,he goes to a bank do+ a =eign bus9ess1 say ,br[n ,bros4 ,co4 ( ,new ,york ,city1 & asks = a circul> lett] = #ajjj1 = :i* he is oblig$ to pay ab\t #dhhj4 ,copies ( ,a4 ,b4's signature are left ) ,br[n ,bros4 ,co41 & may p]haps be =w>d$ to _! =eign bank+ h\ses4 ,:5 ,a4 ,b4 pres5ts himself at a ,glasg[ or ,p>is bank ) 8 lett] ( cr$it1 & asks = a paym5t ^u x1 ! bank] asks him to sign a draft on ,br[n ,bros4 ,co41 ,new ,york1 or m likely on _! ,london bank1 = ! am\nt requir$1 :i* am\nt is imm$iately indors$ on ! second page ( ! lett] ( cr$it1 s t :5 ! indorsem5ts equal ! face ! lett] is fully paid4 ,a4 ,b4 is simply draw+ ^u 8 own acc\nt--t is1 ^u ! money he deposit$ to secure ! lett] ( cr$it4 ,paym5t is usually made ^u ! simple id5tification or comp>ison ( signatures4 ,if a travell] %\ld lose 8 lett] ( cr$it he %\ld notify at once ! bank issu+ x &1 if possible1 ! banks ^u :i* drawn4 ,illu/ration3 ,second page ( a lett] ( cr$it 7us$74 ,!re are sev]al o!r =ms ( travell]s' cr$its 9 use4 ,! ,*eque ,bank1 an ,engli% in/itution ) a bran* 9 ,new ,york ,city1 issues to travell]s a book ( *eques1 ea* ( :i* c be fill$ up only to a limit$ am\nt1 z %[n by pr9t$ & p]=at$ notices appe>+ on ! face4 ,= in/ance1 = #ajj "o c buy a *eque-book conta9+ fifty blank *eques1 ea* good1 :5 prop]ly fill$ up1 = #b4 ,ea* ( ^! *eques is really a c]tifi$ *eque1 only x is c]tifi$ 9 advance ( issue4 ,any ( ! ?\s& or m =eign banks :i* are ag5ts = ! ,*eque ,bank sell ^! *eque-books1 & ca% ! *eques :5 pres5t$4 ,! am\nts t may be %ort drawn g t[>d ! co/ ( a new *eque-book1 or may be return$ 9 ca%4 ,! ,am]ican & o!r express companies h =ms ( travell]s' *eque-books v simil> to ^? issu$ by ! ,*eque ,bank4 ,,xii4 ,,jo9t-,,/ock ,,companies ,to organise a /ock company x is necess>y = a numb] ( p]sons to come toge!r & make a c]tificate to ! effect t !y propose to =m a company to be> a c]ta9 "n1 = ! purpose ( transact+ a c]ta9 k9d ( bus9ess at a c]ta9 place4 ,! c]tificate /ates t !y propose to issue a c]ta9 numb] ( %>es ( /ock at a c]ta9 price p] %>e1 t ! capital /ock is to be a c]ta9 am\nt1 & t ! company is to cont9ue to exi/ = a def9ite p]iod ( "t4 ,blank =ms = su* c]tificate are suppli$ by ! ,secret>y ( ! ,/ate :]e ! company is be+ organis$1 & :5 su* c]tificate is prop]ly fill$ out1 sign$1 & deliv]$ to him1 he issues a lic5se1 or *>t]1 to ! p]sons mak+ su* c]tificate1 giv+ !m p]mission to op5 books1 sell /ock1 & c>ry on ! ent]prise outl9$4 ,/ate laws reg>d+ /ock companies diff] v l>gely4 ,/ud5ts ( ?is c\rse :o desire to "k ! law 9 any p>ticul> ,/ate c easily secure ! in=mation by writ+ to ! secret>y ( t ,/ate4 ,! usual p> value ( a %>e ( /ock is #ajj4 ,t is1 if a company organises ) a capital ( #bjj1jjj1 !re w be #bjjj %>es to sell4 ,ea* p]son :o buys or subscribes = ! /ock--t is1 :o jo9s ! company--receives a ,,c]tificate ,,( ,,/ock4 ,our illu/rations %[ two examples2 "o ( a national bank1 & ! o!r ( a manufactur+ company4 ,^! c]tificates are transf]able at ! pleasure ( ! own]s4 ,! transf] is made usually by a =m ( indorsem5t on ! back ( ! c]tificate1 b to be legal ! transf] mu/ be record$ on ! books ( ! company4 ,illu/ration3 ,a c]tificate ( /ock 9 a national bank4 ,! m5 subscrib+ 9 ?is way become responsible = ! good managem5t ( ! bus9ess & are oblig$ to act accord+ to ! laws ( ! ,/ate 9 :i* ! company is organis$4 ,usually !y are n responsible individually = ! liabilities ( ! conc]n beyond ! am\nts ( _! individual subscriptions4 ,illu/ration3 ,a c]tificate ( /ock 9 a manufactur+ company4 ,e p]son :o subscribes = /ock owns a "p ( ! bus9ess & is call$ a ,,%>ehold]4 ,all ! %>ehold]s meet toge!r1 & out ( _! numb] !y *oose a c]ta9 numb] ( ,,directors4 ,! directors *oose a presid5t & o!r necess>y (fic]s1 & 9 a g5]al way direct ! policy ( ! company4 ,z a rule directors h no sal>ies atta*$ to _! positions4 ,g5]al meet+s ( %>ehold]s are held once a ye> to elect ! directors & to he> ! reports ( ! (fic]s4 ,! /ud5t %\ld be famili> 9 a g5]al way ) ! diff]5t classes ( /ock & ) ! te*nical t]ms famili> to /ock companies4 ,! m important ( ^! matt]s are z foll[s3 ,,directors4 ,all ! %>ehold]s meet toge!r & out ( _! numb] *oose a c]ta9 numb] ( directors4 ,! directors *oose a presid5t & o!r necess>y (fic]s & fix ! am\nt ( sal>y :i* %all be paid su* (fic]s = _! "w4 ,,capital ,,/ock4 ,?is "n is giv5 to ! gross capital = :i* ! company is organis$1 )\t any ref]5ce to its value or to :e!r x has be5 fully paid 9 or n4 ,! paid-9 capital is ! am\nt receiv$ f ! /ockhold]s on ! %>es = :i* !y h subscrib$4 ,,divid5ds4 ,! directors ( ! company1 aft] pay+ ! exp5ses & lay+ by a c]ta9 am\nt = cont+5cies1 divide ! pr(its among ! %>ehold]s4 ,^! pr(its are call$ divid5ds1 & 9 successful conc]ns su* divid5ds z are decl>$ qu>t]ly1 semiannually1 or annually usually am\nt to good int]e/ on ! %>ehold]s' inve/m5ts4 ,,treasury ,,/ock4 ,x (t5 occurs t a new company f9ds x necess>y to set aside a c]ta9 numb] ( %>es to be sold f "t to "t to secure work+ capital4 ,su* /ock is held 9 ! treasury until x is ne$$1 & is call$ treasury /ock4 ,,pref]r$ ,,/ock4 ,pref]r$ /ock is /ock :i* is gu>ante$ c]ta9 advantages ov] ord9>y /ock4 ,x is usually giv5 to secure "s obligation ( ! company1 & ^u x divid5ds are decl>$ 9 pref]5ce to common /ock4 ,t is to say1 if a man holds a %>e ( pref]r$ /ock he w receive int]e/ !reon out ( ! pr(its ( ! bus9ess be=e su* pr(its are giv5 9 ! =m ( divid5ds to %>ehold]s g5]ally4 ,pref]r$ /ock c be issu$ only :5 au?oris$ by ! *>t] ( ! company4 ,! int]e/ on ! inve/m5t 9 ! case ( pref]r$ /ock is m sure1 b ! security itself is n any m secure ?an 9 ! case ( common /ock4 ,,gu>ante$ ,,/ock4 ,gu>ante$ /ock diff]s f pref]r$ /ock 9 ?is--t x is entitl$ to ! gu>ante$ divid5d 7int]e/7 be=e all o!r classes ( /ock1 :e!r ! company e>ns ! necess>y am\nt 9 any "o ye> or n4 ,?is "r is c>ri$ ov] f ye> to ye>1 ?us r5d]+ ! %>es absolutely secur$ z to int]e/4 ,,wat]$ ,,/ock4 ,:5 /ock is issu$ to ! %>ehold]s )\t increase ( actual capital ! /ock is said to h be5 wat]$4 ,a company may organise =1 say1 #aj1jjj1 & may want to increase to #ej1jjj )\t add+ to ! numb] ( its %>ehold]s4 ,ea* hold] ( "o %>e w1 9 ?is in/ance1 receive f\r new %>es1 & 9 future in/ead ( receiv+ a divid5d on "o %>e w receive a divid5d on five %>es4 ,! object ( ?is is1 q commonly1 to avoid ,/ate laws requir+ c]ta9 corporations to pay excess ( pr(it ov] a /at$ rate p] c5t4 into ! ,/ate treasury4 ,,=feit$ ,,/ock4 ,/ock is usually sold on c]ta9 explicit conditions1 su* z ! pay+ ( t5 p] c5t4 d[n & ! balance 9 in/allm5ts at /at$ int]vals4 ,if ! conditions :i* are agre$ to by ! %>ehold] are n met 8 /ock is decl>$ =feit$1 or he c be su$ 9 ! same mann] z ^u any o!r contract4 ,,assessm5ts4 ,"s companies organise ) ! und]/&+ t a c]ta9 p]c5tage ( ! nom9al value ( ! %>es is to be paid at ! "t ( subscrib+1 & t future paym5ts are to be made at su* times & 9 su* am\nts z ! company may require4 ,"u ^! conditions ! /ockhold]s are assess$ :5ev] money is ne$$4 ,su* assessm5ts are uni=m on all /ockhold]s4 ,,surplus ,,fund4 ,x is n cu/om>y to pay a l>g] divid5d ?an good int]e/4 ,! pr(its rema9+ aft] ! exp5ses & divid5ds are paid are cr$it$ to :at is call$ a surplus fund4 ,?is fund is ! prop]ty ( ! %>ehold]s & is usually inve/$ 9 good securities4 ,,fran*ise4 ,a fran*ise is a "r grant$ by ! ,/ate to individuals or to corporations4 ,! fran*ise ( a railroad company is ! "r to op]ate its road4 ,su* fran*ise has a value entirely di/9ct f ! value ( ! plant or ( ! ord9>y prop]ty ( ! corporation4 ,,s9k+ ,,fund4 ,a s9k+ fund is a fund set aside ye>ly = ! purpose at "s future "t ( s9k+--t is1 pay+ a debt4 ,,xiii4 ,,prote/$ ,,pap] ,:5 a note is pres5t$ = paym5t at maturity & is n paid x is usually ,,prote/$2 t is1 a not>y public makes a =mal /atem5t t ! note 0 pres5t$ = paym5t & paym5t 0 refus$4 ,notice ( su* prote/ is s5t to ! mak] ( ! note & to ea* indors]4 ,! bank %\ld nev] h& to its not>y any pap] = prote/ until x has made sure t its non-paym5t has n be5 br\ght ab\t by "s error or misund]/&+4 ,q (t51 ev5 ?\gh ! pap] has be5 made payable at a bank1 ! not>y s5ds a mess5g] ) ! note to ! mak] to make a =mal dem& = paym5t4 ,9 tak+ 9 collection pap]1 banks %\ld obta9 cle> in/ructions f its own]s z to :e!r or n x %\ld be prote/$ 9 case ( non-paym5t4 ,x by no means foll[s t a =mal prote/ is n desir$ because ! pap] be>s no indorsem5ts4 ,_m banks make x a rule to prote/ all unpaid pap] unless o!rwise ord]$4 ,we (t5 see atta*$ to ! end ( a draft a little slip ) ! words3 ,no prote/2 te> ?is (f be=e prote/+4 ,?is is simply private advice to ! bank] in=m+ him t ! draw] does n wi% to h ! draft prote/$4 ,x may be t he does n wi% to wrong or injure ! cr$it ( or add to ! exp5se ( 8 debtor2 or x may be t he consid]s ! acc\nt d\btful & does n wi% to add to 8 own loss ! co/ ( prote/ fees4 ,to hold an indors]1 he mu/ be prop]ly notifi$ ( ! non-paym5t ( ! note2 & :e!r ?is has be5 done is a "q ( fact4 ,if he 0 n prop]ly notifi$ ?is def5ce w avail :5ev] x is cle>ly prov$4 ,a great v>iety ( def5ces may be successfully made by an indors]4 ,a few ( ^! def5ces are "h briefly notic$3 ,"o is usury2 ano!r is ! mak]'s dis*>ge by ! hold]2 nor c he be held :5 he has paid ! note2 nor :5 its issue 0 unlawful1 nor :5 ! note 0 non-negotiable1 nor :5 8 indorsem5t 0 procur$ by fraud4 ,f9ally1 an indors] may avail himself ( any def5ce exi/+ betwe5 ! hold] & ! mak] or pr9cipal debtor4 ,?is is evid5tly a j pr9ciple1 = ! hold] %\ld h no m rights aga9/ an indors] ?an he has aga9/ ! mak]4 ,if1 !re=e1 ! mak] c int]pose "s j claim z a p>tial or complete def5ce ! indors] %\ld be p]mitt$ to avail himself ( ?is claim4 ,9 ord] to recov] f an indors] x mu/ be prov5 t a =mal & prop] dem& = paym5t 0 made ^u ! mak]4 ,! =mal prote/ is usually undisput$ evid5ce ( ?is4 ,! mak] is liable 9 any ev5t4 ,illu/ration3 ,a prote/4 ,to make ! indors]'s liability absolute x is necess>y to dem& paym5t at ! specifi$ place on ! la/ day ( ! p]iod = :i* ! note 0 giv51 & to give due notice ( non-paym5t to ! indors]4 ,=1 z ! contract requires ! mak] to pay at maturity1 ! indors] may presume1 unless he has receiv$ a notice to ! contr>y1 t ! mak] has paid ! obligation4 ,ord9>ily a notice ( an indorsem5t by a p>tn]%ip ne$ n be s5t to ea* memb]4 ,ev5 aft] ! p>tn]%ip has be5 dissolv$ a notice to "o p>tn] is suffici5t to b9d ! o!r memb]s4 ,if ! note is own$ jo9tly 7t is1 by p>ties :o are n bus9ess p>tn]s7 ! indors]s are n liable z p>tn]s b z individuals4 ,9 su* a case ! notice ( non-paym5t %\ld be s5t to ea*4 ,our illu/ration %[s a facsimile ( a prote/ notice4 ,,xiv4 ,,pap] ,,(f]$ ,,= ,,disc\nt ,"o ( ! mo/ valuable p>ts ( a bank]'s education is to le>n :om to tru/4 ,e bank %\ld h a well-organis$ & ?or\ghly equipp$ cr$it dep>tm5t1 9 *>ge ( "s "o :o c be reli$ ^u to inve/igate c>efully all names ref]r$ to him by ! (fic]s4 ,a bank] has ! "r to expect ! fulle/ confid5ce on ! "p ( ! borr[]1 & ! borr[] %\ld furni% him ) a complete & detail$ /atem5t ( ! condition ( 8 affairs4 ,x is safe to conclude t :5 a borr[] refuses absolutely to give any in=mation z to 8 f9ancial condition 8 cr$it is n 9 ! mo/ fav\rable %ape4 ,_m ( ! banks h blank =ms :i* !y1 f "t to "t1 ask borr[]s to fill out4 ,^! /atem5ts %[ 9 detail ! assets & liabilities ( ! firm 9 "q2 !y %[ ! notes :i* are out/&+1 ! mortgages on real e/ate1 & _m o!r p>ticul>s1 includ+ ! p]sonal or individual cr$it ( memb]s ( ! firm1 if a p>tn]%ip4 ,9 e/imat+ ! value ( pap] (f]$ = disc\nt ! foll[+ po9ts %\ld be consid]$3 #a4 ,! total net wor? ( ! borr[]4 #b4 ,! "* ( 8 bus9ess2 :e!r x is speculative or /aple4 #c4 ,! borr[]'s record & /&+ 9 ! community & 8 bus9ess habits4 #d4 ,:e!r he is 9 ent]prise abrea/ ) mod]n ideas & me?ods4 #e4 ,! "* ( ! m]*&ise own$ by ! borr[]4 ,:at w\ld x br+ "u ! hamm]8 ,groc]ies & raw mat]ial c usually be turn$ into ca% at a =c$ sale at v small disc\nt f curr5t prices4 ,n s ) h>dw>e1 glass1 dry goods1 boots & %oes1 books1 etc4 ,ma*9]y & fixtures are n a bankable asset ^u :i* to base cr$it4 ,! bank] %\ld note 8 borr[]'s bills payable4 ,:y did he give notes8 ,are !y met promptly8 ,_m h\ses pref] to sell _! own pap] 9 ! op5 m>ket1 & keep _! banks op5 = accommodations :5 !y are unable to secure outside cr$it4 ,! insurance c>ri$ %\ld be consid]$2 also ! volume ( bus9ess done4 ,a l>ge bus9ess on mod]ate capital1 ) long cr$its1 w naturally h l>ge liabilities1 :ile a small bus9ess ) a lib]al capital & %ort cr$its %\ld h small liabilities4 ,pap] (f]$ = disc\nt is ( a v>iety ( k9ds4 ,! l>g] proportion ( x is f cu/om]s ( ! borr[] :o h ext5d$ _! cr$it by pay+ _! acc\nts 9 notes in/ead ( 9 ca%4 ,su* pap] is really1 ?\gh hav+ two names1 v little bett] ?an s+le-"n pap]1 = x is n ! mak]'s cr$it1 b ! payee's1 :i* ! bank usually consid]s4 ,_m v small notes (f]$ = disc\nt usually indicate a v ne$y condition4 ,!re are _m firms :i* c>ry two or m bank acc\nts1 & o!rs :o sell _! pap] to out-(-t[n banks4 ,9 buy+ pap] x is important to asc]ta9 :e!r ! firm is 9 ! habit ( tak+ up pap] at "o bank by float+ a loan at ano!r4 ,pap] may be classifi$ = purposes ( disc\nt z foll[s3 #a4 ,bills drawn by %ipp]s on ! h\ses to :i* ! goods are %ipp$4 #b4 ,bills drawn by import]s aga9/ commodities plac$ 9 brok]s' h&s = sale4 #c4 ,bills aris+ out ( our manifold trades & indu/ries4 #d4 ,drafts ) bills ( lad+ atta*$4 #e4 ,pap] hav+ p]sonal indorsem5ts4 #f4 ,pap] secur$ by collat]al4 #g4 ,"o-"n pap]4 ,,xv4 ,,corporations ,/ock companies are 9 a s5se corporations1 b ! "n ,,corporation has 9 its common application a broad] mean+4 ,,public ,,corporations are ^? :i* are creat$ exclusively = ! public int]e/1 z cities1 t[ns1 c\nties1 colleges1 etc4 ,,private ,,corporations are creat$ :olly or 9 "p = ! pecuni>y b5efit ( ! memb]s1 z railroad companies1 banks1 etc4 ,corporate bodies ^: memb]s at discretion fill by appo9tm5t all vacancies occurr+ 9 _! memb]%ip are sometimes call$ close corporations4 ,9 ?is c\ntry ! p[] to be a corporation is a fran*ise :i* c only exi/ ?r\gh ! legislature4 ,9 municipal corporations ! memb]s are ! citiz5s2 ! numb] is indef9ite2 "o ceases to be a memb] :5 he moves f ! t[n or city1 :ile e new resid5t becomes a memb] :5 by law he becomes entitl$ to ! privileges ( local citiz5%ip4 ,! laws :i* corporations may make = _! own gov]nm5t are made "u ! sev]al heads ( by-laws1 ord9ances1 rules1 & regulations4 ,^! laws may be made by ! gov]n+ body = any object n =eign to ! corporate purposes4 ,a municipal corporation1 = example1 makes ord9ances = ! clean+ & light+ ( its /reets1 = ! gov]nm5t ( its police =ce1 = ! supply ( wat] to its citiz5s1 & = ! puni%m5t ( all brea*es ( its regulations4 ,a railway corporation e/abli%es regulations = signals1 = ! runn+ ( tra9s1 = freight connections1 = ! conduct ( its pass5g]s1 & = hundr$s ( o!r ?+s4 ,b su* by-laws & regulations mu/ be 9 h>mony ) ! *>t] ( ! corporation & ) ! g5]al law ( ! l&4 ,= in/ance1 a municipal corporation c\ld n en=ce a by-law =bidd+ ! use ( its /reets by o!rs ?an its own citiz5s1 because by g5]al law all highways are op5 to ! common use ( all ! p4 ,aga91 a railway corporation c\ld n make a rule t x w\ld c>ry goods = "o class ( p]sons only1 because z a common c>ri] ! law requires t x c>ry imp>tially = all4 ,z a g5]al rule private corporations organis$ "u ! laws ( "o ,/ate are p]mitt$ to d bus9ess 9 o!r ,/ates4 ,x is q (t5 to ! advantage ( a company to organise "u ! laws ( "o ,/ate = ! purpose ( do+ bus9ess 9 ano!r4 ,= in/ance1 !re are _m companies *>t]$ "u ! laws ( ,ma9e ) headqu>t]s 9 ,bo/on4 ,! ,massa*usetts laws require t a l>ge proportion ( ! capital be actually paid 9 at ! "t ( organis+1 :ile ! ,ma9e law has no su* provision4 ,= simil> reasons _m l>ge companies do+ bus9ess 9 ,new ,york or ,philadelphia are organis$ "u ! laws ( ,new ,j]sey4 ,a corporation may make an assignm5t j z may an individual4 ,if all ! memb]s die ! prop]ty int]e/s pass to ! rightful heirs1 & "u ord9>y conditions ! corporation /ill exi/s4 ,a ,,fran*ise is a "r grant$ by ! ,/ate or by a municipal corporation to individuals or to a private corporation4 ,! fran*ise ( a railroad company is ! "r to op]ate its road4 ,su* fran*ise has a value entirely di/9ct f ! value ( ! plant or ! ord9>y prop]ty ( ! corporation4 ,an ,,unlimit$ ,,liability corporation is "o 9 :i* ! /ockhold]s are liable z p>tn]s1 ea* = ! full indebt$ness4 ,a ,,limit$ ,,liability corporation is "o 9 :i* ! /ockhold]s1 9 case ( ! failure ( ! corporation1 are liable = ! am\nt ( _! subscriptions4 ,! "n limit$ is requir$ by law to appe> aft] ! "n ( ! company4 ,if a subscription is entirely paid up !re is no fur!r liability--t is to say1 ! prop]ty ( a %>ehold] _c be atta*$ = any debts ( ! company4 ,und]/& cle>ly t ! "n limit$ pr9t$ aft] ! "n ( a company does n indicate 9 any way t ! capital or cr$it ( ! company is limit$1 only t ! liability ( ! %>ehold]s ( ! company is limit$ to ! am\nts ( _! %>es4 ,a ,,d\ble ,,liability corporation is "o 9 :i*1 9 case ( failure1 ! /ockhold]s are fur!r liable = am\nts equal to _! subscriptions4 ,all national banks are d\ble liability companies4 ,if ,a owns #ejjj /ock 9 a national bank1 & ! bank fails1 he loses 8 /ock2 & if ! liabilities ( ! bank are l>ge he may be oblig$ to pay a "p or ! :ole ( an additional #ejjj4 ,,xvi4 ,,bonds ,:5 a railroad company1 or a city or any o!r corporation desires to borr[ money x is a common practice to issue in/rum5ts ( cr$it call$ ,,bonds4 ,a bond means some?+ t b9ds4 ,bonds be> ! same relation to ! res\rces ( a corporation t mortgages d to real e/ate4 ,corporation bonds are issu$ = a p]iod ( ye>s4 ,!y usually h c\pons atta*$ :i* are cut (f & pres5t$ at regul> int]vals = ! paym5t ( int]e/4 ,a bondhold] ( a corporation runs less risk ?an a /ockhold]1 fir/1 z to int]e/3 ! corporation is oblig$ to pay int]e/ on its bonds1 b may at its own pleasure pass its divid5ds2 secondly1 ! bondhold] is a cr$itor1 :ile ! /ockhold] ( ! corporation is ! debtor4 ,on ! o!r h&1 if a conc]n is v successful1 a %>ehold] may receive l>ge divid5ds1 :ile ! bondhold] receives only ! /ipulat$ int]e/4 ,a bond is evid5ce ( debt1 specify+ ! int]e/1 & /at+ :5 ! pr9cipal %all be paid2 a c]tificate ( /ock is evid5ce t ! own] is a "p-own] 9 ! corporation or company1 n a cr$itor1 & he has no "r to rega9 8 money except by ! sale ( 8 /ock1 or ?r\gh ! w9d+ up ( ! company's bus9ess4 ,! "n ,,deb5tures is giv5 to a =m ( municipal bond 9 common use4 ,ne>ly all ! l>ge sums ( money us$ by ,/ates & cities = ! build+ ( ,/ate or municipal build+s1 bridges1 canals1 wat]-works1 etc41 are rais$ ?r\gh ! issue ( bonds 7deb5tures71 :i* are sold1 usually at a price a little bel[ p>1 to l>ge f9ancial in/itutions1 banks1 & insurance companies4 ,g5]ally speak+1 su* bonds are good securities1 & are m>ketable any:]e4 ,illu/ration3 ,a private bond4 ,at diff]5t times ! ,unit$ ,/ates gov]nm5t has issu$ bonds to relieve ! treasury4 ,^! bonds are absolutely safe & are always m>ketable4 ,regi/]$ bonds h ! "n ( ! buy] regi/]$2 unregi/]$ bonds are payable to be>]4 ,municipal bonds are issu$ by cities & o!r municipalities to raise money = local improvem5ts4 ,if prop] precautions are tak5 by buy]s1 municipal securities may be consid]$ among ! safe/ & mo/ remun]ative inve/m5ts4 ,:5 a new railroad ent]prise is und]tak5 its promot]s (t5 expect to make ! road n only supply ! money = its con/ruction b also give work+ capital 9 addition4 ,?is is done by ! issue ( mortgage bonds4 ,default 9 ! paym5t ( int]e/ ?r[s ! road into ! h&s ( a receiv]4 ,! securities imm$iately fall 9 value & are p]haps b\ght up by a syndicate ( crafty speculators :o are p]mitt$ to reorganise ! road & its managem5t4 ,?is is ! hi/ory ( _m ( our roads4 ,!re are exceptional cases1 ( c\rse1 b ! inve/or %\ld be famili> ) ! facts be=e buy+ railroad mortgages4 ,a ,,bottomry ,,bond is a k9d ( mortgage peculi> to %ipp+4 ,x is a conveyance ( ! %ip z security = advances made to ! own]4 ,if ! %ip is lo/ ! cr$itor loses 8 money & has no claim aga9/ ! own] p]sonally4 ,x is all[able = a loan made ^u su* a bond to be> any rate ( int]e/ 9 excess ( ! legal rate4 ,a vessel arriv+ 9 a =eign port may require repairs & supplies be=e %e c proce$ f>!r on h] voyage1 & 9 occasions ( ?is k9d a bottomry bond is giv54 ,! own] or ma/] pl$ges ! keel or bottom ( ! %ip--a "p1 9 fact1 = ! :ole--z security4 ,we h n[ ^u ! m>ket /ocks & bonds repres5t+ all conceivable k9ds ( prop]ty4 ,n only are prop]ties ( _m k9ds us$ to issue bonds ^u1 b _m k9ds ( bonds are (t5 issu$ ^u ! same prop]ty4 ,?us we f9d among our railroads n only fir/1 second1 & ?ird mortgage bonds1 b income bonds1 divid5d bonds1 conv]tible bonds1 consolidat$ bonds1 r$emption bonds1 r5ewal bonds1 s9k+-fund bonds1 collat]al tru/ bonds1 equipm5t bonds1 etc41 until !y lap & ov]lap 9 seem+ly endless confusion4 ,,receiv]',s ,,c]tificates are issu$ by receiv]s ( corporations1 companies1 etc41 9 f9ancial difficulties1 to secure op]at+ capital2 !y are grant$ fir/ rights ^u ! prop]ty & are plac$ above prior li5 & fir/ mortgage bonds4 ,,xvii4 ,,transportation ,! mo/ common effect ( *eap5$ transportation is to increase ! di/ance at :i* x is possible = produc] & consum] to deal ) ea* o!r4 ,to ! produc] x (f]s a wid] m>ket & to ! consum] a m v>i$ s\rce ( supply4 ,on ! :ole1 *eap5$ transportation is m uni=mly b5eficial to ! consum]2 its tempor>y advantage to ! produc] v (t5 leads to ov]production4 ,x has ! effect also ( br++ ab\t ne>ly uni=m prices ! _w ov]4 ,! "t 0 :5 ne>ness to m>ket 0 ( ! greate/ possible advantage4 ,at ! pres5t "t a f>m] c raise 8 cel]y 9 ,mi*igan or 8 beets 9 ,dakota & m>ket !m 9 ,new ,york ,city ab\t z easily z ?\gh he liv$ on ,long ,isl&4 ,x is no long] location :i* det]m9es ! bus9ess to be c>ri$ on 9 a p>ticul> place1 b natural advantages m or less indep5d5t ( location4 ,b ! railroad or ! /eamboat v (t5 det]m9es :]e a new bus9ess %all be develop$4 ,x is ?is quick5+ & *eap5+ ( transportation t has giv5 su* /imulus 9 ! pres5t day to ! gr[? ( l>ge cities4 ,x enables !m to draw *eap food f a f> l>g] t]ritory1 & x causes bus9ess to locate :]e ! wide/ sell+ connection is to be _h1 r ?an :]e ! goods or raw mat]ials are mo/ easily procur$4 ,x is ! quick & com=table transportation facilities :i* our l>ge cities possess t h giv5 /r5g? to ! great %opp+ c5tres4 ,%opp]s = ?irty or =ty miles ar\nd c easily rea* ^! c5tres1 & ! result is t trade ga!rs 9 c5tres r ?an at local po9ts4 ,a city ( a million population 9 ! mo/ productive agricultural section ( c\ntry c\ld n be f$ if ! food _h to rea* ! city by team+4 ,) ?is gr[? ( trade c5tres comes ! increas$ ga9 ( l>ge deal]s at ! exp5se ( ! small2 ) x comes organis$ speculation & its att5dant results1 good & evil4 ,prior to ! completion ( ! organisation ( trunk or ?r\gh l9es1 freight 0 compell$ to break bulk & suff] trans-%ipm5t at ! end ( ea* l9e1 :]e a new corporation took up ! traffic & c>ri$ x beyond4 ,to prev5t ?is break+ ( bulk & to exp$ite ! c>riage ( freight1 fa/ freight l9es on sep>ate capitalisation 7 organis$4 ,! purpose ( ! int]/ate-comm]ce law is l>gely to prev5t discrim9ation & corruption 9 freight *>ges1 to secure = e p]son & place j & equal treatm5t at ! h&s ( ! transportation companies4 ,! freight rates are arrang$ & regulat$ by ! traffic associations1 & ! v>i\s conditions & compromises necess>y h made bo? classifications & rates ab\t z complicat$ z any?+ possibly c\ld be4 ,! "n ,,diff]5tial z appli$ to freight rates ref]s to ! diff]5ces :i* are made by railroad companies4 ,c]ta9 roads are by agreem5t all[$ to *>ge a l[] rate ?an o!rs runn+ to ! same po9ts4 ,to & f ea* ( ! ea/]n cities !re are two classes ( roads--! /&>d l9es & ! diff]5tial l9es4 ,! /&>d l9es h ! advantage ( m direct connections2 ! diff]5tial l9es rea* ! freight de/9ations by circuit\s r\tes1 9 "s in/ances by almo/ d\ble ! mileage4 ,) a view to equalis+ ^! conditions ! g5]al traffic associations all[ ! diff]5tial l9es to c>ry freight at a l[] rate p] mile ?an ! rate *>g$ by ! /&>d l9es4 ,! transportation bus9ess ( ! ,unit$ ,/ates is s v>i$ & complicat$ t a prop] /udy ( its freight t>iffs & classifications w\ld require mu* m space ?an c be giv5 ! subject 9 ^! lessons4 ,,xviii4 ,,transportation ,,pap]s ,! common transportation pap]s1 famili> to all %ipp]s1 are ! 7#a7 %ipp+ receipt1 7#b7 bill ( lad+1 7#c7 waybill4 ,,orig9al ,,receipts1 /at+ m>ks & quantities ( goods1 g ) ea* sep>ate lot ( m]*&ise to ! freight %$s or vessels1 & ^! are summ$ up 9 a =mal bill ( lad+1 = :i* !y are ex*ang$ :5 all ! cases or bundles belong+ to ! p>ticul> %ipm5t h be5 deliv]$4 ,! duplicate receipt1 or ! "p commonly m>k$ invoice1 is kept by ! receiv] ( ! freight1 & ! o!r end1 commonly m>k$ orig9al1 is giv5 to ! drayman4 ,9 mak+ ord9>y %ipm5ts x is n usual or necess>y to make out a =mal bill ( lad+4 ,( c\rse1 :5 no bill ( lad+ is made out1 ! receipt %\ld be pres]v$ by ! %ipp]4 ,! full contract is usually pr9t$ on ! receipt1 b x mu/ be rememb]$ t a receipt is n a negotiable in/rum5t & _c be us$ z security = money4 ,illu/ration3 ,a %ipp+ receipt 7orig9al74 ,a ,,bill ,,( ,,lad+ is an ackn[l$gm5t by a transportation company ( ! receipt ( goods specifi$1 & contracts = _! deliv]y at a c]ta9 place1 "u conditions /at$ !reon1 ^u paym5t ( freight & exp5ses4 ,bills ( lad+ are negotiable & maybe transf]r$ by indorsem5t1 b are ( no value ap>t f ! goods to :i* !y give title4 ,a bill ( lad+ goes ) c]ta9 nam$ goods & _c be transf]r$ to o!r goods1 ev5 ?\gh ( precisely ! same k9d & price4 ,m>9e bills ( lad+ are usually made 9 triplicate2 "o is kept by ! %ipp]1 ano!r by ! vessel1 & ! ?ird is s5t by mail to ! p]son to receive ! goods4 ,illu/ration3 ,a /eam%ip bill ( lad+4 ,! p>ties to a bill ( lad+ are ?ree--! %ipp]1 ! consignee1 & ! transportation company4 ,! decl>ation ( hav+ receiv$ ! goods 9 good ord] & condition1 & ! consequ5t obligation1 subsequ5tly express$1 ( deliv]+ !m 9 l good ord] & condition1 is s5sibly less5$ 9 its importance by ! additional clause n[ adopt$ by almo/ all transportation companies--namely3 ,cont5ts & condition ( cont5ts ( packages unkn[n4 ,%\ld ! goods or "p ( !m be %ipp$ 9 a damag$ condition1 or 9 a bad condition ( pack+1 a note to t effect %\ld be made by ! transportation company on ! bill ( lad+1 :i* ceases !n to be a clean bill ( lad+4 ,illu/ration3 ,a local waybill4 ,l any o!r in/rum5t ( cr$it1 a bill ( lad+ may be deposit$ ) a cr$itor z security = money advanc$ 7or x may be transf]r$ to a buy]7 by means ( indorsem5t1 & ! prop]ty or goods w be !reby ei!r mortgag$ or assign$4 ,act+ ^u ?is pr9ciple1 ! %ipp] decl>es 9 ! bill ( lad+ t ! goods %all be deliv]$ unto ! consignee or 8 assigns4 ,:5 a %ipp] is unable to ins]t ! "n ( ! consignee at ! "t ! bill ( lad+ is made out1 a bill to ord] is drawn up :]e9 ! consignee's "n is sup]s$$ by ! words %ipp]'s ord]1 or simply ord]2 x be+ ?us und]/ood t ! goods %all be deliv]$ to :omsoev] pres5ts1 at po9t ( de/9ation1 ! bill ( lad+ duly indors$ by ! %ipp]4 ,by su* a simple arrangem5t z a bill to ord] ! m]*ant is enabl$ to sell ! goods :ile !y are at sea1 or 9 transit1 & a consignm5t ( m]*&ise may *ange h&s sev]al times be=e arriv+ at its de/9ation4 ,:5 a case ( m]*&ise to be %ipp$ has be5 prop]ly ent]$ & weigh$ x is !n ready to be manife/$ or waybill$1 z no %ipm5t is all[$ to g =w>d )\t a waybill4 ,! ,,waybill is simply a memor&um ( ! consignm5t1 toge!r ) full & complete %ipp+ directions1 giv+ also ! numb] ( ! c> into :i* ! case has be5 load$1 & ! po9t to :i* ! c> is c>d$4 ,! freight conductor has waybills = all goods :i* he c>ries4 ,!y are turn$ ov] ) ! m]*&ise to ! ag5t ( ! railroad at ! po9t ( de/9ation4 ,our illu/rations %[ 7#a7 a %ipp+ receipt--! half m>k$ orig9al2 7#b7 a /eam%ip bill ( lad+2 7#c7 a local waybill4 ,,exam9ation ,,pap] ,,note4--,! foll[+ que/ions are set z an indication ( ! sort ( k a /ud5t %\ld possess :o has c>efully read ! sev]al pap]s ( ?is c\rse4 ,! pap] cov]s only ab\t ! fir/ half ( ! c\rse4 ,! /ud5t is recomm5d$ to write out ! answ]s c>efully4 ,only su* answ]s ne$ be attempt$ z c be made f a /udy ( ! lessons4 #a4 ,:at 9 a g5]al s5se is meant :5 we speak ( ! curr5cy ( a c\ntry8 #b4 ,enum]ate "s ( ! advantages af=d$ to ! community & to comm]ce 9 g5]al by bank+ in/itutions4 #c4 ,a bank *eque is a dem& ord] = money1 drawn by "o :o has funds 9 ! bank4 ,h[ does a *eque diff] f an ord] on ,john ,smi? to pay be>] a c]ta9 sum ( money8 #d4 ,:y is x important t *eques %\ld be v c>efully drawn8 #e4 7a7 ,a *eque has no date4 ,does ?is make x void8 7b7 ,h[ ab\t a *eque dat$ mon?s ago8 7c7 ,is a *eque dat$ on ,sunday good8 7d7 ,:y are *eques sometimes dat$ ahead8 7e7 ,are y at lib]ty to pr9t y\r own =m ( *eque8 7f7 ,is x necess>y t y\r *eque be writt5 on ! prescrib$ blank =m8 7g7 ,h[ w\ld y write a *eque = #ge c5ts8 #f4 ,h[ w\ld y ^w a *eque to give to a p]son :o is unkn[n at y\r bank1 b :o wi%es to draw ! money ov] ! c\nt]8 #g4 ,y are s5d+ a *eque ?r\gh ! mails to ,john ,br[n1 ,philadelphia4 ,h[ w y prev5t ! *eque f fall+ into ! h&s ( ! wrong ,john ,br[n8 #h4 ,y id5tify ,a4 ,b4 at y\r bank4 ,! *eque ,a4 ,b4 pres5t$ turns out to be a =g]y4 ,are y responsible8 #i4 ,a4 ,b4 transf]s a *eque to y by a blank indorsem5t4 ,x is !n payable to be>]4 ,h[ c y legally make x payable to y\r own ord]8 #aj4 ,:at is meant by p[]-(-attorney8 ,h[ %\ld an attorney indorse *eques = any p]son = :om he is act+8 #aa4 ,if a note 7 ab\t to be transf]r$ to y by indorsem5t & deliv]y 9 paym5t ( a debt1 w\ld x make any diff]5ce to y :e!r or n x 0 ov]due8 ,expla9 9 full4 #ab4 ,tell h[ y w\ld receipt = a paym5t ( a note4 ,:y is n an ord9>y sep>ate receipt suffici5t8 #ac4 ,:y are notes prote/$8 ,:y is a =mal prote/ sometimes desir$ ev5 ?\gh ! pap] be>s no indorsem5ts8 #ad4 ,if an indors] is compell$ to pay a note1 aga9/ :om has he a good claim8 ,,note ,,to ,,! ,,=ego+ ,,exam9ation ,,pap] ,x is a mi/ake to answ] que/ions = a /ud5t if he is able ( himself to f9d ! answ]s4 ,a "q :i* sets a /ud5t ?9k+1 ev5 ?\gh he _c imm$iately f9d a satisfactory answ]1 af=ds educational tra9+ ( consid]able value4 ,a few ( ! answ]s to ! =ego+ que/ions are z foll[s3 #e4 7a7 ,n necess>ily s4 7b7 ,su* a *eque w\ld "u ord9>y conditions be all "r4 ,*eques %\ld be pres5t$ z soon aft] date z conv5i5t4 7c7 ,*eques dat$ on ,sunday are v commonly paid4 ,*eques or notes deliv]$ on ,sunday are void4 ,! deliv]y makes ! contract1 n ! dat+4 7d7 ,t ! mak] may h a few days 9 :i* to deposit suffici5t money to meet !m4 7e7 ,y are at lib]ty to pr9t y\r own =m ( *eque or to write x out 9 full if y wi%4 7g7 ,write ! words ,sev5ty-five c5ts pla9ly along ! money l9e4 #h4 ,yes4 ,,bus9ess ,,geography ,,! ,,trade ,,features ,,( ,,! ,,great ,,comm]cial ,,nations ,i4 ,,! ,,trade ,,features ,,( ,,! ,,briti% ,,isles ,,london ,,z ,a ,,food ,,consum] ,london is ! greate/ seat ( trade & comm]ce 9 ! _w4 ,its comm]cial greatness is evid5c$ by its greatness ( population4 ,its inhabitants numb] ov] #f1jjj1jjj4 ,! h\ses 9 :i* ?is va/ population lives1 w\ld1 if plac$ end to end1 make a cont9u\s /reet t w\ld /ret* across all ,europe & ,asia4 ,! m]e ef=t ( provid+ food = ?is va/ population necessitates an enorm\s comm]ce4 ,half a million ( beeves are requir$ e ye> to supply its meat m>ket2 also #b1jjj1jjj %eep & #h1jjj1jjj f[ls4 ,to supply its fi% m>ket #djj1jjj1jjj p\nds ( fi% are requir$1 & #ejj1jjj1jjj oy/]s4 ,gra91 fl\r1 fruit1 butt]1 eggs1 *eese1 sug>1 tea1 & c(fee1 are br\ght to ,london daily 9 su* quantities t ! prices ( ^! commodities all ! _w ov] are bas$ ^u :at !y w fet* 9 ,london4 ,:ole nations & prov9ces & di/ricts get _! subsi/5ce f indu/ries t h = _! end ! supply+ ( "s ( ?is enorm\s food dem&4 ,d5m>k1 = example1 owes its entire prosp]ity ( rec5t ye>s to its pr(itable manufacture ( butt] = ! ,london m>ket4 ,brittany & ,norm&y1 9 ,france1 are almo/ :olly occupi$ 9 supply+ t m>ket ) p\ltry & eggs4 ,! isl&s ( ,j]sey & ,gu]nsey d]ive _! pr9cipal weal?1 n1 z might be suppos$1 f ! sale ( milk & butt]1 b f ! supply+ ( ,london ) potatoes4 ,canada dur+ ! la/ six or eight ye>s has built up ) ,london an imm5se trade 9 *eese1 a trade t exce$s 9 importance any o!r t ,canada has1 :ile ev5 our own home ,/ates--,ill9ois1 ,i[a1 & ,wiscons91 = example--h f\nd new s\rces ( weal? 9 cat]+ to ! ,london dairy trade4 ,elg9 & ,ames cream]y butt]s are products well kn[n to ! ,london consum]4 ,,london ,,! ,,comm]cial ,,c5tre ,,( ,,! ,,_w ,:at is ! reason ( ,london's wond]ful prosp]ity8 ,already its population is "o fif? ! entire population ( ,engl& & ,wales1 & x is increas+ at ! rate ( ab\t #bj p] c5t4 p] decade4 ,?ree hundr$ p are add$ to ! numb] e day 9 ! ye>1 a rate ( #aaj1jjj inhabitants 9 ! c\rse ( ! ye>4 ,x is n[ "o half great] ?an ! total population ( all ,irel&4 ,london's ,scot* population is almo/ z num]\s z t ( ,ed9burgh1 :ile its ,iri% population is q z num]\s z t ( ,dubl94 ,e civilis$ c\ntry is repres5t$ among its p1 & e civilis$ tongue is spok5 among !m4 ,a sea ( brick & mort>1 ev5 n[ fifte5 miles long & t5 miles broad1 x is gr[+ at ! rate ( a new h\se e h\r ( its exi/5ce4 ,its /reets are already #bh1jjj miles 9 l5g?1 & ^! are spread+ out s rapidly t e ye> _m :ole villages & t[n%ips are enme%$ by !m4 ,e day #a1jjj1jjj p ent] ,london by railway1 & at lea/ #ejj1jjj p h occupations 9 x 9 ! daytime :o reside beyond its limits at night4 ,fifty ?\s& p h occupations 9 x 9 ! night-"t :o reside beyond its limits dur+ ! day4 ,x is ! l>ge/ import+ c5tre 9 ,great ,brita91 & ! l>ge/ 9 ! _w1 & its exports are exce$$ only by ,liv]pool1 & n always by ,liv]pool4 ,x is also ! c5tre ( ! _w's f9ancial bus9ess4 ,= example1 trad]s 9 ! ,ea/ ,indies :o %ip c>goes ( spices & o!r ,ea/]n produce to ,am]ica1 draw 9 settlem5t on ,london r ?an on ,new ,york1 :ile trad]s 9 ,am]ica :o %ip c>goes ( cotton to ,m>seilles or ,riga1 draw 9 settlem5t on ,london r ?an on ,p>is or ,/4 ,pet]sburg4 ,:at is x t ?us makes ,london ! *ief seat ( population 9 ! _w1 ! comm]cial metropolis ( ! _w1 ! great f9ancial cle>+-h\se ( ! _w8 ,,london ,,! ,,c5tre ,,( ,,! ,,l& ,,surface ,,( ,,! ,,globe ,illu/ration3 ,london ! natural c5tre ( ! _w's trade4 ,london /&s z ne>ly z possible 9 ! c5tre ( ! l& surface ( ! globe4 ,its situation1 !re=e1 em95tly adapts x to be ! great c5tre ( ! _w's trade--! great di/ribut+ c5tre ( ! _w's products4 ,its %ips c g to ! f>!/ p>ts ( ! e>?1 &1 load+ !mselves ) ! natural products ( ^! p>ts1 c br+ !m to its docks )\t break+ bulk1 deposit !m !re = assortm5t1 & !n take !m away aga9 to o!r p>ts ( ! e>?1 & d ?is m economically ?an ! %ips ( almo/ any o!r port 9 ! _w4 ,b a great] reason is to be f\nd 9 ! fact t = c5turies ! ,briti% p h pursu$ a def9ite policy ( manufacture1 trade1 & comm]ce1 & h _h ! good =tune to h _h t policy int]f]$ ) 9 a less degree ?an any o!r nation 9 ! _w by comm]ce-de/roy+ w>1 :e!r int]nal or ext]nal4 ,& :5ev] ,brita9 has be5 9 ext]nal w>s h] navy has be5 able to protect h] comm]cial int]e/s4 ,london1 be+ ! capital ( ! k+dom & its *ief seat ( trade1 has naturally d]iv$ ! pr9cipal b5efit f ^! _m ye>s ( peaceful indu/ry & comm]ce4 ,!n1 aga91 ,london is fav\rably adapt$ to trade 9 respect to its own c\ntry4 ,x is a seaport1 sixty miles inl&1 & is connect$ by navigable canals ) all ! o!r *ief manufactur+ & comm]cial c5tres ( ! c\ntry4 ,its railway facilities1 too1 are s complete t !re is n a manufactur+ t[n 9 ! :ole isl& t is n )9 fifte5 h\rs ( freightage f x4 ,!n1 too1 ! peculi> configuration ( ! coa/-l9e ( ,great ,brita9 makes e po9t on ! isl& )9 an h\r or two ( c>riage f a seaport4 ,f9ally1 all ,briti% seaports are 9 trade connection ) ,london by a coa/+ s]vice unequall$ 9 ! _w = *eapness1 complet5ess1 & effici5cy4 ,9 a ^w1 ,london /&s n only 9 ! c5tre ( ! l& surface ( ! globe1 b also at ! comm]cial c5tre ( its own home t]ritory--t is to say1 )9 easy rea* bo? by wat] & by l& ( all ! trad+ & produc+ int]e/s ( a p t = c5turies h be5 lead]s 9 comm]cial & manufactur+ indu/ry & ent]prise4 ,,great ,,brita9',s ,,comm]cial ,,policy ,b t :i* m ?an any?+ else has made ,london ! great trade c5tre ( ! _w has be5 ! policy1 n[ = _m ye>s adopt$ by ! ,briti% p1 ( all[+ ! goods & products ( all o!r nations to ent] _! ports untax$4 ,e port 9 ,brita9 is a free port ( entry = all import$ m]*&ise except spirits1 tobacco1 w9e1 tea1 c(fee1 cocoa1 & *icory2 & %ips ( all nations are all[$ to trade at ,briti% ports ^u t]ms exactly ! same z ^? laid d[n = ,briti% %ips4 ,! result is t ,brita9 has become ! entrept or di/ribut+ m>t = ! produce ( ! _w4 ,%ips ( all nations are f\nd at h] :>ves1 & commodities f all p>ts ( ! _w br\ght 9 ^? %ips are f\nd 9 h] w>eh\ses4 ,h] m]cantile navy numb]s #ba1jjj vessels1 & #hjjj ( ^! are /eam%ips4 ,! tonnage ( ^! vessels am\nts to ov] #h1gej1jjj tons1 & ( ?is ne>ly #h1jjj1jjj is engag$ 9 ! =eign trade alone4 ,h] m]cantile sailors numb] ov] #bej1jjj m51 & ov] #aej1jjj ( ^! are engag$ 9 ! =eign trade4 ,london is1 ( c\rse1 ! *ief ga9] f ?is p]fect unre/riction ( trade4 ,tw5ty-sev5 p] c5t4 ( ! :ole trade ( ! c\ntry is 9 its h&s4 ,its m]*ants d bus9ess 9 e seaport on ! globe1 & ! trade ( ,great ,brita9 ) ports 9 ,europe1 ! ,levant1 ,egypt1 ,india1 ! ,ea/ ,indies1 ,*9a1 ,japan1 & ,au/ralasia1 is almo/ :olly controll$ by !m4 ,its %ipp+ embraces ! f9e/ trad+ fleets kn[n to comm]ce4 ,its docks & :>ves ext5d on ei!r side ( ! ,?ames = tw5ty-f\r miles f ,london ,bridge d[n to ,graves5d1 & are ! l>ge/ & f9e/ 9 ! _w4 ,illu/ration3 ,briti% m]cantile m>9e4 ,comp>$ ) t ( o!r c\ntries4 ,,london ,,! ,,cle>+-,,h\se ,,( ,,! ,,_w ,a simil> explanation is to be giv5 ( ! fact t ,london is ! great f9ancial c5tre ( ! _w4 ,! same policy :i* has made ,brita9 a great trad+ c\ntry has also made h] a great manufactur+ c\ntry4 ,! food products ( all ! _w p\r 9 ^u h] %ores1 & ,brita9 has become a *eap place to live 94 ,h] artisans are suppli$ ) ! be/ food t ! _w c produce1 & ?is at prices t are practically :at ! ,briti% dem& makes !m to be4 ,! ,briti% artisan is !re=e bo? well f$ & *eaply f$4 ,z a consequ5ce ( ?is1 ,briti% manufactures are produc$ m effici5tly & m *eaply ?an ^? ( mo/ o!r nations1 & !y are !re=e export$ enorm\sly to e qu>t] ( ! globe4 ,london1 f its accessibility ) respect to ! great manufactur+ c5tres at home1 & f its trade connections & facilities = trade abroad1 is ! great di/ribut+ c5tre ( ?is enorm\s manufacture4 ,london export]s h acc\nts = goods sold by !m all ! _w ov]4 ,!re is1 !re=e1 no qu>t] ( ! _w :]e money is n con/antly ow+ to ,london2 or1 if n to ,london1 !n to ,man*e/]1 ,birm+ham1 ,%effield1 ,le$s1 ,glasg[1 or "s o!r manufactur+ c5tre 9 close f9ancial t\* ) ,london4 ,9 ?is1 !n1 lies ! explanation ( ! f9ancial supremacy ( ,london4 ,no matt] 9 :at qu>t] ( ! _w money is ow$ by any place1 ! f9al de/9ation ( t money is ,london2 = 9 almo/ all cases x w be f\nd t ! locality to :i* ! money is ow$1 if x be n ,london1 w itself be a debtor to ,london4 ,london1 !re=e1 f necessity1 & z a matt] ( cu/om & conv5i5ce1 has become ! great cle>+-h\se ( ! _w4 ,! f9al adju/m5ts ( ! indebt$ness ( all ! comm]cial c5tres ( ! _w are made !re4 ,illu/ration3 ,london bridge4 ,,great ,,brita9 ,,! ,,cr$itor ,,nation ,,( ,,! ,,_w ,"o o!r reason = ! f9ancial supremacy ( ,london lies 9 ! enorm\s weal? ( ,brita94 ,= n[ almo/ half a c5tury ,brita9 has be5 import+ f> m ?an %e has be5 export+1 & ! total volume ( h] import & export trade is m ?an quadruple :at x 0 9 #ahej4 ,! consequ5ce is t n only has ,brita9 be5 accumulat+ weal?1 b %e has be5 accumulat+ x enorm\sly4 ,h] accumulat$ sav+s1 !re=e1 h be5 at ! _w's disposal1 & %e has _h s mu* money to inve/ t %e has become ! cr$itor nation ( ! _w4 ,! total inve/m5ts ( ,briti% capital 9 =eign c\ntries 79 loans1 railways1 manufactur+ syndicates1 etc47 is e/imat$ to be ! enorm\s sum ( ov] #aj1ejj1jjj1jjj4 ,london1 ( c\rse1 is ! inve/+1 controll+1 & sup]vis+ c\nt+-h\se = all ?is capital4 ,& z s mu* ,briti% capital f9ds 9 ,london its place ( inve/m5t1 x naturally foll[s t ne>ly all ! rema9+ unemploy$ capital ( ! _w1 t seeks inve/m5t1 ei!r is s5t to ,london z a m>ket1 or else assumes a price = inve/m5t else:]e :i* ! curr5t price ( capital 9 ,london w>rants x to assume4 ,! ,london m>ket rate ( capital1 !re=e1 det]m9es its m>ket rate 9 e o!r comm]cial c5tre ( ! _w4 ,,great ,,brita9 ,a ,,beehive ,,( ,,m]cantile ,,& ,,manufactur+ ,,indu/ry ,brita9 l all o!r civilis$ c\ntries1 0 orig9ally an agricultural c\ntry4 ,al?\gh = "s c5turies %e has be5 "o ( ! *ief manufactur+ & m]cantile c\ntries ( ! _w1 x has be5 only dur+ ! pa/ "o hundr$ ye>s1 & especially dur+ ! pa/ fifty ye>s1 t h] developm5t 9 manufactures & 9 comm]ce has be5 rem>kable4 ,brita9 is /ill1 9 respect ( quality1 ! =emo/ agricultural c\ntry on ! globe4 ,h] bre$s ( horses1 cattle1 %eep1 & sw9e are ! /&>d bre$s f :i* almo/ all o!r bre$s d]ive _! orig91 & by :i* f "t to "t !y are improv$4 ,& n[h]e is ! rais+ ( gra9s & roots = food ( man & bea/ pursu$ ) m skill & success ?an 9 ,brita94 ,b agriculture is fa/ ceas+ to be an important indu/ry ( ,brita94 ,two million acres less are "u cultivation n[ ?an 7 cultivat$ fifty ye>s ago4 ,! total am\nt ( :eat rais$ is suffici5t only = ?ree mon?s' consumption ( ! p2 ! rema9+ quantity ne$$ mu/ be suppli$ by importation4 ,?ree fif?s ( ! total population ( ! isl& live 9 t[ns1 & only a small proportion ( ! population t live 9 ! c\ntry is actually support$ by agriculture4 ,agriculture1 9 fact1 supports only fifte5 p] c5t4 ( ! population 9 all ,brita91 & 9 ,engl& only t5 p] c5t4 ,?ree & a half times z _m p are p]sonally engag$ 9 manufactures z 9 rural pursuits4 ,= ?ree qu>t]s ( a c5tury ! population 9 t[ns & cities has be5 gr[+ f\r times fa/] ?an ! population ( ! rural p>ts4 ,at ! same "t ! work+ p[] ( ! urban population has be5 con/antly gr[+ m effective4 ,9 fifty ye>s1 by ! g5]al adoption ( ma*9]y1 ! effective work+ p[] ( ! ,briti% workman has be5 increas$ sixfold4 ,9 ,engl& eighty-six p] c5t4 ( ! total "w ( ! c\ntry is done by /eam1 & 9 ,scotl& n9ety p] c5t4 ,great ,brita91 !re=e1 has become practically "o great beehive ( m]cantile & manufactur+ indu/ry4 ,agriculture z a g5]al occupation ( ! p1 except 9 ! production ( ! f9] food products1 su* z *oice beef & mutton & high-grade dairy products1 is no long] pr(itable4 ,inde$1 dur+ ! la/ fifte5 ye>s ! plant 7includ+ l&7 employ$ 9 agricultural indu/ries has be5 depreciat+ 9 value at ! rate ( #aej1jjj1jjj ye>ly2 t is1 9 ^! fifte5 ye>s ! enorm\s sum ( #b1bej1jjj1jjj ( capital employ$ 9 agriculture has be5 oblit]at$4 ,b ! ga9 to capital employ$ 9 pr(itable m]cantile & manufactur+ pursuits has mu* m ?an comp5sat$ = ?is enorm\s loss 9 agriculture4 ,,great ,,brita9',s ,,coal-,,fields ,,& ,,iron ,,deposits ,"o reason = ! great developm5t :i* ,brita9 has made z a manufactur+ & trad+ nation lies 9 ! fact t ,brita9 0 ! fir/ nation to utilise on a l>ge scale ! p[] ( /eam z a help to manufacture & trade4 ,! /eam-eng9e 0 a ,briti% inv5tion4 ,! fir/ railways 7 built 9 ,brita94 ,! fir/ /eam%ip to cross ! ,atlantic 0 a ,briti% ent]prise4 ,a second reason lies 9 ! fact t :5 ,brita9 began to use /eam z a motive p[] %e f\nd h] supplies ( coal s ne> h] iron m9es1 & s ne> h] clays & e>?s ne$$ = h] pott]ies1 t f ! v fir/ %e 0 able to manufacture *eaply & und]sell mo/ ( h] competitors4 ,h] coal-fields h an area ( ov] #ab1jjj squ>e miles1 & :]ev] h] coal-b$s are o!r natural products h be5 f\nd ne> by1 s t h] manufactur+ areas & h] coal areas are almo/ id5tical4 ,tak+ ,liv]pool1 ,man*e/]1 ,birm+ham1 ,wolv]hampton1 ,%effield1 ,le$s1 ,newca/le1 ,durham1 ,bri/ol1 ,/oke1 ,c>lisle1 ,c>diff1 ,swansea1 ,glasg[1 ,paisley1 & ,dundee z c5tres1 ar\nd ea* ( ^! lies a coal area ( su* ri*ness z amply su/a9s x 9 its comm]cial & manufactur+ pre-em95ce4 ,london is almo/ ! only great comm]cial c5tre ( ,brita9 t does n lie 9 ! mid/ ( or q adjac5t to a ri* coal & o!r m9]al region4 ,b ,london is )9 easy di/ance1 n only by rail1 b also by canal & by coa/wise sail+1 ( e coal-field & m9]al deposit ( ,brita94 ,london1 h[ev]1 is an import+ & export+ c5tre r ?an a manufactur+ c5tre4 ,illu/ration3 ,! coal-fields ( ,engl&4 ,,london',s ,,special ,,trade ,,features ,! comm]cial supremacy atta9$ by _m ( ! l>ge cities ( ,brita9 is n :olly due to natural causes1 or ev5 to ord9>y causes4 ,mu* ( x is due to extraord9>y ent]prise & =e?\ght on ! "p ( _! citiz5s4 ,london1 = example1 is ! c5tre ( ! wool trade ( ,brita94 ,! wooll5 manufactur]s ( ,brita9 use ab\t #bej1jjj tons ( wool annually1 & ?ree f\r?s ( ?is is import$4 ,o!r cities t lie ne> ! seats ( ! great wooll5 manufactures--,liv]pool1 = example--h tri$ to secure a %>e ( ?is va/ importation ( wool1 b ,london1 because ( ! special att5tion x gives to ?is trade1 manages to keep almo/ ! :ole ( ! trade 9 its own h&s4 ,simil>ly1 ,london almo/ :olly monopolises ! trade ( ,engl& ) ,arabia1 ,india1 ! ,ea/ ,indies1 ,*9a1 & ,japan4 ,x is !re=e ! great emporium = tea1 c(fee1 sug>1 spices1 indigo1 & raw silk4 ,x also enjoys ! bulk ( ,brita9's trade 9 fruits 7oranges1 lemons1 currants1 rais9s1 figs1 dates1 etc47 & 9 w9es1 olive oil1 & madd]1 ) ! c\ntries t lie ab\t ! ,m$it]ranean4 ,by virtue p>tly ( its situation1 b l>gely because ( ! ent]prise ( its m]*ants1 x absorbs ne>ly ! :ole ( ,brita9's ,fr5* trade1 & ( ,engl&'s trade ) ,g]many1 ,belgium1 ,holl&1 & ,d5m>k4 ,?is includes pr9cipally w9es 7f ,france71 & butt]1 eggs1 & vegetables4 ,ano!r great bran* ( its trade is t ) ! ports ( ! ,baltic1 includ+ ^? ( ,russia1 ! imports compris+1 besides :eat & wool1 tall[1 timb]1 hemp1 & l9se$4 ,! tobacco import$ f ,virg9ia into ,engl& goes almo/ :olly to ,london2 s does almo/ ! :ole ( ! ,c5tral ,am]ican & ,s\? ,am]ican trade 9 f9e woods1 dye-/uffs1 drugs1 sug>1 hides1 india-rubb]1 c(fee1 & diamonds4 ,q a l>ge %>e ( ! trade ( ,brita9 ) ,canada is conc5trat$ 9 ,london2 also1 m ?an "o half ( ! trade ( ,engl& ) ! ,we/ ,indies1 ! imports f ! latt] c\ntry compris+ pr9cipally sug>1 molasses1 fruit1 rum1 c(fee1 cocoa1 f9e woods1 & g+]4 ,,! ,,special ,,trade ,,features ,,( ,,glasg[1 ,,liv]pool1 ,,& ,,man*e/] ,! great comm]cial c5tres ( ,brita9 aft] ,london are ,,glasg[ 7#hjj1jjj71 ,,liv]pool 7#gjj1jjj7 & ,,man*e/] 7#fdj1jjj1 includ+ ,,sal=d74 ,all ^! cities h d]iv$ ! great] portion ( _! size f ! progress !y h made dur+ ! pres5t c5tury4 ,all1 ( c\rse1 owe _! progress & _! prosp]ity l>gely to _! natural advantages ( situation1 etc4 ,,liv]pool /&s on ! m>g9 ( ! ,atlantic1 ! ,m$it]ranean ( ! mod]n _w1 & ?us enjoys ! pr9cipal %>e ( ! trade ) ,am]ica1 especially t ) ! ,unit$ ,/ates4 ,great ,brita9's imports f ! ,unit$ ,/ates am\nt to ov] #ejj1jjj1jjj p] annum1 & h] exports to ! ,unit$ ,/ates 7exclusive ( bullion1 etc47 to ov] #ajj1jjj1jjj4 7,=m]ly ! exports to ! ,unit$ ,/ates 7 twice ?is am\nt47 ,( ?is va/ trade1 am\nt+ to "o fif? ( ,brita9's total trade ) ! _w1 ,liv]pool enjoys ! lion's %>e4 ,ne>ly all ! cotton1 n m]ely ( ! ,unit$ ,/ates b ( ! _w1 t is us$ 9 ,europe is s5t to ,liv]pool = di/ribution4 ,simil>ly1 ,,glasg[1 situat$ ) its aspect direct$ t[>d ! same m>itime r\tes1 enjoys also an imm5se transatlantic trade bo? nor? & s\?4 ,& ,,man*e/]1 situat$ 9 ! v he>t ( ! ri*e/ coal di/ricts ( ! k+dom1 & )9 easy rea* ( ! great cotton port1 ,liv]pool1 has built up a cotton-manufactur+ indu/ry surpass+ t ( all ! re/ ( ! _w4 ,,! ,,bus9ess ,,ent]prise ,,( ,,glasg[1 ,,liv]pool1 ,,& ,,man*e/] ,b ! natural advantages ( situation possess$ by ^! great cities h be5 gr&ly supplem5t$ by ! ent]prise ( _! inhabitants4 ,,glasg[ is only a riv] port4 ,= tw5ty miles bel[ its site ! ,clyde is naturally n>r[1 %all[1 & %oal-encumb]$4 ,9 places x is naturally n m ?an fifte5 in*es deep4 ,by ! exp5diture ( no less a sum ?an #fj1jjj1jjj ?is %all[ /ream has be5 conv]t$ into a cont9u\s h>b\r1 l9$ on ei!r side = miles ) :>ves & docks1 & easily capable ( accommodat+ ! l>ge/ & f9e/ m]*ant %ips afloat4 ,z a consequ5ce ( ?is ent]prise ,glasg[ has become ! greate/ %ip-build+ port 9 ! _w4 ,no less ?an tw5ty %ipy>ds--9 effici5cy & magnitude ( ! v highe/ class--are to be f\nd along ! banks ( ! once %all[1 impassable ,clyde1 betwe5 ,glasg[ prop] & ! riv]'s m\?4 ,simil>ly1 ! ent]prise ( ! %ip m]*ants ( ,,liv]pool has conv]t$ a port1 t high tides & impassable b>s w\ld naturally r5d] unfit = mod]n %ips1 into ! greate/ %ipp+ port 9 ! _w4 ,"o hundr$ million doll>s 7 sp5t 9 mak+ ! improvem5t1 b #e1jjj1jjj is ! annual rev5ue d]iv$ !refrom 9 dock dues alone4 ,& because ( ?is ent]prise ,liv]pool c n[ boa/ ( controll+ "o f\r? ( all ! imports ( ! k+dom1 & two fif?s ( all ! exports1 & ( h&l+ ?ree f\r?s ( all ! gra9 & provision trade ( ! k+dom1 & ( hav+ ! l>ge/ gra9 w>eh\ses 9 ! _w4 ,illu/ration3 ,! ,man*e/] %ip canal4 ,b ,,man*e/]1 a :olly inl& city1 =ty miles di/ant f ,liv]pool1 its ne>e/ port1 has outdone ev5 ,glasg[ & ,liv]pool 9 its endeav\r to br+ ! sea to its own doors4 ,x also has sp5t #ajj1jjj1jjj--n1 h[ev]1 9 am\nts spread ov] a numb] ( ye>s1 & z occasion seem$ to dem&1 b all at once1 9 "o lump sum1 9 "o huge ent]prise4 ,x has built a canal to ! ,m]sey :]e x is navigable1 ?irty-five & "o half miles 9 l5g?1 & suffici5tly deep & wide1 s t ! :ole ( its va/ importation ( cotton1 & ! :ole ( its va/ manufacture ( cotton & o!r textile fabrics1 & z mu* else z may be desir$1 may be br\ght 9 f ! sea or tak5 to ! sea 9 m]*ant vessels ( ! v l>ge/ size n[ afloat4 ,& x has done ?is 9 ! face ( eng9e]+ difficulties1 & ( ob/acles rais$ aga9/ x by jeal\s compet+ int]e/s t 7 almo/ insurm\ntable4 ,,great ,,brita9',s ,,specialisation ,,( ,,h] ,,indu/ries ,,9 ,,def9ite ,,c5tres ,9 no "p ( ! _w are manufacture & trade c>ri$ on ) su* /rict reg>d to ! conditions ( economic production & ! economic h&l+ ( goods z 9 ! ,briti% ,isles4 ,! free-trade policy ( ! empire p]mits ev]y:]e )9 its bord]s n m]ely national b _w-wide competition2 & yet x is b tru? to say t :]ev] ,great ,brita9 attempts to sell h] goods abroad e nation & e community 9 ! _w rises aga9/ h]4 ,ev5 h] colonies are aga9/ h]4 ,h] m>kets are op5 to e "o's trade1 & yet 9 almo/ e m>ket 9 ! _w :i* %e does n absolutely control b>ri]s are rais$ aga9/ h] trade4 ,%e is able to sell goods 9 =eign m>kets only because1 despite ^! b>ri]s1 %e is able to und]sell all competitors 9 !m1 or to give bett] value = ! same money ?an !y4 ,ev5 :5 %e obta9s ! control ( new m>kets1 z %e has 9 ,india1 ,*9a1 ,egypt1 ,we/ ,africa1 etc41 %e all[s e nation to trade 9 ^! m>kets on precisely ! same t]ms z %e h]self trades 9 !m4 ,9 ! face ( ?is _w-wide competition1 !re=e1 ! indu/ries ( ,brita9 w\ld cease to exi/ if e condition conducive to economy ( production--climatic suitability1 availability ( *eap motive p[]1 accessibility to *eap raw mat]ial1 & accessibility to natural & *eap means ( transportation--7 n tak5 advantage ( to ! utmo/4 ,b ?is is j :at ,brita9 does4 ,%e does take advantage to ! utmo/ ( conditions conducive to economy ( production2 & ?is is :y1 to a degree n[h]e else attempt$ 9 ! _w1 %e has specialis$ h] indu/ries 9 def9ite fav\r+ localities4 ,,! ,,natural ,,aptitudes ,,( ,,communities ,,9 ,,great ,,brita9 ,,= ,,special ,,indu/ries ,a result ( ?is specialisation ( indu/ries 9 def9ite c5tres is t a natural aptitude = ! indu/ry specialis$ 9 a locality is develop$ among ! inhabitants ( ! locality1 & ?is1 be+ /imulat$ by association1 is transmitt$ f g5]ation to g5]ation ) ev]-increas+ effici5cy4 ,aga91 ?is inh]it$ aptitude ( ! community = ! indu/ry hi/orically associat$ ) x is a prime elem5t 9 ! economic prosecution ( ! indu/ry4 ,also1 9 turn1 x acts z an important influ5ce 9 cont9u+ ! indu/ry 9 ! locality :]e once x has be5 successfully specialis$4 ,9 no c\ntry 9 ! _w1 outside ( ,asia1 h great indu/ries _h su* long-cont9u$ successful exi/5ce 9 def9ite localities z 9 ,brita94 ,& !re=e 9 no c\ntry 9 ! _w d ! natural aptitudes ( communities = special indu/ries con/itute su* an important elem5t ( economic indu/rial production4 ,a community ( effici5t smi?s1 = example1 has exi/$ 9 & ab\t ,birm+ham s9ce ! fifte5? c5tury4 ,z a consequ5ce ( ?is ! ,birm+ham c\ntry has = sev]al c5turies be5 ! greate/ seat ( ! metal or h>dw>e indu/ries 9 ! _w4 ,aga91 ! manufacture ( wooll5 clo?s has be5 an indu/ry successfully specialis$ 9 ,we/ ,york%ire f ! f\rte5? c5tury4 ,x results t n[h]e 9 ! _w is ! wooll5 manufacture c>ri$ on m prosp]\sly ?an 9 ,we/ ,york%ire to-day4 ,! pott]ies ( ,/af=d%ire h be5 9 exi/5ce "t out ( m9d1 & 9 ! eighte5? c5tury !y took a pre-em95t place among ! indu/ries ( ! _w4 ,!y hold t place ( pre-em95ce n[1 ev5 ?\gh s9ce !n ! me?ods ( manufacture h be5 sev]al times revolutionis$4 ,,! ,,cotton ,,manufactures ,,( ,,great ,,brita9 ,b ! influ5ce :i* m ?an any?+ else has det]m9$ ! specialisation ( indu/ries 9 c]ta9 places 9 ,brita9 r ?an 9 o!rs has be5 ! pres5ce ( coal-fields4 ,9 only a v few in/ances h great indu/ries be5 ma9ta9$ 9 di/ricts t are n coal-produc+4 ,! busie/ indu/rial c5tre 9 all ,brita9 is1 p]haps1 ,s\? ,lanca%ire1 ! great seat ( ! ,,cotton ,,manufacture4 ,s\? ,lanca%ire is "o great coal-field4 ,,liv]pool1 ! great cotton port ( ! _w1 is at "o edge ( ?is field4 ,,man*e/]1 ! cotton metropolis ( ! _w1 is at ! o!r edge4 ,betwe5 & ne> ^! two *ief t[ns is a :ole ne/ ( l>ge t[ns & cities--,,pre/on1 ,,burnley1 ,,blackburn1 ,,ro*dale1 ,,bolton1 ,,bury1 ,,a%ton1 ,,/ockport1 ,,oldham1 etc4--e "o ( :i* is :olly devot$ to ! cotton int]e/4 ,f _! position all ^! t[ns obta9 bo? _! motive p[] & _! raw mat]ial at ! l[e/ possible co/4 ,b1 9 addition to its advantages ( *eap coal & *eap raw mat]ial1 ,s\? ,lanca%ire has "o o!r great advantage 9 fav\r ( its special indu/ry--its climate is em95tly suit$ to ! indu/ry4 ,its atmosph]e is moi/1 & n too moi/1 & its temp]ature is n too cold4 ,cotton ?read c be spun & wov5 9 ,lanca%ire :i* else:]e w\ld break4 ,9 sc>cely any o!r place 9 ,engl& has cotton-weav+ or cotton-sp9n+ ev] prov$ a success4 ,! cotton indu/ry ( ,scotl& is n s localis$ z x is 9 ,engl&1 b ,,paisley 7#fe1jjj7 is fam\s all ! _w ov] = its id5tification ) ! manufacture ( cotton ?read4 ,irel& has no important cotton manufactures except 9 ,,belfa/4 ,"o ?ird ( ! cotton manufactur$ 9 ! _w is manufactur$ 9 ! ,unit$ ,k+dom4 ,! total product is ab\t #ad1jjj miles ( clo? daily4 ,! numb] ( sep>ate mills is ov] #bejj4 ,! annual product is #ejj1jjj1jjj1 :i* is "o hundr$ times :at x 0 "o hundr$ ye>s ago4 ,! quantity ( raw cotton import$ annually to su/a9 ?is imm5se production is #a1gej1jjj p\nds4 ,illu/ration3 ,! great manufactur+ di/ricts ( ,engl&4 ,,! ,,wooll5 ,,manufactures ,,( ,,great ,,brita9 ,a second great indu/ry ( ,great ,brita9 is its ,,wooll5 ,,manufacture4 ,?is indu/ry is specialis$ 9 ,engl&1 pr9cipally 9 ,we/ ,york%ire1 a di/rict :i* is z well suppli$ ) coal z is ,s\? ,lanca%ire4 ,,le$s 7#daj1jjj7 & ,,brad=d 7#bcb1jjj7 are ! two pr9cipal seats ( ! indu/ry1 b ,,hudd]sfield & ,,halifax are also important clo? t[ns1 & _m o!r communities are id5tifi$ ) ! manufacture ( wooll5s4 ,! not$ ,we/ ( ,engl& clo?s are made pr9cipally 9 ,gl\ce/]%ire1 :]e _! manufacture 9 ! t[n ( ,,/r\d is a survival ( an anci5t indu/ry once g5]al ?r\gh\t ! :ole c\nty4 ,9 ,scotl& !re are two c5tres ( ! wooll5 indu/ry4 ,! fir/ & mo/ important is 9 s\!a/ ,scotl&1 :]e1 9 ! valley ( ! ,twe$ 79 ,,gala%iels1 ,,hawick1 ,,j$burgh1 etc471 ! celebrat$ ,scot* twe$s are manufactur$4 ,! second is 9 ! valley ( ! ,tei? 7,,/irl+1 ,,bannockburn1 etc474 ,at "o "t ! %eep t 7 pa/ur$ on ! wolds ( ,york%ire 7 ! *ief supply ( ! raw mat]ial = ?is indu/ry 9 ! :ole ( ,brita91 b t "t is n[ long pa/4 ,! total annual import ( wool into ! ,unit$ ,k+dom is ab\t #gej1jjj p\nds1 ( :i* ab\t "o half is reta9$ = home manufacture4 ,two ?irds ( ?is import comes f ,au/ralia4 ,! numb] ( wool & wor/$ factories 9 ! k+dom aggregates ov] #bgej4 ,! value ( ! wooll5 goods produc$ annually is ab\t #bej1jjj1jjj1 :i* is ab\t "o f\r? ( ! total product ( ! _w4 ,,! ,,l95 ,,manufactures ,,( ,,great ,,brita9 ,! ?ird great textile manufacture ( ! ,unit$ ,k+dom is t ( ,,l95s4 ,?is is ! "o manufacture 9 :i* ,irel& surpasses h] si/] k+doms1 ,engl& & ,scotl&4 ,! cultivation ( flax & ! sp9n+ ( l95 y>n h be5 dome/ic indu/ries ?r\gh\t all ,irel& f "t immemorial4 ,b at ! pres5t "t ! l95-manufactur+ indu/ry ( ,irel& is almo/ :olly conc5trat$ 9 ,,belfa/4 ,9 ,scotl&1 :i* n[ almo/ rivals ,irel& 9 ! ext5t & p]fection ( h] l95 manufactures1 ! indu/ry is pr9cipally locat$ 9 ,fife%ire & ,=f>%ire1 especially 9 ! t[ns ( ,,dundee & ,,dunf]ml9e1 ! latt] t[n be+ greatly fam$ = its nap]y & table l95s4 ,l951 l cotton1 requires a peculi> atmosph]ic condition ( temp]ature & moi/ure = its manufacture1 & only 9 few localities has ! l95 indu/ry be5 successfully e/abli%$4 ,! total value ( ! annual l95 manufacture ( ! ,unit$ ,k+dom is #ajj1jjj1jjj4 ,,o!r ,,textile ,,manufactures ,,( ,,great ,,brita9 ,! annual value ( ! total manufacture ( textile fabrics 9 ! ,briti% ,isles is ab\t #a1jjj1jjj1jjj--n f> %ort1 inde$1 ( "o f\r? ( ! total manufacture ( textile fabrics 9 all ! _w4 ,great ,brita9 has ov] #a1jjj1jjj1jjj inve/$ 9 h] textile indu/ry1 & "o half ( h] total exports consi/s ( textile manufactures4 ,cotton1 wooll51 & l95 clo?s are ! *ief /aples ( ?is indu/ry1 b !re are _m o!r bran*es ( x & _m o!r localities 9 :i* x is specialis$ besides ! ones already m5tion$4 ,,leice/] 7#bjd1jjj71 :i*1 l s _m o!r manufactur+ cities ( ,engl&1 lies at ! c5tre ( a coal-field1 is ! *ief seat ( ! ,,wooll5 ,,hosi]y manufacture4 ,,dumfries is ! *ief seat ( ! wooll5 hosi]y manufacture 9 ,scotl&4 ,,kidd]m9/]1 9 ,worce/]%ire1 is ! *ief seat ( ! ,brussels c>pet indu/ry2 ,,wilton1 9 ,wilt%ire1 ( ! ,wilton c>pet indu/ry4 ,,kilm>nock1 9 ,ayr%ire1 is ! *ief seat ( ! c>pet manufacture 9 ,scotl&4 ,,nott+ham 7#bcc1jjj7 is ! metropolis ( ! cotton hosi]y & lace manufacture ( ,engl&4 ,,norwi* 7#aaj1jjj71 9 ea/]n ,engl&1 has a not$ manufacture ( musl9s & f9e dress-goods4 ,! ,norwi* textile manufacture is an in/ance ( ! cont9uance ( an indu/ry 9 a community hi/orically associat$ ) x1 al?\gh its seat is f> remov$ f a coal-field4 ,! ,,silk manufacture ( ,great ,brita9 is almo/ entirely conf9$ to ! c\nty ( ,d]by & adjac5t di/ricts 9 ,engl&4 ,,macclesfield1 9 ,*e%ire1 is ! *ief c5tre4 ,,cov5try is not$ = its silk ribbons & gauzes4 ,b ! manufacture ( silk 9 ,brita9 is n prosp]+ l t ( h] o!r textile fabrics4 ,9 fact1 9 =ty ye>s x has depreciat$ ?ree f\r?s4 ,briti% silk manufactur]s are n z adept 9 weight+ _! products ) dyes z _! ,fr5* competitors are1 & 9 consequ5ce ,engli% silks1 ?\gh intr9sically bett] ?an ,fr5* silks1 look inf]ior & !re=e _c be sold at pr(itable prices4 ,b1 on ! o!r h&1 ! ,,jute manufacture ( ,great ,brita9 is increas+ by leaps & b\nds4 ,e/abli%$ only sixty ye>s ago1 ! value ( its annual output is n[ twice t ( ! :ole manufacture ( silk1 & 9 tw5ty-five ye>s has tripl$4 ,! *ief seat ( ?is indu/ry is ,,dundee 7#afj1jjj71 9 ,scotl&4 ,,! ,,h>dw>e ,,manufactures ,,( ,,great ,,brita9 ,! textile manufactures ( ,great ,brita9 are 9 ! aggregate fir/ 9 importance1 b ! ,,h>dw>e manufactures come a close second4 ,! total am\nt ( ,great ,brita9's h>dw>e products is ab\t #gej1jjj1jjj1 or "o f\r? ( ! total product ( ! _w1 & ( ?is ab\t "o ?ird is export$4 ,ev5 m ?an h] textile fabrics1 ! h>dw>e manufactures ( ,great ,brita9 are associat$ ) h] coal-fields4 ,! mo/ di/9ctive h>dw>e c5tre is t "o :i* is id5tifi$ ) ! great coal-field 9 ! middle ( ,engl& kn[n z ! ,black ,c\ntry4 ,,birm+ham 7#ejf1jjj71 ! *ief place 9 ?is c5tre1 is unrivall$ 9 ! _w = ! multif>i\sness & ext5t ( its metal manufactures4 ,x is lit]ally true t ev]y?+ f a ne$le to an an*or is made )9 its limits4 ,b ?\gh its indu/ries comprise pr9cipally ^? ( iron & /eel1 its manufactures 9 gold1 silv]1 copp]1 z9c1 lead1 & alum9ium are also v important4 ,birm+ham1 too1 is unrivall$ 9 ! _w 9 ! application ( art to metal "w4 ,its manufacture ( jewell]y1 & gold & silv] ornam5ts1 is enorm\s4 ,its manufacture ( small w>es is also enorm\s4 ,= example1 x turns out #ae1jjj1jjj p5s weekly4 ,its manufacture ( buttons runs into ! hundr$s ( ?\s&s ( millions4 ,,wolv]hampton 7#hh1jjj71 also 9 ! ,black ,c\ntry1 is not$ = its manufacture ( heavy h>dw>e & ma*9]y4 ,s also 9 ,,oldham1 9 ! ,lanca%ire di/rict4 ,s also 9 ,,le$s1 9 ! ,we/ ,york%ire di/rict4 ,,%effield 7#ceb1jjj71 also 9 ,york%ire1 is hi/orically id5tifi$ ) its celebrat$ cutl]y manufacture1 an indu/ry t fir/ began !re because ( ! quality & abundance ( ! gr9d/ones f\nd ne> by4 ,) ! coal-b$s ( ,durham & ,cumb]l& are id5tifi$ ! great %ip-build+ & locomotive-build+ indu/ries ( ,,newca/le 7#bah1jjj71 ,,sund]l& 7#adb1jjj71 & ,,d>l+ton1 on ! nor!a/ side ( ,engl&1 & ! great /eel manufactures 7! l>ge/ 9 ! k+dom7 & %ip-build+ indu/ries ( ,,b>r[-,,on-,,furness1 on ! nor?we/ side4 ,) ! coal-fields ( ,s\? ,wales 7not$ = its smokeless coal7 are id5tifi$ ! smelt+ indu/ries ( ,,swansea 7#gj1jjj74 ,ores ( copp] especially1 b also ( silv]1 z9c1 & lead1 are br\ght f all ov] ! _w to ,swansea to be smelt$4 ,^! ,s\? ,wales coal-fields also acc\nt = ! fact t 9 respect to am\nt ( tonnage ,,c>diff 7#afj1jjj7 is "o ( ! *ief ports = exports 9 ! _w1 rank+ 9 ?is respect next aft] ,new ,york4 ,! exports ( coal f ,c>diff are n[ #ab1jjj1jjj tons annually4 ,,ii4 ,,! ,,trade ,,features ,,( ,,france ,,france ,a ,,ri*ly ,,fav\r$ ,,c\ntry ,france by nature is "o ( ! mo/ highly fav\r$ c\ntries 9 ! _w4 ,its climate is g5ial4 ,its temp]ature is s v>i$ t almo/ e vegetable1 gra9 or fruit ne$$ = ! su/5ance ( man may be rais$ )9 its bord]s4 ,its soil1 ?\gh n surpris+ly f]tile1 yet yields abundantly su* products z are suit$ to x4 ,its m9]al res\rces1 especially 9 coal1 iron1 lead1 m>ble1 & salt1 are v consid]able4 ,its area is compact4 ,its facilities = =eign comm]ce are unsurpass$4 ,x lies betwe5 ! two bodies ( wat]--! ,atlantic & ! ,m$it]ranean--( greate/ comm]cial importance 9 ! _w4 ,& its p1 especially ^? 9 rural p>ts1 are exceptionally frugal & indu/ri\s4 ,b ,france z a nation has n made ! progress 9 ! _w t its natural advantages call =4 ,x has be5 curs$ ) exp5sive & un/able gov]nm5ts & sangu9>y w>s4 ,its upp] classes1 ! natural lead]s ( its peoples1 are excessively fond ( pleasure & milit>y glory1 & ! en]gies ( ! nation h be5 mu* misdirect$4 ,z a consequ5ce1 despite its natural advantages1 ,france is los+ gr\nd among ! nations ( ! _w4 ,its national debt am\nts to ne>ly #g1jjj1jjj1jjj1 ! l>ge/ national debt kn[n 9 hi/ory1 be+ p] head ( population sev5te5 & "o half times z great z t ( ,g]many1 six times z great z t ( ! ,unit$ ,/ates1 & mu* m ?an "o & "o half times z great z t ( ,great ,brita94 ,b1 :at is ( m s]i\s consequ5ce1 ! vitality ( its p seems debilitat$4 ,= ye>s ! annual numb] ( bir?s 9 ,france has be5 /eadily decreas+1 :ile ! annual numb] ( dea?s has be5 m or less increas+4 ,ov] a great "p ( ! c\ntry ! numb] ( dea?s annually exce$s ! numb] ( bir?s4 ,9 num]\s ye>s ?is is s = ! :ole c\ntry4 ,! bir? rate is ! l[e/ 9 ,europe4 ,! dea? rate1 :ile n ! highe/1 is yet high] ?an 9 _m o!r c\ntries4 ,z a consequ5ce ( all ?is ! population ( ,france is almo/ /ation>y4 ,dur+ ! la/ sev5ty ye>s x has increas$ only #ah p] c5t41 :ile t ( ,great ,brita9 has increas$ #fc p] c5t41 ,g]many #ge p] c5t41 ,russia #ib p] c5t41 & ,europe z a :ole #fb p] c5t4 ,& ev5 ?is increase1 small z x is1 is l>gely due to immigration f o!r c\ntries4 ,nor is ! emigration ( ,fr5*m5 to _! colonies or to o!r c\ntries to be set d[n z a suffici5t explanation4 ,! ,fr5* are av]se to emigration4 ,at ! pres5t "t ! numb] ( ,fr5*m5 resid+ abroad is only a little m ?an half a million1 :ile ( =eign]s resid+ 9 ,france ! numb] is n f> %ort ( a million & a qu>t]4 ,illu/ration3 ,france1 comp>$ 9 size ) ! ,/ates ( ,ill9ois & ,texas4 ,,! ,,fr5* ,a ,,?rifty1 ,,frugal ,,p ,:5 ,france is comp>$ ) o!r c\ntries 9 respect ( comm]cial developm5t & progress1 ! results w 9 almo/ e p>ticul> turn out unfav\rable to ,france4 ,= example1 s9ce ! close ( ! ,napoleonic w>s eighty-?ree ye>s ago ! national trade ( ,great ,brita9 has quadrupl$1 :ile t ( ,france has only trebl$4 ,at ! close ( ! ,franco-,g]man w> ,france 0 eighte5 p] c5t4 ahead ( ,g]many 9 ! c>ry+ p[] ( h] %ipp+4 ,n[ ,g]many is sev5ty p] c5t4 ahead ( ,france 9 t respect4 ,b x mu/ be rememb]$ t ! ,franco-,g]man w> co/ ,france 9 army exp5ses & 9 indemnity no less a sum ?an #c1bej1jjj1jjj4 ,! effect ( t trem5d\s exp5diture ^u ! prosp]ity ( ! nation c be e/imat$ by "o comp>ison4 ,s9ce t w> ! annual av]age sav+s p] inhabitant 9 ,france h be5 #ag4 ,= ! same p]iod ! annual av]age sav+s p] inhabitant 9 ,great ,brita9 h be5 #ai4ej4 ,_h t w> n occurr$ ! av]age annual sav+s p] inhabitant 9 ,france w\ld h be5 #ba4ej4 ,9 %ort1 no p 9 ,europe are comp>able ) ! work+ classes ( ! ,fr5* p 9 frugality & ?rift1 & because ( ?is *>act]i/ic1 if ,france 7 well gov]n$1 its prosp]ity w\ld be equal to t ( any c\ntry 9 ! _w1 & ?is w\ld be s 9 spite ( ! fact t ,france's int]e/ bill imposes a tax ( #f4ej a ye> on e inhabitant ( ! c\ntry4 ,illu/ration3 ,/reet sc5e 9 ,p>is1 %[+ ! ,b\rse4 ,,! ,,importance ,,( ,,agriculture ,,9 ,,france ,france has "o elem5t ( /ability1 "o *>act]i/ic inducive ( ?rift9ess1 t mo/ o!r c\ntries ( ,europe lack4 ,9 mo/ o!r ,european c\ntries ! l& is held by few proprietors4 ,9 ,france x is held by _m4 ,9 ,great ,brita9 & ,irel&1 = example1 ! l& t is devot$ to agriculture is held by only #ai1jjj proprietors4 ,9 ,france x is held by #c1ejj1jjj proprietors4 ,!re are also #c1ejj1jjj di/rict f>ms 9 ,france1 ?\gh only sixty p] c5t4 ( ! f>m l& ( ! c\ntry is cultivat$ by ! own]s4 ,x foll[s f ?is t agriculture has 9 ,france a hold ^u ! affections & self-int]e/ ( ! p t x has 9 no o!r c\ntry 9 ! _w4 ,ab\t =ty-two p] c5t4 ( ! total population ( ! c\ntry able to "w are employ$ 9 agricultural pursuits4 ,agriculture1 !re=e1 is "o ( ! mo/ important indu/ries ( ,france4 ,"o fif? ( ! total e>n+s ( h] p are made 9 agriculture4 ,x _c be said1 h[ev]1 t agriculture 9 ,france is pursu$ z successfully z x is 9 "s o!r c\ntries--9 ,great ,brita91 = example4 ,france1 ) sometimes ! exception ( ,russia1 is ! l>ge/ :eat-gr[] ( all ! nations ( ,europe1 b its production ( gra9 p] acre is n m ?an f\r sev5?s t ( ,great ,brita91 :ile its production ( gra9 p] f>m+ h& is only two ?irds t ( ,great ,brita94 ,b s mu* ( ! agricultural ef=t ( ,france is devot$ to su* indu/ries z c be c>ri$ on 9 small f>ms or hold+s--potato-rais+1 = example1 & fruit-rais+ & p\ltry-rais+--t ! total money product p] acre 9 ,france is n f> %ort ( :at x is 9 ,great ,brita94 ,t is to say1 :ile agriculture is m pr(itably c>ri$ on 9 ,great ,brita9 ?an 9 ,france1 x proportionately supports a l>g] numb] ( p 9 ,france ?an 9 ,great ,brita94 ,,france',s ,,wat]ways ,,& ,,railways ,france1 l ,g]many1 is well suppli$ ) navigable riv]s1 & ^!1 ) its canals1 con/itute a complete network ( navigable wat]ways t cov] all ! c\ntry & greatly promote ! int]nal comm]ce ( ! nation4 ,^! navigable riv]s aggregate #eejj miles1 & ! navigable canals ov] #cajj miles4 ,! tonnage ( goods c>ri$ on ^! wat]ways comp>es q fav\rably ) t c>ri$ by ! railways4 ,! railways aggregate #be1jjj miles4 ,,! ,,di/9ctive ,,& ,,important ,,manufactures ,,( ,,france ,! mo/ di/9ctive manufacture ( ,france1 ! "o 9 :i* %e surpasses all o!r c\ntries ( ! _w1 is ! ,,silk ,,manufacture4 ,france's total production ( silk is n f> %ort ( "o ?ird ( ! total production ( ! _w4 ,,lyons 7#dff1jjj71 on ! ,rhone1 is ! *ief seat ( ! indu/ry1 hav+ _h ?is pre-em95ce ev] s9ce ! ,jacqu>d loom 0 inv5t$ !re at ! beg9n+ ( ?is c5tury4 ,its production is n f> %ort ( ?ree f\r?s ( ! total production ( ! c\ntry4 ,! mo/ important manufacture ( ,france1 h[ev]1 is h] manufacture ( ,,wooll5s4 ,9 ?is manufacture %e comes next aft] ,great ,brita91 h] total production be+ a little ahead ( t ( bo? ,g]many & ! ,unit$ ,/ates4 ,h] wooll5 mills numb] ov] #bjjj4 ,h] consumption ( wool = ?is indu/ry is ab\t ?ree f\r?s t ( ,great ,brita91 b ! value ( h] production is only two ?irds t ( ,brita94 ,,lille 7#baf1jjj7 & ,,rheims 7#ajh1jjj7 are ! *ief seats ( ! wooll5 indu/ry4 ,( ab\t equal value ) ! wooll5 manufacture ( ,france is its ,,h>dw>e manufacture1 b ! importance ( ,france's h>dw>e manufacture is national r ?an int]national4 ,( next importance is ! manufacture ( ,,cottons & ,,l95s4 ,! *ief seats ( ^! indu/ries are1 = cottons1 ,,r\5 7#aac1jjj71 ! ,man*e/] ( ,france1 & = l95s1 ,,lille4 ,ne> ,lille is ,,cambrai1 ! *ief place ( manufacture = t f9] class ( l95s kn[n z cambrics4 ,a second di/9ctive manufacture ( ,france is t ( ,,glass & ,,porcela94 ,9 ?is manufacture ,france q equals ,great ,brita9 9 respect ( value1 & surpasses h] 9 respect ( ! arti/ic "* ( ! w>es4 ,,limoges 7#gg1jjj7 & ,,/4 ,,cl\d 7ne> ,p>is7 are ! *ief seats ( ! ,fr5* porcela9 manufacture4 ,x is at ,/4 ,cl\d t ! celebrat$ ,svres porcela9 is made4 ,,p>is ,,& ,,! ,,great ,,seaports ,,( ,,france ,p>is 7#b1ecf1hcd7 is1 ( c\rse1 ! *ief trade c5tre ( all ,france1 b ! trade int]e/s ( ,p>is are g5]al r ?an special4 ,! manufactures t are mo/ localis$ 9 ,p>is are ^? ( articles ( luxury1 su* z jewell]y1 p]fum]y1 gloves1 fancy w>es1 novelties1 & fa%ionable boots & %oes4 ,p>is is also a great f9ancial c5tre4 ,,m>seilles 7#ddb1jjj71 "o ( ! olde/ cities 9 ,europe1 is ! great seaport ( ,france4 ,its trade am\nts to ov] #cej1jjj1jjj annually1 & x ranks next aft] ,hamburg among ! great seaports ( c5tral ,europe4 ,its specialty is its great trade ) ! ,m$it]ranean & ! ,ea/4 ,! op5+ ( ! ,suez ,canal has be5 ( incalculable advantage to ,m>seilles4 ,next z %ipp+ port comes ,,havre 7#aai1jjj71 at ! m\? ( ! ,se9e1 ) a total trade n f> %ort ( t ( ,m>seilles4 ,havre is 9 reality ! port or hav5 ( ,p>is4 ,x is ! great depot = ,fr5* imports f ,nor? & ,s\? ,am]ica4 ,^! comprise pr9cipally cotton1 tobacco1 :eat1 animal produce1 & wool4 ,its import ( ,s\? ,am]ican wool is enorm\s1 = ?ree f\r?s ( ! wool us$ 9 ,france n[ comes f ! region ( ! ,la ,plata4 ,rec5tly ! ,se9e has be5 deep5$ & n[ bo? ,r\5 & ,p>is may be consid]$ seaports4 ,by ?is means ,p>is has direct wat] communication ) ,london1 & is1 inde$1 ! ?ird seaport 9 ! c\ntry4 ,next comes ,,bordeaux 7#beg1jjj71 ! *ief place ( export = ,fr5* w9es & br&ies4 ,ab\t tw5ty ye>s ago ! w9e indu/ry ( ,france suff]$ trem5d\s loss f ! ravages ( ! insect phyllox]a4 ,ov] #d1jjj1jjj acres ( v9ey>d1 repres5t+ a value ( #a1jjj1jjj1jjj1 7 :olly or p>tially ru9$ by ?is t]rible pe/4 ,! plague1 h[ev]1 has n[ be5 /amp$ out1 b ne>ly #b1jjj1jjj acres ( v9ey>ds h be5 p]man5tly de/roy$ & h be5 devot$ to potatoes & ! sug>-beet root4 ,! result is t ! production ( w9e 9 ,france is n[ less ?an :at is ne$$ = home consumption1 & ov] fifty p] c5t4 m w9e is import$ ?an is export$4 ,! rema9+ great %ipp+ ports are ,,dunk]que 7#dj1jjj7 & ,,b\logne 7#cg1ejj74 ,,calais 7#eg1jjj7 has a great pass5g] trade ) ,engl&4 ,,iii4 ,,! ,,trade ,,features ,,( ,,g]many ,,g]many ,,! ,,mo/ ,,prosp]\s ,,nation ,,9 ,,cont95tal ,,europe ,! greate/ & mo/ prosp]\s comm]cial nation 9 ! old _w aft] ,great ,brita9 is ,g]many4 ,its population is #eb1jjj1jjj1 z aga9/ ,france's #ch1ejj1jjj2 & :ile ,france's population is sc>cely increas+ at all1 ,g]many's population is increas+ ! mo/ rapidly ( any 9 ,europe4 ,s9ce ! ,franco-,prussian w> ,france has ga9$ 9 population only a little ov] #b1jjj1jjj1 :ile ,g]many 9 ! same "t has ga9$ #ab1jjj1jjj4 ,9 ! middle ( ! pres5t c5tury ! populations ( ,g]many & ,france 7 equal1 be+ ea* ab\t #ce1jjj1jjj4 ,s9ce t date ,g]many's population has increas$ by ab\t fifty p] c5t4 & ,france's by only ab\t t5 p] c5t4 ,simil>ly1 ! comm]ce ( ,g]many n only greatly exce$s t ( ,france1 b is gr[+ mu* fa/] ?an t ( ,france4 ,! total exports & imports ( ,g]many1 exclusive ( bullion1 n[ foot up to ne>ly #b1jjj1jjj1jjj a ye>4 ,! total exports & imports ( ,france1 exclusive ( bullion1 foot up to only #a1ejj1jjj1jjj a ye>4 ,! total comm]ce ( ,g]many is !re=e ab\t "o ?ird m ?an t ( ,france4 ,at ! close ( ! ,franco-,prussian w> ! total comm]ce ( ,france consid]ably exce$$ t ( ,g]many4 ,,! ,,"* ,,( ,,g]many',s ,,indu/ries ,,*ang+ ,g]many1 l ,engl&1 is rapidly *ang+ ! "* ( h] indu/ries & becom+ a manufactur+ & comm]cial nation in/ead ( an agricultural nation4 ,?is is ! cause ( h] well-kn[n anxiety to secure control ( t]ritories 9 ,africa1 ,asia1 etc41 z exclusive m>kets = h] manufactures1 =1 unlike ,engl&1 ,g]many is at pres5t a believ] 9 exclusion 9 trade1 bo? at home & 9 h] colonies4 ,fifty ye>s ago ab\t f\r sev5?s ( ! p ( ,g]many 7 engag$ 9 agriculture2 n[ only ab\t "o ?ird ( ! p are s employ$4 ,! gr[? ( ! great cities ( ,g]many is eight times fa/] ?an t ( ! rural di/ricts1 & 9 fifty ye>s ! aggregate population ( ! six l>ge/ cities ( ! empire--,b]l91 ,hamburg1 ,leipzig1 ,muni*1 ,breslau1 & ,dresd5--has gr[n sixfold1 namely1 f #fjj1jjj to #c1fjj1jjj4 ,9 fifty ye>s1 too1 ! manufactures ( ,g]many h ne>ly d\bl$1 ! comm]ce ne>ly trebl$1 ! %ipp+ increas$ m ?an fivefold1 & ! m9+ output m ?an sixfold4 ,:ile all ?is is true1 x nev]!less is also true t ! area ( cultivat$ soil 9 ,g]many is d\ble :at x 0 fifty ye>s ago4 ,b ?is is because mu* l&1 =m]ly wa/e or 9 pa/ure1 has be5 br\ght "u cultivation4 ,yet ev5 n[ only "o half ( ! l& ( ,g]many is cultivat$1 & ?irty-?ree p] c5t4 ( ! total food consumption ( ! p has to be import$4 ,fifty ye>s ago only five p] c5t4 ( ! total food consumption 0 import$1 & ?is small fraction consi/$ almo/ :olly ( luxuries4 ,,g]many',s ,,success ,,9 ,,te*nical ,,education ,illu/ration3 ,approximate size ( ! ,g]man ,empire4 ,,note4--,! population ( t "p ( ! ,unit$ ,/ates includ$ )9 ! circle is ab\t #aj1jjj1jjj4 ,! population ( ! ,g]man ,empire is ab\t #eb1jjj1jjj4 ,g]many's prosp]ity & progress _c :olly be measur$ by /ati/ics4 ,no "o c pr$ict :at x w be1 = x is p>tly bas$ ^u elem5ts t un=tunately o!r c\ntries h n tak5 mu* acc\nt (4 ,g]many pays great] att5tion to ! ,,practical ,,education ( h] p ?an any o!r nation 9 ! _w4 ,h] sy/em ( te*nical education ext5ds ov] ! :ole empire1 & provides te*nical in/ruction = e class ( ! p & = e occupation ( ! p--night s*ools = ^? already engag$ 9 life's "w1 agricultural s*ools1 =e/ry s*ools1 comm]cial s*ools1 m9+ s*ools1 naval s*ools1 & s*ools 9 e bran* ( manufactur+ indu/ry1 besides1 ( c\rse1 s*ools = ! education ( ^? int5d+ to foll[ ! le>n$ pr(essions4 ,z a consequ5ce ( ?is v g5]al provision ( te*nical education1 !re is engag$ 9 ,g]man manufactur+ pursuits a class ( workm5 n f\nd 9 ! work%ops ( any o!r c\ntry--m5 ( indu/rial skill & exp]i5ce1 & at ! same "t ( ! highe/ sci5tific te*nical atta9m5ts 9 ! bran*es ( sci5ce t be> p>ticul>ly ^u _! "w4 ,^! m5 "w at sal>ies t 9 o!r c\ntries w\ld be consid]$ absurdly l[4 ,9 almo/ all o!r c\ntries ! possession ( a s\nd sci5tific education is a passport to social di/9ction1 & e pr(ession is op5 to him :o is des]v+ to ent] x4 ,9 ,g]many1 h[ev]1 ! le>n$ pr(essions1 & especially ! (ficial positions ( ! army & navy1 are almo/ ! exclusive pres]ves ( ^? :o are born to social rank4 ,! educat$ common]1 !re=e1 has to betake himself to manufacture1 trade1 or comm]ce4 ,x foll[s t sci5tific skill & intellig5ce are m g5]ally diffus$ 9 ,g]man comm]cial indu/ries ?an 9 ^? ( all o!r nations4 ,s f>1 h[ev]1 ! ,g]man artisan has n be5 ! equal 9 special te*nical skill ( 8 m rigidly specialis$ ,engli% competitor1 & z a consequ5ce ( ?is m ?an "o six? ( ,g]many's total imports consi/ ( goods br\ght f ,engl&--pr9cipally ! f9] sort ( textile fabrics & articles ( iron & /eel4 ,?is inf]iority 9 specialisation 9 ! ,g]man workm5 _c cont9ue long1 & ! successful rivalry ( ,g]many ) ! manufactur+ pre-em95ce ( ,great ,brita9 may soon be a />tl+ fact4 ,,g]many',s ,,m9es ,,& ,,h>dw>e ,,manufactures ,x is 9 ! developm5t ( h] m9es & ( manufactures 9 :i* ,,m9]als are employ$ t ,g]many has made mo/ noticeable progress4 ,%e produces f\r times z mu* coal z ,france1 & %e has ov] #ajjj sep>ate iron-m9es4 ,h] production ( iron has increas$ t5fold 9 fifty ye>s4 ,%e employs ov] #djj1jjj m5 9 h] m9es1 & by ! use ( lab\r-sav+ ma*9]y "o man c n[ produce z mu* z ?ree m5 c\ld produce fifty ye>s ago4 ,h] ,,h>dw>e manufactures are "o six? ( h] total manufactures1 & 9 ! pa/ half c5tury !y h increas$ sixfold4 ,!y are n[ d\ble ^? ( ,france1 & are only "o f\r? less ?an ^? ( ,great ,brita94 ,%e has #gej factories devot$ to ! mak+ ( ma*9]y alone4 ,two ( ^!--,krupp's at ,ess51 & ,borsig's at ,b]l9--are among ! l>ge/ 9 ! _w4 ,krupp's employs #bj1jjj m51 has #caj /eam-eng9es1 & cov]s an area ( #ajjj acres4 ,borsig's employs #aj1jjj m51 & 9 fifty ye>s1 />t+ f no?+1 has turn$ out ne>ly #djjj locomotives4 ,"o ( ,krupp's hamm]s 7a fifty-ton hamm]7 co/ #ejj1jjj4 ,,g]many',s ,,int]nal ,,trade ,g]many's comm]cial en]gies up to ! pres5t h be5 ma9ly conc5trat$ on h] ,,int]nal ,,trade4 ,! total am\nt ( ?is trade foots up to #g1jjj1jjj1jjj1 aga9/ ,france's #f1jjj1jjj1jjj1 & 9 fifty ye>s x has trebl$1 :ile t ( ,france has sc>cely d\bl$4 ,g]many has m miles ( railway ?an any o!r c\ntry 9 ! _w except ! ,unit$ ,/ates1 h] mileage be+ ne>ly #cj1jjj1 aga9/ ,france's #be1jjj & ,great ,brita9's #ba1jjj4 ,h] natural & artificial wat]ways are also ! be/ 9 ,europe1 & h] va/ production ( m9]al weal? is transport$ f m9e to f\ndry & factory1 & h] va/ production ( lumb] & gra9 is transport$ f =e/ & field to seaport1 l>gely by means ( wat] c>riage4 ,! ,rh9e1 ! ,elbe1 ! ,od]1 & ! ,vi/ula are all navigable ?r\gh\t _! :ole c\rses ?r\gh ,g]man t]ritory1 :ile ! ,wes] & ! ,danube are also navigable ?r\gh\t great p>ts ( _! c\rses4 ,all ^! navigable riv]s are int]connect$ by canals4 ,! total l5g? ( possible riv] navigation is ne>ly #fjjj miles1 :ile ! total l5g? ( canals & canalis$ riv]s is #bgjj miles4 ,besides1 9 #ahie !re 0 complet$ ! ,kais] ,wilhelm ,canal1 a lockless sea-go+ vessel canal1 tw5ty-n9e feet six in*es deep & sixty-"o miles long1 connect+ ! ,nor? ,sea & ! ,baltic1 & con/ruct$ at a co/ ( ne>ly #dj1jjj1jjj4 ,?is canal effects a sav+ ( almo/ "o :ole day = comm]cial /eam]s1 & ( ?ree days = all sail+-vessels1 engag$ 9 ! ,baltic & ,nor? ,sea trade4 ,,g]many',s ,,=eign ,,trade ,b :ile x is true t ,g]many's int]nal trade is h] mo/ important trade1 x is also true t h] ,,=eign ,,trade has dur+ ! la/ half c5tury made m progress ?an t ( any o!r ,european c\ntry1 & dur+ ! la/ ?ree or f\r decades m progress ?an ev5 t ( ! ,unit$ ,/ates4 ,s9ce #ahdj x has increas$ six & two ?ird times1 :ile t ( ,great ,brita9 has increas$ six times1 & ,france only f\r & "o fif? times4 ,x is n[ second 9 ! _w1 be+ m ?an half ( t ( ,great ,brita91 ahead ( t ( ! ,unit$ ,/ates1#a & v consid]ably ahead ( t ( ,france1 :ile 9 #ahfj x 0 mu* less ?an half ( t ( ,great ,brita91 less ?an t ( ! ,unit$ ,/ates1 & consid]ably less ?an t ( ,france4 ,g]many1 h[ev]1 is n well fav\r$ ) respect to seaports1 = 9 its transm>9e trade x is l>gely dep5d5t on =eign seaports--namely1 ports 9 ,belgium1 ,holl&1 ,france1 ,italy1 & ,au/ria4 ,rott]dam 9 ,holl& & ,antw]p 9 ,belgium are mu* m fav\rably situat$ ) respect to ! comm]ce ( its *ief m9+ & manufactur+ regions ?an any ( its own ports4 ,!re are only two ,g]man seaports ) wat] ( dep? suffici5t to accommodate ! deep-draw+ vessels 9 :i* =eign comm]ce is n[ ma9ly c>ri$ on--namely1 ,,cuxhav51 ! outport ( ,hamburg1 sixty-five miles f ,hamburg1 & ,,brem]hav51 ! outport ( ,brem51 ?irty-five miles f ,brem51 ?\gh rec5t improvem5ts 9 ! navigation ( ! ,elbe all[ vessels ( ev5 tw5ty-six feet draught to asc5d ! ,elbe :olly to ,hamburg4 ,b ,,hamburg 7#fbe1jjj71 = ! reason t = c5turies x 0 a free port ( entry1 has built up a v l>ge =eign trade1 be+ ! fif? 9 ! _w 9 ?is respect1 ,london1 ,new ,york1 ,liv]pool1 & ,rott]dam1 alone be+ ahead ( x4 ,hamburg's =eign trade is almo/ "o half great] ?an ! :ole =eign trade ( all o!r ,g]man ports put toge!r1 :ile ! =eign trade ( ,brem5 is ab\t "o f\r? t ( ,hamburg4 ,,brem51 l ,hamburg1 0 = c5turies a free port ( entry1 b 9 #ahhh bo? ,hamburg & ,brem5 gave up 9 great "p _! free port privileges & ent]$ ! g5]al cu/oms union ( ! empire4 ,bo? cities 7 extremely loa? to give up _! anci5t unique comm]cial privileges1 = !y fe>$ an imm5se loss ( trade 9 do+ s1 b x 0 hop$ t :at !y lo/ 9 =eign comm]ce w\ld be made up to !m 9 increas$ comm]ce ) o!r p>ts ( ! empire4 ,"o reason = ! great developm5t ( ,g]many's =eign trade 9 late ye>s is f\nd 9 ! facilities t x possesses = rapid transit to & f ,italy by means ( tunnels ?r\gh ! ,alps4 ,illu/ration3 ,nor? c5tral ,g]many1 %[+ ! %ip canal & ! lead+ comm]cial art]ies4 ,,footnote3 #a ,dur+ ! la/ two or ?ree ye>s ! =eign trade ( ! ,unit$ ,/ates has greatly exp&$ & has exce$$ t ( ,g]many1 & is mak+ a close pu% ^u t ( ,great ,brita94 ,! above /atem5t 0 int5d$ to repres5t ! situation z exi/+ dur+ a p]iod ( "s ye>s4 ,,! ,,special ,,trade ,,c5tres ,,( ,,g]many ,,b]l9 7#a1gjj1jjj71 ! capital ( ! empire1 is a *ief seat ( ma*9]y manufacture4 ,= _m ye>s ,,frank=t-,,on-,,!-,,ma9 enjoy$ ! pre-em95ce ( be+ next to ,london ! greate/ money m>ket 9 ! _w2 b s9ce ! e/abli%m5t ( ! ,g]man ,empire ,frank=t's f9ancial bus9ess has be5 absorb$ by ,b]l94 ,,leipzig 7#djj1jjj7 has ! di/9ction ( be+ ! seat ( a book-publi%+ trade t turns out ov] #fj1jjj1jjj volumes 9 a ye>1 am\nt+ 9 value to #cj1jjj1jjj4 ,leipzig has also ! hon\r ( be+ ! greate/ fur m>ket 9 ! _w4 ,,dantzig 7#abj1jjj7 is ,g]many's *ief port on ! ,baltic1 & ! *ief seat ( its great export trade 9 timb]1 gra91 flax1 hemp1 & potatoes4 ,its h>b\r1 h[ev]1 is clos$ 9 w9t] because ( ice4 ,,dresd5 7#ccj1jjj7 is not$ = its porcela9 manufacture1 b ! porcela9 is n manufactur$ *iefly 9 ,dresd51 b 9 ,,meiss51 fifte5 miles f ,dresd54 ,,muni* 7#djg1jjj7 manufactures l>gely ! national bev]age1 be]4 ,f9ally1 ,,nuremb]g 7#afb1jjj71 9 s\!rn ,g]many1 is rem>kable = its cont9uance into mod]n days ( manufactures = c5turies c>ri$ on dome/ically4 ,( ^! ! mo/ not$ are wat*es1 clocks1 p5cils1 & toys4 ,,iv4 ,,trade ,,features ,,( ,,spa9 ,,& ,,italy ,,italy1 ,,turkey1 ,,& ,,spa91 ,,! ,,?ree ,,decad5t ,,nations ,,( ,,europe ,! ,m$it]ranean f ! v e>lie/ epo*s ( civilisation has be5 a *ief highway ( trade1 & along its %ores e sort ( comm]cial activity has be5 prosecut$4 ,= c5turies & c5turies ! nations ^u ! bord]s1 especially ^? ^u its nor!rn bord]s1 7 ! lead+ nations ( ! _w1 & _! empire1 inde$1 compris$ ! empire ( ! _w4 ,b dur+ ! la/ two or ?ree c5turies1 & especially dur+ ! n9ete5? c5tury1 comm]cial pre-em95ce & pre-em95ce 9 empire h dep>t$ f ! ,m$it]ranean4 ,italy1 ! rul] ( ! :ole anci5t _w1 & ev5 9 mod]n times a rul] ( almo/ equal pot5cy2 ,turkey1 dur+ ! middle ages a *ief p[] bo? 9 ,europe & 9 ,asia2 ,spa91 = two c5turies at ! beg9n+ ( our mod]n epo* a *ief p[] 9 ,europe & ! mi/ress ( almo/ ! :ole ,we/]n _w z well1--^! c\ntries h all sunk to positions ( comp>ative insignificance1 & ,italy alone %[s signs ( effectual reg5]ation4 ,& yet on ! :ole e>?'s surface !re are no l&s m ri*ly end[$ by nature z abodes = man ?an ,italy1 ,turkey1 & ,spa94 ,,spa93 ,,its ,,trade ,,& ,,its ,,special ,,trade ,,c5tres ,spa91 because ( ! v>i$ climate ( h] sev]al p>ts1 is capable ( produc+ almo/ all ! edible fruits & gra9s kn[n to bo? temp]ate & tropical regions4 ,?\gh !re are "s des]t areas1 a great portion ( ! soil is abundantly productive1 & 7 agriculture pursu$ ) ! same skill z x is 9 o!r c\ntries--9 ,engl& & ,scotl&1 = example--,spa9 w\ld be "o ( ! ri*e/ agricultural regions on ! globe4 ,b n only is agriculture v ineffici5tly pursu$1 b ! c\ntry is also sp>sely inhabit$ 7only #ij to ! squ>e mile1 z comp>$ ) #bgj to ! squ>e mile 9 ,italy7 & only "o f\r? ( x is cultivat$4 ,z a consequ5ce only ^? products are rais$ 9 ,spa9 9 :i*1 because ( h] advantages ( climate1 etc41 %e has lea/ competition4 ,! pr9cipal comm]cial agricultural product is ,,w9e1 ! v9e be+ cultivat$ 9 e prov9ce 9 ! k+dom4 ,six hundr$ million gallons ( w9e are rais$ annually1 :i* is m 9 value ?an ! total quantity ( gra9 rais$4 ,only "o fif? ( ?is1 h[ev]1 is export$ 7pr9cipally to ,france71 & ev5 ( ?is ! great] portion is w9e ( inf]ior grade1 us$ = mix+4 ,! rema9+ agricultural products ( ,spa9 export$ are *iefly oranges1 lemons1 grapes1 rais9s1 nuts1 olives1 & onions4 ,( ^! ov] #ae1jjj1jjj wor? g to ,engl& annually4 ,engl& & ,france1 inde$1 enjoy ! great bulk ( ,spa9's =eign trade1 b ( late ye>s ,g]many & ! ,unit$ ,/ates are tak+ a small %>e ( x4 ,! ,,m9]al ,,weal? ( ,spa9 is enorm\s1 & z ! m9es are (t5 controll$ by =eign capital !y are work$ ) en]gy4 ,! iron ore ( ! ,basque prov9ces ( ! nor? & ! copp] ore ( ! di/rict ab\t ,cadiz h be5 r5[n$ = ages4 ,?irty-five million doll>s' wor? ( copp]1 iron1 lead1 silv]1 & quicksilv] are export$ to ,great ,brita9 annually4 ,!re are manufactures ( cottons1 wooll5s1 l95s1 & silks1 b none ( ^! c be said to be v prosp]\s1 al?\gh dur+ ! la/ tw5ty-five ye>s1 ow+ to a high protective t>iff1 ! quantity ( raw mat]ial us$ 9 textile manufacture 9 ,spa9 has d\bl$4 ,spa9 produces excell5t wool1 b h] wooll5 manufacture is unable to use x all & "o f\r? is export$4 ,simil>ly1 al?\gh ,spa9 is especially ri* 9 iron-fields1 %e gets ab\t "o ?ird ( ! h>dw>e %e ne$s = h] own consumption f ,engl&4 ,! total area ( ,spa9's ,,coal-,,fields is e/imat$ at #eejj miles1 b hi!rto little coal has be5 m9$1 p>tly because x is some:at inaccessible4 ,f\r million doll>s' wor? ( coal is annually import$ f ,engl&4 ,:ole m\nta9s ( ,,rock ,,salt exi/1 b little is m9$ & none is export$1 al?\gh bay salt obta9$ 9 ! s\? is export$ to ! fi%]m5 ( ,cornwall4 ,ano!r important export is ,,esp>to ,,grass1 :i* is s5t to ,engl& to be us$ 9 pap]-mak+4 ,& /ill ano!r is ,,cork1 al?\gh ,portugal1 :i* adjo9s ,spa91 is ! *ief seat ( ! cork-produc+ indu/ry4 ,,madrid 7#dgj1jjj7 is ! capital & l>ge/ city4 ,,b>celona 7#bej1jjj7 is ! *ief seaport ( ,spa9 & ! *ief manufactur+ c5tre4 ,,val5cia 7#ade1jjj71 9 ! s\!a/1 & ,,seville 7#ace1jjj7 & ,,malaga 7#aae1jjj71 9 ! s\?1 are ! pr9cipal seats ( ! fruit export trade ( ! c\ntry4 ,,cadiz 7#fe1jjj71 ,spa9's pr9cipal naval seaport1 has a fam\s export trade 9 %]ry w9es4 ,! total population ( ,spa9 is #ag1ejj1jjj4 ,illu/ration3 ,spa9 comp>$ 9 size ) ,cali=nia4 ,,italy',s ,,lam5table ,,condition ,italy's condition is 9 "s respects bett] ?an t ( ,spa91 b 9 o!rs worse4 ,its population is #cj1ejj1jjj1 be+ ?ree times m to ! squ>e mile ?an t ( ,spa91 & fifty p] c5t4 m to ! squ>e mile ?an t ( ,france4 ,s9ce #ahcj ! population has increas$ =ty-five p] c5t41 & ?is not)/&+ ! fact t ! loss by emigration is equal to "o half ( ! natural increase f ! surplus ( bir?s ov] dea?s4 ,two million p ( ,italian bir? are to-day resid+ 9 =eign c\ntries4 ,aga91 ! ,italians1 except ^? 9 ! s\!rn p>ts 7! ,italians ( ,naples & vic9ity1 = example71 are ! ,,mo/ ,,indu/ri\s ,,p 9 ,europe1 ) a special aptitude = g>d5+ & tillage4 ,9 fifty ye>s !y h reclaim$ #bj1jjj1jjj acres f =e/1 & increas$ ! area ( l& "u cultivation by "o hundr$ p] c5t4 ,9 fifty ye>s1 too1 !y h trebl$ ! am\nt ( capital inve/$ 9 agriculture4 ,s9ce #ahfj !y h increas$ ! am\nt ( mat]ial :i* !y use 9 _! textile manufactures 7cotton1 wool1 silk1 & l957 ne>ly fivefold4 ,s9ce #ahej !y h increas$ _! ext]nal comm]ce two & "o half times4 ,f9ally1 s9ce #ahcj1 !y h increas$ _! int]nal trade two & "o qu>t] times4 ,b all ^! signs ( prosp]ity 9 ,italy are negativ$ by ! con/antly increas+ magnitude ( h] ,,national ,,debt4 ,?is n[ am\nts to m ?an #b1ejj1jjj1jjj1 or m ?an two & "o half times ! total net national debt ( ! ,unit$ ,/ates1 & ab\t "o f\r? m ?an ! total national1 /ate1 c\nty1 municipal1 & s*ool-di/rict debts ( ! ,unit$ ,/ates4 ,& ?is va/ debt = a p ( #cj1ejj1jjj is exclusive ( ! prov9cial & communal debts1 :i* am\nt to #bge1jjj1jjj additional4 ,italy s9ce h] reorganisation z a k+dom 9 #ahgj has set out to be a fir/-class milit>y & naval p[]1 & ! co/ is m ?an %e c /&4 ,%e has a p]man5t army ( ne>ly #hjj1jjj m51 #bej1jjj ( :om %e keeps "u arms con/antly4 ,%e has a fleet ( sev5te5 battle%ips1 two coa/-def5ce %ips1 eighte5 cruis]s1 & #bgb torp$o craft1 mo/ ( ^! be+ ( mod]n type & fir/-class rat+4 ,%e sp5ds on h] army ne>ly #ej1jjj1jjj annually1 & on h] navy ne>ly #bj1jjj1jjj annually4 ,?is1 ) an annual int]e/ paym5t ( #aae1jjj1jjj1 all unproductive exp5diture1 makes a dem& ^u h] rev5ue t is dra9+ h] p ( _! life's blood4 ,,e ,,sort ,,( ,,taxation is resort$ to--direct & indirect2 l&1 h\se1 & income2 succession duties1 regi/ration *>ges1 & /amps = comm]cial pap]s2 cu/oms1 excise & octroi2 besides gov]nm5t monopolies2 & all ?is exclusive ( communal taxation4 ,& yet s9ce #ahia !re has be5 an annual deficit ( national rev5ue "u national exp5diture av]ag+ #b1bej1jjj4 ,z a consequ5ce ( ^! taxes1 & ( ! repressive effect !y h ^u indu/rial ent]prise1 ! net e>n+s ( ! c\ntry p] inhabitant are l[] 9 ,italy ?an 9 any o!r ,european /ate except ,turkey1 ,russia1 & ,greece--l[]1 ev51 ?an 9 ! ,danubian /ates & ,portugal & ,spa94 ,,italy',s ,,trade ,,& ,,special ,,trade ,,c5tres ,! mo/ di/9ctive natural product ( ,italy is ,,silk1 & ! am\nt ( raw & ?r[n silk export$ is ab\t #eg1ejj1jjj annually4 ,silk culture is c>ri$ on all ov] ! k+dom1 ?\gh ! indu/ry fl\ri%es mo/ ext5sively 9 ,pi$mont & ,lomb>dy1 9 ! nor?4 ,ov] #eej1jjj p are engag$ 9 re>+ silkworms1 & ! annual cocoon h>ve/ approximates #ajj1jjj1jjj p\nds4 ,silk-?r[+1 or-sp9n+1 is ! pr9cipal manufactur+ indu/ry1 & ! am\nt ( silk spun & export$ is ab\t #de1jjj tons1 mo/ ( :i* goes to ,france4 ,aft] silk ! products ( ! c\ntry t con/itute ! pr9cipal exports are ,,olive ,,oil1 ,,fruit 7oranges1 lemons1 grapes1 almonds1 figs1 dates1 & pi/a*io nuts71 & ,,w9e 79 casks74 ,! olive-oil export & ! fruit export are ea* ab\t a fif? ( ! export ( silk1 & ! w9e export ab\t a six?4 ,o!r important & *>act]i/ic exports are raw hemp & flax1 sulphur1 eggs1 manufactur$ coral1 woods & roots us$ = dye+ & tann+1 rice1 m>ble1 & /raw-plait+4 ,! pr9cipal import is ,,:eat1 = agriculture1 ?\gh g5]ally pursu$1 is /ill 9 a backw>d /ate ( effici5cy1 & ! av]age gra9 crop is only "o ?ird :at x is 9 ,great ,brita94 ,"o eigh? ! total am\nt ( :eat ne$$ to support ! p has to be import$4 ,9 fact1 ! total am\nt ( food-/uffs rais$ 9 ! k+dom is mu* less ?an ! am\nt requir$1 be+1 = example1 p] inhabitant1 n m ?an "o half ( :at is rais$ 9 ,france4 ,9 p>ticul>1 !re is a defici5cy ( meat1 & ! am\nt ( meat rais$ p] inhabitant is ! l[e/ 9 ,europe4 ,z a consequ5ce ! ,italians are poorly f$1 & x is e/imat$ t f\r p] c5t4 ( ! annual dea? loss is occasion$ by impov]i%m5t ( blood due to insuffici5cy ( :olesome food4 ,aft] :eat & raw cotton1 ! next pr9cipal import is ,,coal1 = ,italy has no workable coal-fields4 ,z f> z possible wat] p[] is us$ z a motive p[] in/ead ( coal1 especially 9 ! iron indu/ries4 ,an important import also is ,,fi%1 =1 ow+ to ! great numb] ( fa/ days :i* ! ,italian p obs]ve1 & to ! de>ness & sc>city ( meat1 fi% is a v g5]al article ( consumption4 ,six million doll>s' wor? is import$ annually1 & p]haps an equal am\nt is obta9$ f local fi%]ies1 = !re are ov] #bb1jjj vessels & boats & ov] #gj1jjj m5 engag$ 9 ?is indu/ry4 ,aft] silk-?r[+1 ! mo/ *>act]i/ic ,italian manufactur+ indu/ries are ^? :i* are ( an arti/ic or semi-arti/ic nature1 su* z ! mak+ ( f9e e>!nw>e1 porcela91 glassw>e1 mosaics1 & lace4 ,,v5ice 7#aed1jjj7 & ,,g5oa 7#bbe1jjj7 are /ill ! pr9cipal seaports & trade c5tres ( ,italy1 b 9 comm]cial importance ^! fam\s cities are only ! m]e %ad[s ( :at !y once 74 ,,naples 7#ebi1jjj71 ! l>ge/ city1 is a place ( little ent]prise1 = its imports1 pr9cipally c]eals1 are ?ree or f\r times ! value ( its exports1 :i* are ma9ly *eap c\ntry produce4 ,,milan 7#deg1jjj7 & ,,tur9 7#cdh1jjj7 are ! great trade c5tres ( ! nor? int]ior1 & ! mo/ prosp]\s places 9 ! k+dom1 be+ ! *ief seats ( ! silk-?r[+ indu/ry4 ,milan is also ! *ief seat ( ! ,italian cutl]y manufacture4 ,,pal]mo 7#bhd1jjj7 & ,,mess9a 7#aej1jjj71 9 ,sicily1 are ! *ief ports = ! export ( ,italian fruits1 & also ( ,italian fi% 7an*ovies1 tunnies1 etc474 ,,rome 7#dgd1jjj7 & ,,flor5ce 7#bjg1jjj7 owe _! *ief importance to _! art int]e/ & to _! hi/oric associations1 b ,flor5ce has an important manufacture ( f9e e>!nw>e & mosaics4 ,rome is ! *ief seat ( gov]nm5t4 ,,catania 7#abg1jjj71 9 ,sicily1 is ! *ief seat ( ! ,italian sulphur export trade4 ,,leghorn 7#ajd1jjj71 ! port ( ,flor5ce1 is ! *ief seat ( ! export /raw-plait+ trade4 ,x %\ld be not$ t not)/&+ ,italy's ext5t ( coa/-l9e a l>ge "p ( h] =eign comm]ce is transact$ nor?w>d by means ( ! railways t tunnel ! ,alps4 ,illu/ration3 ,italy & its *ief comm]cial c5tres4 ,v4 ,,! ,,trade ,,features ,,( ,,russia ,,russia1 ,a ,,c\ntry ,,^: ,,future ,,is ,a ,,problem ,! position ( ,russia 9 ! _w is a sort ( problem4 ,its area is imm5se4 ,m ?an "o sev5? ( ! l& surface ( ! globe is includ$ )9 its compact bord]s4 ,( ?is va/ t]ritory ! area ( ,european ,russia alone is only a f\r?2 b ev5 s x is l>g] ?an ! area ( all o!r ,european /ates put toge!r4 ,! population ( ,russia is ov] #abi1jjj1jjj1 ( :i* ov] #ajf1jjj1jjj belong to ,european ,russia4 ,b tak+ ev5 ,european ,russia ?is is a population ( only fifty-f\r to ! squ>e mile1 ! l[e/ proportion 9 ,europe1 except 9 ,sw$5 & ,norway4 ,& ! population is increas+4 ,! bir? rate is ! highe/ 9 ! _w4 ,& ?\gh ! dea? rate is v heavy1 be+ fifty p] c5t4 m ?an x is 9 ,engl&1 ! increase f bir?s is s great t ! population d\bles 9 =ty-six ye>s4 ,!re is ?us app>5tly a prospect t ,russia w1 9 ! ne> future1 play an important "p 9 ! drama ( nations1 h] capacities & capabilities = gr[? seem s prodigi\s4 ,& yet !re is a rev]se side to ! picture4 ,( ! #ajf1jjj1jjj inhabitants ( ,european ,russia #aj1jjj1jjj belong to a cultur$1 progressive class1 q ! equal ( any p 9 ,europe4 ,b ! rema9d] are pr9cipally a l[ grade ( peasantry1 n long remov$ f slav]y4 ,! pr9cipal occupation ( ^! peasantry is f>m+4 ,b _! f>ms are small1 n m ?an t5 acres apiece1 & ! total rev5ue !y get f !m does n av]age m ?an #fe a ye> p] f>m4 ,! food ( ^! peasantry is ! poore/ 9 ,europe4 ,9 ! ma9 x consi/s ( rye bread & mu%room s\p1 wor? ab\t f\r c5ts a day4 ,! h\ses are (t5 m]e huts1 n m ?an five feet squ>e4 ,wom5 z well z m5 "w 9 ! fields1 & yet ! total am\nt ( food rais$ is n m p] head ( population ?an "o t5? ( :at is rais$ by ! peasantry ( ,france4 ,! value ( food rais$ p] acre1 too1 is b little m ?an "o ?ird ( ! av]age p] acre = all ,europe4 ,illu/ration3 ,russia1 ! ,briti% ,empire1 ! ,unit$ ,/ates comp>$4 ,,russia ,a ,,c\ntry ,,( ,,social ,,extremes ,! degradation ( ! peasantry ( ,russia is n simply mat]ial4 ,x is also moral4 ,9 ! language ( a rec5t travell]1 !y are ! drunk5e/ p 9 ,europe4 ,! pr9cipal intoxicant is a sort ( :isky call$ vodka4 ,) drunk5ness exi/ also dirt9ess1 idl5ess1 di%one/y1 & untru?fulness4 ,& z yet little has be5 done to ameliorate ?is degradation4 ,ignorance prevails ev]y:]e4 ,ev5 ( ! "y p ( ! peasant class m ?an eighty p] c5t4 c nei!r read nor write4 ,!re is no middle class4 ,! gulf betwe5 ! upp] class & ! l[] is s wide z to be absolutely impassable4 ,& = ! mo/ "p ! upp] class is q cont5t to h ?is /ate ( affairs cont9ue4 ,,! ,,artels ,,( ,,! ,,russian ,,peasants ,!re is1 h[ev]1 "s hope = ! l[] classes ( ,russia4 ,?is is because ( ! preval5ce among !m1 especially 9 villages1 t[ns1 & cities1 ( a communal cu/om 9 :i* self-re/ra9t & self-gov]nm5t are necess>y conditions ( exi/5ce4 ,9 e bran* ( common indu/ry artels are f\nd2 t is1 communi/ic organisations1 :]e all lab\r = a common purse 9 accordance ) rules & regulations det]m9$ by ! memb]s ( ! organisations4 ,^! artels h done mu* t[>d increas+ ! indu/ry1 ! hone/y1 ! tru?fulness1 ! ?rift1 & also ! sobriety ( _! memb]s4 ,!y exi/ ?r\gh\t all ,russia1 b 9 "s p>ts m preval5tly ?an 9 o!rs4 ,z yet1 h[ev]1 !y sc>cely affect ! "* & condition ( ! rural peasantry1 & x is ^! :o are mo/ 9 ne$ ( elevation4 ,x %\ld be said1 too1 t ! gov]nm5t is do+ some?+ to less5 ! evil ( drunk5ness4 ,,russia ,,pr9cipally ,,an ,,agricultural ,,c\ntry ,russia's pr9cipal bus9ess is ,,agriculture4 ,m ?an "o half h] :ole int]nal trade is agricultural4 ,h] agricultural products are "o & "o half times great] ?an ! products ( h] manufactures & t5 times great] ?an h] m9+ products or h] imports4 ,& ?\gh h] production ( gra9 p] acre is ! l[e/ 9 all ,europe except ,italy1 ,spa91 & ,portugal1 & h] total production ( all food products p] acre by f> ! l[e/ 9 ,europe 7n m ?an "o ?ird t ( ,spa91 :i* is next l[e/71 yet %e manages to export a l>g] quantity ( ,,gra9 ?an any o!r c\ntry 9 ,europe1 ,france only sometimes except$4 ,russia's export ( gra9 = "s ye>s pa/ has av]ag$ #bff1jjj1jjj bu%els a ye>4 ,h] export ( ,,:eat alone has av]ag$ #id1jjj1jjj bu%els a ye>1 or consid]ably m ?an a fif? ( ! total :eat export ( ! _w4 ,! explanation ( ?is enorm\s export ( :eat f s poor a c\ntry is t ?ree f\r?s ( ! p live on rye4 ,among ! peasants :eat bread is practically unkn[n1 & no?+ c\ld be m pa!tic ?an ! h>d rye lumps :i* pass$ z bread dur+ ! la/ fam9e4 ,o!r agricultural exports 7besides gra97 are flax1 hemp1 oil-se$ cake1 l9se$ & grass se$1 butt]1 eggs1 wool1 hides1 & hogs' bri/les4 ,wood1 lumb]1 & timb] are also ext5sively export$4 ,engl& is ,russia's be/ cu/om]4 ,! am\nt ( ,engl&'s annual importation ( ! above products 7includ+ gra97 exce$s #aab1jjj1jjj4 ,,russia',s ,,m9]al ,,weal? ,9 ,,m9]als ,russia is enorm\sly weal?y1 b ! m9+ l&s are n diffus$ ?r\gh\t ! empire b conf9$ to def9ite areas4 ,nor c !y be said to be en]getically work$4 ,! great gold-fields ( ! ,ural m\nta9s w\ld n pay exp5ses z work$ at pres5t 7 !y n suppli$ ) convict lab\r4 ,ow+ to ! heavy import duty :i* is impos$ on pig-iron ne>ly all ! iron n[ ne$$ = ! ,,iron manufactures ( ! empire is obta9$ at home1 b ?is am\nts to only #df p\nds p] inhabitant1 z aga9/ #haj p\nds p] inhabitant us$ 9 ,brita94 ,,coal is v abundant1 especially 9 ! valley ( ! ,donetz1 b fire-wood is s pl5tiful = dome/ic purposes1 & wat] p[] s pl5tiful = heavy manufactures1 t ! am\nt ( coal m9$ 9 all ,russia is only "o twelf? t m9$ 9 ,g]many1 & only "o tw5ty-f\r? t m9$ 9 ,brita94 ,ov] #b1bej1jjj tons ( coal are import$ despite v heavy protective duties4 ,!re is "o m9]al product1 h[ev]1 9 :i* ,russia excels all o!r ,european c\ntries4 ,?is is ,,petroleum4 ,! oil-spr+s on ! ,caspian ,sea produce an annual yield ( crude petroleum ( an av]age value ( #ae1jjj1jjj4 ,! value ( ! petroleum & petroleum products export$ 9 #ahif 0 ov] #bb1jjj1jjj4 ,,russia',s ,,trade ,,& ,,manufactures ,despite ,russia's res\rces 9 f>m products & 9 m9]als1 yet1 ow+ to ! ignorance & degradation ( h] p1 %e is a poor c\ntry1 & h] exports are always m ?an h] imports4 ,h] total weal? p] inhabitant is only #cje1 z aga9/ #ghj p] inhabitant = ,g]many1 #abfj = ,france1 & #aeaj = ,great ,brita9 & ,irel&4 ,h] total =eign trade is only #e p] inhabitant1 :]eas ! =eign trade ( h] neighb\r1 ,g]many1 is #ce p] inhabitant4 ,h] total int]nal trade is only #ej p] inhabitant1 :]eas ev5 9 ,greece ! int]nal trade is #fe p] inhabitant1 :ile 9 ,g]many x is #acj p] inhabitant1 & 9 ! ,unit$ ,/ates #bae p] inhabitant4 ,! reason ( all ?is is ! lack ( en]gy & indu/ry 9 ! p4 ,_! e>n+s p] inhabitant av]age only #ab c5ts a day4 ,ano!r reason is ! lack ( mod]n lab\r-sav+ devices4 ,comp>+ inhabitant ) inhabitant1 ,russia has only "o six? ( ! /eam p[] :i* ,g]many has4 ,"o half ( all ! manufactures ( ! c\ntry are produc$ dome/ically--t is1 )\t motive p[] or ma*9]y4 ,no indu/ry 9 ,russia is fully up to ! ne$s ( ! p :5 judg$ by ! /&>ds ( o!r c\ntries4 ,= example1 not)/&+ ! sev]ity ( ! climate1 only two p\nds ( raw wool p] inhabitant are consum$ 9 ,russia's wooll5 manufactures1 z aga9/ sev5 p\nds consum$ 9 ,g]many1 & ! total annual value ( all manufactures is only #bj p] inhabitant1 z aga9/ #ef 9 ,g]many1 & #hh 9 ,brita94 ,not)/&+ ^! unfav\rable comp>isons1 ! factory indu/ries ( ,russia are mak+ progress4 ,9 sev5ty ye>s ! textile factories h increas$ fivefold & 9 ?irty ye>s tw(old4 ,9 sixty ye>s ! cotton-manufactur+ indu/ry has increas$ sev5fold1 & 9 fifte5 ye>s tw(old4 ,until rec5tly ,russia export$ wool4 ,n[ %e imports m wool ?an %e exports4 ,n9ety ye>s ago 9 ,russia iron 0 de>] ?an bread1 & ! peasants us$ wood5 pl\gh-%>es & left _! horses un%od4 ,n[ ! consumption ( h>dw>e1 ?\gh /ill p] inhabitant ! smalle/ 9 ,europe1 is yet 9 ! aggregate ! f\r? 9 ,europe1 al?\gh ev5 s x is only two n9?s :at x is 9 ,brita94 ,beet-root sug>-mak+ is also a new indu/ry1 & #ejj1jjj tons are made annually1 ! numb] ( sug> works be+ #bce4 ,! beet-root crop ( ! c\ntry am\nts to ne>ly #f1jjj1jjj tons annually4 ,b ! consumption ( sug> p] inhabitant is only sev5 p\nds annually1 z aga9/ eighte5 p\nds p] inhabitant 9 ,g]many4 ,a univ]sal indu/ry ?r\gh\t ,russia is ,,tann+1 & ,russia lea!r1 ) its fragrant bir*-oil od\r1 is a highly priz$ commodity ! _w ov]4 ,b ! am\nt manufactur$ is only #aad1jjj tons ye>ly1 & ! quantity export$ is inconsid]able4 ,,russia',s ,,railways ,,& ,,navigable ,,riv]s ,! mo/ *>act]i/ic physical feature ( ,european ,russia is its flatness4 ,9 consequ5ce its riv]s are almo/ all navigable1 &1 z ! mo/ important ( !m are int]connect$ by canals1 ! facilities = transportation :i* !y af=d are v consid]able4 ,altoge!r ! l5g? ( inl& navigation ?us af=d$ am\nts to ne>ly #dg1jjj miles4 ,?is abundance ( navigation facilities has ret>d$ ! gr[? ( railways1 b !re are already #be1gef miles ( f9i%$ railway 9 ,european ,russia alone4 ,! total l5g? ( railway 9 all ,russia built & 9 build+ is #cd1hdi miles4 ,! mo/ important railway ent]prise 9 ! empire is ! ,trans-,sib]ian ,railway1 :i* w af=d ?r\gh communication f ! ,baltic to ! ,pacific4 ,! %orte/ possible di/ance betwe5 ^! two bodies ( wat] is #dejj miles4 ,! l5g? ( ! railway w be #diej miles1 & its co/1 x is suppos$1 w be #abj1jjj1jjj4 ,x is to be complet$ by #aije4 ,,russia',s ,,cities ,,& ,,t[ns ,illu/ration3 ,mosc[4 ,,/4 ,,pet]sburg 7) suburbs #a1bfg1jjj71 ! capital ( ,russia1 is1 l mo/ ,european capitals1 an important trade c5tre z well z ! seat ( gov]nm5t4 ,its manufactures are g5]al & num]\s1 b ! *ief ones are ^? conc]n$ 9 mak+ munitions ( w>4 ,until #ahhe ,/4 ,pet]sburg 0 n a seaport1 b 9 t ye> a canal 0 built :i* n[ p]mits vessels draw+ tw5ty-two feet ( wat] to ent] its docks4 ,its h>b\r1 h[ev]1 is clos$ ) ice f ,novemb] to ,may4 ,ne> ,/4 ,pet]sburg is ,,reval1 ! *ief cotton port ( ,russia4 ,! raw cotton importation ( ,russia av]ages ab\t #fj1jjj1jjj annually1 mo/ ( :i* comes direct f ! ,unit$ ,/ates4 ,,mosc[ 7#ihh1jjj71 ! anci5t capital ( ,russia1 is also a great manufactur+ city1 b its pr9cipal importance is d]iv$ f ! fact t x is ! great c5tre ( ! int]nal trade ( ,russia4 ,,w>saw 7#fae1jjj71 ! capital ( ,poli% ,russia1 is a great railway c5tre1 & ! pr9cipal entrept ( railway traffic betwe5 ,russia & ! re/ ( ,europe4 ,l,,dz 7#cae1jjj71 also 9 ,poli% ,russia1 is ! great cotton-manufactur+ c5tre ( ! empire4 ,,odessa 7#dje1jjj7 is ! *ief seaport ( ,russia4 ,x has an imm5se export trade 9 gra91 tall[1 iron1 l9se$1 wood1 hides1 cordage1 sailclo?1 t>1 & beef4 ,,riga 7#bhc1jjj71 ! *ief port ( ,russia on ! ,baltic1 has a l>ge export trade ) ,engl& 9 *>act]i/ic ,russian produce4 ,,kieff 7#bdi1jjj7 is ! c5tre ( ! ,russian sug>-ref9+ indu/ry4 ,,a/rakhan 7#aac1jjj71 on ! ,volga delta1 is not$ = its /urgeon fi%]ies1 & its export ( cavi>e1 am\nt+1 x is said1 to #a1ejj1jjj ye>ly4 ,,tula 7#aaa1jjj7 is ! ,%effield ( ,russia4 ,ev5 9 #ahbh !re 7 #fjj cutl]y e/abli%m5ts 9 ,tula1 b ! manufacture 0 !n pr9cipally dome/ic4 ,x is n[ a city ( factories1 = x /&s on a l>ge coal & iron field4 ,,nijni-,,novgorod 7#ii1jjj7 is not$ = its fair1 an ,asiatic in/itution :i* mod]n civilisation w no d\bt soon dise/abli%4 ,once a ye> m]*ants to ! numb] ( #bjj1jjj come to ,nijni-,novgorod f all ov] ,russia1 & ev5 f ,india & ,*9a1 to ex*ange _! w>es4 ,! value ( ! ex*ange sometimes am\nts to #ajj1jjj1jjj4 ,,or5burg 7#gc1jjj71 on ! ,ural1 is ! t]m9al depot ( ! c>avan trade ( ,asiatic ,russia4 ,,ar*angel 7#be1jjj71 on ! ,:ite ,sea1 is ! *ief emporium ( trade 9 ! nor?1 ) exports ( *>act]i/ic nor!rn produce4 ,,baku1 on ! ,caspian ,sea1 is ! *ief seat ( ! petroleum indu/ry ( ,russia4 ,all ! t[ns & cities above nam$ h gr[n enorm\sly dur+ ! la/ tw5ty ye>s4 ,,vi4 ,,! ,,trade ,,features ,,( ,,india ,,india',s ,,pa/ ,,& ,,pres5t ,,comp>$ ,to ! /ud5t ( civilisation ,india is "o ( ! mo/ int]e/+ c\ntries 9 ! _w4 ,x has always be5 "o ( ! mo/ f]tile & popul\s regions ( ! globe4 ,= c5turies x 0 ?\ght to be "o ( ! ri*e/4 ,9 consequ5ce x has1 "t & "t aga91 be5 ! sc5e ( invasion1 conque/1 & spoliation4 ,b its ri*es nev] consi/$ s mu* 9 natural treasure z 9 ! sav+s ( an indu/ri\s & frugal p4 ,s9ce ! ye> #afjj ,european nations h _h mu* to d ) ,india1 especially ,engl&1 ,france1 ,portugal1 & ,holl&4 ,dur+ ! la/ #adj ye>s1 h[ev]1 ,engl& has be5 ! dom9ant p[] !re4 ,:atev] may be said z to ! motive ( ,engl&'s int]f]5ce 9 ,india's affairs 9 ! fir/ place1 x c only be said t ! pres5t influ5ce ( ,engl& 9 ,india is imm5sely b5eficial to ! c\ntry4 ,india's prosp]ity on ! :ole is n[ comp>able ) t ( any civilis$ nation on ! globe4 ,& a p t once1 because ( repeat$ conque/ & spoliation1 _h lo/ all s5se ( hon\r & self-respect1 are n[1 "u ! b5ign influ5ce ( peace1 law1 ord]1 & security1 rapidly becom+ hon\rable1 self-reliant1 & ent]pris+1 & ambiti\s to possess all ! rights & privileges ( mod]n civilisation4 ,,india',s ,,size ,,& ,,population ,india is a mu* l>g] & m popul\s c\ntry ?an mo/ p ?9k x to be4 ,9 %ape x is some:at l a huge kite1 ea* ( ^: diamet]s is ov] #bjjj miles long1 or m ?an ! di/ance across ! ,atlantic f ,irel& to ,newf\ndl&4 ,its ,,t]ritory is ab\t #a1gjj1jjj squ>e miles4 ,( ?is area1 ov] #a1jjj1jjj squ>e miles1 a t]ritory consid]ably great] ?an ! t]ritory ( all ! /ates ( ,europe 7includ+ ! ,briti% ,isles7 except ,russia1 is directly "u ,briti% control4 ,! rema9d] is indirectly "u ,briti% control4 ,! ,,population is #cjh1jjj1jjj1 ( :i* #bcf1jjj1jjj are directly "u ,briti% control & #gb1jjj1jjj indirectly s4 ,?is population is made up ( p :o speak sev5ty-eight diff]5t languages1 ( :i* tw5ty languages are spok5 by n less ?an #a1jjj1jjj p]sons ea*4 ,,india',s ,,great ,,f]tility ,india owes mu* ( its f]tility to ! fact t its soil is con/antly be+ repl5i%$ by alluvium br\ght d[n f its high m\nta9s by its imm5se riv]s4 ,! valleys ( ! ,indus 7#ahjj miles long71 ! ,ganges 7#afjj miles long71 & ! ,brahmapootra 7#aejj miles long7 include an area ( #a1abe1jjj squ>e miles1 a "p ( :i*1 ! ,indus-,ganges pla91 consi/s ( a great /ret* ( alluvial soil ^: f]tility is z ri* z t ( any portion ( ! globe4 ,"o hundr$ & eighty millions ( p live 9 ?is pla94 ,s f9ely pulv]is$ is its soil t = a di/ance ( almo/ #bjjj miles n ev5 a pebble c be f\nd 9 x4 ,& s f]tile is x t !re are "s agricultural di/ricts 9 ! pla9 :]e ! population exce$s #ijj to ! squ>e mile4 ,9 t "p ( ! pla9 :i* ! ,ganges wat]s1 #fj1jjj1jjj ( p f9d support on ! soil by agriculture1 at a d5sity ( ov] #gjj p]sons to ! squ>e mile1 :i* is #adj p]sons m to ! squ>e mile ?an ! d5sity ( ,belgium1 ! mo/ ?ickly populat$ c\ntry 9 ,europe4 ,,india',s ,,irrigation ,,canals ,,& ,,riv] ,,embankm5ts ,b1 f]tile z is ! soil ( ,india1 & propiti\s to agricultural indu/ry z is its climate g5]ally1 its climate is n always fav\rable4 ,x suff]s p]iodically f excess ( dr\ght4 ,z a consequ5ce artificial irrigation has to be resort$ to1 or mu* ( ?is f]tile c\ntry w\ld (t5times be a des]t4 ,9 ,briti% ,india alone #bh1jjj miles ( irrigation canals are "u ! control ( ! gov]nm5t1 #ad1jjj ( :i* h be5 con/ruct$ by ! pres5t 7,briti%7 gov]nm5t--works ( va/ dim5sions & ! highe/ eng9e]+ skill4 ,altoge!r #bh1jjj1jjj acres 9 ,briti% ,india are dep5d5t = _! necess>y supply ( moi/ure ^u g5]al irrigation1 & #h1jjj1jjj ^u irrigation canals4 ,7 x n = ^! irrigation canals1 #b1jjj1jjj acres 9 ,sc9de 7nor?we/]n ,india7 w\ld be a p]petual des]t1 = ,sc9de is almo/ :olly ra9less4 ,on ! o!r h&1 9 a great "p ( ,india ! ra9fall is excessive4 ,"s di/ricts inde$ are ! wette/ on ! globe4 ,9 ,assam1 = example 7:i* is also "o ( ! hotte/ places 9 ,india71 ! ra9fall is #fjj in*es ye>ly1 & x has be5 #fej4 ,z a consequ5ce riv]s 9 ,india (t5 ov]fl[ _! banks4 ,!re=e to protect ! c\ntry on ! l[] riv] rea*es f floods ! ,briti% gov]nm5t has built ov] #aejj miles ( embankm5ts4 ,,india',s ,,m9]al ,,res\rces ,at "o "t ,india 0 fam$ = its weal? 9 preci\s m9]als & preci\s /ones4 ,poets (t5 celebrat$ its gold5 res\rces4 ,b its weal? 9 ?is respect 0 always fabul\s r ?an real4 ,india is 9 reality poor 9 m9]als4 ,x has a good deal ( iron--iron ( ! *oice/ quality4 ,x has also a good deal ( coal1 b its coal is poor1 ow+ to its sup]abundance ( a%4 ,x has also a little copp] & t94 ,x has gold-m9es t are work$4 ,diamonds1 too1 are f\nd 9 s\!rn ,india1 & num]\sly s4 ,! celebrat$ ,koh-i-nur 7#bhj c>ats7 0 an ,indian product4 ,b nei!r diamond-hunt+ nor gold-m9+ is any long] a pr(itable indu/ry 9 ,india4 ,! pr9cipal m9]al indu/ry ( ,india is salt-m9+1 pursu$ 9 ! ,punjaub1 :]e !re are solid cliffs ( pure salt4 ,ow+ to ! fact t ! p ( ,india are mo/ly veget>ians 7#bej1jjj1jjj ( ,h9doos w\ld r die ?an eat fle%71 salt is a necess>y article ( diet & a univ]sal commodity4 ,its production1 !re=e1 is controll$ by ! gov]nm5t z a means ( rais+ rev5ue4 ,,india',s ,,wond]ful ,,agricultural ,,res\rces ,illu/ration3 ,comp>ative sizes ( ,india & ! ,unit$ ,/ates4 ,! real weal? ( ,india lies 9 ! luxuriance & economic value ( its ,,vegetation4 ,z a consequ5ce ! pr9cipal indu/ry is ,,agriculture4 ,only "o t5? ( ! p live 9 t[ns4 ,two ?irds ( ! adult males 9 ! c\ntry are engag$ :olly 9 till+ ! soil4 ,e sort ( agricultural product kn[n to comm]ce is rais$ 9 ,india2 = f ! high levels on ! m\nta9 sides to ! l[ levels on ! coa/s ! vegetation ( ! :ole _w is produc$ )9 its bord]s4 ,ev5 9 ,,:eat ,india competes 9 ! _w's m>kets ) c\ntries l ,russia & ,arg5t9a4 ,9 #ahif ,briti% ,india _h #ai1jjj1jjj acres ( :eat "u cultivation1 & 7?\gh a de>? ye>7 an exportation ( #d1jjj1jjj4 ,9 #ahib ! exportation 0 #be1jjj1jjj4 ,! di/rict kn[n z ! ,c5tral ,prov9ces ( ,india has become "o ( ! mo/ important :eat areas 9 ! _w4 ,b ! pr9cipal agricultural product ( ,india is ,,rice4 ,briti% ,india alone has #gj1jjj1jjj acres ( rice "u cultivation1 & an annual exportation ( #fj1jjj1jjj4 ,9 all ! coa/ regions rice is gr[n univ]sally1 & also 9 ! l[] p>ts ( ! riv] pla9s1 especially 9 ! ,ganges valley4 ,x is ! /aple food ( ! p ev]y:]e except on ! high] levels4 ,on ! high] levels millet & maize 7corn7 are ! /aple foods4 ,! next important agricultural product ( ,india is ,,cotton1 ( :i* #dg1jjj1jjj wor? 9 ! raw /ate is export$ annually1 besides :at is us$ at home4 ,! ,am]ican civil w> 0 ! great cause ( ! />t+ ( ! cotton-gr[+ indu/ry 9 ,india4 ,! next important agricultural product is ,,jute1 ( :i* ! export 9 ! raw /ate is ab\t #ce1jjj1jjj4 ,no c\ntry 9 ! _w c compete ) ,india 9 ! production ( ?is fibre1 = jute is v exhau/ive ( ! soil1 & 9 ! ,ganges valley1 :]e x is pr9cipally rais$1 ! soil is annually repl5i%$ by alluvium4 ,a fif? great agricultural product is ,,tea1 9 :i* ,india n[ leads ! _w4 ,engl& uses twice z mu* ,india tea z ,*9a tea1 ! reason be+ t ,india teas are produc$ ) all ! economic c>e ( a high-class ,engli% or ,am]ican manufactur$ product4 ,! value ( ! tea export ( ,india is ab\t #bg1jjj1jjj4 ,o!r *ief agricultural products are ,,opium 7:i* is a gov]nm5t monopoly71 oil se$s1 hides1 & sk9s1 ,,indigo 79 :i* ,india excels ! _w1 ! value ( ! export be+ #ad1jjj1jjj71 ,,c(fee 7! be/ gr[n any:]e--except p]haps t ( ,arabia & ,java--?\gh ! bean is sometimes injur$ 9 transit71 raw wool1 lac 7= dye+71 c9*ona or ,p]uvian b>k 7:i* s9ce x has be5 rais$ 9 ,india1 has greatly r$uc$ ! price ( qu99e71 raw silk1 raw sug>1 tobacco1 & spices4 ,spices are produc$ abundantly 9 ,india1 b _! quality is n equal to ,ea/ ,indian spices4 ,also ! cotton1 rice1 sug>1 & tobacco ( ,india1 ?\gh produc$ pl5tifully1 are inf]ior 9 quality to ^? ( ! ,unit$ ,/ates4 ,nor are ! :eat & corn ( ,india s good z ! :eat & corn ( ! ,unit$ ,/ates & ,canada4 ,improv$ cultivation w1 h[ev]1 9 "t improve ! quality ( all ^! products4 ,( exports ( natural products n agricultural ! pr9cipal are ,,wood 7*iefly ,,teak1 ! mo/ valuable timb] kn[n = %ip-build+1 & sal1 a mo/ valuable wood = c>p5try7 & saltpetre4 ,,india',s ,,gr[+ ,,manufactures ,?\gh ,india is n[ *iefly an agricultural c\ntry h] p f "t immemorial h be5 adepts 9 manufactur+4 ,! dome/ic textile manufactures & ! dome/ic metal manufactures ( ,india 7 = ages among ! mo/ beautiful & +5i\s 9 ! _w4 ,^! ,,dome/ic ,,manufactures are pr9cipally pursu$ 9 small villages1 ( :i* !re are ov] half a million 9 ,india4 ,b "u ! influ5ces ( mod]n civilisation introduc$ by ,briti% rule1 ! dome/ic indu/ries ( ! c\ntry are n[ giv+ way to ,,factory ,,indu/ries4 ,^! h already become well e/abli%$1 & are rapidly increas+ 9 numb] & importance4 ,! /ability ( ,india z a nation is n[ s well assur$ t capital c be _h !re z *eaply z 9 ,engl& or ! ,unit$ ,/ates4 ,besides1 co-op]ative or jo9t-/ock ent]prises are becom+ common4 ,! ,indian p1 ) _! natural aptitude = weav+1 make ! be/ ( textile op]atives1 & ,india bids fair soon to become a =midable rival ( ,we/]n nations 9 ,,textile ,,manufactures4 ,9 tw5ty ye>s ! cotton sp9dles h increas$ sixfold4 ,9 t5 ye>s ! ,,cotton ,,output has increas$ tw(old4 ,bombay has become "o ( ! greate/ cotton c5tres 9 ! _w1 a sort ( ,liv]pool & ,man*e/] comb9$4 ,x has practically %ut ! doors ( ,india to ,engli% manufactur$ cottons ( ! *eap] grades4 ,bombay manufactur$ cotton is ev5 s5t to ,engl& 9 imm5se quantities1 b ! pr9cipal export is to ,*9a4 ,! total export ( ,indian manufactur$ cotton is #bc1jjj1jjj4 ,ano!r important mod]n manufacture is t ( ,,jute4 ,! jute factories ( ,b5gal are n[ compet+ ) ^? ( ,scotl&1 & ! total export is #ag1ejj1jjj4 ,a simil> developm5t is expect$ 9 iron manufactures1 = already iron-smelt+ has begun4 ,b1 not)/&+ ^! developm5ts1 ,india /ill rema9s a trem5d\s m>ket = ! manufactur$ goods ( ,engl&1 especially 9 cottons & h>dw>e & ma*9]y4 ,! value ( ! annual cotton importation f ,engl& is #ajj1jjj1jjj1 equal to ! total ( ,engl&'s exportation ( goods ( e sort to ! ,unit$ ,/ates4 ,! value ( ! annual h>dw>e & ma*9]y importation f ,engl& is #ce1jjj1jjj4 ,,india',s ,,ext]nal ,,& ,,int]nal ,,trade ,! total ye>ly value ( ! ,,exports ( ,india am\nts to ! enorm\s sum ( #cej1jjj1jjj1 m ?an a ?ird ( ! total exportation ( ! ,unit$ ,/ates = ! bann] ye> #ahig4b ,( ?is ,engl& receives ab\t "o half4 ,! total ye>ly value ( ! ,,imports ( ,india 7exclusive ( bullion7 am\nts to #bee1jjj1jjj1 :i* is consid]ably m ?an a ?ird ( ! total importation ( ! ,unit$ ,/ates4 ,( ?is ,engl& s5ds out ab\t two ?irds4 7,india is !re=e ,engl&'s be/ cu/om]1 al?\gh f ! ,unit$ ,/ates ,engl& pur*ases va/ly m47 ,( ! int]nal trade ( ,india no /ati/ics are available1 b ) ! rapid advances 9 mod]n conv5i5ces = do+ bus9ess :i* ! c\ntry is adopt+1 ! int]nal trade is also enorm\sly increas+4 ,already #bj1bij miles ( railway are built & op5$1 & #ac1jjj miles ( canals & canalis$ riv] navigation4 ,railways are rapidly be+ con/ruct$ 9 e "p ( ! c\ntry4 ,ov] #ca1jjj miles ( metall$ roads = highways & #ajf1jjj ( unmetall$ roads are n[ ma9ta9$ by ! gov]nm5t z public works4 ,!re are #ch1jjj miles ( telegraph r\tes4 ,! gov]nm5t highways & canals z well z ! railways are all spl5didly eng9e]$ & solidly built works4 ,! greatness ( ,india is only j beg9n+4 ,,footnote3 #b ,! total exports ( ! ,unit$ ,/ates = ! ye>s #ahih & #ahii h exce$$ #a1bjj1jjj1jjj1 ea* ye>4 ,9 ! ye> #ahig !y 7 ab\t #a1jej1jjj1jjj4 ,,india',s ,,cities ,,& ,,t[ns ,,calcutta 7#hfb1jjj7 is ! capital ( ! empire ( ,india & ! second city 9 ! ,briti% ,empire4 ,al?\gh situat$ on an arm ( ! delta ( ! ,ganges1 eighty miles inl&1 ,calcutta is an imm5se seaport1 b its sea-go+ privileges c be ma9ta9$ only by great eng9e]+ works1 because ( ! silt :i* ! ,ganges is con/antly br++ d[n & deposit+ 9 its seaw>d *annels4 ,calcutta enjoys almo/ a monopoly ( ! :ole trade ( ! ,ganges & ,brahmapootra valleys1 & until ! build+ ( ! ,suez ,canal x _h almo/ a monopoly ( ! outw>d trade ( ! :ole ,h9du/an p59sula4 ,its total trade is ev5 yet v l>ge1 aggregat+ = outw>d & inw>d bus9ess toge!r ab\t #gjj1jjj1jjj p] annum1 a sum :i* c be appreciat$ f ! fact t x is ab\t equal to ! total import trade ( ! :ole ( ! ,unit$ ,/ates4 ,,bombay 7#hbb1jjj71 ! second city ( ! ,indian ,empire1 owes its em95ce to ?ree ?+s3 7#a7 ! op5+ ( ! ,suez ,canal1 :i* has made x ! port ( ,india ne>e/ ,engl&2 7#b7 ! />t+ ( ! cotton-gr[+ indu/ry 9 ,india1 ow+ to ! ,am]ican civil w> 7! cotton-gr[+ di/rict ( ,india is adjac5t to ,bombay72 & 7#c7 ! developm5t ( ! railway sy/em ( ,india1 :i* is mak+ ,bombay r ?an ,calcutta ! natural ocean outlet = ! trade ( ! c\ntry4 ,,madras 7#dec1jjj71 ! ?ird city ( ,india1 is also ! ?ird seaport4 ,b x has no natural h>b\r1 & its %ore is surf-beat5 & = mon?s toge!r expos$ to ! full fury ( ! nor!a/ monsoons4 ,an artificial h>b\r1 h[ev]1 has rec5tly be5 built4 ,besides ! cities above m5tion$ !re is "o 7,,hyd]abad7 ) a population ( ov] #djj1jjj2 !re are two 7,,luckn[ & ,,b5>es7 ) a population ( ov] #aej1jjj ea*1 & elev5 m ) a population ( ov] #ajj1jjj ea*4 ,!re are besides =ty-sev5 t[ns ) a population m ?an #ej1jjj ea*1 & ov] a ?\s& t[ns ) a population ( ab\t #aj1jjj ea*4 ,,vii4 ,,! ,,trade ,,features ,,( ,,*9a ,,! ,,va/ness ,,( ,,*9a',s ,,area ,,& ,,population ,*9a1 to ! /ud5t ( comm]ce1 is ! mo/ int]e/+ c\ntry on ! globe4 ,! reason = ?is is t its area is s l>ge1 its population s va/1 & its *ances = developm5t s magnific5t4 ,! total area ( ! empire1 accord+ to late e/imates1 is #d1bah1dja squ>e miles4 ,o!r e/imates make x #d1dfh1dgj squ>e miles4 ,! greatness ( ?is area may be und]/ood f a few comp>isons4 ,x is ab\t "o twelf? ( ! total l& surface ( ! globe4 ,x is two & "o f\r? times ! size ( ,european ,russia4 ,x is almo/ "o & "o half times ! total area ( ! ,unit$ ,/ates1 exclusive ( ,alaska4 ,b all ( ?is t]ritory is n ( equal comm]cial int]e/4 ,! ,*9ese ,empire consi/s ( six p>ts3 ,*9a ,prop]1 ,man*uria1 ,mongolia1 ,tibet1 ,jung>ia1 & ,ea/]n ,turke/an4 ,because ( rec5t treaties1 :i* give to ,russia ! "r to build & control railways 9 ,man*uria--o/5sibly = ! purpose ( secur+ = ! great ,russian ,trans-,sib]ian ,railway a %ort] r\te to ,vladivo/ok1 its ,pacific t]m9us--,,man*uria becomes practically a ,,russian ,,possession4 ,turke/an1 ,jung>ia1 ,tibet1 & ,mongolia are ?9ly inhabit$ c\ntries1 sc>cely semi-civilis$4 ,b ! "p :i* rema9s :5 ^! dep5d5cies are left out ( consid]ation--,,*9a ,,prop]--is at once "o ( ! l>ge/1 mo/ ?ickly populat$1 & mo/ f]tile c\ntries on ! face ( ! globe1 & "o also ( ! mo/ ri*ly end[$ 9 m9]al products4 ,its area is #a1ccf1hda squ>e miles4 ,its population is #chf1jjj1jjj4 ,its population p] squ>e mile is n f> %ort ( #cjj4 ,t is to say1 its area is m ?an elev5 times t ( ,great ,brita9 & ,irel&1 & almo/ "o half t ( ! ,unit$ ,/ates1 exclusive ( ,alaska2 its population is t5 times t ( ,great ,brita9 & ,irel&1 & m ?an six times t ( ! ,unit$ ,/ates2 :ile its population p] squ>e mile is great] ?an t ( any ,european or ,am]ican c\ntry except ,great ,brita9 7:i*1 h[ev]1 x ne>ly equals71 ,holl&1 & ,belgium4 ,9 fact1 m ?an "o f\r? ( ! total population ( ! globe is conc5trat$ )9 ! b\nd>ies ( ,*9a ,prop]4 ,,*9a ,a ,,c\ntry ,,( ,,great ,,trade ,,possibilities ,! great comm]cial nations ( ! _w are n[ all try+ to get %>es ( ! trade ( ?is ,,va/ ,,& ,,popul\s ,,c\ntry4 ,= n only is ,*9a 7,prop]7 l>ge & popul\s1 b x is also weal?y1 = its inhabitants are bo? indu/ri\s & frugal1 &1 besides1 z comp>$ ) ! p ( ,european c\ntries !y h be5 greatly sp>$ ! disa/r\s comm]ce-de/roy+ effects ( w>1 bo? =eign & int]nec9e4 ,c5turies ago ! ,*9ese _h made great progress t[>d civilisation4 ,_! skill 9 ! manufactur+ arts1 & 9 agriculture & horticulture1 0 = ages sup]ior to t ( ,we/]n nations4 ,b1 un=tunately = _! advancem5t1 !y are cons]vative1 self-conceit$1 & av]se to improvem5t1 especially if !y h to le>n improvem5t ( o!rs4 ,z yet !y h almo/ :olly ignor$ ! ideas & me?ods ( mod]n ,we/]n civilisation4 ,!y h sc>cely any railways1 b few /eam%ips1 almo/ no /eam-p[] manufactories1 & no telephones4 ,! only mod]n improvem5t :i* !y h made mu* use ( is ! telegraph4 ,"s ye>s ago 79 #ahgf7 a ,european company secur$ ! privilege ( build+ a %ort railway f ,%anghai1 b x 0 sc>cely built be=e ! gov]nm5t got fe>ful ( its influ5ce & b\ght x up & /opp$ its runn+4 ,b ! ,*9ese p are n av]se to =eign trade2 on ! contr>y1 !y are r fond ( x4 ,if only ! ?+ c\ld happ5 9 ,*9a t happ5$ 9 ,japan--t is to say1 if only ! gov]nm5t c\ld fall into ! h&s ( rul]s :o 7 op5-m9d$ to improvem5t & incl9$ to be progressive--! ru% t ,*9a w\ld make t[>d civilisation & ! adoption ( mod]n trade me?ods & mod]n processes ( manufacture w\ld be />tl+4 ,,*9a',s ,,=eign ,,trade ,at pres5t ! =eign trade ( ,*9a is l>gely 9 ! h&s ( ! ,engli%4 ,9 ! ye> #ahif ! =eign export trade ( ,*9a am\nt$ to #afg1jjj1jjj4 ,( ?is am\nt #acb1ejj1jjj 0 ) ,great ,brita9 & h] dep5d5cies2 #aj1jjj1jjj ) ! ,unit$ ,/ates2 some?+ ov] #h1jjj1jjj ) ! cont95t ( ,europe exclusive ( ,russia1 & less ?an #b1jjj1jjj ) ,russia4 ,9 ! same ye> ! =eign import trade ( ,*9a 0 #ajb1ejj1jjj1 ( :i* #ef1jjj1jjj 0 ) ,great ,brita9 & h] dep5d5cies2 a little ov] #i1jjj1jjj ) ! ,unit$ ,/ates2 #ae1jjj1jjj ) ! cont95t ( ,europe exclusive ( ,russia1 & #ab1ejj1jjj ) ,russia4 7,! re/ ( h] trade 0 pr9cipally ) ,japan47 ,! policy ( ! gov]nm5t ( ,*9a has always be5 to prev5t or re/rict =eign trade2 & ev5 to-day =eign trade c be c>ri$ on 9 only tw5ty-six ,*9ese ports--! s-call$ ,,treaty ,,ports4 ,! policy ( ,great ,brita9 has be5 to secure by treaty z l>ge a privilege ( trad+ ) ,*9a z possible2 !n to ?r[ op5 ! privilege to ! _w1 b to foll[ x up ) su* comm]cial activity on h] own "p z w\ld secure to h] ! lion's %>e ( ! result+ trade4 ,( ! tw5ty-six ports n[ by treaty op5 to ! _w = trade1 tw5ty-?ree h be5 secur$ by ,great ,brita9 & ?ree by ,japan4 ,,*9a',s ,,exports1 ,,imports1 ,,& ,,res\rces ,*9a's pr9cipal exports are ,,tea & ,,silk1 tea con/itut+ ab\t "o ?ird & silk 7pr9cipally raw silk7 fully "o half ( h] total export trade4 ,o!r pr9cipal exports are sug>1 ,,/raw ,,braid 7"o tw5tie? ( h] total exportation71 hides1 pap]1 *9aw>e1 & pott]y4 ,h] pr9cipal imports are ,,opium & ,,cotton ,,goods1 opium con/itut+ a fif?1 & cotton goods consid]ably m ?an a half1 ( h] total import trade4 ,o!r pr9cipal imports are wooll5 goods1 metal goods & ma*9]y1 coal1 & k]os5e oil4 ,a consid]able importation is also made ( raw cotton4 ,b if ,*9a only _h ! bless+ ( an enlight5$ & progressive gov]nm5t ?is disposition ( exports & imports w\ld n long cont9ue4 ,*9a's res\rces ( ,,coal are among ! f9e/ & c]ta9ly among ! l>ge/ 9 ! :ole _w4 ,h] coal-fields1 inde$1 are e/imat$ to be tw5ty times z great z ^? ( all ,europe comb9$4 ,mu* ( ?is coal1 too1 is ( ! pure/ quality1 & mu* ( x v accessible to ! m9]4 ,& ne> h] coal-fields are va/ deposits ( "s ( ! ri*e/ ,,iron ,,ores 9 ! _w4 ,aga91 a great portion ( ! soil ( ,*9a is extremely f]tile4 ,!re are inde$ two regions1 "o ( ,,r$ ,,soil & ano!r1 mu* va/]1 ( ,,yell[ ,,soil1 t are among ! mo/ f]tile 9 ! _w4 ,x is because ( ! ext5t & f]tility ( ! yell[ soil ( ,*9a t yell[ is ! imp]ial col\r1 & ! emp]or call$ ! yell[ "l4 ,! climate1 too1 ( ,*9a p]mits almo/ ! :ole range ( useful vegetable products to be rais$4 ,! gr[? ( ,,cotton is already v great1 because = sev5 c5turies cotton has be5 ! /aple clo? = ! clo?+ ( ! p4 ,& already x is be+ manufactur$ by mod]n ma*9]y4 ,b bo? ! gr[? ( cotton & its manufacture by mod]n me?ods w\ld be enorm\sly increas$ if only facilities = int]nal transportation exi/$1 & fre$om f unju/ taxation c\ld be secur$4 ,if1 9 %ort1 ,*9a only _h railways & a good & enlight5$ sy/em ( gov]nm5t h] progress & prosp]ity w\ld soon make ! ,we/]n _w envi\s4 ,b h] gov]nm5t is n only /upidly unprogressive1 x is also disa/r\sly wa/eful4 ,ab\t sev5ty p] c5t4 ( ! :ole rev5ue ( ! c\ntry is lo/ to ! public use ?r\gh ! malfeasance ( (ficials4 ,& only ab\t #he miles ( railway h z yet be5 op5$1 al?\gh x mu/ be said t #bjj or #bej miles m are "u con/ruction4 ,,possibilities ,,( ,,increas$ ,,=eign ,,trade ,,) ,,*9a ,!re are1 h[ev]1 ev5 n[ sev]al ways 9 :i* =eign trade ) ,*9a may be increas$4 ,two ( ^! are ! supply+ h] p ) ,,wooll5 ,,goods1 & ! supply+ !m ) ,,:eat & ,,fl\r4 ,! w9t]s ( a great "p ( ,*9a are s cool t w>m g>m5ts are necess>y4 ,at pres5t ^! are made pr9cipally ( padd$ cotton4 ,ow+ to ! d5sity ( ! population pa/urage is sc>ce1 & %eep are almo/ unkn[n4 ,= an indef9ite "t1 !re=e1 !re w be a dem& = wooll5 goods 9 ,*9a1 a dem& t w con/antly increase z ! sup]ior conv5i5ce ( wooll5 g>m5ts ov] g>m5ts ( padd$ cotton becomes m & m kn[n to ! p4 ,& ?\gh rice is n[ ! /aple food ( ! p ev5 ( all classes1 ! weal?y classes are fond ( :eat bread & obta9 x :5 possible4 ,b ! agriculture ( ! c\ntry does n p]mit ( ! pr(itable gr[? ( :eat & fl\r1 & :eat if us$ mu/ be import$4 ,,! ,,pr9cipal ,,trad+ ,,cities ,,( ,,*9a ,! cities ( ,*9a are l>ge & num]\s4 ,,pek+ 7#a1ejj1jjj871 ! capital1 is n op5 to =eign trade4 ,9 fact1 x has no trade ( any sort1 & d]ives its :ole importance f be+ ! seat ( gov]nm5t4 ,b ,,ti5ts9 7#gej1jjj71 ! port ( ,pek+1 & an important treaty port1 has a l>ge trade1 bo? =eign & local4 ,ti5ts9 & ,pek+ are connect$ by rail1 & s9ce ! ,russian gov]nm5t has obta9$ ! "r ( connect+ ,pek+ ) ! ,trans-,sib]ian ,railway1 x is m ?an likely t 9 "t ,ti5ts9 w become a t]m9us ( t railway4 ,( treaty ports o!r ?an ,ti5ts9 ! pr9cipal are ,%anghai1 ,hank[1 ,foo*[1 ,hang*[1 ,amoy1 & ,canton4 ,,%anghai 7#dje1jjj7 exce$s all o!r ports ( ,*9a put toge!r 9 ! am\nt ( its =eign trade4 ,its =eign trade is1 inde$1 almo/ ?ree fif?s ( t ( ! :ole empire4 ,& ( ! total numb] ( =eign]s resid+ 9 ,*9a 79 #ahif said to be #aj1hee1 ( :om #dcfb 7 ,briti% subjects & #adci ,am]icans7 ab\t "o half reside 9 ,%anghai4 ,%anghai is1 inde$1 ! ,new ,york ( ,*9a1 & if railways 7 only built f x 7z has be5 propos$7 to ! capital1 ,pek+1 & up ! ,yang-tse-kiang to ,hank[1 & by way ( ! coa/ cities to ,canton1 ,*9a w\ld beg9 a new era 9 h] c>e]4 ,,hank[ 7#hjj1jjj71 on ! ,yang-tse-kiang1 ab\t #gjj miles f its m\?1 is ! *ief emporium ( ! tea-produc+ area ( ,*9a4 ,ocean-go+ /eam%ips asc5d ! riv] to ,hank[ = _! c>goes4 ,,foo*[ 7#fej1ijj7 also has a great tea export trade4 ,,hang*[ 7#gjj1jjj71 "o ( ! mo/ beautiful cities 9 ,*9a1 is also ! *ief city = ! manufacture ( silks1 & ( gold & silv] w>e1 lacqu]$ w>e1 & fans4 ,,amoy 7#ajj1jjj7 has ! be/ h>b\r 9 ,*9a & an imm5se import trade1 rank+ 9 t respect next aft] ,%anghai4 ,,canton 7#b1jjj1jjj87 is ! l>ge/ city 9 ! ,*9ese ,empire4 ,a consid]able portion ( its inhabitants live 9 boats4 ,( ^! h\se-boats !re are said to be #dj1jjj4 ,! =eign trade ( ,canton is next to t ( ,%anghai4 ,once x 0 sup]ior1 n[ x is mu* inf]ior4 ,its manufactures1 h[ev]1 are /ill important & include silk1 cotton1 glass1 porcela91 pap]1 sug>1 lacqu]$ w>e1 & ivory goods & metal goods4 ,,nank+ 7#aej1jjj71 once ! capital ( ,*9a & once ! l>ge/ city 9 ! _w1 is n[ comp>atively a small city4 ,al?\gh a treaty port1 its comm]ce is n important4 ,x 0 once fam\s = its beautiful t[] ( porcela91 #bjj feet high1 b t is n[ de/roy$4 ,!re are _m o!r l>ge cities 9 ,*9a4 ,illu/ration3 ,*9a & its *ief trade c5tres4 ,,hongkong ,,hongkong 7#bde1jjj7 is a small isl& belong+ to ,great ,brita9 situat$ 9 ! m\? ( ! ,canton ,riv]1 sev5ty-five miles f ! city ( ,canton4 ,its population is made up pr9cipally ( ,*9ese1 :o h be5 attract$ !re by its trade privileges4 ,! ,briti% population is only #ac1jjj1 ev5 includ+ ! g>rison ( #bhjj4 ,almo/ ! :ole population reside 9 ! capital1 ,,victoria1 = ! isl& itself is a b>r5 rock4 ,=ty-f\r p] c5t4 ( ! total =eign trade ( ,*9a passes ?r\gh ,hongkong4 ,its h>b\r is "o ( ! f9e/ 9 ! _w4 ,x has magnific5t docks4 ,its port is entirely free1 & !re is ev5 no cu/om-h\se4 ,x is calculat$ t ! =eign trade transact$ by its m]*ants am\nts to #ajj1jjj1jjj a ye>1 exclusive ( :at passes ?r\gh its port )\t break+ bulk4 ,! :ole ( ! va/ export trade ( ,*9a 9 silk & tea is l>gely h&l$ by ,hongkong firms4 ,o!r commodities ( :i* ,hongkong is ! *ief trade c5tre = ,*9a are opium1 fl\r1 salt1 e>!nw>e1 oil1 cotton1 & cotton goods & wooll5 goods1 :i* x imports f o!r c\ntries & exports to ,*9a2 & sug>1 rice1 amb]1 s&al-wood1 ivory1 & betel1 :i* x imports f ,*9a & exports to o!r c\ntries4 ,its trade is n conf9$ to ,great ,brita91 b includes ,france1 ,g]many1 ! ,unit$ ,/ates1 & all o!r trad+ nations4 ,b ( c\rse ,great ,brita9 has ! greate/ %>e4 ,,viii4 ,,! ,,trade ,,features ,,( ,,japan ,,japan ,,! ,,great ,,brita9 ,,( ,,asia ,japan consi/s ( a gr\p ( isl&s situat$ to ! ea/ ( ! cont95t ( ,asia1 some:at z ! ,briti% ,isles are situat$ to ! we/ ( ! cont95t ( ,europe4 ,b ! ,japan isl&s are ( volcanic orig9 & are v num]\s4 ,!re are said to be #dbbc ( !m4 ,h[ev]1 !re are only f\r t are ( important size1 & x is ^! t are usually ?\ght ( :5 ,japan is spok5 (4 ,! area ( ^! f\r isl&s is #adg1fee miles1 :i* is almo/ a f\r? m ?an t ( ,great ,brita9 & ,irel&4 ,! population 7c5sus ( #ahie7 is #db1bgj1fbj1 :i* is #d1jjj1jjj m ?an t ( ,great ,brita9 & ,irel&4 ,! population p] squ>e mile is #bhf1 :i*1 ?\gh l>ge1 is n q s l>ge z t ( ,great ,brita94 ,if1 h[ev]1 we d n take into consid]ation ! nor!rn isl& 7,yezo71 :i* is /ill p>tly inhabit$ by uncivilis$ aborig9es1 ! population p] squ>e mile is #cge1 :i* is consid]ably 9 excess ( t ( bo? ,*9a & ,great ,brita9 & ,irel&1 ?\gh /ill consid]ably less ?an t ( ,engl& alone4 ,! above /ati/ics d n include ! isl& ( ,=mosa 7area #ac1ejj miles1 population almo/ #b1jjj1jjj71 :i* 0 transf]r$ f ,*9a to ,japan 9 #ahie1 at ! close ( ! late ,*9o-,japanese w>4 ,,japan',s ,,wond]ful ,,trans=mation ,! significant ?+ ab\t ,japan is ! rapidity ) :i* x has become trans=m$ f a semi-civilis$ nation into "o ( ! great nations ( ! mod]n _w4 ,until ! ye> #ahfh ,japan 0 an unprogressive1 un5light5$ c\ntry ( ! usual ,asiatic type1 sc>cely diff]+ 9 any way f an inl& prov9ce ( ,*9a ( to-day4 ,9 t ye> a revolution took place :i* put ! :ole p[] ( ! empire into ! h&s ( ! pres5t ,mikado1 or ,emp]or4 ,imm$iately ,japan began to assimilate ,we/]n ideas ( civilisation & to adopt ,we/]n me?ods ( trade1 comm]ce1 manufacture1 gov]nm5t1 & education4 ,until #ahhi ! gov]nm5t rema9$ an absolute mon>*y4 ,9 t ye> ! ,mikado volunt>ily promulgat$ a con/itution by :i* a legislative ,p>liam5t1 or ,imp]ial ,diet1 & an executive ,cab9et ( ,/ate ,m9i/]s 7 in/itut$1 s t ! gov]nm5t ( ,japan is n[ z con/itutional z t ( ,g]many or ,great ,brita94 ,! gov]nm5t is 9 o!r ways ?or\ghly mod]n4 ,education1 = example1 is almo/ z well look$ aft] z 9 ,g]many or ,new ,engl&4 ,!re are #bbj k9d]g>t5s e/abli%$1 #ig te*nical s*ools1 & #di normal s*ools = ! tra9+ ( tea*]s 7"o be+ = ! tra9+ ( high-s*ool tea*]s71 besides elem5t>y s*ools1 middle s*ools1 high s*ools1 special s*ools 7#abfc ( ^!71 & univ]sities4 ,! ,univ]sity ( ,tokio is an imp]ial in/itution1 support$ entirely by ! gov]nm5t1 ) colleges 9 law1 sci5ce1 m$ic9e1 lit]ature1 eng9e]+1 & agriculture4 ,education1 betwe5 ! ages ( six & f\rte51 is compulsory4 ,! army1 too1 is :olly a mod]n affair4 ,x consi/s ( #bhe1jjj m51 & an idea ( its mod]nness may be ga!r$ f ! fact t an important "p ( its organisation is its tra9+ s*ools & colleges4 ,ev5 ! non-commission$ (fic]s are specially tra9$ & educat$4 ,altoge!r ! /ud5ts 9 ! milit>y s*ools & colleges ( ,japan numb] #bdjj4 ,! navy1 too1 z is well kn[n1 is bo? mod]n & effici5t4 ,x consi/s ( #e battle%ips & #ae high-class cruis]s1 besides #df o!r vessels1--torp$o craft1 gunboats1 convoy %ips1 etc41--& x is int5d$ to build an imm5se fleet ( #ai battle%ips & cruis]s1 & #ajj torp$o craft 9 addition4 ,,japan',s ,,agriculture ,japan be+ ( volcanic orig91 mu* ( its soil is unfit = cultivation4 ,! total productive area am\nts to less ?an ?irty p] c5t41 & ev5 ( ?is only a small portion is capable ( be+ till$ by mod]n me?ods4 ,at pres5t only twelve p] c5t4 ( ! :ole surface ( ! c\ntry is devot$ to agriculture1 ev5 includ+ pa/ur+4 ,!re is1 h[ev]1 b little pa/ur+1 & ! pr9cipal implem5t ( cultivation is ! spade4 ,! mod]n pl\gh is unkn[n4 ,b manure 7pr9cipally dome/ic manure & fi% refuse7 is v g5]\sly us$1 & by ?is means ! returns are abundant4 ,! pr9cipal food crop is ,,rice4 ,o!r food crops are :eat1 b>ley1 & ! soya bean1 b ^! n num]\sly s4 ,! pr9cipal cultivat$ products = purposes ( comm]ce are ! mulb]ry tree 7= support+ ! silkworm71 ! tea plant1 ! lacqu] tree1 & ! camphor tree4 ,rice also is gr[n = export z well z = home consumption1 & ,,cotton is v l>gely gr[n = home manufacture4 ,no milk1 butt]1 or *eese is produc$1 sc>cely any meat1 no wood1 & sc>cely any lea!r4 7,= boots & %oes pap] is us$ in/ead ( lea!r47 ,( cattle !re are only #a1jjj1jjj1 z comp>$ ) #aj1jjj1jjj 9 ! ,briti% ,isles1 al?\gh ! population ( ,japan is consid]ably ! great]4 ,( horses !re are #a1ejj1jjj1 & ! rais+ ( horses is mu* enc\rag$ by ! gov]nm5t1 b pr9cipally = milit>y purposes4 ,horses1 inde$1 are b little employ$4 ,9 cities1 = purposes ( c>riage & c>tage1 m5 are us$ in/ead ( horses4 ,ev5 9 rural di/ricts horses are unkn[n = f>m+ purposes1 & n ev5 ! h&-c>t or :eelb>r[ is us$4 ,ev]y?+ is c>ri$4 ,fruit is mu* rais$1--oranges1 apples1 walnuts1 plums1 pea*es1 & grapes1--b ,japanese fruits are ( v inf]ior quality4 ,,fl[]s are rais$ ev]y:]e 9 great v>iety & 9 great abundance1 & ! *rysan!mum is ! emblem ( ! c\ntry & is us$ on po/age /amps4 ,,japan',s ,,manufactures3 ,,_! ,,future ,,possibilities ,! future ( ,japan dep5ds ^u its ,,manufactures1 b ^! also are n )\t _! difficulties4 ,! m9]al weal? ( ! c\ntry is v great1 pr9cipally 9 ,,coal & ,,iron4 ,on ! nor!rn isl& alone 7,yezo7 ! coal deposits are two ?irds ^? ( all ,great ,brita94 ,un=tunately1 h[ev]1 ow+ to ! m\nta9\s "* ( ! c\ntry1 railways 9 ,japan are difficult to con/ruct1 & ! transportation ( coal or ( ore is difficult & exp5sive4 ,z ! coal deposits & iron deposits are n ne> toge!r *>coal has be5 us$ = smelt+ purposes4 ,iron1 !re=e1 s f>1 has n be5 produc$ pr(itably1 & its production has decreas$4 ,b silv] is m9$ abundantly1 & also ,,kaol91 or ! raw mat]ial us$ 9 ! manufacture ( ! beautiful porcela9 ( ! c\ntry4 ,copp] & antimony are also l>ge articles ( export4 ,! pr9cipal manufactures ( ,japan z yet are ! ,,textiles1 especially ,,silk & ,,cotton4 ,9 ^! mod]n me?ods are us$1 al?\gh s f> ! productions ( ! native dome/ic looms are sup]ior to ^? ( ! factory looms4 ,! production ( textiles by ma*9]y has increas$ f\rfold 9 t5 ye>s1 & n[ am\nts to ab\t #dj1jjj1jjj annually4 ,?is1 h[ev]1 is n a l>ge am\nt1 be+ less ?an ! textile production ( any important /ate 9 ,europe1 ev5 ,switz]l&1 or ,sw$5 & ,norway1 & is only "o tw5tie? t ( ! ,unit$ ,/ates4 ,until rec5tly ! factory own] 9 ,japan has _h ! advantage ( *eap lab\r4 ,b ! ,japanese artisan is also becom+ mod]nis$1 & is n[ dem&+ high] wages1 & en=c+ 8 dem& by /rikes4 ,& = all _! deftness 9 dome/ic manufacture ,japanese workm5 are n yet z skilful 9 ma*9e lab\r z ,briti% or ,am]ican workm54 ,x foll[s1 !re=e1 t textile manufactur+ 9 ,japan1 especially ! manufacture ( cotton & wool1 is n yet out ( its t5tative or probation>y /age4 ,b ,japan1 hav+ ! advantage ( an ext5sive home m>ket = cotton goods 7l ! ,*9ese1 ! ,japanese common p we> cotton g>m5ts all ! ye> r\nd1 9 w9t] padd+ !m = w>m?71 & hav+ ! raw mat]ial at h] own door 7%e already gr[s a l>ge proportion ( all ! raw cotton %e ne$s71 & hav+1 too1 an abundance ( coal at h&1 mu/ ne$s become a great cotton-manufactur+ c\ntry4 ,! same conditions hold ) reg>d to ! possibilities ( ,japan's silk manufactures4 ,,possibilities ,,( ,,increas$ ,,=eign ,,trade ,,) ,,japan ,z 9 ! case ( ,*9a1 ! possibilities ( increas$ trade ) ,japan lie pr9cipally 9 ,,wooll5 ,,manufactures & 9 ,,bread/uffs4 ,9 addition !re is a fair *ance ( increas$ trade 9 metal manufactures4 ,! use ( wooll5 g>m5ts 9 ,japan 9 w9t] is ext5d+ ev5 to ! middle & work+ classes4 ,& inasmu* z ! c\ntry does n raise %eep1 & is1 inde$1 n well able to raise %eep1 su* wooll5 clo?+1 wooll5 clo?1 or raw wool z is us$ mu/ be import$4 ,hi!rto ! wooll5 manufactures :i* h be5 e/abli%$ 9 ! c\ntry h n be5 v successful1 & ! probability is t ,japan's import trade 9 wooll5 clo?+ & wooll5 clo?s w increase ye> by ye>4 ,simil>ly1 f ! fact t ! agriculture ( ! c\ntry is n adapt$ to ! gr[? ( :eat1 nor seems ev] likely to be s adapt$1 & also f ! fact t bo? ! high] & ! middle classes ( ,japan are rapidly adopt+ ,european & ,am]ican habits ( liv+1 x is v probable t ! importation ( :eat & :eat fl\r into ,japan w also cont9ue to increase ye> by ye>4 ,& f ! difficulty !re is ( smelt+ iron *eaply x is probable t ! importation ( iron & iron goods 7:i* 9 raw iron1 iron & /eel rails1 iron small w>es & nails1 sp9n+ & o!r ma*9]y1 & /eel %ips1 already am\nts to #h1jjj1jjj a ye>7 is likewise likely to increase greatly ye> by ye> also4 ,,japan',s ,,mod]n ,,trade ,,facilities ,ow+ to ! irregul> con=mation ( ! surface ( ! c\ntry1 good roads 9 ,japan c sc>cely be said to exi/4 ,b #bj1jjj miles ( roads h be5 built1 ( :i* ! /ate ma9ta9s ab\t "o f\r?4 ,!re are also #beje miles ( railway1 ( :i* ! /ate owns & ma9ta9s ab\t "o f\r? also4 ,!re are #aa1gbj miles ( telegraph r\tes1 ) #cg1jjj miles ( wire2 #ebj miles ( telephone r\tes1 ) #fcdg miles ( wire2 & #chg miles ( subm>9e cable r\tes1 ) #adha miles ( wire4 ,! c\ntry also has a m]*ant navy ( #hbg /eam vessels ( mod]n type & #gjb sail+-vessels ( mod]n type1 besides #ffh native craft4 ,ow+ to ! irregul> & rocky nature ( ! coa/-l9e & ! great numb] ( small isl&s :i* exi/1 num]\s ligh?\ses are ne$$2 b ,japan's ligh?\se sy/em is "o ( ! be/ 9 ! _w4 ,,japan',s ,,=eign ,,trade ,japan has a =eign trade ( #fj1jjj1jjj annually 9 exports & #hf1jjj1jjj annually 9 imports4 ,( ! export trade ! pr9cipal "p1 runn+ f a f\r? to a ?ird1 is ) ! ,unit$ ,/ates4 ,! next l>ge/ "p is ) ,france1 ! next ) ,hongkong1 ! next ) ,*9a1 & ! next ) ,great ,brita94 ,b ,great ,brita9's direct %>e is n m ?an a twelf?4 ,( ! import trade ! pr9cipal "p1 almo/ "o ?ird1 is ) ,great ,brita94 ,! ,unit$ ,/ates' %>e is ab\t a twelf?1 & t ( ,france ab\t "o tw5ty-fif?4 ,! pr9cipal exports are ,,raw ,,silk 7ab\t "o ?ird ( ! :ole71 ,,silk ,,goods 7ab\t "o t5? ( ! :ole71 ,,tea1 coal1 copp]1 rice1 & mat*es4 ,! export ( mat*es am\nts to #b1ejj1jjj annually4 ,*>act]i/ic exports1 ?\gh !y d n figure l>gely 9 ! total am\nt1 are floor rugs1 lacqu]$ w>e1 porcela9 w>e1 fans1 umbrellas1 bronze w>e1 rep\ss "w1 pap] w>e & papi]-m*1 fibre c>pets1 & camphor4 ,!re is also a l>ge export ( fi%1 %ellfi%1 cuttlefi%1 edible seawe$1 & mu%rooms to ,*9a & o!r ,asiatic c\ntries4 ,! *ief import is ,,raw ,,cotton 7almo/ "o fif? ( ! :ole74 ,o!r important imports are sug> 7al?\gh %e raises almo/ #ajj1jjj1jjj p\nds ( sug> h]self annually71 cotton y>n1 cotton goods1 wooll5 clo?s1 flannels & blankets1 k]os5e oil1 wat*es1 & articles ( iron & /eel z above enum]at$4 ,! fi%+ indu/ry is a v important "o & ov] #b1ejj1jjj p are engag$ 9 x4 ,! numb] ( fi%+-boats is ab\t #djj1jjj4 ,! fi% trade1 :i* includes seawe$1 is 7:5 n = home consumption7 pr9cipally ) ,*9a4 ,illu/ration3 ,japan's relation to ea/]n ,asia4 ,,japan',s ,,special ,,trade ,,c5tres ,! =eign comm]ce ( ,japan1 l t ( ,*9a1 is all[$ to be c>ri$ on only at c]ta9 ports1 call$ treaty ports1 ( :i* !re are n9ete51 ! pr9cipal be+ ,yokohama1 ,osaka1 ,nagasaki1 ,hakodate1 ,niigata1 & ,kobe4 ,! two pr9cipal cities1 n treaty ports1 are ,tokio & ,kioto4 ,,tokio 7#a1cjj1jjj7 is ! capital & *ief c5tre ( ! political1 comm]cial1 & lit]>y activity ( ! empire4 ,9 _m respects ,tokio is a mod]n city4 ,its educational features are excell5t4 ,its sanitation also is good4 ,,kioto 7#cdj1jjj7 0 =m]ly ! capital1 b aft] ! revolution ( #ahfh x 0 sup]s$$ 9 ?is respect by ,tokio4 ,,yokohama 7#agj1jjj71 di/ant f ,tokio eighte5 miles1 is ! *ief place ( ! empire = =eign trade4 ,its =eign trade1 inde$1 is m ?an half t ( ! :ole empire1 be+ ab\t #ge1jjj1jjj annually4 ,,osaka 7#dhg1jjj7 is 9 respect to population ! second city ( ! empire1 b its =eign trade is n l>ge & is c>ri$ on pr9cipally at ,,hiogo1 a port ne> x4 ,,niigata 7#ej1jjj7 is ! only treaty port on ! we/ side ( ,japan1 ! surf caus$ by ! w9t] monsoon mak+ ! flat we/ coa/ ( ! c\ntry v dang]\s = %ipp+ = half ! ye>4 ,o!r important ports are ,,kobe 7#afa1jjj7 & ,,nagasaki 7#gb1jjj74 ,,nagoya 7#bae1jjj7 is an important inl& t[n4 ,,ix4 ,,! ,,trade ,,features ,,( ,,africa ,,africa ,,fifte5 ,,ye>s ,,ago ,)9 a p]iod ( ab\t fifte5 ye>s ! cont95t ( ,africa has be5 ! sc5e ( a va/ p>tition4 ,at ! beg9n+ ( t p]iod ! am\nt ( ,african t]ritory t 0 subject to ,european control 0 comp>atively small4 ,! ,briti% 7 firmly e/abli%$ 9 ,s\? ,africa1 & _h possessions along ! coa/s else:]e pr9cipally 9 ! we/4 ,! ,fr5* 7 firmly e/abli%$ 9 ,alg]ia & 9 ,s5egal4 ,! ,portuguese _h _! anci5t settlem5ts 9 ,mozambique & ,l[] ,gu9ea4 ,morocco on ! nor?we/ & ,abyss9ia 9 ! nor!a/ 7 m or less well-e/abli%$ gov]nm5ts t 7 indep5d5t4 ,egypt 9 ! extreme nor!a/1 ) tribut>y possessions ext5d+ along ! ,nile into ! f> int]ior ( ! cont95t1 0 also a m or less well-e/abli%$ gov]nm5t t possess$ a quasi-indep5d5ce1 ?\gh x 0 nom9ally dep5d5t ^u ,turkey4 ,b else:]e1 except 9 a few o!r places controll$ by ,european au?ority1 ! :ole cont95t may be describ$ z hav+ be5 9 its orig9al /ate ( savag]y or semi-savag]y4 ,no gov]nm5t exi/$ any:]e t 0 ei!r b5efic5t or /able4 ,! slave-traffic ab\nd$ ev]y:]e4 ,,european ,,sph]es ,,( ,,influ5ce ,,9 ,,africa ,! ,european gov]nm5ts t _h possessions 9 ,africa 7 all do+ _! be/ to suppress ! slave-traffic4 ,b !y c\ld n take v salut>y /eps 9 ?is direction )\t ex]cis+ au?ority beyond ! t]ritorial limits !y 7 suppos$ to occupy4 ,gradually1 = ^! reasons1 & also = ! reason t !y 7 all anxi\s to ext5d _! comm]cial deal+s 9 ,africa1 !y began to ex]cise au?ority beyond _! old-"t t]ritorial limits4 ,9 ?is way began ! e/abli%m5t on ! "p ( ,european nations ( :at are kn[n z sph]es ( influ5ce 9 ,africa4 ,at fir/ ,engl& & ,france 7 ! only nations t 7 at all active 9 e/abli%+ ^! sph]es ( influ5ce4 ,lat] on ,g]many & ,italy & o!r nations began to e/abli% !m also4 ,beg9n+1 !re=e1 ) ! ye>s #ahhc & #ahhd !re has be5 a g5]al e/abli%m5t & gradual ext5sion ( ^! sph]es until n[ ! :ole cont95t has be5 practically p>cell$ out among a few ,european p[]s4 ,,! ,,great ,,p>tition ,,( ,,africa ,illu/ration3 ,! p>tition ( ,africa4 ,! anci5t empire ( ,morocco /ill exi/s 9 an indep5d5t /ate4 ,abyss9ia1 ?\gh ,italy attempt$ to subjugate x1 is aga9 also indep5d5t4 ,! little republic ( ,lib]ia is nom9ally indep5d5t4 ,"s t]ritory 9 ! v he>t ( ! ,sah>a or ,great ,des]t is yet 9 its aborig9al indep5d5ce4 ,b else:]e1 ?r\gh\t ! :ole cont95t1 ,africa is ei!r ,briti%1 or ,fr5*1 or ,g]man1 or ,belgian1 or ,portuguese1 or ,italian4 ,spa9's hold+ is n wor? m5tion+4 ,italy's hold+ also is sc>cely wor? m5tion+4 ,portugal's hold+ has n be5 increas$ 9 ! rec5t scramble--only made m def9ite4 ,france's hold+1 h[ev]1 has be5 enorm\sly increas$1 & is n[ ! l>ge/ 7#c1cjj1jjj squ>e miles71 al?\gh mu* ( ! ,fr5* area is b>r5 des]t1 & mu* ( ! re/ ( x un9habitable by :ite p4 ,great ,brita9's hold+ also has be5 greatly increas$1 b n ne>ly s mu* s z x w\ld h be5 if 9 ! e>li] ye>s ( ! scramble ! ,briti% gov]nm5t _h n be5 s+ul>ly bl9d to ! actions ( o!r gov]nm5ts 9 ! matt]4 ,g]many1 too1 has got a sub/antial hold+ 7#ibe1jjj squ>e miles74 ,! ,kongo ,free ,/ate1 :i*1 ?\gh nom9ally indep5d5t1 is practically "u ! suz]a9ty ( ,belgium1 & mu/ look to ,belgium = ! funds ) :i* to promote its developm5t1 is also a sub/antial possession1 be+ a little less ?an ,g]many's hold+--#ijj1jjj squ>e miles4 ,,great ,,brita9 ,,9 ,,africa ,great ,brita9's hold+1 h[ev]1 9 ! p>tition$ cont95t comprises its be/ portions4 ,mu* ( ,africa is un9habitable by :ite m54 ,:]ev]1 h[ev]1 :ite m5 c live--except 9 nor!rn ,africa--!re ,great ,brita9 has manag$ to get control4 ,exclud+ ! %ore ( ! ,m$it]ranean1 ! be/ "p ( ,africa1 consid]$ f ! view po9ts ( colonisation & comm]ce1 is :at is n[ kn[n z ,briti% ,s\? ,africa4 ,?is is an imm5se area--an area ( almo/ #a1jjj1jjj squ>e miles4 ,x comprises 7#a7 t :ole s\!rn portion ( ! cont95t kn[n z ,cape ,colony1 & 7#b7 t portion ( ! great c5tral plateau ( ! cont95t :i* ext5ds f ,cape ,colony nor?w>d to ,lakes ,nyassa & ,tanganyika--all except ! two ,bo] republics1 ! ,orange ,free ,/ate & ! ,s\? ,african ,republic4 ,briti% ,ea/ ,africa 7#hjj1jjj squ>e miles7 includes ! t]ritory ( ,ug&a1 nor? ( ,lake ,victoria1 a t]ritory :i* f ! "* ( its native population & its possibilities ( trade has be5 call$ ! pe>l ( ,africa4 ,briti% ,we/ ,africa 7#ejj1jjj squ>e miles7 includes ! bas9 ( ! l[] ,nig]1 ! mo/ d5sely peopl$ area 9 all ,africa1 ! seat ( ! great ,fula-,hausa empire ( ,sokoto-,g&u1 ! weal?ie/ & greate/ trad+ nation 9 ! cont95t4 ,fur!rmore1 9 ! nor!a/1 ,great ,brita9 ex]cises protectorate control ov] ,egypt--a control t is likely to be in/rum5tal 9 reclaim+ = ,egypt1 & ?us = civilisation & comm]ce "u ,briti% au?ority1 ! :ole ( ,egypt's anci5t possessions along ! ,nile z f> at lea/ z ,ug&a4 ,! total area ( ! ,briti% possessions 9 ,africa1 exclusive ( ! two ,bo] republics & ,egypt1 is ov] #b1cjj1jjj squ>e miles4 ,,! ,,dom9ion ,,( ,,s\? ,,africa ,s\? ,africa is practically ,briti% ,s\? ,africa4 ,! ,g]man portion is ei!r l>gely b>r5 or else inaccessible4 ,! ,portuguese portion is only a n>r[ /rip along ! ea/ coa/1 mu* ( :i* is too unheal?y = habitation o!r ?an by natives4 ,! two ,bo] republics are rapidly fill+ up ) ,briti% p1 are be+ develop$ by ,briti% capital1 & mu/ 9 "t become conf$]at$ ) ! /ates t environ !m4 ,"o ( !m1 too1 is already "u ,briti% suz]a9ty4 ,briti% ,s\? ,africa1 h[ev]1 is z yet only a "n4 ,x has no real exi/5ce except 9 hope4 ,! aspiration ( /atesm5 9 s\!rn ,africa is t all ! t]ritories ( s\!rn ,africa "u ,briti% control %all =m "o conf$]ation1 & t 9 ?is conf$]ation ! ,orange ,free ,/ate & ! ,s\? ,african ,republic %all jo94 ,! t]ritories ent]+ into ?is conf$]ation w\ld !re=e be z foll[s3 ,! self-gov]n+ colonies ( ,cape ,colony & ,natal1 ! cr[n colony ( ,basutol&1 ! protectorates ( ,be*uanal& & ,zulul&1 ! t]ritory n[ adm9i/]$ by ! ,briti% ,s\? ,africa ,company1 popul>ly kn[n z ,rhodesia1 & ! ,briti% ,c5tral ,africa protectorate1 ) 9 addition ! two ,bo] republics previ\sly m5tion$4 ,! l5g? ( ?is propos$ ,s\? ,african dom9ion w\ld be #ahjj miles4 ,its wid? w\ld be f #fjj to #hjj miles4 ,&1 z said above1 its area w\ld be ab\t #a1jjj1jjj squ>e miles4 ,mr4 ,/anley pr$icts t 9 a hundr$ ye>s ! ,dom9ion ( ,s\? ,africa w h a :ite population ( #h1jjj1jjj1 & a col\r$ population ( #af1jjj1jjj4 ,,s\? ,,africa',s ,,agricultural ,,possibilities ,( ,s\? ,africa z above def9$ ,cape ,colony & ,natal are at pres5t ! mo/ important portions4 ,_! climate is 9 "s respects ! f9e/ 9 ! _w4 ,_! soil is ( rem>kable ri*ness4 ,! numb] ( di/9ct species ( indig5\s plants f\nd ^u x is great] ?an = any o!r equal area on ! globe4 ,! same rem>k 0 once true ( ! animals f\nd 9 ,s\? ,africa1 :i* aga9 is te/imony to ! great f]tility ( ! soil4 ,b a s]i\s drawback is ! insuffici5cy & unc]ta9ty ( ! ra9 supply4 ,irrigation1 h[ev]1 is practis$1 & :]ev] irrigation is possible ! l& may be made to blossom l ! rose4 ,agriculture1 h[ev]1 is only indiff]5tly pursu$4 ,! ,,v9e 9 ,cape ,colony produces m abundantly1 v mu* m abundantly ?an any:]e else 9 ! _w1 & yet nei!r grape-rais+ nor w9e-mak+ c be said to be successful4 ,,pa/ur+ is ! pr9cipal occupation ( ! p 9 rural di/ricts4 ,!re are #ag1jjj1jjj %eep 9 ,cape ,colony1 & #f1jjj1jjj goats4 ,natal1 :i* is w>m]1 has #ejj1jjj %eep4 ,ano!r pr9cipal occupation is ,,o/ri*-,,f>m+4 ,! o/ri*1 once wild 9 ,s\? ,africa1 is n[ br$ dome/ically4 ,cape ,colony has #bcj1jjj o/ri*es4 ,o/ri* fea!rs fet* f #aej to #cjj a p\nd4 ,! ,,rais+ ,,( ,,cattle is ano!r pr9cipal occupation1 & draught cattle are mu* us$ = transport purposes4 ,cape ,colony has #b1jjj1jjj cattle2 ,natal1 #a1jjj1jjj4 ,! pr9cipal food crops are :eat & maize1 b little is rais$ = export4 ,9 ,natal1 sug> is an important product1 & also tea4 ,_m magnific5t timb] woods are f\nd1 b ! trees are /unt$ & little timb] is export$4 ,mu* has be5 wa/$ by fires4 ,! great agricultural possibilities ( ,s\? ,africa are ,,wool1 ,,mohair 7! hair ( ! ,angora goat71 fruit1 w9e1 & sk9s4 ,! bread/uffs ( ,s\? ,africa w probably all be ne$$ = home consumption4 ,,s\? ,,africa',s ,,great ,,m9]al ,,weal? ,all ! _w ov] ,s\? ,africa is fam\s = its ,,diamond-,,m9es & its ,,gold-,,m9es4 ,! diamonds are f\nd pr9cipally 9 ,griqual&1 nor? ( ! ,orange ,riv]1 n[ a "p ( ,cape ,colony1 b !y are also f\nd 9 ! ,orange ,free ,/ate4 ,! diamond areas are v circumscrib$1 ! diamond-be>+ pipes be+ suppos$ to be crat]s ( ext9ct volcanoes4 ,! pr9cipal pipes are at ,,kimb]ley 7#bh1gah71 9 ,griqual&4 ,^! con/itute ! ri*e/ diamond-fields 9 ! _w4 ,x is e/imat$ t ov] #cej1jjj1jjj wor? ( diamonds h be5 tak5 out ( ,kimb]ley s9ce _! fir/ discov]y !re 9 #ahfg4 ,! l>ge/ ,s\? ,african diamond yet f\nd 0 wor? #cjj1jjj1 b _m o!r l>ge ones h be5 f\nd4 ,! annual diamond export n[ is ab\t #bj1jjj1jjj4 ,= #ahif ! export 0 #bc1bjj1jjj2 = #ahig a little less4 ,! production & export are /rictly limit$1 s t prices may n depreciate4 ,next 9 int]e/ to ! diamond-fields are ! gold-m9es4 ,^! s f> h be5 f\nd pr9cipally 9 ! ,s\? ,african ,republic1 or ,transvaal z x is popul>ly call$1 9 ! r&1 or reef1 ne> ! f>-fam$ t[n ( ,,johannesburg 7#ajb1jgh74 ,s9ce gold 0 fir/ discov]$ 9 ! r& 7#ahga7 #bej1jjj1jjj wor? has be5 tak5 out4 ,! annual output n[ is ne>ly #ej1jjj1jjj1 b x is e/imat$ t be=e ! r& c be exhau/$ #b1bej1jjj1jjj wor? ( gold mu/ be tak5 out--an am\nt mu* great] ?an ! total public debt ( ! ,unit$ ,/ates1 national1 /ate1 & municipal4 ,b nor? ( ! ,transvaal1 9 ,rhodesia1 especially 9 ,ma%onal&1 is a t]ritory popul>ly call$ ! ,l& ( ,ophir1 :]e m9+ op]ations are only j begun1 b :]e gold is suppos$ to be ev5 m ri*ly /or$ ?an 9 ! ,transvaal4 ,( ?is di/rict ! newly built t[n ( ,,salisbury is ! c5tre4 ,o!r m9]al products ( ,s\? ,africa are coal 9 ,natal1 m9$ at ,,newca/le1 & copp] 9 ! nor?we/ ( ,cape ,colony1 %ipp$ at ,,port ,,nollo?4 ,,s\? ,,africa',s ,,=eign ,,trade ,! import trade ( ,s\? ,africa s f> consi/s ( almo/ ev]y?+ ne$$ by ! inhabitants except meat1 fl\r1 vegetables1 & fruit1 = !re are z yet almo/ no manufactures4 ,! pr9cipal exports are3 7#a7 gold1 #fj1jjj1jjj p] annum1 includ+ t f ! ,transvaal2 7#b7 diamonds1 #bb1ejj1jjj2 7#c7 wool1 #ab1ejj1jjj2 7#d7 mohair1 ! hair ( ! ,angora goat1 #c1jjj1jjj2 7#e7 o/ri* fea!rs1 ov] #b1ejj1jjj2 7#f7 hides & sk9s1 #b1bjj1jjj2 & 7#g7 copp] ore1 #a1bej1jjj4 ,! export ( w9e & fruit1 = ! production ( :i* ! c\ntry is s well suit$1 & also ( gra91 is inconsid]able4 ,,%ipp+ ,,ports ,,& ,,railways ,,( ,,s\? ,,africa ,briti% ,s\? ,africa1 l all ( ,africa1 is want+ 9 seaports4 ,9 fact1 x has b few4 ,h[ev]1 x has "o1 ,,walfi% ,,bay1 :i* t]ritorially does n belong to x1 inasmu* z x is 9 ! middle ( ! coa/ ( ,g]man ,s\?we/ ,africa--! only port 9 t coa/4 ,! pr9cipal port 9 ,briti% ,s\? ,africa is ,,cape ,,t[n 7#hc1gah71 :i* is also ! capital & pr9cipal place4 ,! next pr9cipal ports are1 = ,cape ,colony1 ,,port ,,elizabe? 7#bc1bff7 & ,,ea/ ,,london1 & = ,natal1 ,,durban4 ,,lor5zo ,,m>quez1 on ,delagoa ,bay1 & ,,beira1 at ! m\? ( ! ,pungwe1 bo? 9 ,portuguese ,ea/ ,africa1 are natural ports = nor!rn ,briti% ,s\? ,africa1 & are us$ z su*1 railways be+ con/ruct$ f !m into ! int]ior4 ,railroad-mak+1 inde$1 is n[ ! all-important matt] 9 ,s\? ,africa4 ,l9es are already built f ,cape ,t[n1 ,port ,elizabe?1 ,ea/ ,london1 ,durban1 & ,lor5zo ,m>quez to ! diamond-fields ( ,kimb]ley & ! gold-m9es ( ,johannesburg4 ,^! also give to ! pa/oral & agricultural p>ts ( ! int]ior facilities ( access to ! sea4 ,b ! l9e f ,cape ,t[n to ,kimb]ley is be+ rapidly ext5d$ nor?w>d to ,salisbury1 ! c5tral po9t ( ! gold-fields ( ,rhodesia1 & already has rea*$ ,,bulawayo1 #afjj miles f ,cape ,t[n4 ,! l9e f ,beira is also to end at ,salisbury4 ,already a telegraph l9e ext5d+ f ,salisbury nor?w>d has rea*$ ! we/ %ore ( ,lake ,nyassa1 & by ! close ( ?is ye> 7#ahih7 x w rea* ! s\? end ( ,lake ,tanganyika4 ,x is propos$ t ! railroad f ,bulawayo %all foll[ ?is same r\te1 & x is ! dream 7or %all we say ! hope87 ( ! empire-build]s ( ,s\? ,africa t ?is railway %all be=e _m ye>s be s f> advanc$ nor?w>d t x w meet ! railway t is n[ be+ built f ,cairo s\?w>d ?r\gh ! cont95t along ! ,nile4 ,mr4 ,/anley pr$icts t ! ,cape to ,cairo railway w be an accompli%$ fact be=e #aibe4 ,! :ite population ( ,s\? ,africa1 ev5 includ+ ! ,bo] republics1 is /ill less ?an #gej1jjj4 ,x4 ,,! ,,trade ,,features ,,( ,,au/ralia ,,au/ralia ,,& ,,au/ralasia ,! t]m ,,au/ralasia1 z n[ g5]ally us$1 comprises ,au/ralia 7includ+ ,tasmania7 & ,new ,zeal&1 & a numb] ( small neighb\r+ isl&s4 ,s us$ x practically d5otes a ,briti% possession2 = su* isl&s z are compris$ by ! t]m & yet d n belong to ,great ,brita9 are comp>atively unimportant4 ,b :5 we speak ( ,au/ralasia1 we are g5]ally ?9k+ ( ,,au/ralia1 = ,au/ralia is s l>ge & important t x seems to ov]%ad[ ! o!r p>ts ( ,au/ralasia4 ,b 9 respect to politics or comm]ce ,au/ralia is n "o c\ntry2 x is divid$ into sev]al self-gov]n+ colonies4 ,^! are1 9 ord] ( importance1 ,victoria1 ,new ,s\? ,wales1 ,s\? ,au/ralia1 ,que5sl&1 & ,we/ ,au/ralia4 ,b a movem5t is n[ be+ made to unite all ^! colonies1 & ,tasmania z well1 into "o ,au/ralian ,conf$]ation1 j z ! sev]al prov9ces ( ,canada1 :i* 7 once indep5d5t colonies1 h be5 unit$ into "o ,dom9ion ( ,canada4 ,?is conf$]ation s*eme1 h[ev]1 has n yet be5 accompli%$4#c ,new ,zeal&1 because ( its di/ance 7#abjj miles7 f ,au/ralia1 has s f> %[n no desire to ent] into ?is conf$]ation4 ,,footnote3 #c ,s9ce ! above 0 writt5 ! s*eme has be5 develop$ a v consid]able way t[>d completion4 ,! "n ( ! conf$]ation is to be ,! ,commonweal? ( ,au/ralia4 ,,! ,,area ,,& ,,climate ,,( ,,au/ralia ,au/ralia is a cont95t n only 9 "n b 9 fact4 ,its area1 includ+ ,tasmania1 is almo/ #c1jjj1jjj squ>e miles1 :i* is ab\t ! area ( ! ,unit$ ,/ates exclusive ( ,alaska1 & only ab\t "o f\r? less ?an ! area ( ! cont95t ( ,europe4 ,fully two fif?s ( ?is area lie )9 ! torrid zone1 & ( ! re/1 ev5 9 ,victoria1 ! "p f>!/ f ! equator1 ! climate is s w>m t x corresponds ) t ( ,spa91 s\!rn ,france1 & ,italy4 ,b ov] s va/ a t]ritory great diff]5ces ( climate mu/ occur1 & consequ5tly ( products also4 ,a g5]al description ( ! climate & products ( ,au/ralia is !re=e impossible4 ,yet !re are sev]al *>act]i/ics :i* app]ta9 to ! :ole cont95t4 ,! *ief ( ^! are 7#a7 ! great ,,dryness ( ! ,,atmosph]e--n m]ely its lack ( ra91 b its absolute fre$om f moi/ure2 7#b7 ! rem>kable ,,inequality1 or want ( regul>ity1 9 ! ,,ra9fall4 ,occasionally ! ra9fall is excessive1 b a m frequ5t & s]i\s cause ( tr\ble is excessive dr\ght4 ,! cont95t on e side has a l[ coa/ region1 :]e ! ra9fall is heavi] & ! temp]ature g5]ally hott] ?an 9 ! correspond+ table-l& int]ior to x4 ,b ! va/ table-l& ( ! int]ior has comp>atively little ra91 & inde$ 9 "s p>ts ( x1 especially 9 ! c5tre & we/1 ! ra9fall is s slight t ! c\ntry is practically a des]t4 ,b ev5 :5 all ! des]t areas ( ,au/ralia are exclud$ f calculation !re /ill rema9s 9 ! int]ior plateau1 t[>d ! ea/ & s\?1 an imm5se area ( c\ntry ( great f]tility & productiv5ess4 ,! ,murray ,riv] alone dra9s an area ( #ejj1jjj squ>e miles1 "o six? ( ! :ole cont95t1 a great "p ( :i* is ( exce$+ ri*ness4 ,9 ^! f]tile p>ts irrigation by artesian wells has be5 tri$1 & always ) great success4 ,& x is ?\ght t almo/ ! :ole cont95t c be rega9$ = agriculture1 or at lea/ = %eep-pa/ur+1 by simil> means2 = ev5 9 ! arid & s-call$ des]t p>ts ( ! int]ior1 !re is v little soil t is n really f]tile1 = all ( x is cov]$ ) ?ick bru%wood4 ,moi/ure alone is ne$$ to make x be> crops abundantly4 ,& ?is dryness ( ! atmosph]e :i* prevails ?r\gh\t ! :ole cont95t is n )\t its comp5sations4 ,x r5d]s ! climate exce$+ly heal?ful4 ,,au/ralia ,a ,,cont95t ,,( ,,peculi>ities ,au/ralia has ,,_m ,,peculi>ities4 ,x has only "o l>ge riv]1 & ev5 t 9 summ] becomes a s]ies ( isolat$ pools4 ,x has no high m\nta9 range1 its pr9cipal m\nta9s be+ only a s]ies ( ramp>ts m>k+ (f ! l[] coa/ l&s f ! int]ior plateau4 ,aga91 its native quadrup$s are entirely diff]5t f ^? ( o!r cont95ts1 be+ almo/ all1 :e!r little or big1 m>supials1 or p\*-be>]s1 l ! kang>oo4 ,its birds are mo/ly songless4 ,its fl[]s1 = ! mo/ "p1 h no sc5t4 ,its trees are leav$ v]tically & ca/ no %ade4 ,its indig5\s inhabitants h made no progress t[>d civilisation4 ,:5 ,europeans fir/ came to ! c\ntry !y f\nd no native animal t c\ld be put to any use1 nor any native fruit1 vegetable1 or gra9 t c\ld be utilis$ = food4 ,/ill1 all ,european dome/ic animals ?rive abundantly 9 ! c\ntry1 & s d all ,european fruits1 grasses1 gra9s1 & vegetables4 ,! ,engli% rabbits1 inde$1 h become a t]rible pe/4 ,z _m z #be1jjj1jjj ( !m h be5 kill$ 9 a ye> )\t any app>5t dim9ution 9 _! numb]s4 ,ov] #a1jjj1jjj a ye> has at times be5 sp5t to ext]m9ate !m1 all to no effect4 ,,victoria ,victoria1 ! smalle/ ( ! ,au/ralian colonies1 _h until rec5tly ! l>ge/ population 7,june1 #ahig1 #a1agg1cjd7 & also ! l>ge/ trade4 ,9 bo? respects1 h[ev]1 x is at pres5t surpass$ by ,new ,s\? ,wales4 ,victoria has ow$ its pa/ pre-em95ce to its ,,gold ,,production4 ,gold 0 discov]$ 9 ! colony 9 #ahea1 & = ye>s ! output ( ! preci\s m9]al 0 n less ?an #ej1jjj1jjj p] annum4 ,! pres5t output ( gold 9 ,victoria1 h[ev]1 is only #aj1jjj1jjj p] annum4 ,ri*]1 h[ev]1 ?an ! gold-m9es ( ,victoria is ! f]tility ( its soil4 ,a l>ge "p ( ! soil is exce$+ly f]tile--) irrigation "o ( ! f9e/ fruit-be>+ soils 9 ! _w4 ,! arboreal vegetation ( ! c\ntry is magnific5t4 ,trees ?irty feet 9 diamet] rise to ! height ( #bjj feet )\t a s+le lat]al bran*1 & !n #ajj feet to #bjj feet high] /ill4 ,pe>-trees gr[ to ! height ( eighty feet1 ) trunks ?ree feet 9 diamet]4 ,b z yet wool-gr[+1 :eat-rais+1 & v9e-gr[+ are ! pr9cipal agricultural occupations ( ! p4 ,! pr9cipal agricultural export is ,,wool--#be1jjj1jjj wor? p] annum4 ,b a consid]able portion ( ?is comes f ,new ,s\? ,wales4 ,! ,,%eep kept numb] #ae1jjj1jjj1 ! cattle #b1jjj1jjj4 ,b ! colony /ill rema9s pr9cipally a m9+ community4 ,five n9?s ( ! population live 9 t[ns4 ,yet !re are few t[ns1 & two fif?s ( ! :ole population live 9 ,melb\rne--a city almo/ exactly z l>ge z ,bo/on4 ,,melb\rne ,,melb\rne 7#dea1aaj2 ) suburbs1 #ejj1jjj71 ! capital city ( ,victoria & ! *ief city 9 ,au/ralia1 is also "o ( ! mo/ beautiful cities 9 ! _w4 ,its p>liam5t build+s1 t[n hall1 po/-(fice1 treasury1 m9t1 law c\rts1 public libr>ies1 picture gall]ies1 !atres1 *ur*es1 & clubs are all edifices ( ar*itectural magnific5ce & beauty1 :ile its b\lev>ds1 p>ks & g>d5s are equally spl5did4 ,at "o "t money fl[$ freely & great comm]cial recklessness prevail$4 ,b ?\gh ,melb\rne has su/a9$ sev]al sev]e depressions its pres5t condition is prosp]\s & its future is assur$4 ,x is1 h[ev]1 a pleasure-lov+ city1 & x is z mu* on ?is acc\nt z on acc\nt ( its great beauty t x is call$ ! ,p>is ( ! s\!rn hemisph]e4 ,n[h]e else 9 ! _w1 p]haps1 are indoor amusem5ts--! !atre1 conc]ts1 etc4--or outdoor amusem5ts--cricket1 football1 horse-rac+1 etc4--m devot$ly patronis$ ?an 9 ,melb\rne4 ,o!r important places 9 ,victoria are ,,ball>at 7#dj1jjj7 & ,,s&hur/ 7#cg1jjj71 bo? m9+ t[ns1 & ,,geelong 7#be1jjj7 locally not$ = its manufacture ( twe$s4 ,,new ,,s\? ,,wales ,illu/ration3 ,au/ralia4 ,%ad$ portions %[ :]e ! ra9fall is suffici5tly abundant4 ,new ,s\? ,wales 7population #a1caa1ddj7 is ! olde/ colony ( ,au/ralia & ! p>5t ( bo? ,victoria & ,que5sl&4 ,( all ! colonies1 x has1 p]haps1 ! greate/ range ( productions4 ,on ! l[ coa/ l&s its soil is ( extraord9>y f]tility1 & ev5 9 ! dry int]ior1 :5 irrigation is employ$1 ! f]tility is /ill extraord9>y4 ,z yet1 h[ev]1 b "o acre out ( e two hundr$ is "u cultivation1 ! *ief agricultural occupation be+ pa/ur+4 ,ov] #ej1jjj1jjj ,,%eep are kept1 pr9cipally ! ,,m]9o4 ,grass gr[s ev]y:]e1 & ev5 ! summits ( ! m\nta9s are cov]$4 ,dr\ght1 h[ev]1 is a t]rible drawback1 & sometimes trem5d\s losses occur4 ,9 #ahgg ov] #h1jjj1jjj %eep p]i%$1 & 9 #ahhd ov] #ab1jjj1jjj4 ,! total ,,wool ,,production is v l>ge1 av]ag+ #ej1jjj1jjj a ye>4 ,! export ( hides1 sk9s1 lea!r1 & *ill$ meat1 pr9cipally mutton1 am\nts to #aj1jjj1jjj annually4 ,*ill$ mutton & beef are s5t direct to ,london1 ?\gh ! passage takes five or six weeks by /eam] & twelve to sixte5 weeks by sail+-vessel4 ,sc>cely less important ?an its agricultural products are ! m9]al products ( ,new ,s\? ,wales4 ,its ,,coal-,,m9es are ! f9e/ on ! cont95t1 & #d1ejj1jjj wor? ( coal is export$ annually1 besides :at is consum$ locally4 ,its gold production1 ?\gh n v l>ge1 is g5]al ?r\gh\t ! :ole colony4 ,its ,,silv]-,,m9es 9 ,,silv]ton & ,,brok5 ,,hill are among ! mo/ fam\s 9 ! _w1 & its t9-be>+ l&s comprise ov] #e1ejj1jjj acres4 ,! =ego+ comprise ! /aple products--! production ( indu/ries already well e/abli%$4 ,b fruit-gr[+1 includ+ all fruits1 f apples1 pe>s1 & pea*es1 to olives & oranges1 is a rapidly develop+ indu/ry1 no c\ntry 9 ! _w be+ bett] suit$ to x4 ,w9e-mak+1 too1 is quickly com+ =w>d1 ! ,new ,s\? ,wales w9es equall+ 9 flav\r ^? ( ,france & ,spa94 ,:eat-gr[+1 cotton-gr[+1 & ev5 rice-gr[+ are also 9 _! sev]al di/ricts rapidly ext5d+ & prosp]\s pursuits4 ,! developm5t ( ,new ,s\? ,wales has only j begun4 ,,sydney 7includ+ suburbs #daj1jjj7 is ! capital & by f> ! l>ge/ city4 ,sydney1 l ,melb\rne1 is a beautiful city1 b its beauty is natural r ?an artificial1 & x is well entitl$ to its "n1 ,que5 ( ! ,s\?4 ,x is situat$ on ,port ,jackson1 "o ( ! f9e/ & mo/ beautiful h>b\rs on ! globe4 ,sydney is ! headqu>t]s ( all ! v>i\s l9es ( /eam%ips--,briti%1 ,am]ican1 ,fr5*1 ,italian1 etc4--t trade ) ,au/ralia1 & is inde$ "o ( ! great seaports ( ! _w4 ,,s\? ,,au/ralia ,s\? ,au/ralia 7#ceh1bbd 9 #ahig7 occupies ! :ole c5tral "p ( ! cont95t f nor? to s\?4 ,b z only a v small portion ( ?is va/ area is settl$--! s\!a/ corn]--x may be describ$ z 9 *>act]i/ics resembl+ ,victoria4 ,its pr9cipal indu/ry is ,,:eat-,,gr[+4 ,s\? ,au/ralia is inde$ ! great gran>y ( ! cont95t1 & is de/9$ to be "o ( ! great gran>ies ( ! _w4 ,l ! o!r divisions ( ,au/ralia1 ,s\? ,au/ralia1 :5 once dr\ght has be5 ov]come by irrigation1 is de/9$ to become a great fruit c\ntry1 its w>m1 moi/ureless climate be+ peculi>ly well suit$ to ! rip5+ ( fruits ( exquisite flav\rs4 ,already its olives are pron\nc$ ! f9e/ 9 ! _w4 ,! pr9cipal city & *ief port is ,,adelaide 7) suburbs #add1ceb74 ,l o!r ,au/ralian ports1 ,adelaide possesses excell5t /eamboat %ipp+ facilities4 ,9 ! nor?1 on ! ,timor ,sea1 is ,,port ,,d>w91 likely to be an important trade c5tre4 ,,que5sl& ,! mo/ int]e/+ ( all ! ,au/ralian colonies is ,que5sl& 7population #dgb1agi71 = x is a tropical c\ntry ) a climate s salubri\s t :ite p c live 9 x & be com=table & heal?y4 ,! heat1 in/ead ( be+ en]vat+1 is /imulat+ & brac+4 ,a great portion ( its soil is ( unsurpass$ f]tility4 ,! only drawback is ! unequal di/ribution ?r\gh\t ! ye> ( ! ra9fall4 ,b :]ev] irrigation wells are sunk ! climate becomes highly suitable = ,,%eep-,,rais+1 & also = ! gr[+ ( _m k9ds ( ,,fruit4 ,!re are already #ae1jjj1jjj %eep & #e1jjj1jjj cattle 9 ! colony1 & wool is export$ to ! am\nt ( #ae1jjj1jjj annually4 ,o!r agricultural exports are froz5 beef & mutton1 & hides & sk9s4 ,,wool is ! *ief export4 ,! second export 9 importance is ,,gold1 :i* rea*es #aj1jjj1jjj p] annum4 ,t9 is also export$1 & coal1 ?\gh little work$1 is abundant4 ,develop+ exports are sug> 7#b1ejj1jjj p] annum71 arr[root1 cotton1 tobacco1 rice1 & c(fee4 ,a difficulty1 h[ev]1 9 ! developm5t ( ^! products is ! lab\r "q4 ,:ite m5 _c "w 9 ! plantations4 ,*9ese pref] to "w 9 ! m9es4 ,! natives won't "w any:]e4 ,no negroes are obta9able4 ,z a consequ5ce ,polynesians h to be import$4 ,,brisbane 7#ajj1iac7 is ! capital & *ief city & port4 ,,we/ ,,au/ralia ,we/ ,au/ralia 7population #afb1cid71 ! l>ge/ ( all ! ,au/ralian colonies1 has only be5 rec5tly settl$1 & its con/itution z a self-gov]n+ colony dates only f #ahij4 ,a l>ge "p ( its area has nev] be5 explor$1 & a l>ge "p is kn[n to be scrub des]t4 ,b !re is sc>cely any "p ( x1 ev5 ( its scrub areas1 b t w support %eep :5 once artesian wells h be5 sunk1 & l>ge portions ( ! colony1 especially along ! coa/s1 are z f]tile z ne$ be4 ,& ! climate1 ?\gh v dry1 is exce$+ly heal?ful4 ,,p]? 7#dc1jjj7 is ! capital4 ,,albany is ! pr9cipal port4 ,,! ,,imm5se ,,res\rces ,,( ,,au/ralia4 ,,its ,,probable ,,future ,au/ralia is und\bt$ly on ! eve ( a p]iod ( great developm5t4 ,its res\rces are kn[n to be imm5se4 ,its climate has be5 f\nd mo/ fav\rable to human heal?1 & ! objectionable feature ( ! climate1 ! smallness & irregul>ity ( ! ra9fall1 has be5 /udi$ & become und]/ood & f\nd rem$iable4 ,once ! conf$]ation t is n[ 9 process ( =mation takes place1 !re is no d\bt t ,au/ralia w ent] ^u a new & prosp]\s comm]cial era4 ,ow+ to ! fact t its *ief opportunities = weal? lie 9 ! developm5t ( its natural res\rces1 x is probable t = "s "t to come almo/ all ! manufactur$ goods ,au/ralia ne$s w h to be import$4 ,already its importation am\nts to #bge1jjj1jjj1 ( :i*1 ( c\rse1 ,great ,brita9 supplies ! pr9cipal %>e4 ,?is importation is pr9cipally clo?+ & mat]ials = clo?+1 b x also comprises h>dw>e & ma*9]y1 & 9 fact ev]y?+ requir$ by a highly civilis$ & money-sp5d+ p1 except bread/uffs & provisions4 ,! magnitude ( ?is importation may be compreh5d$ f ! fact t x is m ?an "o ?ird ( ! total exportation ( ! ,unit$ ,/ates = any ye> save "o up to #ahif1 includ+ our imm5se export ( bread/uffs1 provisions1 & cotton4 ,& besides ! articles ( export already m5tion$--,,wool1 ,,meats1 ,,hides1 ,,sk9s1 ,,m9]als1 ,,fruits1 etc4--!re is "o o!r ,au/ralian res\rce t is capable ( almo/ indef9ite developm5t4 ,?is is its ,,timb]4 ,! eucalyptus or gum-tree prevails almo/ univ]sally 9 ,au/ralia1 & "s ( its commone/ v>ieties1 be+ bo? /rong & inde/ructible by insects1 are ( almo/ unequall$ value = %ip-build+1 railway ties1 & dock & h>b\r con/ruction4 ,t ! ,au/ralians are fully alive to ! importance ( develop+ _! =eign trade is se5 9 ! ef=ts !y h made to provide facilities = br++ _! products to ocean ports4 ,!re are #aa1ihj miles ( railway1 almo/ e mile ( :i* has be5 built by ! gov]nm5ts4 ,?is is "o mile ( railway = e #cjj inhabitants1 z aga9/ "o mile = e #djj inhabitants 9 ! ,unit$ ,/ates4 ,^! railways run :olly to & f ! seabo>d4 ,!re are no manufactur+ t[ns to be cat]$ to4 ,au/ralian trade consi/s :olly 9 ex*ang+ home-rais$ natural products = import$ manufactures4 ,equally rem>kable ) ! railroad ent]prise ( ! ,au/ralians is _! ent]prise 9 telegraphic con/ruction & ! e/abli%m5t ( cable communications4 ,= example1 a telegraph l9e #bjjj miles long1 runn+ across ! cont95t f ,adelaide to ,port ,d>w91 has be5 built by ! prov9ce ( ,s\? ,au/ralia s z to connect ) a cable f ,port ,d>w9 to ,java1 ,s+apore1 etc41 & ?us ) ,europe & ,am]ica4 ,= at lea/ #aejj miles ?is telegraph l9e runs ?r\gh "o ( ! mo/ desolate & inaccessible regions 9 ! _w4 ,,xi4 ,,! ,,trade ,,features ,,( ,,s\? ,,am]ica ,,s\? ,,am]ica1 ,a ,,f]tile ,,cont95t ,,) ,,drawbacks ,s\? ,am]ica is an imm5se b v f]tile cont95t1 ^: natural res\rces are z yet sc>cely begun to be utilis$4 ,?\gh n s l>ge z ,nor? ,am]ica1 x has a f> great] area ( productive soil--&1 inde$1 mu* ( its soil is q unsurpass$ 9 f]tility4 ,x suff]s1 h[ev]1 f two great drawbacks4 #a4 ,a great portion ( its area 7f\r fif?s7 lies )9 ! torrid zone4 ,9 ! l[ coa/ regions ( ?is torrid area1 & also 9 ! l[ =e/ regions wat]$ by ! great flat riv]s ( ! int]ior1 ! climate is = ! mo/ "p un5durable to :ite m54 #b4 ,s\? ,am]ica has be5 un=tunate 9 its settlem5t & colonisation4 ,until 9 rec5t ye>s colonisation z und]/ood 9 ,anglo-,saxon communities has sc>cely be5 attempt$ 9 ,s\? ,am]ica at all4 ,all ! e>li] immigrations f ! ,old ,_w 7 prompt$ by ! ?\ght ( gett+ gold & silv] & preci\s /ones--if ne$ 7 by ! spoliation & enslav]y ( ! natives4 ,only a small proportion ( ! population--n m ?an a qu>t] ( ! :ole--consi/s ( :ites1 & ^! are pr9cipally f ,spa9 & ,portugal4 ,^! conqu]ors ( ! cont95t h n 9 ! ma9 succe$$ 9 e/abli%+ ei!r /able =ms ( gov]nm5t or high types ( civilisation4 ,fur!rmore1 ! mix$ races--! ,,me/izos or ,,metis1 z !y are call$1 ! desc5dants ( ! e>li] ,europeans & ! natives--in/ead ( advanc+ 9 civilisation h = "s "t pa/ be5 retrograd+4 ,!n1 aga91 !re is a l>ge negro elem5t1 ! desc5dants ( ,africans once import$ z slaves1 to /ill fur!r complicate ! race "q2 & !re is a consid]able elem5t p>tly negro & p>tly ,indian4 ,9 only "o /ate1 ,arg5t9a1 c affairs be said to be really prosp]\s1 & ev5 9 ,arg5t9a ! civilisation develop$ by its prosp]ity is gross & mat]ial r ?an ref9$ & intellectual4 ,! next mo/ prosp]\s & important /ates are ,brazil & ,*ile4 ,p]haps ,uruguay1 ?\gh ! smalle/ ( all ! /ates1 %\ld be plac$ aft] ,arg5t9a4 ,! rema9+ indep5d5t /ates ( ! cont95t--,v5ezuela1 ,colombia1 ,ecuador1 ,p]u1 ,bolivia1 & ,p>aguay--are all /ates ( ! prevail+ ,s\? ,am]ican type4 ,_! gov]nm5ts are m or less un/able4 ,!y are t]ribly burd5$ ) debt1 & _! cr$it is su* t !y mu/ pay high rates ( int]e/4 ,! civilisation once introduc$ among _! native races by ! zeal ( ,spani% mission>ies is det]iorat+ if n vani%+4 ,& ev5 among _! lead+ classes !re is mu* to be desir$ 9 ! obs]vance ( ! ord9>y pr9ciples ( "r & wrong4 ,,european ,,immigration ,,9 ,,s\? ,,am]ica ,all ! ,s\? ,am]ican /ates enum]at$ above1 ) ! exception ( ,brazil1 7 fir/ tak5 possession ( & settl$ by ! ,spani%1 & ! ,spani% language /ill rema9s 9 !m ! language ( gov]nm5t1 education1 & society4 ,brazil 0 fir/ tak5 possession ( & settl$ by ! ,portuguese1 & 9 ,brazil ! ,portuguese language prevails1 j z else:]e 9 ! cont95t ! ,spani% language prevails4 ,among ! natives _m diff]5t languages are f\nd1 b 9 ,brazil a common language is us$1 "o introduc$ by ! orig9al ,portuguese mission>ies1 & und]/ood by ne>ly all ! tribes4 ,betwe5 ,brazil & ,v5ezuela is a triangul> piece ( c\ntry call$ ,guiana1 :i*1 unlike ! re/ ( ,s\? ,am]ica1 is /ill "u ! control ( ,european p[]s4 ,x consi/s ( ?ree p>ts--,fr5* ,guiana1 ,dut* ,guiana1 & ,briti% ,guiana--colonies ( ,france1 ,holl&1 & ,great ,brita91 respectively4 ,leav+ out ,guiana1 ,s\? ,am]ica has receiv$ its entire civilisation f ,spa9 & ,portugal1 &1 ) ! exception ( ,arg5t9a1 ,uruguay1 & ,brazil1 !re has be5 little or no emigration to any ,s\? ,am]ican c\ntry except f ^! two ,european c\ntries4 ,to ,arg5t9a1 h[ev]1 !re has be5 a l>ge emigration f ,italy especially1 b also f ,france1 ,great ,brita9 7ma9ly f ,irel& & ,wales71 ,g]many1 & ,sw$54 ,a simil> emigration has tak5 place to ,uruguay1 ?\gh ! =eign]s 9 ,uruguay are pr9cipally ,basques1 a p t live on ! bord]-l& betwe5 ,spa9 & ,france1 b are nei!r ,spani% nor ,fr5*4 ,9 ,brazil ! immigration1 :]e x has n be5 ,portuguese1 has be5 *iefly ,italian & ,g]man1 & 9 ! temp]ate region ( ! extreme s\? ( ,brazil a l>ge ,g]man population exi/s4 ,ev]y:]e 9 ,s\? ,am]ica ! p>ts mo/ prosp]\s are ! p>ts t h come mo/ directly "u ! influ5ce ( rec5t ,european emigration4 ,,! ,,arg5t9e ,,republic ,! ,arg5t9e ,republic1 or ,arg5t9a1 z x is popul>ly call$1 is ! mo/ prosp]\s & mo/ important ( all ! ,s\? ,am]ican /ates4 ,its area 7#a1cai1bdg squ>e miles7 is equal to ! total area ( ! ,/ates ( ! ,unit$ ,/ates ea/ ( ! ,mississippi & ,miss\ri1 includ+ ! ,dakotas1 ,miss\ri1 ,arkansas1 & ,l\isiana4 ,al?\gh a portion ( ?is va/ area is n ( mu* value = agricultural purposes1 especially 9 ,patagonia1 a v l>ge portion ( x does consi/ ( soil ( great f]tility1 :ile ! climate1 :i* = ! mo/ "p is a temp]ate "o1 is su* z is well suit$ to ,europeans & :ite p g5]ally4 ,! population ,may #aj1 #ahie1 0 #d1jid1iaa4 ,( ?is population x is e/imat$ t ov] #hej1jjj are ,italians1 #ahc1jjj ,fr5*1 #afa1jjj rec5tly emigrat$ ,spani>ds1 #fj1jjj ,engli%1 & #ed1jjj ,g]mans & ,sw$es4 ,! language ( ! gov]nm5t & ( ! s*ools is ,spani%4 ,at "o "t 9 ,arg5t9a !re 0 a disposition to take ! ,unit$ ,/ates z a model 9 ev]y?+1 b ( late ye>s !re has be5 a t5d5cy t[>d tak+ ,france z a model 9 mann]s & cu/oms4 ,?is disposition to imitate ,european peoples is p>ticul>ly true ( ! weal?y classes4 ,,arg5t9a',s ,,rapid ,,progress ,! pride & boa/ ( ,arg5t9a has be5 its rapid progress4 ,9 ! ?irty ye>s end+ #ahhf ! immigration 0 ov] a million4 ,f #ahhf to #ahhi x 0 f #ajj1jjj a ye> to #bjj1jjj a ye>4 ,9 #ahij1 ow+ to ! f9ancial crisis ( t ye>1 x fell away almo/ to no?+4 ,s9ce #ahij x has gradually increas$ until n[ x is ab\t #ajj1jjj a ye> aga94 ,9 #ahfi ! population 0 only #a1hcg1jjj4 ,n[ x is ov] #d1jjj1jjj4 ,simil>ly ! capital city1 ,bu5os ,ayres1 has made an increase n easily p>allel$4 ,9 #ahfi its population 0 only #ahg1abf4 ,9 #ahhg x 0 #dbc1iif4 ,by ! c5sus ( #ahie x 0 #ffc1hed4 ,to-day x is said to be #gej1jjj4 ,( ?is numb] ab\t "o half are =eign]s4 ,! high protective t>iff e/abli%$ by ,arg5t9a 9 #ahgh _h ! effect ( in/itut+ _m small indu/ries 9 ,bu5os ,ayres1 & to ?is cause ! exce$+ly rapid gr[? ( its population is p>tly attributable4 ,,arg5t9a',s ,,agriculture ,,& ,,manufactures ,! great prosp]ity ( ,arg5t9a has be5 due to ! ext5t & imm$iate availability ( its agricultural res\rces1 = its =e/ weal? rema9s undevelop$1 & its m9]al res\rces are comp>atively scanty4 ,its va/ treeless & /oneless pla9s h ne$$ no improvem5ts to make !m fit = settlem5t1 & ! soil :i* cov]s !m be+ ( virg9 ri*ness be>s crop aft] crop )\t f]tilis+ & ) v little cultivation4 ,immigrants arrive 9 ! c\ntry )\t a doll> & 9 tw5ty ye>s are own]s ( e/ates ( #ejjj acres ea*4 ,9 no c\ntry 9 ! _w has agricultural ext5sion be5 m rapid4 ,9 tw5ty ye>s ! acreage "u cultivation increas$ #adjj p] c5t4 ,! am\nt "u cultivation 9 :eat alone increas$ #bfjj p] c5t4 ,! ,,:eat ,,production av]ages #dj1jjj1jjj bu%els1 :i* is n f> %ort ( "o f\r? ( ! total :eat export ( ! ,unit$ ,/ates4 ,! production = #ahig 0 #fj1jjj1jjj bu%els1 al?\gh ! am\nt export$ 0 mu* less ?an t4 ,! :eat product is inde$ v v>iable1 ow+ to dr\ghts & locu/s1 =1 l ,au/ralia1 ,arg5t9a is unc]ta9 9 its ra9fall4 ,! ,,corn ,,crop is /eadi]1 & 9 #ahif am\nt$ 7= export alone7 to #fj1jjj1jjj bu%els4 ,m important 9 ! aggregate ?an ! direct products ( ! soil are ! indirect products4 ,!re are #bb1jjj1jjj ,,cattle kept 9 ,arg5t9a1 #ge1jjj1jjj ,,%eep1 & #d1ejj1jjj ,,horses4 ,! total exportation ( animals & animal products am\nts to #gj1-jjj1jjj4 ,( ?is exportation ! pr9cipal item is ,,wool1 ! wool-clip ( ,arg5t9a be+1 9 weight1 "o sev5? ( ! total wool-clip ( ! _w4 ,un=tunately1 h[ev]1 ,arg5t9a wool is v dirty1 & :5 wa%$ r$uces to "o ?ird1 :ile ,au/ralian wool r$uces only to two ?irds or ?ree fif?s & is free f se$s4 ,! pr(it accru+ to ! ,arg5t9a wool-gr[] is !reby less5$4 ,b1 nev]!less1 wool-gr[+ 9 ,arg5t9a is a v pr(itable indu/ry1 & _m f>m]s 7pr9cipally ,iri% settl]s7 h f #ej1jjj to #ajj1jjj %eep ea*4 ,cattle-f>m+ is c>ri$ on mo/ly by native ,arg5t9es1 & _m cattle f>ms are /ock$ ) z _m z #aj1jjj cattle & #bjjj horses ea*4 ,! great exports ( ,arg5t9a1 !re=e1 aft] :eat & corn & wool1 are ,,hides & ,,sk9s1 ,,tall[1 ,,*ill$ ,,beef1 & ,,mutton & bones4 ,!re are five factories 9 ,bu5os ,ayres engag$ :olly 9 *ill+ mutton1 & ! export ( *ill$ mutton to ,great ,brita9 alone is #e1jjj1jjj a ye>4 ,ano!r gr[+ agricultural product is ,,w9e1 ! ye>ly production be+ #a1ejj1jjj gallons4 ,not)/&+ ,arg5t9a's magnific5t =e/ areas1 b little timb] is export$ or ev5 manufactur$ = home consumption4 ,! o!r pr9cipal manufactur+ indu/ries are c>riage-1 c>t-1 & h>ness-mak+1 cig>ette- & mat*-mak+1 pres]v+ & t9n+ meat1 brew+1 fl\r- & corn-mill+1 & ! mak+ ( mac>oni4 ,,bu5os ,,ayres ,illu/ration3 ,! mo/ prosp]\s "p ( ,s\? ,am]ica4 ,,bu5os ,,ayres1 ! capital ( ,arg5t9a1 is ! l>ge/ city n only 9 ,s\? ,am]ica b 9 ! :ole s\!rn hemisph]e4 ,! ,la ,plata1 at ^: m\? x /&s1 af=ds navigation into all ! nor!rn p>ts ( ! republic1 z well z into ! neighb\r+ /ates ( ,uruguay1 ,p>aguay1 ,brazil1 & ,bolivia4 ,! riv]side at ,bu5os ,ayres is at all times ( ! ye> a p]fect =e/ ( ma/s & smoke-/acks belong+ to ! %ipp+ t supplies ?is navigation4 ,rec5tly1 at a co/ ( #be1jjj1jjj1 ! riv]1 :i* "h is %all[1 has be5 deep5$ & new :>ves & docks h be5 built1 & ocean-go+ vessels ( ! deepe/ draught 7:i* =m]ly us$ to be light5$ f\rte5 miles away7 c n[ unload or be load$ "r 9 ! v he>t ( ! city4 ,! total comm]ce ( ! republic am\nts to #bjj1jjj1jjj or #bbe1jjj1jjj a ye>1 & ( ?is trade ,bu5os ,ayres transacts sev5 eigh?s 9 imports & ?ree fif?s 9 exports4 ,! am\nt ( ?is trade secur$ by ! ,unit$ ,/ates is ab\t a t5?1 runn+ f #ab1jjj1jjj to #bd1jjj1jjj4 ,9 #ahif x 0 only #ab1ejj1jjj4 ,! pr9cipal export trade is ) ,france 7#bd1jjj1jjj71 ,great ,brita9 7#ad1jjj1jjj71 ,g]many 7#ac1jjj1jjj71 & ,belgium4 ,great ,brita9 does n buy ,arg5t9a wool4 ,! pr9cipal import trade is ) ,great ,brita9 7#de1jjj1jjj71 ,g]many 7#ad1jjj1jjj71 ,france 7#ab1jjj1jjj71 & ,italy4 ,! ,bu5os ,ayreans are fond ( display & ( dress & ( ornam5tation1 & ! importations f ,france & ,italy are pr9cipally ( goods to gratify ?is fondness4 ,!re is a consid]able exportation ( :eat1 fl\r1 tobacco1 & mat 7,p>aguay tea7 to ,brazil & o!r ,s\? ,am]ican /ates4 ,bu5os ,ayres is ! c5tre ( ! ,arg5t9a railway sy/em1 :i* consi/s ( ab\t #ijjj miles ( road4 ,!re are #be1ejj miles ( telegraph r\tes4 ,! national debt am\nts to #dcj1jjj1jjj4 ,! prov9cial debts am\nt to ab\t #adj1jjj1jjj4 ,! taxation am\nts to ne>ly t5 p] c5t4 ( ! e>n+s ( ! p1 z aga9/ f\r & "o half p] c5t4 9 ,canada & five p] c5t4 9 ,au/ralia4 ,,brazil ,brazil is a mu* l>g] & m popul\s c\ntry ?an ,arg5t9a4 ,its area 7#c1bji1hgh squ>e miles7 is z l>ge z t ( all ! ,unit$ ,/ates1 less half ( ,alaska4 ,a great portion ( ?is area is ( sup]latively tropical ri*ness ( production4 ,b1 un=tunately1 ! mo/ f]tile p>ts ( ,brazil are ! p>ts lea/ fit = settlem5t by :ite m54 ,! population by ! la/ c5sus is approximately #ad1ejj1jjj1 b less ?an #d1jjj1jjj ( ?is population are pure :ites4 ,! negroes t 7 lately slaves numb] ov] #b1jjj1jjj1 & !re are suppos$ to be ab\t #a1jjj1jjj ,indians4 ,int]m$iate betwe5 ! ,indians & negroes & ! :ite population are ! num]\s mix$ races or half-bre$s4 ,agriculture is ! *ief indu/ry1 b is ( two k9ds3 ! tropical agriculture ( ! c5tral & s\? c5tral seabo>d1 :i* is c>ri$ on pr9cipally by negro & mulatto lab\r1 & ! agriculture ( ! temp]ate region ( ! extreme s\?1 :i* is c>ri$ on ma9ly by coloni/s f ,europe1 ! rec5t ,european emigration be+ almo/ :olly direct$ t[>d t region4 ,almo/ ! :ole ( ! int]ior ( ,brazil /ill rema9s unsettl$ & untill$4 ,! ,,c(fee yield ( ,brazil is enorm\s & is its pr9cipal product4 ,! production am\nts to #h1jjj1jjj bags or ov] #a1jjj1jjj1jjj p\nds annually1 :i* is m ?an two ?irds ( ! total am\nt ( c(fee us$ 9 ! _w4 ,lab\r = c(fee cultivation is sc>ce & de>1 & 9 ! e>li] /ages ( ! production ( ! b]ry ! ,brazilian c(fee gets badly treat$4 ,b ma*9]y is us$ :]ev] possible1 & 9 ! lat] /ages ( ! production ! ,brazilian c(fee gets ! be/ att5tion t skill c devise4 ,z a consequ5ce ! c(fee product ( ,brazil is ris+ 9 ! e/imation ( c(fee-us]s4 ,! %rubs are cultivat$ "u palm-trees s z to keep !m f ! int5se heat ( ! sun4 ,?ree or f\r h>ve/s ( b]ries are obta9$ 9 a ye>4 ,rio ,janeiro & ,,santos are ! two *ief c5tres ( ! c(fee indu/ry4 ,next to c(fee ! *ief tropical product is ,,sug>1 ! export ( :i* is ab\t #bej1jjj tons annually1 pr9cipally f ,p]nambuco4 ,o!r products ( ! tropical area ( ,brazil are ,,cocoa & ,,cotton1 f ! cultivat$ coa/ regions1 & ,,rubb] & ,brazil-nuts1 f ! d5se =e/s ( ! l[] ,amazon2 also ,,dyewoods & ,,cab9et ,,woods1 drugs1 & diamonds4 ,= _m ye>s ,brazil 0 celebrat$ = its diamonds--obta9$ *iefly f a t[n 9 ! int]ior nam$ ,diamant9a4 ,! pres5t diamond production is n l>ge4 ,f ! temp]ate agricultural region ( ! s\?1 dri$ beef1 hides1 & tall[ are ! *ief exports4 ,! greate/ cu/om] ( ,brazilian produce is ! ,unit$ ,/ates1 :i* takes #gj1jjj1jjj wor?4 ,great ,brita9 is next1 ) #ce1jjj1jjj wor? 79 rubb] alone 9 #ahif #ae1jjj1jjj74 ,brazil gets h] goods pr9cipally f ,great ,brita91 ! ,unit$ ,/ates1 ,france1 & ,g]many--f ,great ,brita9 #bj1jjj1jjj1 f ! ,unit$ ,/ates #ac1jjj1jjj4 ,! imports include almo/ all articles ne$$ = dome/ic & manufactur+ purposes--p>ticul>ly cottons & wooll5s1 ironw>e1 ma*9]y1 lumb]1 fl\r1 rice1 dri$ meats1 k]os5e1 butt]1 & fi%4 ,!re are1 h[ev]1 #aee cotton factories e/abli%$ 9 ,brazil1 ) capital to ! value ( #ej1jjj1jjj1 & cotton manufactur+ is protect$ by v heavy duties4 ,b agricultural ma*9]y & su* l manufactures are v lightly tax$4 ,! pr9cipal food ( ! p is manioc fl\r 7tapioca74 ,,rio ,,janeiro ,,rio ,,janeiro 7#fgd1igb71 ! capital & pr9cipal city1 ?\gh a poor-look+ place1 is situat$ on a magnific5t h>b\r--"o ( ! v f9e/ 9 ! _w4 ,ab\t #aejj vessels1 ) tonnage am\nt+ to #b1ejj1jjj tons1 ent] ,rio ,janeiro ) =eign trade annually4 ,n9e ?\s& miles ( railway h be5 built 9 ,brazil & #cejj m are 9 c\rse ( con/ruction1 & #ab1jjj miles ( telegraph r\tes h be5 built4 ,rio ,janeiro is ! *ief railway c5tre1 b o!r c5tres are ,,rio ,,gr&e ,,d ,,sul1 9 ! temp]ate regions ( ! s\?1 & ,,bahia & ,,p]nambuco1 9 ! tropical regions4 ,! public 7national7 debt ( ,brazil is n f> %ort ( #a1jjj1jjj1jjj1 be>+ int]e/ 7a great "p ( x7 at f f\r to six p] c5t4 p] annum4 ,,xii4 ,,! ,,trade ,,features ,,( ,,canada ,,canada1 ,,practically ,,an ,,indep5d5t ,,f$]al ,,republic ,! dom9ion ( ,canada comprises all t portion ( ! cont95t ( ,nor? ,am]ica nor? ( ! ,unit$ ,/ates--except ,alaska & ,newf\ndl& & ! coa/ ( ,labrador4 7,newf\ndl& & ! ,labrador coa/ is a colony 9 direct relation%ip to ,great ,brita947 ,canada is entirely self-gov]n+ & self-ma9ta9+1 & its connection ) ,great ,brita9 is almo/ :olly a matt] ( loyalty & affection4 ,x consi/s 7#a7 ( sev5 ,prov9ces3 ,ont>io1 ,quebec1 ,nova ,scotia1 ,new ,brunswick1 ,pr9ce ,edw>d ,isl&1 ,manitoba1 & ,briti% ,columbia1 :i*1 9 _! self-gov]n+ p[]s & _! relation to ! g5]al gov]nm5t1 correspond v closely to our ,/ates2 7#b7 ( f\r ,t]ritories--,ass9iboia1 ,alb]ta1 ,saskat*ewan1 & ,a?abasca1 :i* correspond some:at to our ,t]ritories2 7#c7 ( f\r o!r ,t]ritories--,ungava1 ,frankl91 ,mack5zie1 & ,yukon1 :i* are adm9i/]$ by ! g5]al gov]nm5t2 & 7#d7 ! ,di/rict ( ,keewat91 :i* is "u ! jurisdiction ( ! lieut5ant-gov]nor ( ,manitoba4 ,! capital ( ! :ole dom9ion is ,ottawa4 ,ea* prov9ce has its own capital4 ,,size1 ,,soil1 ,,climate1 ,,& ,,population ,,( ,,canada ,! area ( ,canada is imm5se4 ,x figures up to #c1def1chc squ>e miles1 :i* is almo/ #ejj1jjj squ>e miles m ?an ! total area ( ! ,unit$ ,/ates exclusive ( ,alaska1 & n f> %ort ( be+ equal to ! area ( all ,europe4 ,b almo/ #aej1jjj squ>e miles ( ?is area are tak5 up by lakes & riv]s2 & a mu* great] portion ?an ?is1 "u pres5t conditions ( civilisation1 is :olly un9habitable1 be+ ei!r too cold or too b>r54 ,yet :5 all ! necess>y all[ances h be5 made !re /ill rema9s 9 ,canada an imm5se area ) soil f]tile en\gh & climate fav\rable en\gh = all ! purposes ( a highly civilis$ population4 ,ov] #ijj1jjj squ>e miles are already occupi$1 & ( ! occupi$ area fully "o half has be5 improv$4 ,! old] prov9ces are1 acre = acre1 z suitable = agricultural pursuits z ! adjo9+ ,/ates ( ! ,union4 ,manitoba1 ! ,prairie ,prov9ce1 is almo/ "o va/ :eat field1 ) a productivity = :eat unequall$ any:]e except 9 ! ,r$ ,riv] valley ( ,m9nesota & ,dakota4 ,! ,manitoba gra9 h>ve/ foots up to #ej1jjj1jjj bu%els4 ,briti% ,columbia is a l& ( almo/ inf9ite possibilities1 n only because ( its m9]al & timb] res\rces1 b also because ( its capabilities = agriculture & fruit-gr[+4 ,! ,t]ritories are s va/ an area t no g5]al description ( !m is possible1 b x may be said t ! great :eat valley ( ! ,saskat*ewan1 ! %elt]$ graz+ c\ntry ( ,alb]ta1 & ! great :eat pla9s ( ! ,peace ,riv] valley 9 ,a?abasca1 are regions adapt$ 9 soil & climate to su/a9 a h>dy & vigor\s p4 ,! population ( ,canada is comp>atively small4 ,x is e/imat$ at #e1bej1jjj4 ,ov] #a1jjj1jjj p ( ,canadian bir? reside 9 ! ,unit$ ,/ates1 & ! numb] ( ,am]icans resid+ 9 ,canada is only #hj1jjj4 ,out ( ! #b1dbe1jjj p]sons :o came to ,canada z immigrants 9 a p]iod ( =ty ye>s1 no few] ?an #a1caj1jjj1 or fifty f\r p] c5t41 came ov] into ! ,unit$ ,/ates4 ,x is /at$ t ?is exodus has ceas$1 & t if any great movem5t ( population n[ exi/s x is t[>d ,canada4 ,,canada',s ,,=e/ ,,weal? ,canada1 l all new c\ntries1 dep5ds = h] prosp]ity ^u ! developm5t & exportation ( h] natural products4 ,^! are ( f\r great classes3 7#a71 ! products ( h] =e/s2 7#b71 ! products ( h] m9es2 7#c71 ! products ( h] fi%]ies2 7#d71 h] agricultural products4 ,canada's =e/ res\rces1 :5 bo? ext5t & quality are consid]$1 are ! f9e/ 9 ! _w4 ,! =e/ area uncut 0 9 #ahia ne>ly #a1bej1jjj squ>e miles1 or m ?an "o ?ird ( ! area ( ! :ole c\ntry4 ,! annual value ( ! timb] & lumb] produc$ is ab\t #hb1ejj1jjj4 ,! annual value ( ! timb] & lumb] export$ is ab\t #cb1jjj1jjj4 ,two ?irds ( ?is goes to ,great ,brita91 & ov] #i1jjj1jjj 9 lumb] & logs goes to ! ,unit$ ,/ates4 ,quebec & ,ont>io h unlimit$ supplies ( spruce = wood-pulp manufacture1 ! annual output ( :i* rea*es #bjj1jjj tons4 ,! uncut lumb] ( ,briti% ,columbia1 :i* includes ,d\glas p9e1 ,m5zies fir1 spruce1 r$ & yell[ c$>1 & hemlock1 is e/imat$ to be #ajj1jjj1jjj1jjj cubic feet4 ,,canada',s ,,m9]al ,,res\rces ,canada is j beg9n+ to realise ! l>g5ess ( h] m9]al res\rces4 ,! mo/ talk$ ( gold-m9es are ^? ( ! ,klondike di/rict1 ! ext5t ( :i* is /ill unc]ta94 ,mu* m def9itely kn[n & almo/ z productive are ! gold-m9es ( ,briti% ,columbia & ! newly discov]$ gold-fields ( ! ,ra9y ,riv] di/rict 9 nor!rn ,ont>io4 ,m important ?an ! gold-m9es ( ,canada are its coal-fields4 ,^! are pr9cipally 9 ,nova ,scotia & ,briti% ,columbia4 ,! latt] prov9ce is de/9$ to be ! coal-supply+ region = ! :ole ,pacific coa/ ( ,nor? ,am]ica4 ,! ye>ly output at pres5t is ab\t #a1jjj1jjj tons2 ! ye>ly output ( ,nova ,scotia is ab\t #b1jjj1jjj tons1 pr9cipally produc$ by ,am]ican capital4 ,9 ,alb]ta !re are said to be coal-fields hav+ an area ( #fe1jjj squ>e miles4 ,iron is f\nd 9 abundance 9 bo? ,briti% ,columbia & ,ont>io4 ,ont>io has 9 its nickel-m9es ( ,sudbury a m9]al treasure n f\nd else:]e 9 equal abundance 9 ! _w4 ,exp]ts h e/imat$ t #fej1jjj1jjj tons ( ?is ore are actually 9 sight4 ,ont>io produces petroleum & salt4 ,silv]1 copp]1 lead1 asbe/os1 plumbago1 mica1 etc41 are f\nd 9 v>y+ quantities4 ,canada imports annually f ! ,unit$ ,/ates ne>ly #aj1jjj1jjj wor? ( coal & coke4 ,,canada',s ,,fi%]ies ,! fi%]ies ( ! ,gulf ( ,/4 ,lawr5ce & ( ! %all[ wat]s bord]+ on ,nova ,scotia & ,newf\ndl& h = c5turies be5 ! mo/ productive 9 ! _w4 ,! ,canadian fi%+ int]e/ 9 ^! wat]s is v great4 ,cod1 mack]el1 haddock1 halibut1 h]r+1 smelts1 & salmon1 are ! pr9cipal fi%1 & ! annual take is ab\t #ae1jjj1jjj4 ,ab\t #b1ejj1jjj wor? ( :itefi%1 salmon-tr\t1 h]r+1 pick]el1 & /urgeon are produc$ annually f ! ,canadian lakes4 ,! salmon-fi%+ ( ! riv]s & great sea-inlets ( ,briti% ,columbia br+s ab\t #d1ejj1jjj annually4 ,ab\t "o half ( ! total product is export$ to ,great ,brita9 & ! ,unit$ ,/ates4 ,,canada',s ,,agricultural ,,produce ,agriculture1 includ+ /ock-rais+1 dairy+ & fruit-gr[+1 is ,canada's greate/ indu/ry4 ,ov] #bc1jjj1jjj acres are "u crop & ab\t #bj1jjj1jjj "u pa/ure4 ,ov] #c1jjj1jjj acres are "u :eat cultivation4 ,ont>io exports m ?an twice z mu* *eese z ! :ole ( ! ,unit$ ,/ates1 & h] *eese product is recognis$ z ! f9e/ 9 ! _w4 ,canada exports to ,great ,brita9 alone #ae1jjj1jjj wor? ( *eese annually4 ,9 #ahif1 9 ,ont>io alone1 #agj cream]ies turn$ out ov] #f1jjj1jjj p\nds ( butt] at an av]age net receipt ( #ah-a_/d c5ts a p\nd4 ,by ! cold-/orage facilities provid$ by ! gov]nm5t ,canadian butt] c be s5t ev5 f f> inl& po9ts to ,liv]pool or ,london )\t ! slighte/ det]ioration4 ,engl& buys #f1jjj1jjj wor? ( ,canadian bacon & hams annually1 & ,canadian beef is already fam\s on ! ,london m>ket4 ,am]ican corn = /ock-fe$+ is admitt$ to ,canada free ( duty & ab\t #aj1jjj1jjj wor? is import$ annually4 ,a great deal ( ea/]n & s\!rn ,canada is well adapt$ to fruit-rais+4 ,! ,niag>a-,/4 ,clair p59sula ( ,ont>io is especially fam\s = its pea*es & grapes4 ,,canada',s ,,trade ,,) ,,! ,,unit$ ,,/ates ,canada has made a great ef=t 9 ! direction ( enc\rag+ home manufactures1 b h] mo/ progressive & mo/ /aple indu/ries are ^? conc]n$ 9 ! conv]sion ( ! raw products ( ! c\ntry into articles ( common m]*&ise4 ,h] /eam horse-p[] 9 proportion to population is ! l>ge/ 9 ! _w4 ,! capital inve/$ 9 factories z a :ole am\nts to ov] #djj1jjj1jjj1 ) an annual output ( ov] #ejj1jjj1jjj4 ,h] total annual importation is n[ ov] #acj1jjj1jjj4 ,m ?an half ( ?is is f ! ,unit$ ,/ates4 ,canada's total annual exportation is ab\t #afj1jjj1jjj4 ,( ?is ov] "o ?ird goes to ! ,unit$ ,/ates4 ,canada's total trade ) ! ,unit$ ,/ates is ab\t =ty "o p] c5t4 ( h] total trade ) all c\ntries1 & almo/ equal to h] total trade ) ,great ,brita94 ,canada's total trade ) ! ,unit$ ,/ates is exce$$ only by t ( ,great ,brita91 ,g]many1 & ,france1 & h] import trade ) ! ,unit$ ,/ates is exce$$ only by t ( ,great ,brita9 & ,g]many4 ,illu/ration3 ,trade c5tres ( ,canada & trunk railway l9es4 ,,canadian ,,cities ,,montreal 7#bej1jjj7 is ! comm]cial metropolis ( ,canada4 ,x is situat$ on an isl& 9 ! ,/4 ,lawr5ce ,riv]1 &1 ?\gh #ajjj miles f ! op5 ocean1 ! l>ge/ sea-go+ vessels rea* its :>ves ) ease4 ,x is ! headqu>t]s ( ,canada's two great railways--! ,canadian ,pacific sy/em1 ) its #hjjj miles ( road1 & ! ,gr& ,trunk sy/em1 ) its #ejjj miles ( road4 ,?r\gh pass5g]-tra9s run f ,montreal to ,vanc\v] on ! ,pacific coa/1 a di/ance ( ne>ly #cjjj miles4 ,montreal is ! c5tre also ( ! great inl& navigation sy/em ( ,canada4 ,,toronto 7#bjj1jjj71 ! capital ( ! prov9ce ( ,ont>io1 is ! second city ( ,canada4 ,:ile ,toronto has a great local trade & _m important manufactures1 x is specially not$ z an educational c5tre4 ,,quebec 7#hj1jjj7 is ! olde/ city ( ,canada & "o ( ! olde/ ^u ! cont95t4 ,,halifax 7#ej1jjj71 ! ea/]n t]m9us ( ! ,canadian railway sy/em1 has "o ( ! f9e/ h>b\rs 9 ! _w4 ,,w9nipeg 7#ce1jjj7 is de/9$ to be ! c5tre ( ! great inl& trade ( ,canada4 ,,xiii4 ,,! ,,trade ,,features ,,( ,,! ,,unit$ ,,/ates ,,! ,,"* ,,( ,,our ,,export ,,trade ,hav+ review$ ! indu/rial & trad+ conditions ( ! o!r great comm]cial nations ( ! _w1 x %\ld n[ rema9 = u to review ^! conditions 9 ! ,unit$ ,/ates4 ,b ! ,unit$ ,/ates is s l>ge a c\ntry1 & its trad+ & indu/rial int]e/s are s div]sifi$ & ext5sive1 t x w\ld be impossible = u 9 ! limits ( our space ev5 b>ely to t\* ^u all ^! int]e/s4 ,s t ) respect to ! ,trade ,features ( ! ,unit$ ,/ates we %all simply conf9e ourselves to "o "p ( ! subject--namely1 ! "*1 ext5t1 & importance ( our =eign trade4 ,& we %all1 fur!r1 h to re/rict ourselves 9 ! ma9 to our exports4 ,^! w be f\nd to be pr9cipally n manufactures1 b ! products ( our great agricultural1 m9+1 & =e/ indu/ries4 ,! total value ( ! manufactures ( ! ,unit$ ,/ates am\nts 9 r\nd numb]s to ! imm5se sum ( #aj1jjj1jjj1jjj annually1 a sum consid]ably m ?an a ?ird 7x is ?irty five p] c5t47 ( ! total value ( ! annual manufactures ( ! _w4 ,b only a v small portion ( ?is va/ output is export$4 ,! great] portion ( x is us$ to su/a9 ! /ill va/] int]nal trade ( our c\ntry1 a trade :i* am\nts to m ?an #ae1ejj1jjj1jjj annually1 an am\nt n f> %ort ( be+ "o ?ird ( ! total int]nal trade ( ! _w1 & n f> %ort ( be+ twice ! int]nal trade ( ,great ,brita9 & ,irel&1 ! c\ntry ^: int]nal trade comes next to ours4 ,our exports1 !re=e1 are n 9 ! ma9 manufactur$ goods1 b bread/uffs1 provisions1 & raw mat]ials1 ! production ( our f>ms1 our plantations1 our =e/s1 & our m9es4 ,b pr9cipally !y are ! products ( our f>ms & our plantations1 = ) ! exception ( cotton we d n export mu* raw mat]ial4 ,ne>ly all ! raw mat]ial we produce 7o!r ?an cotton7 we use 9 our own manufactures4 ,& ev5 ?is is n en\gh1 = 9 addition we h to import consid]able quantities ( raw mat]ial = our manufactures f o!r c\ntries1 ! pr9cipal items be+ raw sug>1 raw silk1 raw wool1 *emicals ( v>i\s k9ds includ+ dye-/uffs1 hides & sk9s1 lumb]1 t91 nickel1 & pap] /ock4 ,,our ,,export ,,trade ,,9 ,,detail ,our total exportation = ! twelve mon?s end$ ,june #cj1 #ahih1 am\nt$ to ! unprec$5t$ sum ( ne>ly #a1bej1jjj1jjj 7#a1bca1cbi1iej74d ,?is is an am\nt almo/ a qu>t] ( a billion doll>s great] ?an ev] be=e1 ! only ye>s :5 ! export ev5 approximat$ ?is am\nt be+ #ahig & #ahib1 :5 ! exportation 0 slightly ov] a billion doll>s 9 ea* case4 ,( ?is exportation ! sum ( #hee1jjj1jjj1 or sev5ty "o p] c5t4 ( ! :ole1 0 = ! ,,products ,,( ,,agriculture1 ! pr9cipal items be+ 7#a7 bread/uffs1 includ+ :eat & :eat fl\r1 corn & cornmeal1 oats & oatmeal1 rye & rye fl\r1 #cce1jjj1jjj2 7#b7 cotton1 #bca1jjj1jjj2 7#c7 provisions1 includ+ beef & tall[1 bacon & hams1 pork & l>d1 oleom>g>9e1 & butt] & *eese1 #aff1jjj1jjj2 7#d7 animals1 includ+ cattle1 horses1 %eep1 & hogs1 #dg1jjj1jjj2 7#e7 raw tobacco1 #bc1jjj1jjj2 7#f7 oil-cake1 #ab1ejj1jjj1 & 7#g7 fruits & nuts1 #i1jjj1jjj4 ,! exports ( ! products ( our m9es am\nt$ to only #a4f p] c5t4 ( ! total export1 or sc>cely #bj1jjj1jjj1 ! pr9cipal items be+ 7#a7 coal & coke1 #ab1ejj1jjj2 7#b7 crude petroleum1 #d1jjj1jjj1 & 7#c7 copp] ore4 ,! exports ( ! products ( ! =e/ am\nt$ to only ?ree p] c5t4 ( ! total export1 or #ch1jjj1jjj1 ! pr9cipal items be+ 7#a7 saw$ & hewn timb]1 logs1 lumb]1 %+les1 & /aves1 #bh1ejj1jjj1 & 7#b7 naval /ores1 includ+ res91 t>1 turp5t9e1 & pit*1 #i1jjj1jjj4 ,! exports ( ! products ( our fi%]ies am\nt$ to only #d1ejj1jjj1 or less ?an "o half ( "o p] c5t4 ( ! total exports4 ,! exports ( ! products ( our manufactures1 accord+ to ! (ficial returns1 am\nt$ to #bhi1jjj1jjj1 or tw5ty f\r p] c5t4 ( ! total export4 ,b ?is sum includ$ _m items :i* repres5t raw natural products conv]t$ m]ely into mat]ial = subsequ5t manufacture1 z1 = example1 pig- & b>-iron1 plan$ bo>ds1 sole lea!r1 +ot- & b>-copp]1 cotton-se$ oil1 & pig- & b>-z9c4 ,! pr9cipal items 9 ! true manufactures li/ are 7#a7 ma*9]y1 includ+ metal-work+ ma*9]y1 /eam-eng9es & locomotives1 electrical ma*9]y1 pump+ ma*9]y1 sew+-ma*9es1 typewrit+-ma*9es & pr9t+-presses1 & railway rails1 h>dw>e1 & nails1 #fe1jjj1jjj2 7#b7 ref9$ petroleum1 #ej1jjj1jjj2 7#c7 manufactures ( cotton1 #ag1jjj1jjj2 7#d7 vegetable oils & ess5ces1 #ab1jjj1jjj2 7#e7 agricultural implem5ts1 #g1jjj1jjj2 7#f7 cycles1 #g1jjj1jjj2 7#g7 pap] & /ation]y1 #e1ejj1jjj2 7#h7 furniture & o!r manufactures ( wood1 #e1jjj1jjj2 7#i7 tobacco & cig>ettes1 #e1jjj1jjj2 7#aj7 f]tilis]s1 #d1ejj1jjj2 7#aa7 boots & %oes1 h>ness1 & rubb] %oes1 #c1ejj1jjj2 7#ab7 telegraph1 telephone1 & o!r in/rum5ts1 #c1jjj1jjj2 7#ac7 bags1 cordage1 & tw9e1 #b1ejj1jjj2 7#ad7 books & pamphlets1 #b1ejj1jjj2 7#ae7 sug>1 syrup1 molasses1 c&y1 & confection]y1 #b1jjj1jjj2 7#af7 spirits1 includ+ br&y & :isky1 #b1jjj1jjj2 & 7#ag7 clocks & wat*es1 #b1jjj1jjj4 ,,footnote3 #d ,= ! ye> end+ ,june #cj1 #ahii1 ! total exportation am\nt$ to #a1bjd1abc1acd4 ,,our ,,exports ,,& ,,^? ,,( ,,great ,,brita9 ,,comp>$ ,! significance ( ^! figures descriptive ( our export trade w be bett] und]/ood f a few comp>isons4 ,our total exportation = ! ye> #ahig-h 01 z said be=e1 9 r\nd numb]s1 #a1bej1jjj1jjj4 ,= ! ye> previ\s x 0 ov] #a1jjj1jjj1jjj4 ,! exportation ( ,great ,brita9 = ! ye> #ahif 0 #a1ejj1jjj1jjj4 ,= ! ye> #ahig x 0 almo/ ! same am\nt4 ,= ! ye> #ahie x 0 #a1dej1jjj1jjj4 ,b :]eas our exportation ( bread/uffs1 provisions1 animals1 fruit1 etc41 & ( raw mat]ials1 su* z cotton1 lumb]1 ores1 etc41 am\nts to probably #gg or #gh p] c5t4 ( our total exportation1 :ile our exportation ( manufactur$ goods am\nts to n m ?an #bb or #bc p] c5t41 ! exportation ( bread/uffs1 provisions1 raw mat]ial1 etc41 :i* ,great ,brita9 makes is n m ?an "o six?1 or #ag p] c5t41 ( h] total exportation1 :ile h] exportation ( manufactur$ goods is five six?s1 or #hc p] c5t41 ( h] total exportation4 ,= example1 ,great ,brita9's export ( textiles alone am\nts to ov] #ejj1jjj1jjj a ye> 7= #ahif #ebf1fdg1ebe71 :ile our total export ( textiles1 includ+ cottons1 wooll5s1 silks1 & fibres1 is n m ?an #ai1jjj1jjj a ye>4 ,great ,brita9's total export ( h>dw>e & ma*9]y am\nts to ov] #bej1jjj1jjj a ye>2 our total export ( ^! articles does n am\nt to m ?an a ?ird ( ?is sum4 ,on ! o!r h&1 ,great ,brita9's total export ( raw mat]ials ( all sorts is n m ?an #ajj1jjj1jjj a ye>1 :ile ours ( cotton alone is almo/ two & "o-?ird times t sum4 ,& :ile ,great ,brita9 exports no bread/uffs or provisions to speak (1 our exportation ( ^! articles 7includ+ animals7 am\nts to ! enorm\s sum ( #hee1jjj1jjj a ye>4 ,,our ,,imports ,,& ,,^? ,,( ,,great ,,brita9 ,,comp>$ ,illu/ration3 ,export trade ( ! ,unit$ ,/ates & ,great ,brita9 comp>$4 ,simil> diff]5ces ) respect to our import trade & t ( ,great ,brita9 are obs]vable4 ,our imports d n am\nt to m ?an f #fjj1jjj1jjj to #hjj1jjj1jjj a ye>4 ,= ! ye> end$ ,june #cj1 #ahig1 !y 7 #gfe1jjj1jjj4 ,= ! ye> end$ ,june #cj1 #ahih1 !y 7 #faf1jjj1jjj4 ,! imports ( ,great ,brita91 on ! o!r h&1 am\nt to ov] #b1jjj1jjj1jjj a ye>4 ,= ! ye> #ahif !y 7 #b1baj1jjj1jjj4 ,= ! ye> #ahig !y 7 #b1bbe1jjj1jjj4 ,b1 :ile our imports1 ) ! exception ( c(fee1 sug>1 tea1 fruits1 & fi%1 consi/ *iefly ( manufactur$ articles1 su* z wooll5 goods1 cotton goods1 silk goods1 & iron & /eel goods1 ) only mod]ate am\nts ( raw mat]ial 7= example1 hides1 sk9s1 & furs1 #da1jjj1jjj2 raw silk1 #cb1jjj1jjj2 raw wool1 #ag1jjj1jjj71 ,great ,brita91 besides import+ c(fee1 sug>1 tea1 fruits1 & fi%1 ! same z we d1 & manufactur$ goods to a f> great] am\nt ?an we d 7n less ?an #ejj1jjj1jjj annually71 imports likewise an enorm\s quantity ( raw mat]ial = h] manufactures1 all duty free1 & a /ill m enorm\s quantity ( bread/uffs1 provisions1 etc41 also all duty free4 ,= example1 = ! ye> #ahig h] imports ( raw mat]ials = h] manufactures 7 n less ?an #gej1-jjj1jjj1 :ile h] imports ( duty-free food products 7 n less ?an #hbe1jjj1jjj4 ,! diff]5ce betwe5 ! two c\ntries1 !re=e1 s f> z _! =eign trades are conc]n$ is simply ?is3 ,! ,unit$ ,/ates is an imm5se export] ( food-/uffs1 & also ( raw mat]ials = =eign manufacture2 b = ! raw mat]ials = h] own manufacture %e dep5ds pr9cipally ^u h] own products4 ,9 comp>ison %e is only a mod]ate export] ( manufactur$ goods4 ,great ,brita91 on ! o!r h&1 is an enorm\s import] & consum] ( food-/uffs & also ( raw mat]ials = h] manufactures4 ,%e1 9 fact1 dep5ds v l>gely ^u o!r c\ntries = h] food products & h] raw mat]ials1 & obta9s !m :]ev] %e c1 v l>gely f ! ,unit$ ,/ates4 ,%e is also an enorm\s export] ( manufactures4 ,illu/ration3 ,! ,unit$ ,/ates manufactures & int]nal trade comp>$ ) ! manufactures & int]nal trade ( all o!r c\ntries4 ,,our ,,cotton ,,production ,,& ,,cotton ,,export ,! "o article ( export t is ( greate/ importance 9 our comm]ce is ,,cotton4 ,! production ( cotton 9 ! ,unit$ ,/ates is enorm\s4 ,x is n f> %ort ( #e1jjj1jjj1jjj p\nds p] annum4 ,?is is probably f\r times ! am\nt produc$ ^u ! :ole globe else:]e4 ,our export am\nts annually to ab\t #d1jjj1jjj1jjj p\nds1 ) a total value ( ab\t #bdj1jjj1jjj4 ,our greate/ competitors 9 ! _w's cotton m>kets are ,egypt & ,india4 ,! export ( cotton f ,egypt am\nts to #ej1jjj1jjj annually4 ,! export ( cotton f ,india am\nts to #de1jjj1jjj annually4 ,at lea/ "o half ( our export ( cotton goes to ,great ,brita94 ,our next greate/ cu/om]s are 79 ord]7 ,g]many1 ,france1 ,italy1 ,spa91 & ,russia4 ,we s5d ab\t #g1ejj1jjj wor? annually to ,japan1 & #d1jjj1jjj wor? annually to ,canada4 ,all our s\!a/]n ,/ates produce cotton1 b ! ,/ates t produce x mo/ pl5tifully are 79 ord]7 ,texas 7ab\t "o ?ird ( ! :ole71 ,georgia1 ,mississippi1 & ,alabama4 ,! area "u cultivation 9 ! :ole c\ntry is ab\t #ba1jjj1jjj acres1 :i* is ab\t "o six? ( ! area devot$ to corn1 :eat1 & oats1 or "o half ! area devot$ to hay4 ,! areas ( greate/ cotton production are 7#a7 ! ,yazoo bottom1 a /rip on ! left bank ( ! ,mississippi ext5d+ f ,memphis to ,vicksburg1 & 7#b7 ! upp] "p ( ! "r bank ( ! ,tombigbee4 ,! productivity ( cotton is mu* high] 9 ! ,unit$ ,/ates ?an x is 9 ,india1 av]ag+ n f> %ort ( #bjj p\nds p] acre1 z aga9/ less ?an #ajj p\nds 9 ,india4 ,9 ,india1 h[ev]1 ! cotton crop has be5 gr[n on ! same soil = ages1 :]eas 9 ! ,unit$ ,/ates ! practice is to sub/itute new soils = old ones z soon z crops beg9 to fail4 ,on ! o!r h&1 ! ,unit$ ,/ates cotton crop is mu* less p] acre ?an ! crop 9 ,egypt4 ,!re ! yield p] acre is f #cjj p\nds to #ejj p\nds4 ,! rem$y = ?is defect ( productivity 9 our cotton crop z comp>$ ) t ( ,egypt is manur+4 ,:]e ! manur+ is prop]ly att5d$ to our cotton crop is comp>able ) ,egypt's4 ,b ! cotton ( ,egypt is ( bett] quality ?an ! great mass ( ! cotton crop ( ! ,unit$ ,/ates 7! upl& cotton crop74 ,on ! o!r h& 9 ! l[1 flat isl&s (f ! coa/ ( ,georgia & ,s\? ,c>ol9a a species ( cotton gr[s 7sea-isl& cotton7 :i* is ! f9e/ 9 ! _w1 its fibres be+ ! longe/1 f9e/1 & /raighte/1 ( all cotton fibres produc$ any:]e1 & ! mo/ beautiful 9 appe>ance 9 ! mass4 ,( ?is sea-isl& cotton ab\t ?ree to f\r million doll>s' wor? is export$ annually at a price av]ag+ f two & "o f\r? to two & ?ree f\r? times ! value p] p\nd ( ! upl& cotton4 ,! great cotton ports ( our c\ntry are 79 ord] ( am\nt ( exportation7 ,,new ,,orleans1 ,,galve/on1 ,,savannah1 ,,new ,,york1 ,,*>le/on1 ,,mobile1 & ,,wilm+ton4 ,new ,orleans' export is ab\t a ?ird ( ! :ole1 & ,galve/on's ab\t a fif?4 ,,our ,,production ,,& ,,export ,,( ,,bread/uffs ,! item 9 ! (ficial returns t figures l>ge/ = exports is t :i* is set d[n z ,,bread/uffs4 ,?is t]m includes :eat1 corn1 oats1 rye1 & o!r gra9s1 & ! fl\rs or meals made f ^!4 ,= ! ye> end+ ,june #cj1 #ahih1 our total export ( bread/uffs 0 #ccd1jjj1jjj4 ,?is is an enorm\s increase ov] ! ye> be=e1 :5 ! am\nt 0 n q #bjj1jjj1jjj4e ,a l>ge "p ( ?is increase 0 due to ! high prices = bread/uffs :i* prevail$ 9 ! ,european m>kets dur+ ! pa/ autumn & w9t]1 b a "p ( ! increase 0 due to an increas$ acreage & to good crops4 ,! ma9 products t compos$ ?is va/ exportation 73 :eat1 #adf1jjj1jjj2 :eat fl\r1 #gj1jjj1jjj2 corn1 #ge1jjj1jjj2 cornmeal1 #b1jjj1jjj2 oats & oatmeal1 #bb1ejj1jjj2 rye & rye fl\r1 #i1jjj1jjj1 & b>ley1 #e1ejj1jjj4 ,! magnitude ( our bread/uffs exportation c be judg$ f ! magnitude & importance ( our exports ( :eat & fl\r z comp>$ ) ^? ( o!r c\ntries4 ,our av]age ,,:eat ,,export is two & "o half times t ( ,russia1 f\r & "o ?ird times t ( ,arg5t9a1 five & "o half times t ( ,india1 & almo/ tw5ty-five times t ( ,canada1 :ile x is also f\r & "o half times t ( all o!r c\ntries 9 ! _w comb9$4 ,our ,,fl\r ,,export 7#gj1jjj1jjj7 is )\t a rival4 ,! export f ,canada is n[ n mu* m ?an #a1ejj1jjj a ye>1 & ! export f ,hung>y n m ?an #b1ejj1jjj a ye>1 & ^! are ! only c\ntries ) :i* we h to compete 9 ! we/]n ,european m>kets4 ,/ill x mu/ be rememb]$ t ,hung>ian fl\r1 ow+ to ! dryness ( ! climate 9 :i* x is made1 is ! be/ 9 ! _w1 :ile ! fl\r ( ,canada made f ,manitoba h>d :eat is alike unsurpass$4 ,z a rule mu* m ?an "o half ( our total exports ( bread/uffs goes to ,great ,brita94 ,g]many is our next be/ cu/om]1 b h] imports ( our bread/uffs are n m t a fif? to a t5? ( ^? ( ,great ,brita94 ,france comes next1 b h] importation ( our bread/uffs is /ill m unc]ta91 rang+ f a half to a hundr$? ( t ( ,great ,brita94 ,our o!r pr9cipal cu/om]s = our bread/uffs are 7#a7 ! o!r /ates ( ,europe1 7#b7 ,canada1 7#c7 ! c\ntries ( ,s\? ,am]ica1 7#d7 ! ,we/ ,indies1 7#e7 ,hongkong1 7#f7 ! isl&s ( ! ,pacific1 & 7#g7 ,briti% ,africa4 ,our exportation ( bread/uffs to ,japan & ,*9a 7direct7#f is /ill inconsid]able4 ,s9ce ! close ( ! ,w> ( ! ,rebellion our exportation ( :eat has increas$ ?irtyfold & our exportation ( fl\r fifte5fold4 ,our *ief :eat-gr[+ ,/ates are ,m9nesota & ,cali=nia1 ea* ) ab\t #ej1jjj1jjj bu%els a ye>2 !n ,kansas1 ,nor? ,dakota1 ,ill9ois1 & ,s\? ,dakota1 ea* ) ab\t #cj1jjj1jjj bu%els a ye>2 & !n ,ohio1 ,indiana1 ,nebraska1 ,p5nsylvania1 ,miss\ri1 & ,mi*igan4 ,! be/ :eat is gr[n 9 ! deep black soil1 ri* 9 organic matt]1 ( ! ,r$ ,riv] valley ( ,m9nesota1 & 9 ! dry1 sunny climate ( ,cali=nia4 ,! total yield = #ahig 0 #ecj1jjj1jjj bu%els1 :i* 0 ab\t #gj1jjj1jjj bu%els m ?an rec5t av]ages4 ,! e/imate = ?is ye> 7#ahih7 is ov] #fjj1jjj1jjj bu%els1 :i* 0 also ! yield = #ahia4 ,! total area s[n to :eat 0 = sev]al ye>s ab\t #ce1jjj1jjj acres1 b ! av]age is n[ increas$ to ab\t #dj1jjj1jjj acres4 ,l>ge z is ! gross production ( our :eat1 h[ev]1 ! yield p] acre is some:at small1 be+ only f #ab to #ac bu%els z aga9/ #ah bu%els 9 ,ont>io1 #bj 9 ,manitoba1 #bf-a_/b 9 ,new ,zeal&1 & #cj 9 ,great ,brita94 ,9 fact1 ! :eat yield p] acre is l[e/ 9 ! ,unit$ ,/ates ( all ! great :eat-produc+ c\ntries ( ! _w1 except ,au/ralia 7#g to #aa-a_/b71 ,italy 7#aj-a_/b71 ,g]many 7#aj-a_/d71 ,india 7#i-a_/d71 & ,russia 7#h74 ,b f> great] ?an our production ( :eat is our production ( ,,corn4 ,( corn we h ne>ly #he1jjj1jjj acres "u cultivation & a production ( ne>ly #b1ejj1jjj1jjj bu%els4 ,our export ( corn1 h[ev]1 is proportionately n l>ge1 & figures only to ab\t #baj1jjj1jjj bu%els a ye>1 ) a value 7includ+ cornmeal7 ( ab\t #gf1jjj1jjj4 ,z is well kn[n1 ,,*icago is ! great comm]cial c5tre ( ! cont95t = bread/uffs4 ,,new ,,york is ! great port ( export = ! ,atlantic seabo>d1 ,,san ,,francisco = ! ,pacific seabo>d4 ,,dulu? is ! great receiv+ po9t = ! :eat ( ! ,r$ ,riv] valley & ! nor!rn ,mississippi4 ,,buffalo is ! great po9t :]e ! :eat br\ght d[n f ,*icago1 ,dulu?1 etc41 9 b>ges1 :ale-backs1 & imm5se propell]s1 is trans-%ipp$ to ! small boats ( ! ,erie ,canal = c>riage to ,new ,york4 ,,m9neapolis is ! great mill+ po9t ( ! cont95t1 its mills be+ ! l>ge/ & mo/ capaci\s 9 ! _w4 ,,footnotes3 #e ,= ! ye> end+ ,june #cj1 #ahii1 ! am\nt 0 #bgd1jjj1jjj4 #f ,a portion ( ! exportation ( bread/uffs made to ,hongkong is no d\bt int5d$ = consumption 9 ,*9a & ,japan4 ,,our ,,export ,,( ,,provisions ,,& ,,animals ,illu/ration3 ,pr9cipal articles ( dome/ic exports ( ! ,unit$ ,/ates4 7,= ! ye> end$ ,june #cj1 #ahih47 ,! next mo/ important item 9 our li/ ( exports is ,,provisions4 ,b1 l bread/uffs1 provisions also is a composite t]m1 includ+ two ma9 divisions1 meat products & dairy products4 ,practically !re are ?ree ma9 divisions1 beef products1 hog products1 & dairy products4 ,we h 9 ^! great products ( our c\ntry an export trade ( #afe1ejj1jjj p] annum1 & if we add animals1 a simil> item1 we h #df1ejj1jjj m1 or a total ( #bab1jjj1jjj p] annum4 ,our export ( fre% beef is ne>ly #cjj1jjj1jjj p\nds a ye>4 ,almo/ ! :ole ( ?is goes to ,great ,brita94 ,our export ( cann$ beef runs f #dj1jjj1jjj to #fj1jjj1jjj p\nds a ye>4 ,ab\t ?ree fif?s ( ?is goes to ,great ,brita91 ! rema9d] go+ pr9cipally to ,g]many & o!r p>ts ( ,europe & to ,briti% ,africa4 ,we h ab\t #ej1jjj1jjj cattle ^u our f>ms & ran*es1 & our production ( beef is e/imat$ to be ! enorm\s am\nt ( #e1djj1jjj1jjj p\nds a ye>1 :i* is betwe5 a ?ird & a f\r? ( ! total quantity produc$ ?r\gh\t ! _w4 ,( c\rse ! great] portion ( ?is is reta9$ = our own home consumption1 = we eat m meat p] inhabitant ?an any o!r p 9 ! _w except ! ,engli%4 ,9 addition to our beef we export ab\t #djj1jjj cattle annually1 m ?an sev5 eigh?s ( :i* are tak5 by ,great ,brita91 our o!r pr9cipal cu/om]s be+ ! ,we/ ,indies & ,canada4 ,! pr9cipal export1 h[ev]1 among our provisions is our ,,hog ,,products4 ,we export annually ( ^! products #ajj1jjj1jjj p\nds ( pork1 #hej1jjj1jjj p\nds ( bacon & hams1 & #gjj1jjj1jjj p\nds ( l>d1 ) a value great] ?an #aaj1jjj1jjj4 ,z ) our beef products1 s ) our hog products--by f> ! greate/ %>e goes to ,great ,brita94 ,great ,brita91 h[ev]1 does n import l>gely ( our pork or ( our l>d4 ,& ?\gh %e pur*ases f u ov] f\r fif?s ( our total export ( bacon & hams1 %e does n pay = !m s mu* z %e does = ! bacon & hams ( ,irel&1 ,d5m>k1 & ,canada4 ,! reason = ?is is t z a rule our corn-f$ bacon & hams are too fat--a fault t c\ld be easily rem$i$4 ,aft] ,great ,brita9 our next be/ cu/om]s = our hog products are ,g]many 7pr9cipally 9 l>d71 ! ,ne!rl&s1 ,sw$51 & ! ,we/ ,indies 7! latt] pr9cipally 9 pork74 ,we keep on our f>ms f #dj1jjj1jjj to #ej1jjj1jjj hogs1 & our production rea*es ne>ly to #d1fjj1jjj1jjj p\nds ( pork1 bacon1 hams1 l>d1 etc41 p] annum4 ,a great drawback to our sw9e-rais+ indu/ry is ! t]rible sw9e plague :i* s frequ5tly deva/ates our sw9e h]ds4 ,7 ?is plague /amp$ out by ?or\gh prev5tive measures our sw9e indu/ry w\ld soon become v mu* l>g] & m pr(itable4 ,! ?ird pr9cipal item 9 our provisions export trade is dairy produce4 ,our export ( butt] n[ am\nts to #cj1jjj1jjj p\nds a ye>4 ,our *eese export1 once mu* great]1 is n[ ab\t #ej1jjj1jjj p\nds a ye>4 ,z 9 our beef products & 9 our hog products s aga9 9 our dairy products ,great ,brita9 is our *ief cu/om]4 ,b our butt] export to ,great ,brita9 is only "o twelf? ( h] total importation ( butt]1 & our *eese export to ,great ,brita9 is only ab\t "o eigh? ( h] total importation ( *eese4 ,our *eese has lo/ its hold on ! ,engli% m>ket because ( its relative det]ioration ( quality1 & its export is n m ?an a half or a ?ird ( :at x once 04 ,mu* ( our butt] also is n suit$ to ! ,engli% ta/e4 ,b bo? our *eese & our butt] are n[ improv+ 9 quality4 ,our great competitor 9 ! *eese export trade is ,canada4 ,canada's export ( *eese to ,great ,brita9 is #ae1jjj1jjj annually1 :ile ours is only a fif? ( t am\nt4 ,our great competitor 9 butt] is ,d5m>k4 ,d5m>k's export ( butt] to ,great ,brita9 is #cb1jjj1jjj :ile ours is n m ?an a f\rte5? ( t sum4 ,our competitors 9 ! m>kets ( ,brita9 = cattle are ,canada & ,arg5t9a1 b _! exports toge!r1 h[ev]1 are less ?an a ?ird ( ours4 ,our competitors 9 ! ,briti% m>kets = ! sale ( meats are pr9cipally ! ,au/ralasian colonies & ,arg5t9a1 b _! pr9cipal exportation s f> is *ill$ mutton1 :i* !y s5d to ,brita9 to ! am\nt ( _m million doll>s annually 7,arg5t9a alone #e1jjj1jjj a ye>1 ,new ,zeal& alone #aj1jjj1jjj a ye>71 :ile our exportation ( mutton is practically nil4 ,we d1 h[ev]1 export #a1jjj1jjj wor? ( %eep a ye>1 b 9 ?is item we are frequ5tly f> exce$$ by ,canada4 ,,*icago is1 ( c\rse1 ! great comm]cial c5tre ( ! cont95t = provisions & live /ock1 & ,,new ,,york ! great %ipp+ port4 ,( ! entire export trade ( ! :ole c\ntry ,new ,york does two fif?s4 ,,baltimore comes next ) ab\t "o n9?4 ,!n 79 ord]7 come ,,philadelphia1 ,,bo/on1 & ,,new ,,orleans4 ,! *ief c5tres ( our great provision & live-/ock trade1 o!r ?an ,*icago1 are ,,c9c9nati1 ,,kansas ,,city1 ,,indianapolis1 ,,buffalo1 & ,,omaha4 ,,our ,,=eign ,,c>ry+ ,,trade ,"o aspect ( our =eign trade is n s well und]/ood z x ought to be4 ,our =eign comm]ce is c>ri$ on l>gely 9 =eign %ips4 ,! reason is t no vessel is all[$ to be regi/]$ z belong+ to a ,unit$ ,/ates own] unless %e is built 9 ! ,unit$ ,/ates1 & x !re=e seems z if our %ip-build]s c\ld n compete 79 price7 9 ! build+ ( /eel & iron %ips ) ^? ( ,great ,brita9 & ,g]many4 ,=m]ly1 :5 wood5 %ips 7 us$1 our =eign trade 0 c>ri$ on 9 our own vessels1 & our clipp] sail+ vessels beat ! _w4 ,9 #ahei sev5ty p] c5t4 9 value ( our =eign trade 0 c>ri$ 9 ,am]ican vessels4 ,s9ce t date ! proportion has decreas$ /eadily until 9 #ahif-ig x 0 only elev5 p] c5t41 & = #ahig-ih x 0 ev5 less ?an ?is4 ,dur+ ! five ye>s #ahha-he x av]ag$ b>ely tw5ty p] c5t4 ,tak+ into consid]ation tonnage only ! proportion at pres5t v>ies f tw5ty five to ?irty p] c5t41 %[+ t ! ,am]ican vessels are us$ = c>ry+ ! *eap] sorts ( goods4 ,! aggregate tonnage burd5 ( vessels belong+ to ! ,unit$ ,/ates regi/]$ z engag$ 9 ! =eign trade #ahif 0 = #gib1hgj tons4 ,= ! same ye> ! aggregate tonnage burd5 ( vessels belong+ to ,great ,brita9 engag$ 9 ! =eign trade 0 consid]ably m ?an t5 times t am\nt4 ,( our export trade to ,europe ,unit$ ,/ates vessels c>ry only five & "o half p] c5t41 & ( our export trade to ,africa only f\r & "o half p] c5t4 ,b ( our export trade to ,asia & ,oceanica our own vessels c>ry tw5ty six & "o half p] c5t41 :ile ( our export trade to o!r c\ntries on ! ,am]ican cont95t our own vessels c>ry ne>ly =ty p] c5t4 ,b z our ,atlantic trade is sev5ty six p] c5t4 ( ! :ole1 & z our trade else:]e ?an on ! ,atlantic is m ?an "o ?ird c>ri$ by sail+-vessels1 x is evid5t h[ l>gely our /eam%ip ocean c>ry+ trade has be5 all[$ to fall into ! h&s ( =eign]s4 ,sev5 t5?s ( our total export trade1 & ne>ly two ?irds ( our total =eign trade1 bo? export & import1 are c>ri$ 9 ,briti% vessels4 ,! next greate/ c>ri]s ( our =eign trade are1 fir/1 ! ,g]mans1 !n ourselves1 !n ! ,norwegians1 !n ! ,dut*1 !n ! ,fr5*1 !n ! ,belgians4 ,,exam9ation ,,pap]s ,,note4--,! foll[+ que/ions are giv5 = ! purpose ( indicat+ to ! /ud5t ! sort ( k he ought to be possess$ ( aft] he has made a c>eful /udy ( ! pap]s ( ! c\rse4 ,! /ud5t is recomm5d$ to write out c>efully ! answ]s to ! que/ions ask$4 ,only su* answ]s ne$ be attempt$ z c be made f a c>eful /udy ( ! pap]s4 ,,"p ,i #a4 ,,great ,,brita94 ,give z full an acc\nt z y c ( ! causes :i* h made ,london ! great comm]cial c5tre ( ! _w4 #b4 ,,great ,,brita94 ,engl& is said to be a beehive ( m]cantile & manufactur+ indu/ry4 ,give reasons = ?is /atem5t & also %[ h[ ,engl& has become su*4 #c4 ,,great ,,brita94 7a7 ,describe ! =eign trade ( ,great ,brita94 7b7 ,describe ! /eps tak5 by ,liv]pool1 ,man*e/]1 & ,glasg[ to improve _! natural facilities = ext]nal trade4 #d4 ,,france4 7a7 ,describe ! conditions :i* 7#a7 conduce t[>d1 & 7#b7 militate aga9/1 ,france's be+ a great comm]cial nation4 7b7 ,give an acc\nt ( ! di/9ctive manufactures ( ,france4 #e4 ,,g]many4 7a7 ,give an acc\nt ( :at ,g]many has accompli%$ 9 te*nical education4 7b7 ,comp>e ,g]many & ,france z comm]cial nations4 7c7 ,give a brief acc\nt ( ,g]many's =eign trade4 #f4 ,,spa9 ,,& ,,italy4 7a7 ,:y are ,spa91 ,italy1 & ,turkey sometimes call$ ! ?ree decad5t nations ( ,europe8 7b7 ,give "s acc\nt ( ,spa9's =eign trade4 7c7 ,give an acc\nt ( ! conditions t militate aga9/ ,italy's prosp]ity z a trad+ nation4 #g4 ,,russia4 7a7 ,describe ! social condition ( ! ,russian p4 7b7 ,:at are ! artels ( ,russia8 7c7 ,describe ,russia's export trade4 #h4 ,,india4 7a7 ,describe ! pres5t condition ( ! manufactures ( ,india4 7b7 ,give a brief acc\nt ( ,india's trade--7#a7 ext]nal1 7#b7 int]nal4 #i4 ,,*9a4 7a7 ,give an acc\nt ( ,*9a's size1 population1 & trade res\rces4 7b7 ,give an acc\nt ( ,*9a's pres5t =eign trade4 7c7 ,give an acc\nt ( ! trade possibilities ( ,*9a1 & %[ 9 :at mann] an increase ( ! =eign trade ( ,*9a is mo/ likely fir/ to occur4 #aj4 ,,japan4 7a7 ,describe ! trans=mation :i* 9 rec5t times has be5 witness$ 9 ! ,japanese nation4 7b7 ,describe ,japan's manufactures4 7c7 ,%[ 9 :at respects an increase 9 ! =eign trade ( ,japan is pres5tly possible4 ,,"p ,,ii #a4 ,,africa4 7a7 ,describe ! p>tition ( ,africa4 7b7 ,describe m p>ticul>ly ,great ,brita9's possessions 9 ,africa4 7c7 ,describe ,s\? ,africa's m9]al weal?4 #b4 ,,au/ralia4 7a7 ,describe ,au/ralia's peculi>ities4 7b7 ,enum]ate ! political divisions ( ,au/ralia1 & = ea* describe briefly 7#a7 its climate1 7#b7 its res\rces & trade4 #c4 ,,s\? ,,am]ica4 7a7 ,describe ! social & political condition ( ! v>i\s peoples ( ,s\? ,am]ica4 7b7 ,describe ! agricultural res\rces & export trade ( ,arg5t9a4 7c7 ,describe 7#a7 ! res\rces1 & 7#b7 ! export & import trade1 ( ,brazil4 #d4 ,,canada4 7a7 ,describe ,canada's res\rces 7#a7 9 =e/ weal?1 7#b7 9 m9]als1 7#c7 9 fi%]ies4 7b7 ,describe ,canada's agricultural trade4 7c7 ,describe ,canada's trade ) ! ,unit$ ,/ates4 #e4 ,,! ,,unit$ ,,/ates4 7a7 ,describe ! export trade ( ! ,unit$ ,/ates4 7b7 ,comp>e our export trade ) t ( ,great ,brita94 7c7 ,comp>e our import trade ) t ( ,great ,brita94 #f4 ,,! ,,unit$ ,,/ates4 7a7 ,describe our cotton production & our cotton export trade4 7b7 ,describe briefly our export trade 9 bread/uffs4 7c7 ,describe briefly our export trade 9 provisions & animals4 ,,f9ance1 ,,trade1 ,,& ,,transportation#h ,i4 ,,national ,,& ,,/ate ,,banks ,,orig9 ,,( ,,bank+ ,,in/itutions ,illu/ration3 ,! ,bank ( ,engl&1 %[+ ! ,?readne$le ,/reet entrance4 ,! _w has _h its bank]s & money-*ang]s = ?\s&s ( ye>s4 ,babylonian tablets h be5 f\nd :i* record bank+ transactions :i* took place 9 ! reign ( ,nebu*adnezz>4 ,mod]n bank+ in/itutions1 h[ev]1 _h _! orig9 9 ! twelf? c5tury4 ,! fir/ in/itution ( ?is "* 9 ,europe 0 ! ,bank ( ,v5ice1 f\nd$ ,a4 ,d4 #aaga4 ,x 0 bas$ ^u a =c$ loan ( ! republic4 ,funds deposit$ 9 x c\ld n be )drawn1 b 7 transf]able on ! books at ! pleasure ( ! own]s4 ,! ,bank ( ,g5oa 0 f\nd$ 9 #adjg1 & = _m ye>s 0 "o ( ! pr9cipal banks ( ,europe4 ,x 0 ! fir/ to issue circulat+ notes2 ^! 7 negotiable only by indorsem5t--t is to say1 !y 7 n made payable to be>]4 ,?is 0 a long /ep 9 advance ( ! e>li] sy/em ( deposit transf]s :i* 0 also employ$ by ?is bank4 ,! ,bank ( ,am/]dam1 e/abli%$ 9 #afjg1 0 ! e>lie/ consid]able in/itution ( ! k9d :i* look$ to ! promotion ( comm]ce4 ,! ,bank ( ,hamburg1 e/abli%$ 9 #afai1 0 a bank ( deposit & circulation bas$ ^u f9e silv] b>s4 ,! deposits 7 conf9$ to silv]4 ,! ,bank ( ,engl& is m ?an #bjj ye>s old & is to-day ackn[l$g$ to be ! greate/ f9ancial in/itution 9 ! _w4 ,ne>ly all ! pap] money ( ,engl& is issu$ by ?is bank4 ,?is curr5cy is bas$ p>tly ^u securities & p>tly ^u deposits ( co94 ,!re are ?ree or f\r banks 9 ! ,unit$ ,/ates m ?an "o hundr$ ye>s old4 ,9 #agha ,rob]t ,morris1 !n sup]9t5d5t ( f9ance1 submitt$ to ,congress a plan = ! e/abli%m5t ( ! ,bank ( ,nor? ,am]ica at ,philadelphia4 ,9 #aghd ! ,/ate ( ,massa*usetts incorporat$ ! ,massa*usetts ,bank4 ,! ,bank ( ,new ,york 0 *>t]$ 9 #agia4 ,,footnote3 #h ,,sugge/ions ,,z ,,to ,,me?od ,,( ,,/udy #a4 ,read ! lessons z pr9t$ v c>efully4 ,! aim w be to give fundam5tal k z to ! organisation & conduct ( mod]n bus9ess4 #b4 ,books w n be necess>y4 ,! /ud5t1 h[ev]1 :o wi%es to make a m ?or\gh /udy ( ! national bank+ sy/em w f9d excell5t *apt]s on ! subject 9 ,c>roll's ,pr9ciples & ,practice ( ,f9ance 7,new ,york3 ,putnams7 & ,:ite's ,money & ,bank+ 7,bo/on3 ,g9n ,co474 #c4 ,take up ! pap]s ( ! c\rse p>agraph by p>agraph & ask y\rself ! reason :y ea* is introduc$4 ,discuss ) y\r fri5ds ! advantages or disadvantages ( p>ticul> requirem5ts4 ,,our ,,national ,,bank+ ,,sy/em ,! national bank+ sy/em ( ! ,unit$ ,/ates 0 e/abli%$ by an act ( ,congress 9 #ahfc1 revis$ 9 #ahfd1 & am5d$ by lat] legislation4 ,! great advantage ( ! sy/em1 x is said1 is ! feature ( uni=mity1 ! fact t x br+s ! bank+ bus9ess ( ! :ole ,unit$ ,/ates "u "o au?ority & "u ! sup]vision ( "o set ( adm9i/rative (fic]s4 ,! note-issu+ dep>tm5t is subord9ate 9 its public usefulness to ! facilities af=d$ by banks & cle>+-h\ses = ! int]*ange ( cr$its4 ,! ess5tial features ( national banks are briefly set =? z foll[s3 #a4 ,!re is a bureau ( ! ,treasury ,dep>tm5t hav+ *>ge ( all matt]s relat+ to national banks1 ! *ief (fic] ( :i* is ! comptroll] ( ! curr5cy4 #b4 ,any numb] ( p]sons1 n less ?an five1 may =m an association = bank+ purposes1 to cont9ue n m ?an tw5ty ye>s1 b r5ewable = tw5ty ye>s ) ! approval ( ! comptroll]4 #c4 ,! p[]s ( ! bank are limit$ to ! disc\nt+ ( promissory notes1 drafts1 bills ( ex*ange1 & o!r evid5ces ( debt2 receiv+ deposits1 deal+ 9 ex*ange1 co91 & bullion1 loan+ money on p]sonal security1 & issu+ circulat+ notes4 ,x _c hold real e/ate except su* z may be necess>y = ! transaction ( its bus9ess1 or su* z may h be5 tak5 z security = debts previ\sly contract$ 9 good fai?4 #d4 ,!re c be no national banks any:]e ( less capital ?an #ej1jjj1 & ^! small ones are re/rict$ to places ( n m ?an #fjjj inhabitants4 ,9 cities ( m ?an #fjjj & less ?an #ej1jjj inhabitants !re c be no bank ( less ?an #ajj1jjj capital1 & 9 cities ( #ej1jjj inhabitants or m none ( less ?an #bjj1jjj4 ,"o half ( ! capital mu/ be paid 9 be=e ! bank c beg9 bus9ess & ! rema9d] mu/ be paid 9 mon?ly in/alm5ts ( at lea/ t5 p] c5t4 ea*4 #e4 ,%>ehold]s are liable = ! debts ( ! bank to an am\nt equal to ! p> value ( _! %>es 9 addition to ! am\nt inve/$ !re94 #f4 ,ea* bank hav+ a capital exce$+ #aej1jjj mu/ deposit 9 ! treasury ( ! ,unit$ ,/ates regi/]$ int]e/-be>+ bonds to an am\nt n less ?an #ej1jjj4 ,^? hav+ a capital ( #aej1jjj or less mu/ deposit bonds equal to "o f\r? ( _! capital /ock4 ,ea* bank may issue circulat+ notes to ! am\nt ( n9ety p] c5t4 ( ! m>ket value ( ! bonds deposit$ by x1 b n exce$+ n9ety p] c5t4 ( ! p> value ( ! same1 & n exce$+ n9ety p] c5t4 ( ! paid-9 capital ( ! bank2 b no bank is compell$ to issue circulat+ notes4 ,no bank-notes %all be issu$ small] ?an #e4 ,! notes are receivable at p> = all dues to ! ,unit$ ,/ates except duties on imports1 & are payable = all debts ow+ by ! ,unit$ ,/ates )9 ! ,unit$ ,/ates except int]e/ on ! public debt & 9 r$emption ( ! national curr5cy4 #g4 ,e bank 9 c]ta9 designat$ cities1 call$ res]ve cities1 mu/ keep a res]ve ( lawful money equal to tw5ty five p] c5t4 ( its deposits4 ,all o!r banks mu/ keep a l res]ve ( fifte5 p] c5t41 b ?ree fif?s ( ! said fifte5 p] c5t4 may consi/ ( balances on deposit 9 banks approv$ by ! comptroll] 9 ! res]ve cities4 #h4 ,ea* bank mu/ keep on deposit 9 ! treasury ( ! ,unit$ ,/ates lawful money equal to five p] c5t4 ( its circulation z a fund = r$eem+ ! same4 ,?is five p] c5t4 may be c\nt$ z "p ( its lawful res]ve4 ,?is does n relieve banks f ! duty ( r$eem+ _! notes at _! own c\nt]s on dem&4 #i4 ,"o t5? ( ! net pr(its mu/ be c>ri$ to ! surplus fund until x is equal to tw5ty p] c5t4 ( ! capital4 #aj4 ,a bank mu/ n l5d m ?an "o t5? ( its capital to "o p]son1 corporation or firm1 directly or indirectly1 nor l5d money on ! security ( its own %>es1 nor be ! pur*as] or hold] ( its own %>es unless tak5 z security = a debt previ\sly contract$ 9 good fai?1 & if s tak5 !y mu/ be sold )9 six mon?s "u p5alty ( be+ put 9 liquidation4 #aa4 ,ea* bank mu/ make to ! comptroll] n less ?an five reports ea* ye>1 %[+ its condition at times to be designat$ by him1 & he may call = special reports f any p>ticul> bank :5ev] he *ooses to d s4 #ab4 ,ea* bank mu/ pay to ! treasur] ( ! ,unit$ ,/ates a tax equal to "o p] c5t4 p] annum on ! av]age am\nt ( its notes 9 circulation4 ,! %>es are liable to taxation by ! ,/ates 9 :i* !y are situat$ at ! same rate z o!r money$ capital own$ by ! citiz5s ( su* ,/ates4 #ac4 ,any ga9 aris+ f lo/ & de/roy$ notes inures to ! b5efit ( ! ,unit$ ,/ates4 #ad4 ,! comptroll] has ! absolute appo9tm5t ( all receiv]s & fixes _! comp5sation4 ,all moneys realis$ f ! assets are paid into ! treasury to ! cr$it ( ! comptroll]1 & all divid5ds are paid out by him4 #ae4 ,ov]-c]tification ( *eques is /rictly prohibit$1 r5d]+ (fic]s or cl]ks liable to imprisonm5t4 #af4 ,national bank directors are by law individually liable = ! full am\nt ( losses result+ f violations ( ! national bank+ laws4 ,,/ate ,,banks ,^u ! e/abli%m5t ( ! national bank+ sy/em ! great] numb] ( ! banks incorporat$ "u ! laws ( ! sev]al ,/ates 7 organis$ z national banks4 ,) o!rs1 h[ev]1 ! rights ( issue did n outweigh "s inconv5i5ces ( ! national sy/em1 & z a result !re is n[ an important class ( banks1 & loan & tru/ companies1 organis$ "u ,/ate legislation & c>ry+ on a deposit & loan bus9ess4 ,! regulations "u :i* !y "w are necess>ily div]se1 & ! am\nt ( public sup]vision ov] !m v>ies 9 diff]5t /ates4 ,! ,/ate banks 9 exi/5ce :5 ! national bank+ sy/em 0 organis$ 7 oblig$ to retire _! note circulation1 ow+ to ! fact t ! gov]nm5t impos$ a tax ( t5 p] c5t4 on _! circulation4 ,! object ( ! tax 0 to secure ! retirem5t ( ! ,/ate bank-notes to make room = ! circulation ( ! national banks4 ,! int]nal me*anism ( ,/ate banks diff]s b slightly f t ( national banks4 ,,ii4 ,,sav+s ,,banks ,,& ,,tru/ ,,companies ,,sav+s ,,banks ,ne>ly #b1jjj1jjj1jjj is deposit$ 9 ! sav+s banks ( ! ,unit$ ,/ates4 ,?is l>ge sum repres5ts ! sav+s ( ab\t #e1jjj1jjj p4 ,! prim>y idea ( a sav+s bank & ( ! po/-(fice & o!r =ms ( sav+ in/itutions 9 =eign c\ntries is to enc\rage ?rift among ! masses ( ! p4 ,! old] sav+s banks1 especially ^? 9 ! ea/]n ,/ates1 h no capital /ock4 ,t is to say1 !y are mutual 9 _! =m ( organisation4 ,_! capital is ! accumulat$ deposits ( a l>ge numb] ( p4 ,! depositors are ! own]s4 ,:5 taxes & o!r exp5ses are paid & a prop] res]ve set aside1 ! rema9+ pr(its g 9 ! =m ( int]e/ to ! depositors4 ,_m ( ! sav+s banks 9 ! we/]n ,/ates are capitalis$ z are o!r f9ancial in/itutions1 & on ! ,pacific coa/ !y h capital /ock or its equival5t 9 ! =m ( a res]ve fund 9 :i* ! majority ( ! depositors are n int]e/$ o!rwise ?an s f> z x af=ds security = _! deposits4 ,z ^! banks are ! cu/odians ( ! surplus sav+s ( l>ge numb]s ( p ! laws ( ! sev]al ,/ates h h$g$ !m ab\t ) _m safegu>ds1 n only = ! protection ( ! depositors b ( ! in/itutions !mselves4 ,x is em95tly "r & prop] t ! ,/ate1 ?r\gh its bank commission]s or o!rwise1 %\ld s f> sup]vise ! op]ations ( sav+s banks z to see t !y p]=m _! "p ( _! contract ) depositors4 ,safety1 at be/1 is relative only2 !re is no absolute safety = ! tw5ty-doll> piece a man has 9 8 pocket1 :e!r he is on ! /reet1 at 8 (fice1 or by 8 own fireside4 ,we are rem9d$ t 'ri*es take to !mselves w+s' & t '?ieves break ?r\gh & /eal4' ,no sav+s bank c keep money on h& or deposit x or loan x ) absolute safety4 ,all is comp>ative4 ,x is a peculi>ity ( money t ea* doll> requires wat*+2 g5]al sup]vision is insuffici5t2 h5ce x is t ! safety ( money$ in/itutions dep5ds ^u ! capacity & hone/y ( ^? 9 control1 & n ^u adh]5ce to arbitr>y rules4 ,no set ( rules c be adopt$ t w b9d di%one/ m5 nor t w comp5sate = want ( exp]i5ce & ability ( hone/ ones4 ,!re is really no conflict betwe5 comm]cial & sav+s banks4 ,9 fact1 a l>ge numb] ( ! comm]cial banks ( a c\ntry all[ int]e/ ^u av]age balances & /&+ deposits 9 ! same mann] z sav+s banks4 ,prim>ily ! sav+s bank creates weal?1 :ile ! comm]cial bank h&les x2 ! sav+s banks are creative1 :ile ! comm]cial banks are adm9i/rative4 ,! aim ( ! sav+s bank is to ga!r money & inve/ x safely & ?us br+ pr(it to ! depositor2 ! aim ( ! comm]cial bank is to l5d money at fix$ *>ges & ?us br+ pr(it to ! in/itution4 ,! =m] op5s its doors to sav]s1 ! latt] to borr[]s4 ,"o s]ves by receiv+ & keep+ & ! o!r by l5d+4 ,! sav+s bank aims at mak+ m5 sav]s z well z produc]s4 ,x (f]s ! aid ( ! /rong1 :o c manage well1 to ! weak & inexp]i5c$4 ,if ! #e1jjj1jjj depositors ( sav+s 9 ! ,unit$ ,/ates 7 to hide away _! own sav+s ne>ly #b1jjj1jjj1jjj w\ld be )drawn f circulation4 ,! sav+s bank inve/s its money4 ,its manag]s are z a rule intellig5t m51 compet5t to make safe inve/m5ts 9 solid securities4 ,! be/ sav+s banks are cons]vative & d n enc\rage speculation4 ,! rules & regulations ( sav+s banks diff] l>gely4 ,9 "s in/itutions deposits ( a dime at a "t are accept$2 9 o!rs a doll> is ! limit4 ,deposits usually beg9 to draw int]e/ on ! fir/ day ( ea* qu>t]1 b !y are entitl$ to x only if !y rema9 until ! end ( ! half-ye>4 ,?us money deposit$ on ! #a/ ( ,janu>y is entitl$ to six mon?s' int]e/ on ! #a/ ( ,july1 ?\gh x is n entitl$ to any int]e/ if )drawn 9 ,june4 ,"s few banks all[ int]e/ to beg9 on ! #a/ ( ea* mon?4 ,mo/ sav+s banks d n p]mit money to be )drawn %ort ( ?irty days' notice4 ,/ud5ts ( ?is c\rse :o are int]e/$ 9 secur+ def9ite in=mation ^u ?is subject reg>d+ any p>ticul> bank %\ld apply to t bank = a set ( its rules & regulations = ! in=mation ( depositors4 ,,tru/ ,,companies ,!re has gr[n up 9 ?is c\ntry a class ( f9ancial in/itutions :i* take a sort ( middle gr\nd betwe5 ! comm]cial bank & ! sav+s bank1 s f> z _! s]vice to ! public is conc]n$4 ,^! are :at are kn[n z tru/ companies4 ,national banks are prohibit$ by law f mak+ loans on real e/ate1 & ?\gh ,/ate banks are n h$g$ 9 ?is way1 z a matt] ( good bank+ !y usually avoid loans ( ?is "*4 ,! policy ( comm]cial banks is to make a great _m comp>atively small loans on %ort-"t pap]1 :ile t ( ! tru/ company is to make l>ge loans on long-"t securities4 ,! deposits ( tru/ companies consi/ l>gely ( undi/urb$ sums su* z might be set aside by adm9i/rators1 executors1 tru/ees1 committees1 societies1 or f private e/ates4 ,!y are su* z are n likely to fluctuate greatly 9 am\nt4 ,f ! v nature ( _! deposits tru/ companies f9d x conv5i5t & pr(itable to make l>g] loans & at long] p]iods ?an d ord9>y banks4 ,tru/ companies n only receive moneys ^u deposit subject to *eque & = sav+s1 & loan money on comm]cial pap] & o!r securities1 z d comm]cial banks2 b !y also act z ag5ts1 tru/ees1 executors1 adm9i/rators1 assignees1 receiv]s = individual prop]ties1 & corporations4 ,!y frequ5tly assi/ z promot]s or reorganis]s ( corporations & 9 ! sale ( /ocks1 bonds1 & securities4 ,!y act also z ag5ts = ! paym5t ( obligations matur+ at future dates1 su* z ! premiums on insurance1 int]e/ on mortgages & bonds1 etc4 ,tru/ companies are organis$ "u ! laws ( ! ,/ate 9 :i* !y exi/ & are usually subject to all ! sup]vision requir$ 9 ! case ( ,/ate banks4 ,,iii4 ,,corporations ,,& ,,/ock ,,companies#i ,,corporations ,/ock companies are usually ref]r$ to z corporations1 ?\gh all corporations are n /ock companies4 ,a corporation is a body consi/+ usually ( sev]al p]sons emp[]$ by law to act z "o individual4 ,!re are two pr9cipal classes--7#a7 public corporations & 7#b7 private corporations4 ,public corporations are n /ock companies2 private corporations usually are4 ,public corporations are creat$ = ! public int]e/1 su* z cities1 t[ns1 univ]sities1 hospitals1 etc42 private corporations1 su* z railways1 banks1 manufactur+ companies1 etc41 are creat$ usually = ! pr(it ( ! memb]s4 ,corporate bodies ^: memb]s at discretion fill by appo9tm5t all vacancies occurr+ 9 _! memb]%ip are sometimes call$ close corporations4 ,,p[] ,,to ,,be ,a ,,corporation ,,is ,a ,,fran*ise ,9 ! ,unit$ ,/ates ! p[] to be a corporation is a fran*ise :i* c only exi/ ?r\gh ! legislature4 ,!re are two di/9ct me?ods 9 :i* corporations may be call$ into be+3 ,fir/1 by a specific grant ( ! fran*ise to ! memb]s1 &1 second1 by a g5]al grant :i* becomes op]ative 9 fav\r ( p>ticul> p]sons :5 !y organise = ! purpose ( avail+ !mselves ( its provisions4 ,:5 ! specific grant is made x is call$ a *>t]4 ,9 ! case ( private corporations ! *>t] mu/ be accept$ by ! memb]s1 s9ce corporate p[]s _c be =c$ ^u !m aga9/ _! w2 b ! *>t] is suffici5tly accept$ by _! act+ "u x4 ,:5 special *>t]s are n grant$ individuals may volunt>ily associate1 & by comply+ ) ! provisions ( c]ta9 ,/ate laws may take to !mselves corporate p[]s4 ,9 "s ( ! ,/ates private corporations are n suff]$ to be creat$ o!rwise ?an "u g5]al laws1 & 9 o!rs public corporations are creat$ 9 ! same way4 ,,footnote3 #i ,= a prelim9>y treatm5t ( ! subject ( ?is lesson ! /ud5t is ref]r$ to ,"p ,i4 ( ?is book1 entitl$ ,g5]al ,bus9ess ,in=mation1 especially ,lessons ,,xii4 & ,,xv4 ,a ,,corporation ,,mu/ ,,h ,a ,,"n ,a corporation mu/ h a "n by :i* x %all be kn[n 9 law & 9 ! transaction ( its bus9ess4 ,! "n is giv5 to x 9 its *>t] or articles ( association & mu/ be adh]$ to4 ,! necessity = ! use ( ! corporate "n 9 ! transaction ( bus9ess foll[s f ! fact t 9 corporate affairs ! law kn[s ! corporation z an individual & takes no notice ( ! con/itu5t memb]s4 ,,corporate ,,int]e/s ,9 municipal corporations 9 ! ,unit$ ,/ates ! memb]s are ! citiz5s2 ! numb] is indef9ite2 "o ceases to be a memb] :5 he moves f ! t[n or city1 :ile e new resid5t becomes a memb] :5 by law he becomes entitl$ to ! privileges ( local citiz5%ip4 ,9 corporations creat$ = ! emolum5t ( _! memb]s int]e/s are repres5t$ by %>es1 :i* may be transf]r$ by _! own]s1 & ! assignee becomes entitl$ to ! rights ( memb]%ip :5 ! transf] is record$2 & if ! own] dies 8 p]sonal repres5tative becomes a memb] = ! "t be+4 ,9 su* corporations also %>es may be sold 9 satisfaction ( debts aga9/ _! own]s4 ,,advantages ,,( ,,corporations ,,& ,,jo9t-,,/ock ,,companies ,,ov] ,,p>tn]%ips ,! foll[+ are giv5 z a few ( ! advantages :i* are claim$ = corporations & jo9t-/ock companies ov] p>tn]%ips3 #a4 ,union ( capital )\t ! active s]vice ( ! inve/ors4 #b4 ,bett] facilities = borr[+4 ,x is a common ?+ = a p>tn]%ip to be *ang$ to a /ock company = ! express purpose ( rais+ money by ! issue ( bonds or /ock4 #c4 ,limit$ ag5cy ( directors4 ,a p>tn] may pl$ge & sell ! p>tn]%ip prop]ty1 may buy goods on acc\nt ( ! p>tn]%ip1 may borr[ money & contract debts 9 ! "n & on ! acc\nt ( ! p>tn]%ip4 ,directors ( a jo9t-/ock company mu/ act 9 accordance ) ! provisions ( ! by-laws ( ! company4 #d4 ,! cont9u\s exi/5ce ( a company4 #e4 ,new %>ehold]s are admitt$ m easily ?an new p>tn]s4 #f4 ,a retir+ p>tn] is /ill liable = exi/+ debts4 ,a %>ehold] may retire absolutely by sell+ 8 /ock & hav+ x legally transf]r$4 ,,iv4 ,,borr[+ ,,& ,,loan+ ,,money#aj ,,! ,,money ,,m>ket ,money1 l o!r articles ( comm]ce1 has = hundr$s ( ye>s _h its fields = ! production ( ! raw products1 its manufactur+ e/abli%m5ts1 its m>kets & ex*ange c5tres1 its sell]s & buy]s1 its :olesale & retail deal]s1 & its brok]s & commission m]*ants4 ,out ( ?is trade 9 actual co9 has gr[n a trade 9 pap] notes1 :i* are really only promises to pay co91 & out ( ?is latt] trade has gr[n up dur+ rec5t ye>s a /ill fur!r enorm\s trade 9 securities repres5t+ all k9ds ( prop]ty4 ,v (t5 ^! securities are bas$ solely ^u ! cr$it ( ! names atta*$ to !m1 s t our mod]n sy/em ( borr[+ & loan+ money is really a sy/em ( borr[+ & loan+ cr$it4 ,:5 our gov]nm5t borr[s #ajj1jjj1jjj1 z x did a few ye>s ago1 x gives its bond t ! money w be paid4 ,:5 ,/ates1 or cities1 or railroads1 or o!r corporations borr[ money !y issue bonds gu>antee+ paym5t at a p>ticul> "t4 ,:5 an individual borr[s money he gives 8 bond 9 ! =m ( a promissory note4 ,^! bonds pass f h& to h& & h a fairly con/ant value 9 ! money m>ket4 ,!y really repres5t ! money trade to a mu* l>g] ext5t ?an does actual co91 s t ! borr[+ or loan+ ( money really means1 to a v l>ge ext5t1 simply ! borr[+ or loan+ ( cr$it4 ,if we borr[ a #aj gold piece we borr[ money2 if we borr[ a #aj bill or an indors]'s "n = ! back ( our note we simply borr[ cr$it--9 ! "o in/ance ! cr$it ( ! ,unit$ ,/ates & 9 ! o!r ! cr$it ( ! man :o indorses our pap]4 ,,footnote3 #aj ,! /ud5t is also ref]r$ to ,"p ,i4 7,g5]al ,bus9ess ,in=mation71 ,lesson ,,ix4 ,,borr[+ ,,f ,,banks ,x is ! bus9ess ( a bank to loan money to responsible p]sons )9 reasonable limits4 ,! regul> cu/om] ( ! bank is entitl$ to & w receive ! fir/ consid]ation if ! dem& is l>g] ?an ! bank c safely meet4 ,a bus9ess man %\ld n hesitate1 :5 occasion requires1 to (f] 8 bank any pap] he may want disc\nt$1 if 9 8 op9ion x is good1 nor %\ld he be (f5d$ if 8 bank] refuses to take x ev5 )\t giv+ reasons4 ,a portion ( ! loans ( _m banks consi/s ( inve/m5ts 9 solid bonds1 b ! bulk ( ! loans ( banks is made on comm]cial pap]4 ,"t & dem& loans are made ^u collat]als ( _m descriptions4 ,! l>g] banks loan on an av]age f #ej1jjj to #ajj1jjj a day4 ,banks disc\nt pap] = _! depositors--& simply t]m ! op]ation disc\nt+2 b :5 !y g outside ( _! l9e ( depositors 9 mak+ inve/m5ts 9 "t pap] !y call x buy+ pap]4 ,!y g5]ally buy f private bank]s & note brok]s4 ,national banks are prohibit$ f loan+ ov] t5 p] c5t4 ( _! capital to any "o individual or corporation except ^u pap] repres5t+ actually exi/+ m]*&ise4 ,,:at ,,are ,,collat]als8 ,if a bus9ess man borr[ #ajjj f a bank on 8 note & give t5 %>es ( /ock to ! bank1 to be held by x simply z security1 ! /ock ?us giv5 w\ld be t]m$ collat]al4 ,^! collat]als are n ! bank's prop]ty & ! bank is responsible = _! safe keep+4 ,if c\pons mature :ile bonds are be+ held z collat]al1 ! own]s are usually all[$ to collect ! am\nt = :i* !y sell4 ,sometimes "o note is giv5 z collat]al security = ano!r :i* is disc\nt$4 ,,accommodation ,,pap] ,notes & acceptances t are made 9 settlem5t ( g5u9e bus9ess transactions come "u ! head ( regul>1 legitimate bus9ess pap]4 ,an accommodation note or acceptance is "o :i* is sign$ or indors$ or accept$ simply z an accommodation & n 9 settlem5t ( an acc\nt or 9 paym5t ( an indebt$ness4 ,) banks accommodation pap] has a des]v$ly h>d reputation4 ,h[ev]1 !re are all grades & %ades ( accommodation pap]1 ?\gh x repres5ts no actual bus9ess transaction betwe5 ! p>ties to x & re/s ^u no o!r f\ndation ?an t ( mutual agreem5t4 ,no contract is good )\t a consid]ation1 b ?is is only true betwe5 ! orig9al p>ties to a note4 ,! ?ird p>ty1 or innoc5t receiv] or hold] ( a note1 has a good title & c recov] its value ev5 ?\gh x 0 orig9ally giv5 )\t a valuable consid]ation4 ,an innoc5t hold] ( a note :i* _h be5 orig9ally lo/ or /ol5 has a good title to x if he receiv$ x = value1 ! law ju/ly protect+ su* a hold] aga9/ ! fault or c>elessness ( o!rs4 ,,note ,,brok]s ,m]*ants sell a great _m ( _! notes 9 ! op5 m>ket--t is1 to note brok]s4 ,! banks buy ^! notes f ! note brok]s4 ,! assi/ance ( ! brok] :o h&les comm]cial pap] is a necess>y & valuable aid to ! pur*as+ bank4 ,fully ?ree f\r?s ( all ! pap] pur*as$ by banks 9 l>ge cities is pur*as$ ^u ! simple recomm5dation ( ! note brok]s4 ,z a rule ^! brok]s simply transf] ! pap] )\t gu>antee+ by indorsem5t its paym5t4 ,notes b\ght by banks f note brok]s )\t _! indorsem5t are held to be gu>ante$ by !m to be all "r 9 all po9ts except t :i* cov]s ! "q ( :e!r !y w be paid or n4 ,! bank uses its be/ judgm5t 9 tak+ ! risk4 ,if ! note deal] 9 sell+ notes to a bank makes :at he believes to be fair & hone/ repres5tations reg>d+ any p>ticul> pap]--/atem5ts ( su* a /raight=w>d type t ^u !m no *>ge ( false pret5ses c be made to re/--he simply gu>antees ! note g5u9e z to names1 date1 am\nt1 etc41 & t 9 sell+ x he conveys a good title to ! pap]4 ,z bus9ess m51 h[ev]1 !y are v cauti\s & are exce$+ly anxi\s t ! pap] !y sell %all be paid1 & z a rule !y make good any losses :i* gr[ out ( app>5t misrepres5tations on _! "p4 ,,bank]s' ,,rates ,,= ,,loans ,9 loan+ money on dem&1 :5 x is /rictly und]/ood betwe5 bank & borr[] t ! money s advanc$ is positively m9ute money--money returnable at any m9ute :5 ! bank calls = x--banks usually *>ge l[ rates ( int]e/4 ,:5 int]e/ rates are high bank]s pref] to deal 9 long-"t pap]4 ,?is g5]al rule is rev]s$ :5 ! situation is rev]s$4 ,bank]s aim also to scatt] & locate _! maturities s t z ! seasons roll ar\nd !y w n h v l>ge am\nts matur+ at "o "t & v small am\nts at ano!r4 ,!y plan also to be 9 funds at ^? seasons :5 !re is always a l>ge & pr(itable dem& = money4 ,= in/ance1 9 ! c5tres ( ! cotton-manufactur+ int]e/ ! banks c\nt on a l>ge dem& = money betwe5 ,octob] & ,janu>y1 :5 ! bulk ( ! pur*ases to supply ! mills are made4 ,aga91 among ^? :o op]ate & deal 9 wool !re is an active dem& = money 9 ! wool-clip 9 ! spr+ mon?s4 ,! :eat & corn crops are autumn consum]s ( money4 ,midw9t] & midsumm] 9 ! nor? are usually p]iods ( comp>ative /agnation 9 ! money m>ket4 ,all ^! ?+s affect rates1 & ! successful bank] is he :o f obs]vation & l>ge exp]i5ce %[s ! mo/ skill 9 tim+ 8 money supply4 ,v4 ,,collat]als ,,& ,,securities ,,two ,,di/9ct ,,classes ,,( ,,securities ,!re are two di/9ct classes ( mortgage securities--"o class bas$ ^u ! actual value & ! o!r ^u ! e>n+ value ( ! prop]ty4 ,:5 a man l5ds money ^u a dwell+-h\se he bases 8 e/imate ( security ^u 7#a7 ! co/ ( ! prop]ty1 7#b7 its location1 7#c7 ! av]age value ( adjo9+ prop]ties1 & 7#d7 ! g5]al "* ( ! locality2 t is to say1 ! value ( ! prop]ty is ! basis ( ! security4 ,on ! o!r h&1 ! l5d] ( money ^u railway mortgages1 = in/ance 7t is1 ! buy] ( securities kn[n z railway mortgages71 consid]s ! g5]al e>n+s ( ! road r ?an ! co/ ( build+ & equipp+ ! road z ! correct basis ^u :i* to e/imate ! value ( ! security4 ,^! two classes ( securities diff] 9 o!r p>ticul>s4 ,! value ( ! mortgage ^u ord9>y real e/ate is con/ant & ! security itself is n s likely to *ange own]%ip1 :ile ! value ( ! railway mortgage may v>y ) ! success or failure ( ! road1 & ! security itself is 9 ! m>ket con/antly z a speculative prop]ty4 ,! :ole prop]ty ( a railroad company1 consid]$ simply z real e/ate & equipm5t1 is usually wor? b a small fraction ( ! am\nt = :i* x is mortgag$4 ,! cr$itors1 z a rule1 dep5d = ! security ( _! money ^u ! bus9ess ( ! company4 ,we h already le>n$ t collat]als are mortgages1 /ocks1 bonds1 etc41 plac$ tempor>ily 9 ! h&s ( l5d]s z additional security = money borr[$4 ,! /ud5t w note1 fur!r1 t ! borr[+ value ( su* securities dep5ds v l>gely ^u ! "* ( ! prop]ty repres5t$4 ,,mortgages ,,z ,,securities ,a ,,mortgage is a conveyance ( prop]ty = ! purpose ( secur+ debt1 ) ! condition t if ! debt is paid ! conveyance is to become void4 ,a mortgage 9 =m is really a de$ ( ! l&1 ) a special clause /at+ t ! grant is n absolute b only = ! security ( ! debt4 ,x is usual = ! debtor at ! "t ( execut+ ! mortgage to execute also a bond or promissory note 9 fav\r ( ! cr$itor = ! am\nt ( ! debt4 ,?is is call$ a ,,mortgage ,,note4 ,mortgages are frequ5tly giv5 9 cases :]e !re is a debt exi/+ to secure or indemnify ! mortgagee aga9/ "s liability :i* he may possibly incur on behalf or = ! b5efit ( ! mortgagor4 ,= in/ance1 :5 a man has indors$ ano!r's note = ! latt]'s accommodation or gone on 8 bond z surety ! latt] may execute to ! =m] a mortgage ( indemnity4 ,! p[] ( a corporation to mortgage its prop]ty is usually regulat$ by its "* or by ! g5]al law "u :i* x is organis$4 ,all mortgages mu/ be record$ 9 ! (fice ( ! regi/] ( de$s = ! c\nty 9 :i* ! prop]ty is locat$4 ,! object ( record+ is to give notice ( ! exi/5ce ( ! mortgage to any "o :o might wi% to pur*ase ! l& or to take a mortgage ^u x4 ,!re may be sev]al mortgages ^u ! same prop]ty4 ,! fir/ mortgagee is entitl$ to be paid 9 full fir/1 !n ! second1 & s on4 ,! mortgagee may use 8 mortgage z security = loans or he may assign x z he pleases4 ,:5 ! requirem5ts ( a mortgage are n met ! hold] has "u c]ta9 conditions ! "r to ,,=eclose--t is1 to adv]tise ! prop]ty = sale &1 )9 a "t fix$ by law1 to sell x to satisfy ! mortgage4 ,x is usual = ! mortgagor to insure ! prop]ty = ! b5efit ( ! mortgagee4 ,al?\gh ! t]ms ( corporation mortgages are simil> to ^? on real e/ate su* z is repres5t$ by dwell+-h\ses1 ! comm]cial conditions make x inconv5i5t or impossible to =eclose & sell su* prop]ties4 ,to /op all bus9ess ( a railway or to %ut d[n ! "w ( a manufactur+ conc]n w\ld n only result 9 injury to ! public b w\ld r$uce l>gely ! e>n+ value ( ! prop]ty4 ,to ov]come ?is difficulty :]e an active conc]n is f9ancially emb>rass$1 ! c\rt appo9ts a receiv]1 :o is responsible = ! prop] conduct ( ! bus9ess until a satisfactory reorganisation or sale is accompli%$4 ,mortgages ^u improv$ prop]ty1 if prop]ly graduat$ 9 am\nt1 %\ld be safe & pr(itable inve/m5ts4 ,! buy]1 h[ev]1 mu/ ex]cise great c>e & good judgm5t4 ,%\ld !re be collusion betwe5 ! loan+ ag5t & ! l&-own]1 ! money advanc$ may be l>gely 9 excess ( ! actual prop]ty value4 ,villages ) less ?an a doz5 h\ses are (t5 ! sites ( inve/m5t companies do+ bus9ess "u pret5ti\s names & (f]+ mortgage inve/m5ts at int]e/ rates :i* by ! local conditions are impossible4 ,"o ( ! devices ( ^! ent]pris+ companies is to (f] _! own gu>antees z to bo? pr9cipal & int]e/ ( all mortgages negotiat$ by !m4 ,! inve/or %\ld be sure ( two ?+s3 7#a7 ,! safety ( ! pr9cipal1 & 7#b7 regul>ity 9 ! paym5t ( ! int]e/4 ,!re is great dang] ( default f causes n anticipat$ by ! mortgagor & ov] :i* he has no control4 ,,/ocks ,,z ,,securities ,to make a pr(itable inve/m5t 9 /ocks ! buy] mu/ anticipate ! future4 ,a mill t may be work+ day & night ?is ye> may be oblig$ to %ut d[n entirely next ye>4 ,a bus9ess :i* is op5 to public competition mu/ take its *ances on its future success4 ,! great] ! e>n+s1 ! m c]ta9 ! competition4 ,_m corporations own+ monopolies by virtue ( pat5t rights h made l>ge =tunes1 b !re is always ! possibility ( new discov]y4 ,electricity has succe$$ gas2 ! telephone is compet+ ) ! telegraph2 ! trolley is cutt+ into ! pr(its ( railways4 ,a good ?+ 9 /ocks to-day does n necess>ily mean a good ?+ next ye>4 ,railroad /ocks are ( su* v>i$ "* t x is impossible "h to make m ?an g5]al /atem5ts4 ,_m ( our railroad /ocks br+ prices f> above p> & pay lib]al int]e/ on inve/m5ts4 ,"s ( !m are s pr(itable t !y are really n on ! m>ket & _c easily be b\ght4 ,o!rs repres5t roads load$ d[n ) mortgages & o!r obligations s heavy z to make ! /ock really a liability r ?an a res\rce to its own]4 ,! /ock quotations repres5t 9 a g5]al way ! comp>ative value ( ^! securities4 ,( rec5t /ock electric-railway /ock is ! mo/ popul> & 9 _m in/ances ! mo/ pr(itable4 ,! introduction ( electric p[] has r$uc$ ! work+ exp5se "o half & 9 mo/ in/ances has d\bl$ ! traffic )\t any r$uction 9 f>es4 ,! buy] %\ld make sure t ! road is 9 a busy community able to su/a9 x1 t its fran*ise w protect x f dang]\s competition1 & t ! securities h be5 legally issu$4 ,,sub/itution ,,securities ,!re h rec5tly be5 =m$ sev]al l>ge companies ^: bus9ess x is to issue bonds on ! security ( o!r bonds4 ,! idea is simil> to t ( real-e/ate title insurance4 ,su* companies are suppos$ to h sup]ior facilities = inve/igat+ securities4 ,!y pur*ase ^? :i* !y consid] good & at ! be/ prices possible4 ,^! !y deposit ) "s tru/ company or bank+ in/itution4 ,) ^! bonds :i* !y buy z _! orig9al prop]ty !y issue new bonds ( _! own1 :i* !y sell to ! public & :i* !y gu>antee4 ,! diff]5ces 9 prices & 9 int]e/ make up _! pr(its4 ,,loans ,,& ,,inve/m5ts ,) ! gr[? ( weal? we f9d increas+ numb]s ( p]sons :o want to inve/ _! means 9 good securities4 ,to d ?is successfully & safely is a v difficult "q4 ,x is ev5 m difficult to keep money pr(itably employ$ ?an to make x4 ,*anges & innovations are ( cont9ual occurr5ce4 ,n only are new securities con/antly com+ ^u ! m>ket1 b new subjects z a basis ( _! production are indu/ri\sly s\ght aft]4 ,e newly discov]$ =ce or process 9 me*anics means ! appe>ance ( ano!r deta*m5t ( pap] securities4 ,! ,w> ( ! ,rebellion popul>is$ ! c\pon bond1 9 consequ5ce ( its adoption by ! gov]nm5t1 & made x ! fav\rite =m ( inve/m5t pap]4 ,railroads & o!r corporations soon avail$ !mselves ( ! confid5ce :i* t species ( pap] inspir$1 & ,/ates1 cities1 & c\nties 7 soon flood+ ! c\ntry ) obligations c>ry+ long c\pon atta*m5ts4 ,_m p]sons h pur*as$ & paid good prices = mortgage c\pon bonds1 giv+ !m no control ov] _! security1 :o w\ld h reject$ %>e c]tificates /&+ = an equal int]e/ 9 ! prop]ty pl$g$ & giv+ !m ! "r to p>ticipate 9 its managem5t1 ) ! possibility ( a great] return = _! money4 ,_m ( ! ,/ates ?r\gh c>eless legislation h p]mitt$ corporations to decide = !mselves ! am\nts ( obligations !y might put out1 & ! privilege has be5 v mu* abus$4 ,we n[ h /ocks & bonds ^u ! m>ket repres5t+ ne>ly all conceivable k9ds ( prop]ty--telegraph & telephone companies1 m9+ companies1 cattle ran*es1 gra9 f>ms1 wat]-works1 canals1 bridges1 oil- & gas-wells1 electric light+1 trolley companies1 factories & mills1 pat5t rights1 /eamboat l9es1 ap>tm5t-h\ses1 etc4 ,n only are prop]ties ( _m k9ds us$ to issue bonds ^u1 b _m k9ds ( bonds are (t5 issu$ ^u ! same prop]ties4 ,"o issue ( bonds is sometimes made ! basis ( o!r issues4 ,"s "o has said t !re nev] 0 a "t 9 ! hi/ory ( ! _w :5 x 0 s easy to inve/ money--& to lose x4 ,( ! securities t are (f]$ ) fir/-class recomm5dations x is probable t ab\t "o ?ird are actually good1 "o ?ird h "s value1 & "o ?ird are practically wor?less4 ,9 mak+ inve/m5ts ! fir/ & ma9 ?+ to be /udi$ is safety4 ,nev] buy a security ( any k9d )\t hav+ read x4 ,d n buy :at are commonly kn[n z *eap securities4 ,d n rely solely ^u ! advice ( a brok]2 he may h p]sonal int]e/ to s]ve4 ,by f> ! great] numb] ( losses to inve/ors h be5 9 securities pur*as$ exclusively on ! recomm5dation ( int]e/$ commission m54 ,x is a mi/ake to give pref]5ce to li/$ securities--t is1 ^? report$ on ! /ock-ex*ange li/s4 ,/ocks are too (t5 li/$ simply = speculative purposes1 & ! price repres5ts n s mu* ! value ( ! prop]ty z ! pit* ( ! speculation at ! "t4 ,securities 9 ! long run mu/ /& ^u _! m]its4 ,z a rule ! be/ "t = an exp]i5c$ inve/or to buy is :5 o!rs are unload+4 ,,vi4 ,,*eques1 ,,drafts1 ,,& ,,bills ,,( ,,ex*ange#aa ,,bank ,,*eques ,illu/ration3 ,%[+ *eque rais$ f #g4ej to #gj4ej4 ,a ,,*eque is an ord] = money1 drawn by "o :o has funds 9 ! bank1 payable on dem&4 ,banks provide blank *eques = _! cu/om]s & x is a v simple matt] to fill !m out prop]ly4 ,9 writ+ 9 ! am\nt beg9 at ! extreme left ( ! l9e4 ,! illu/rations giv5 "h %[ a poorly-writt5 *eque & a copy ( ! same *eque aft] x has be5 rais$4 ,! orig9al *eque 0 = #g4ej & %[s v c>eless arrangem5t4 ,x 0 a v easy matt] = ! fraudul5t receiv] to *ange ! sev5 to sev5ty & to add a ciph] to ! am\nt 9 figures4 ,! runn+ l9e 0 writt5 9 on ! rais$ *eque to deceive ! bank4 ,9 ?is case ,mr4 ,c>t] & n ! bank mu/ suff] ! loss4 ,mr4 ,c>t] _c hold ! bank responsible = 8 c>elessness4 ,draw]s ( *eques %\ld ex]cise ! greate/ c>e 9 writ+ 9 ! am\nt to prev5t *anges or additions4 ,draw a runn+ l9e1 ?us3 ,n9e be=e & aft] ! am\nt writt5 9 words4 ,if ! words are comm5c$ close to ! left m>g9 ! runn+ l9e w be necess>y only at ! "r4 ,! signature %\ld be 9 y\r usual /yle famili> to ! pay+ tell]4 ,! pla91 freely writt5 signature is ! mo/ difficult to =ge4 ,usually *eques are drawn to ord]4 ,! words ,pay to ! ord] ( ,john ,br[n mean t ! money is to be paid to ,john ,br[n or to any p]son he ord]s x paid to4 ,by indors+ ! *eque 9 blank 7see indorsem5ts7 he makes x payable to be>]4 ,if a *eque is drawn ,pay to be>] any p]son--t is1 ! be>]--c collect x4 ,! pay+ tell] may ask ! p]son ca%+ ! *eque to write 8 "n on ! back1 simply to h x = ref]5ce4 ,safety devices to prev5t ! fraudul5t alt]ation ( *eques are ( almo/ endless v>iety1 b !re has n be5 a prev5tive aga9/ =g]y & alt]ations yet inv5t$1 :i* has n be5 successfully ov]come by sw9dl]s4 ,a ma*9e = pun*+ out ! figures is 9 common use1 b ! sw9dl] has successfully fill$ 9 ! holes ) pap]-pulp & pun*$ o!r figures to suit 8 purposes4 ,! safe/ *eques are ^? c>efully writt5 ^u :at is kn[n z safety pap]4 ,,footnote3 #aa ,a "p ( ! matt] ( ?is lesson has already appe>$ 9 ,"p ,i4 ( ?is book 7,g5]al ,bus9ess ,in=mation71 b x is "h repeat$ to pres]ve ! connection4 ,,id5tification ,,:5 ,,*eques ,,are ,,paid ,! banks ( ?is c\ntry make x a rule n to ca% a *eque t is drawn payable to ord] unless ! p]son pres5t+ ! *eque is kn[n at ! bank--or unless he satisfies ! pay+ tell] t he is really ! p]son to :om ! money is to be paid4 ,x mu/ be rememb]$1 h[ev]1 t a *eque drawn to ord] & !n indors$ 9 blank by ! payee is really payable to be>]1 & if ! pay+ tell] is satisfi$ t ! payee's signature is g5u9e he probably w n hesitate to ca% ! *eque4 ,9 ,engl& all *eques app>5tly prop]ly indors$ are paid )\t id5tification4 ,9 draw+ a *eque 9 fav\r ( a p]son n likely to be well kn[n 9 bank+ circles1 write 8 address or 8 bus9ess aft] 8 "n on ! face ( ! *eque4 ,= in/ance1 if y %\ld s5d a *eque to ,john ,smi?1 ,bo/on1 x may possibly fall into ! h&s ( ! wrong ,john ,smi?2 b if y write ! *eque 9 fav\r ( ,john ,smi?1 #hdi ,tremont ,/reet1 ,bo/on1 x is m ?an likely t ! "r p]son w collect x4 ,if y wi% to get a *eque ca%$ :]e y are unkn[n1 & x is n conv5i5t = a fri5d :o has an acc\nt at ! bank to g ) y = ! purpose ( id5tification1 ask him to place 8 signature on ! back ( y\r *eque & x is likely y w n h tr\ble 9 gett+ x ca%$4 ,by plac+ 8 signature on ! back ( ! *eque he gu>antees ! bank aga9/ loss4 ,a bank is responsible = ! signatures ( its depositors1 b x _c be suppos$ to "k ! signatures ( indors]s4 ,! reliable id5tifi] is 9 reality ! p]son :o is responsible4 ,,*eques ,,= ,,special ,,purposes ,if y wi% to draw money f y\r own acc\nt ! mo/ approv$ =m ( *eque is writt5 ,pay to ! ord] ( ca%4 ,?is diff]s f a *eque drawn to be>]4 ,! pay+ tell] expects to see y y\rself or "s "o well kn[n to him z y\r repres5tative :5 y write ca%4 ,if y write ,pay to ! ord] ( 7y\r own "n7 y w be requir$ to indorse y\r own *eque be=e y c get x ca%$4 ,if y wi% to draw a *eque to pay a note write ,pay to ! ord] ( bills payable4 ,if y wi% to write a *eque to draw money = wages write ,pay to ! ord] ( pay-roll4 ,if y wi% to write a *eque to pay = a draft :i* y are buy+ write ,pay to ! ord] ( ,n4 ,y4 draft & ex*ange1 or :atev] ! circum/ances may call =4 ,,*eque ,,indorsem5ts ,9 indors+ a *eque rememb] t ! left end ( ! face is ! top :5 y turn x ov]4 ,write y\r "n z y are accu/om$ to write x4 ,if y are deposit+ ! *eque1 a blank indorsem5t--t is1 an indorsem5t ) simply y\r "n--w answ]2 or y c write or /amp ,pay to ! ord] ( 7! bank 9 :i* y deposit7 & foll[ ) y\r signature4 ,ei!r indorsem5t makes ! *eque ! absolute prop]ty ( ! bank4 ,if y wi% to transf] ! *eque by indorsem5t to "s p>ticul> p]son write ,pay to ! ord] ( 7nam+ ! p]son7 & foll[ ) y\r own signature2 or y may simply write y\r "n on ! back4 ,! latt] =m w\ld be consid]$ unwise if y 7 s5d+ ! *eque ?r\gh ! mail1 = ! reason t a blank indorsem5t makes ! *eque payable to be>]4 ,an au?oris$ /amp$ indorsem5t is z good z a writt5 "o4 ,:e!r su* indorsem5ts are accept$ or n dep5ds ^u ! regulations ( ! cle>+-h\se 9 ! p>ticul> city 9 :i* !y are (f]$ = deposit4 ,,! ,,numb]+ ,,( ,,*eques ,illu/ration3 ,a c]tifi$ *eque4 ,*eques %\ld be numb]$1 s t ea* c be acc\nt$ =4 ,! numb]s are = y\r conv5i5ce & n = ! conv5i5ce ( ! bank4 ,x is important t y\r *eque-book be correctly kept1 s t y c tell at any "t h[ mu* money y h 9 ! bank4 ,at ! end ( ea* mon? y\r small bank-book %\ld be left at ! bank1 s t ! bookkeep] may balance x4 ,x may happ5 t y\r bank-book w %[ a l>g] balance ?an y\r *eque-book4 ,y w und]/& by ?is1 if bo? h be5 correctly kept1 t !re are *eques out/&+ :i* h n yet be5 pres5t$ at y\r bank = paym5t4 ,y c f9d out :i* ^! are by *eck+ ov] ! paid *eques t h be5 return$ to y ) y\r bank-book4 ,! unpaid *eques may be pres5t$ at any "t1 s t y\r actual balance is t %[n by y\r *eque-book4 ,*eques %\ld be pres5t$ = paym5t z soon aft] date z possible4 ,,c]tifi$ ,,*eques ,illu/ration3 ,a bank draft4 ,if y wi% to use y\r *eque to pay a note due at "s o!r bank ?an y\r own1 or 9 buy+ real e/ate or /ocks or bonds y may f9d x necess>y to get y\r *eque c]tifi$4 ,?is is done by an (fic] ( ! bank1 :o writes or /amps across ! face ( ! *eque ! words ,c]tifi$ or ,good :5 prop]ly indors$ & signs 8 "n4 7,see illu/ration1 p4 #bdd47 ,! am\nt w imm$iately be d$uct$ f y\r acc\nt1 & ! bank by gu>antee+ y\r *eque becomes responsible = its paym5t4 ,if y %\ld get a *eque c]tifi$ & !n n use x deposit x 9 y\r bank1 o!rwise y\r acc\nt w be %ort ! am\nt = :i* x is drawn4 ,,bank ,,drafts ,illu/ration3 ,a bill ( ex*ange4 ,ne>ly all banks keep money on deposit 9 o!r banks 9 l>ge comm]cial c5tres--= in/ance1 9 ,new ,york or ,*icago4 ,!y call ^! banks _! ,new ,york or ,*icago correspond5ts4 ,a bank draft is simply ! bank's *eque draw+ ^u its deposit ) "s o!r bank4 7,see illu/ration1 p4 #bde47 ,banks sell ^! *eques to _! cu/om]s1 & m]*ants make l>ge use ( !m 9 mak+ remittances f "o "p ( ! c\ntry to ano!r4 ,^! drafts or ca%i]s' *eques1 z !y are sometimes call$1 pass z ca% any:]e )9 a reasonable di/ance ( ! money c5tre ^u :i* !y are drawn4 ,,bills ,,( ,,ex*ange ,a draft on a =eign bank is commonly call$ a bill ( ex*ange4 ,bills ( ex*ange are usually drawn 9 duplicate & sometimes 9 triplicate4 7,see illu/ration1 p4 #bdf47 ,only "o bill is collect$1 ! o!rs simply s]v+ 9 ! meantime z receipts4 ,^! bills are us$ to pay acc\nts 9 =eign c\ntries1 j z drafts on ,new ,york or ,*icago are us$ to pay indebt$ness at home4 ,,vii4 ,,! ,,cle>+-,,h\se ,,sy/em#ab ,,! ,,cle>+-,,h\se ,,sy/em ,a ,,mod]n ,,in/itution ,! cle>+-h\se is a comp>atively mod]n in/itution1 ! ,ed9burgh bank]s claim+ ! cr$it ( e/abli%+ ! fir/ "o4 ,! e>lie/ cle>+-h\se ( ^: transactions we h any record is t ( ,london1 f\nd$ ab\t #agge4 ,= fully sev5ty-five ye>s ! ,london cle>+-h\se & t ( ,ed9burgh 7 ! only organisations ( ! k9d kn[n to exi/4 ,! monet>y sy/ems ( mo/ ,european c\ntries c5tr+ ar\nd "o great national bank locat$ at ! capital ( ea*1 f\nd 9 ?is a means ( effect+ m]cantile settlem5ts4 ,! ,new ,york cle>+-h\se 0 e/abli%$ 9 #ahec1 f :i* date ! ,am]ican cle>+-h\se sy/em has gr[n to enorm\s proportions4 ,no c\ntry 9 ! _w has s l>ge a ne$ ( cle>+-h\ses1 = 9 no c\ntry is ! bank *eque s g5]ally us$ 9 ! paym5t ( ord9>y acc\nts4 ,,transf] ,,( ,,cr$its ,,9 ,,cle>+-,,h\ses ,! purpose ( ! cle>+-h\se is l>gely to facilitate ! transf] ( cr$its4 ,?is is expla9$ by ! foll[+ illu/ration3 ,suppose t ,br[n & ,smi? keep _! money on deposit 9 ,bank ,a & t ,br[n gives ,smi? 8 *eque = #ajj & ,smi? deposits x 9 ! bank to 8 7,smi?'s7 cr$it4 ,! (fic]s ( ! bank w subtract #ajj f ,br[n's acc\nt & add ! same am\nt to ,smi?'s acc\nt4 ,no actual money ne$ be t\*$4 ,x is simply a matt] ( ari?metic & bookkeep+4 ,cr$it has be5 transf]r$ f ,br[n to ,smi?4 ,if all ! p ( a city kept _! money 9 "o c5tral bank !re w\ld be no ne$ ( a cle>+-h\se4 ,! bookkeep]s ( ! bank w\ld be kept busy transf]r+ cr$its f "o cu/om] to ano!r on ! books ( ! bank4 ,b if ,br[n keeps 8 money 9 ,bank ,a & ,smi? keeps 8 money 9 ,bank ,b x is necess>y t ,bank ,a & ,bank ,b come toge!r some:]e to conv5i5tly make ! cr$it transf]1 & ?is is practically :at !y d 9 ! cle>+-h\se4 ,!n1 aga91 if ,bank ,a %\ld be locat$ 9 ,san ,francisco & ,bank ,b 9 ,bo/on1 ! difficulty ( transf] ( cr$it is greatly increas$4 ,?r\gh ! ag5cy ( cle>+-h\ses locat$ 9 money c5tres & ( co-op]ation betwe5 banks at di/ant po9ts1 ! transf] ( cr$its betwe5 bus9ess m5 locat$ any:]e 9 ! ,unit$ ,/ates1 or = t matt] 9 ! _w1 has become a comp>atively simple matt]4 ,if x 7 n = ! ag5cy ( ?is sy/em x w\ld be utt]ly impossible = a great city to d ! bus9ess ( a s+le day4 ,all ! actual money 9 all ! banks & /ores & safes & pockets ( ,new ,york ,city to-day w\ld fall f> %ort if us$ to pay to-day's transactions4 ,x is e/imat$ t ! ca% transactions ( a s+le day are fifty times great] ?an ! actual ca% *ang+ h&s 9 "o day4 ,s t ! great bulk ( ! bus9ess ( ! c\ntry1 bo? ca% & cr$it1 is done on a sy/em ( cr$it transf]s made possible :olly ?r\gh ! ag5cy ( our bank+ sy/em4 ,,footnote3 #ab ,see also ,lesson ,,viii4 ( ,"p ,i4 ( ?is book 7,g5]al ,bus9ess ,in=mation74 ,,organisation ,,( ,,cle>+-,,h\ses ,ea* l>ge city has its cle>+-h\se sy/em4 ,to e/abli% a cle>+-h\se a numb] ( banks associate !mselves toge!r1 "u c]ta9 regulations1 = ! purpose ( ex*ang+ daily at "o "t & place ! *eques & o!r comm]cial pap] :i* !y hold aga9/ ea* o!r4 ,! usual (fic]s are a presid5t1 a secret>y1 a treasur]1 & manag]1 & a cle>+-h\se committee4 ,! *eques1 etc41 :i* ! banks take to ! cle>+-h\se are call$ ! cle>+-h\se ex*anges1 & ! total am\nt ( pap] ex*ang$ is call$ ! day's cle>+s4 ,^? banks :i* br+ a less am\nt ?an !y take away are oblig$ to make ! diff]5ce good 9 ca% or its equival5t )9 a fix$ "t ^u ! same day4 ,suppose1 = illu/ration1 t a cle>+-h\se association consi/s ( five banks--,a1 ,b1 ,c1 ,d1 & ,e--& t ,bank ,a took to ! cle>+-h\se *eques aga9/ ,b1 ,c1 ,d1 & ,e am\nt+ to #bj1jjj1 & t ,b1 ,c1 ,d1 & ,e took to ! cle>+-h\se *eques aga9/ ,a am\nt+ to #ba1jjj4 ,!n ,a is on ?is p>ticul> day a debtor bank1 & owes ! cle>+-h\se1 or ! o!r banks ?r\gh ! cle>+-h\se1 #ajjj4 ,! paym5t ( ! balances by ! debtor banks & ! receipt ( ! balances by ! cr$itor banks complete ea* day's transactions4 ,z ! total am\nt br\ght to ! cle>+-h\se is always ! same z ! am\nt tak5 away1 s ! balances due f ! debtor banks mu/ be exactly equal to ! am\nts due ! cr$itor banks4 ,! cle>+s 9 ,new ,york ,city 9 "o day am\nt to f #ajj1jjj1jjj to #bjj1jjj1jjj1 & ! actual ca% h&l$1 if any1 ne$ only be = ! actual debit balances4 ,usually once a week 79 "s cities (t5]7 ! banks ( a city make to _! cle>+-h\se a report1 bas$ on daily balances1 ( _! condition4 ,! cle>+-h\se e/abli%es a fell[%ip among banks t has already prov$ 9 times ( money panics ( ! greate/ s]vice to !mselves & ! community4 ,,paym5t ,,( ,,balances ,,9 ,,cle>+-,,h\ses ,cle>+-h\se c]tificates are made use ( 9 _m cities = ! paym5t ( balances by debtor banks4 ,^! are issu$ aga9/ gold deposit$ ) "o ( ! associat$ banks4 ,!y are numb]$1 regi/]$1 & c\nt]sign$ by ! prop] (fic]1 & are us$ only 9 settlem5ts betwe5 ! banks4 ,v>i\s me?ods ( mak+ settlem5ts are 9 use4 ,9 "s ( ! cities ! balances are paid by drafts on ,new ,york or o!r money c5tres4 ,! debtor bank sells "s cr$itor bank ,new ,york ex*ange1 & receives 9 return a *eque or ord] on ! cle>+-h\se1 :i* :5 pres5t$ makes ! debits & cr$its balance4 ,x is e/imat$ t ! actual ca% employ$ 9 ,new ,york cle>+s is less ?an "o half ( "o p] c5t4 ( ! balances4 ,,h[ ,,di/ant ,,banks ,,are ,,connect$ ,,by ,,! ,,cle>+-,,h\se ,,sy/em ,illu/ration3 ,illu/rat+ *eque collections4 ,to illu/rate ! connection betwe5 banks at di/ant po9ts let u suppose t ,b ( ,hav]hill1 ,mass41 :o keeps 8 money on deposit 9 ! ,fir/ ,national ,bank ( t city1 s5ds a *eque to ,s ( ,waconia1 ,wis41 9 paym5t ( a bill4 ,s deposits ! *eque 9 ! ,f>m]s' ,bank ( ,waconia & receives imm$iate cr$it = x 9 8 bank-book1 j ! same z ?\gh ! *eque 7 drawn ^u ! same or a ne>-by bank4 ,! ,f>m]s' ,bank deposits ! *eque1 ) o!r *eques1 91 say1 ! ,fir/ ,national ,bank ( ,m9neapolis1 or x may s5d ! *eque to its correspond5t 9 ,new ,york--say ! ,n9? ,national--ask+ to be cr$it$ ) ! am\nt4 ,= sake ( illu/ration1 suppose t ! *eque is deposit$ ) ! ,fir/ ,national ( ,m9neapolis4 ,n[1 ?is bank has a correspond5t 9 ,*icago--! ,comm]cial ,national--& a correspond5t 9 ,new ,york--! ,national ,bank ( ! ,republic4 ,if s5t to ! ,comm]cial ,national1 ?is bank has a correspond5t 9 ,bo/on--! ,eliot ,bank1 :]e ! *eque w\ld be s5t4 ,n[1 ! ,fir/ ,national ( ,hav]hill has a correspond5t 9 ,bo/on--! ,national ,rev]e ,bank4 ,! ,eliot ,bank w\ld likely take ?is *eque to ! ,bo/on cle>+-h\se z a *>ge aga9/ ! ,rev]e ,bank4 ,! ,rev]e ,bank w\ld d$uct ! am\nt f ! ,fir/ ,national ( ,hav]hill's deposit & s5d ! paid *eque to ! ,hav]hill ,bank1 :]e at ! close ( ! mon? x w\ld be h&$ to ,b1 %[+ on ! back ! indorsem5t ( ,s1 & /amp+ repres5t+ all ! banks ?r\gh ^: h&s x pass$4 ,if ! ,f>m]s' ,bank ( ,waconia _h s5t direct to its ,new ,york correspond5t1 ! ,n9? ,national1 ?is bank w\ld h s5t to its ,bo/on correspond5t1 ! ,nor? ,national1 & ! *eque w\ld h be5 *>g$ up ?r\gh ! cle>+-h\se aga9/ ! ,rev]e ,bank4 ,if ! ,fir/ ,national ( ,m9neapolis _h s5t direct to its ,new ,york correspond5t1 ! ,national ,bank ( ! ,republic1 ?is bank w\ld h s5t to its ,bo/on correspond5t1 ! ,%awmut ,national1 etc4 ,z a rule1 banks collect by :atev] r\te seems mo/ conv5i5t or advantage\s4 ,x is e/imat$ t millions ( doll>s are lo/ to ! banks ea* ye> on acc\nt ( ! "t consum$ by *eques en r\te4 ,,viii4 ,,comm]cial ,,cr$its ,,& ,,m]cantile ,,ag5cies ,,h[ ,,! ,,_w',s ,,trade ,,is ,,l>gely ,,transact$ ,,^u ,,cr$it ,x is e/imat$ t ab\t n9ety p] c5t4 ( ! _w's trade is transact$ ^u cr$it4 ,& 9 no c\ntry ( ! _w are comm]cial cr$its s freely grant$ z 9 ! ,unit$ ,/ates4 ,?is is a l& ( seem+ly unlimit$ fai? 9 humanity1 & yet a l& 9 :i* haz>d\s speculation1 extravagance1 & bankruptcy h (t5 prevail$4 ,/ati/ics %[ t ab\t n9ety-five p] c5t4 ( our m]*ants fail to succe$1 & yet no o!r c\ntry c boa/ ( su* weal?1 indu/rial en]gy1 & g5]\s confid5ce 9 bus9ess integrity4 ,:ile cr$it is n money1 9 t x _c settle a debt1 x mu/ be consid]$ a v p[]ful ag5t 9 ! creation ( capital4 ,cr$it is ano!r "n = tru/4 ,! bus9ess _w bases its confid5ce or tru/ 9 m5 ^u _! "* & res\rces4 ,& ! ext5t ( ?is tru/ becomes ! only limitation ( ! bus9ess man's pur*as+ p[]4 ,he :o c %[ conclusively ! ability & disposition to fulfil obligations1 has x )9 8 p[] to comm& ! capital or m]*&ise ( o!rs4 ,cr$it is "o ( ! fruits ( a high] civilisation & a settl$ condition ( a c\ntry's bus9ess4 ,x bespeaks a quality ( gov]nm5t1 too1 t is n to be depreciat$4 ,! nations t are mo/ successfully & equitably gov]n$ & %[ ! mo/ /able conditions ( curr5cy also %[ u ! mo/ ext5sive & effici5t cr$it sy/ems4 ,x is abundantly true t ^! same nations h on _m occasions pass$ ?r\gh p]iods ( great di/ress f failures widespread & panics sev]e1 b x mu/ also be borne 9 m9d t ^! v bankruptcies are m (t5 ! abuse ( prosp]ity ?an ! product ( adv]sity4 ,ov]-confid5ce 9 m5 & ?+s has result$ 9 speculation & precipitat$ bankruptcy4 ,& if x be urg$ t to ! undue expansion ( cr$it is traceable ! great] numb] ( our f9ancial disa/]s1 x may be said ) /ill great] =ce t all our impetus to indu/rial a*ievem5t has be5 & /ill is dep5d5t ^u ! g5]\s ex]cise ( cr$it4 ,! con/ruction ( our railroads & canals1 ! op]ation ( our m9es1 ! improvem5t ( our great f>m areas1 ! build+ ( our t[ns & cities1 & ! developm5t ( our ext5sive manufactur+ int]e/s are all ! result ( ! tru/ repos$ 9 m5 & ! indu/rial int]e/s !y repres5t4 ,,! ,,importance ,,( ,a ,,high ,,/&>d ,,( ,,cr$it ,,to ,,bus9ess ,,m5 ,retic5ce on ! "p ( bus9ess m5 respect+ _! f9ancial position may s]i\sly impair _! cr$it4 ,x is univ]sally reg>d$ by ! intellig5t bus9ess man to be good policy to make kn[n 8 condition4 ,a refusal to d s ?r[s a suspicion & d\bt ^u 8 f9ancial ability1 & at "s future "t :5 confid5ce 9 8 integrity may be ess5tial to ! v life ( 8 bus9ess1 he may f9d ! necess>y help unobta9able4 ,an applicant = cr$it %\ld be will+ to prove himself wor?y ( x4 ,b ! ke5 competition among m]*ants eag] = sales (t5 enables ! buy] to obta9 cr$it )\t ! necessity ( giv+ v mu* evid5ce z to 8 comm]cial /&+4 ,s9ce "s risks mu/ be tak5 m]*ants frequ5tly conclude to accept an acc\nt because ( its possible acceptance by "s competitor4 ,if bus9ess is to be _h risks mu/ be tak51 is ! !ory4 ,:5 =m] cu/om]s apply = cr$it ! m]*ant is guid$ by ! record made 9 previ\s deal+s4 ,a bus9ess man's l$g] is a v valuable hi/ory ( cr$its4 ,x is 8 compass 9 a sea ( d\bt4 ,if ^u ! inspection ( an old acc\nt x be discov]$ t 9 =m] ye>s ! cu/om] paid ca% & disc\nt$ 8 bills1 & t lat] 8 me?od ( paym5t 0 by promissory notes1 & t on sev]al occasions he ask$ = special fav\rs1 su* z dat+ bills ahead or ! privilege ( r5ewal ( notes1 "o is able to read a c]ta9 unmi/akable sign ( deg5]acy 9 ! cu/om]'s cr$it4 ,new ord]s f su* a cu/om] w be> scrut9y2 & a clos] att5tion to ! pres5t condition ( ! acc\nt may save ! firm f "s bad debts4 ,:ile x is possible to-day to det]m9e ! av]age losses f bad debts 9 ! v>i\s l9es ( bus9ess1 individual risks _c be accept$ on t basis4 ,ea* requires special /udy4 ,if an apply+ cu/om] pa9ts 8 f9ancial condition 9 roseate col\rs1 let him be will+ to r$uce 8 /atem5t to writ+1 & :5 8 signature is affix$ 8 /atem5t is mu* m reliable1 because he kn[s ( ! imp5d+ liability ( fraud if he has misrepres5t$4 ,m5 av]se to trans=m+ an oral /atem5t to writ+ h discr$it$ !mselves imm$iately4 ,m5 :o mean to be hone/ may be optimi/ic 9 pictur+ prospects & be incl9$ to set an unreasonable value ^u _! prop]ty & ext5t ( bus9ess4 ,x may be easi] to tell ! absolute tru? ab\t "o's liabilities1 because !y are su* p]si/5tly real ?+s2 b assets h ela/ic qualities 9 _m m5's m9ds & seem capable ( any ext5sion 9 an em]g5cy4 ,buy]s :o impress !mselves mo/ fav\rably ^u ! bus9ess h\se are frank 9 _! /atem5ts4 ,! explicit1 c&id man ( few words w m]it consid]ation4 ,! cr++ or plead+ k9d pr$isposes "o unfav\rably4 ,/eph5 ,gir>d said ( "o :o 9 te>s ask$ = a loan3 ,! man :o cries :5 he comes to borr[ w cry :5 he comes to pay4 ,to det]m9e ! "r ( a buy] to cr$it & ! safe limit ( cr$it to be ext5d$ to him is ! sell]'s s]i\s problem4 ,x is cu/om>y to reque/ ref]5ces 9 ord] to discov] h[ o!r firms reg>d ! applicant's cr$it4 ,b ^! ref]5ces may be cauti\s ( reply4 ,a selfi% desire to reta9 ! cu/om] = !mselves1 or ! high] motive ( a desire to be true to ! int]e/s ( bo? ! inquir] & ! cu/om] may produce dubi\s or v incomplete reports4 ,if a bank be among ! ref]5ces "o does n place too mu* /ress ^u a v fav\rable reply f x1 because a m]*ant usually le>ns ! lesson ( exp$i5cy 9 mak+ a fri5d ( 8 bank]4 ,&1 moreov]1 "o endeav\rs to reveal only ! be/ side ( 8 bus9ess affairs to ! bank4 ,fav\rable replies f sev]al firms %[+ a uni=m l9e ( cr$it g a great way t[>d rea*+ a safe conclusion4 ,b 9 ^! days ( va/ & multif>i\s int]e/s !re has develop$1 z a result ( ?is desire = adequate k respect+ m5's cr$it1 an ag5cy = ! exclusive purpose ( arriv+ at def9ite & reliable evid5ce ^u f9ancial matt]s2 & aft] ye>s ( exp]i5ce m5 h le>n$ to dep5d ^u ^! m]cantile ag5cies z ! mo/ valuable & tru/wor?y assi/ants4 ,,m]cantile ,,ag5cies ,m]cantile ag5cies _h _! orig9 9 ! sy/em adopt$ by sev]al prom95t firms ( keep+ on record all ! in=mation obta9able relat+ to _! cu/om]s4 ,9 #ahda ,! ,m]cantile ,ag5cy ( ,new ,york ,city began its hi/ory1 & 0 ! =]unn] ( ! pres5t great ag5cies ^: record books ( cr$its & rat+s include ! names ( all ! bus9ess h\ses & corporations 9 ?is c\ntry & ,canada4 ,! pione] in/itution ( ?is "* 9 ! ,unit$ ,/ates 0 ! "o be>+ at pres5t ! "n ( ,r4 ,g4 ,dun ,co41 an outgr[? ( ,! ,m]cantile ,ag5cy ( ,new ,york ,city4 ,s9ce #ahfj x has borne ! "n ( ,mr4 ,dun1 :o 0 =m]ly a p>tn] ) ,mr4 ,d\glass :5 ! ag5cy 0 kn[n z ,b4 ,d\glass ,co4 ,ano!r popul> & influ5tial conc]n is ! "o kn[n z ,! ,brad/reet ,company1 famili>ly spok5 ( z ,brad/reet's4 ,besides ^! two lead]s !re are _m o!rs1 ^: reports on cr$its are limit$ to p>ticul> l9es ( trade4 ,! l>g] ag5cies soon f\nd x necess>y to e/abli% bran*es 9 all ! bus9ess sections ( ! c\ntry4 ,a p>ticul> field ( inve/igation is allott$ to ea* bran*1 & an int]*ange ( in=mation is 9 con/ant progress4 ,illu/ration3 ,a m]cantile ag5cy inquiry =m4 ,to be a recipi5t ( ! valuable in=mation af=d$ by ^! ag5cies bus9ess m51 by pay+ an annual fee1 are enroll$ z subscrib]s & furni%$ ) books ( rat+s1 z !y are call$4 ,besides ?is book special type-writt5 reports ) elaborate details respect+ a firm's cr$it are s5t ^u ! reque/ ( ! subscrib]4 ,! volume ( in=mation record$ 9 ^! ag5cies conc]n+ any "o's cr$it is obta9$ ?r\gh ! ef=t ( (ficials ( ! ag5cies kn[n z report]s4 ,^! m5 ( exp]i5ce1 integrity1 & disc]nm5t are seek]s aft] tru?s4 ,usually ea* report] has a di/9ct l9e ( trade assign$ him = rese>* & inve/igation4 ,?is br+s him into intimate acqua9tance%ip ) e trad] 9 8 p>ticul> field4 ,he is a con/ant solicitor ( ! bank] & m]*ant = facts4 ,8 bus9ess is n m]ely to ga!r in=mation respect+ ! res\rces ( bus9ess m51 b to inve/igate rum\rs t 9 !mselves may be detrim5tal to "o's cr$it1 & to disprove !m :]e possible & su/a9 & support ! cr$it ( a h\se4 ,too (t5 x is suppos$ t ! report] is seek+ evid5ces ( weakness :5 9 reality 8 bus9ess is mo/ frequ5tly t ( discov]+ elem5ts ( /r5g?4 ,in=mation is freely giv5 him z he int]views m5 ^: bus9esses & exp]i5ces are ! depositories = a weal? ( cr$it in=mation4 ,he soon becomes a confidant ( ! m]*ant himself1 :o n only tells him all he kn[s ab\t ! cu/om]s & _! acc\nts ^u 8 books1 b 8 own bus9ess affairs z well4 ,inde$1 ! relation becomes s v reciprocal t ! report] (t5 furni%es in=mation to ! m]*ant 9 ! int]view on "s matt] ( cr$it ( press+ notice4 ,9 ?is way a corroboration ( facts or ! d5ial ( a rum\r may be effect$4 ,he inspects ! books ( ! (fices ( public record to f9d ! evid5ce ( mortgages1 judgm5ts1 & transf]s ( prop]ty1 & h ! same record$ on ! ag5cy's books4 ,x is ! report] :o f9ally has ga!r$ ! in=mation t det]m9es a firm's ability to h & to hold a l9e ( cr$it4 ,x is ess5tial to ! life ( ! ag5cy t its reports be hone/ & free f any elem5t ( d\bt4 ,! public confid5ce 9 ! reliability ( ! reports w det]m9e ! prosp]ity ( ! company4 ,p]haps at fir/ glance x w\ld seem z if ! sy/em ( report+ f9ancial in=mation 0 a s]i\s discrim9ation aga9/ ! m5 ( small] capital & 9 fav\r ( ! weal?y4 ,b m]e capital is n ! only elem5t ent]+ into an e/imate ( "o's ability to pay4 ,"* & reputation are p[]ful =ces 9 assi/+ a m]*ant 9 det]m9+ cr$it4 ,an ag5cy discloses facts & n op9ions4 ,& x is )9 ! range ( possibility ( any "o to create & ma9ta9 8 cr$it4 ,capital may gr[ gradually b cr$it is sometimes e/abli%$ or de/roy$ by a s+le act4 ,! facts obta9$ by m]cantile ag5cies are n public prop]ty4 ,!y are giv5 9 confid5ce & = ! sole purpose ( aid+ ! bus9ess ) respect to ! propriety ( grant+ cr$it4 ,! private reports are = ! eyes ( ! int]e/$ inquir] & n ! curi\s4 ,:5ev] "s p>ticul> item ( int]e/ f9ds its way to an ag5cy t w\ld affect "o's cr$it s]i\sly1 su* z ! giv+ ( *attel mortgage or ! confession ( a judgm5t or ! sale & transf] ( prop]ty1 x is cu/om>y to s5d unsolicit$ a special report ( ^! facts to all subscrib]s on ! ag5cy's books :o h ev] at any "t made inquiry conc]n+ ! firm4 ,"o might expect t ^! ag5cies expose !mselves to risk ( prosecution = libel1 b s9ce no malice is ev] int5d$ 9 any report circulat$1 & s9ce x r>ely occurs t damag+ reports are s5t out by ^! in/itutions unless abundantly confirm$1 !re is little opportunity = litigation ( ?is sort4 ,ano!r field ( usefulness ( ! m]cantile ag5cy is 9 ! exposure ( ! abscond+ debtor & 8 :]eab\ts1 & also ! di%one/ trad] :o 9 arrang+ a fraudul5t failure may be /riv+ to op5 _m new acc\nts4 ,! unusual dem&s = reports respect+ su* a "o lead to c>eful inve/igation4 ,in/ead ( a re/rictive t5d5cy a m]cantile ag5cy promotes ! expansion ( cr$it & yet p]mits ( prop] cons]vatism4 ,x op5s to ! trad] z a m>ket = 8 m]*&ise e new & tru/wor?y acc\nt4 ,x curbs speculation1 /imulates dilig5ce 9 bus9ess1 habituates punctuality1 & develops "*4 ,:5 we rememb] t ! pres5t annual int]nal comm]ce ( our c\ntry is e/imat$ at ab\t #hjj1jjj1jjj tons ( m]*&ise c>ri$ an av]age di/ance ( #abj miles1 & t ?is volume ( trade is wor? ov] #aj1jjj1jjj1jjj1 we are =c$ to admit t ! unique sy/em ( ^! cr$it ag5cies has done mu* to fur!r & make possible ?is comm]cial prosp]ity4 ,,ix4 ,,bonds ,,unit$ ,,/ates1 ,,/ate1 ,,& ,,municipal ,,bonds ,:5 a c\ntry borr[s money x gives a gu>anty t ! money w be return$ at a p>ticul> "t & t int]e/ w be paid at regul> int]vals at a fix$ rate4 ,?is gu>anty is call$ a bond4 ,9 actual practice1 in/ead ( borr[+ ! money requir$ & !n giv+ bonds = its return1 c\ntries usually issue ! bonds fir/1 & sell !m to ! highe/ bidd]4 ,= in/ance1 if our gov]nm5t ne$$ to borr[ #a1jjj1jjj x w\ld issue bonds = ?is am\nt1 /at+ def9itely ! rate ( int]e/ to be paid1 & call = bids4 ,if ! rate ( int]e/ 7 f\r p] c5t4 & a buy] paid m ?an #ajjj = a #ajjj bond he w\ld1 ( c\rse1 make less ?an f\r p] c5t4 ^u 8 inve/m5t4 ,su* bonds are absolutely safe & always m>ketable on acc\nt ( our /rong f9ancial /&+ among ! nations ( ! _w4 ,simil> bonds are issu$ by ,/ates1 cities1 t[ns1 s*ool di/ricts1 etc4 ,!y are n mortgages 9 ! ord9>y s5se1 & _! wor? consi/s entirely 9 ! ability ( ! issu] ?r\gh its tax+ p[] to meet ! obligations incurr$4 ,municipal bonds are issu$ by cities & o!r municipalities to raise money = local improvem5ts4 ,,bonds ,,& ,,c]tificates ,,( ,,/ock ,a bond is evid5ce ( debt1 specify+ ! int]e/ & /at+ :5 ! pr9cipal %all be paid2 a c]tificate ( /ock is evid5ce t ! own] is a "p own] 9 ! company1 n a cr$itor ( ! company1 & hav+ no "r to rega9 8 money except by ! sale ( ! /ock or ! w9d+ up ( ! company's bus9ess4 ,bonds issu$ by /ock companies & corporations are really mortgages ^u _! res\rces4 ,su* a bond is usually secur$ by a mortgage ^u ! company's plant1 fran*ises1 & assets1 or "s "p !re(4 ,corporate bonds c only be issu$ by ! cons5t & direction ( ! %>ehold]s ( ! company or corporation4 ,at ! pres5t "t a mortgage secur+ ! paym5t ( corporate bonds is usually plac$ 9 ! h&s ( a tru/ee--g5]ally "s tru/ company--:i* is suppos$ to act 9 behalf ( ! bondhold]s z a unit & :i* is emp[]$ by ! language ( ! bond1 9 ! ev5t ( ! failure ( ! corporation to p]=m ! obligations x assumes 9 said bond1 to =eclose ! mortgage & divide ! proce$s ( sale among ! bondhold]s4--,,c>roll4 ,,classes ,,( ,,corporation ,,bonds ,corporation bonds are ( _m classes1 diff]+ widely 9 _! value z securities4 ,only a few ( ! m important classes c be m5tion$ "h4 ,,fir/ ,,mortgage ,,bonds con/itute1 z ! "n implies1 a fir/ li5 ^u ! prop]ty ( ! company issu+ !m4 ,x is important 9 e/imat+ ! value ( su* securities to "k :e!r !y include only ! prop]ty ( ! corporation at ! "t ! bonds 7 issu$ or :e!r !y are s word$ z to include all prop]ty own$ or acquir$ by ! corporation4 ,second & ?ird mortgage bonds are second & ?ird li5s4 ,! int]e/ ^u second & ?ird mortgage bonds is paid only aft] ! int]e/ ^u fir/ mortgage bonds is satisfi$4 ,:5 bonds are issu$ to take up & put into "o fund all previ\sly issu$ mortgage bonds1 ! new bonds are sometimes call$ ,,consolidat$ ,,mortgage ,,bonds4 ,hold]s ( previ\sly issu$ bonds are n oblig$ to ex*ange !m = any new securities4 ,,income ,,bonds are usually secur$ by a mortgage on ! e>n+s ( ! corporation issu+ !m4 ,int]e/ on su* bonds mu/ be paid be=e divid5ds are decl>$ to /ockhold]s4 ,x is cu/om>y :5 su* bonds are issu$ to set aside a p]c5tage ( ! e>n+s z a s9k+ fund to meet ! bonds at maturity4 ,bonds are issu$ aga9/ all conceivable k9ds ( securities4 ,n only are prop]ties ( _m k9ds us$ to issue bonds ^u1 b _m k9ds ( bonds are (t5 issu$ ^u ! same prop]ties4 ,?is is especially true ( railways1 :]e mortgages ( v>i\s k9ds (t5 lap & ov]lap 9 almo/ endless confusion4 ,,s9k+ ,,funds ,money set aside by a municipality or corporation to s9k a debt at a c]ta9 future "t is call$ a ,,s9k+ ,,fund4 ,= in/ance1 if a city %\ld issue tw5ty-ye> bonds = #ajj1jjj to secure money = /reet improvem5ts ! entire debt w\ld fall due 9 tw5ty ye>s1 b to avoid hav+ su* a l>ge am\nt fall due 9 "o ye>1 a proportional sum is set aside ea* ye> z a s9k+ fund--t is1 to s9k1 or r$uce1 or wipe out ! indebt$ness :5 ! bonds mature4 ,bonds are n paid 9 advance ( maturity4 ,,int]e/ ,,c\pons ,illu/ration3 ,specim5s ( int]e/ c\pons4 ,mo/ bonds h ,,int]e/ ,,c\pons atta*$4 ,^! are cut (f & pres5t$ = paym5t z !y mature4 ,= in/ance1 a f\r p] c5t4 bond = #ajjj w\ld draw #dj int]e/ ye>ly4 ,?is sum w\ld be paid 9 two in/alm5ts ( #bj ea*4 ,if ! bond 7 = tw5ty ye>s !re w\ld be at ! date ( issue =ty int]e/ c\pons1 ea* call+ = #bj & collectable at int]vals ( six mon?s4 ,x4 ,,transportation ,,by ,,rail ,,! ,,gr[? ,,( ,,our ,,railroad ,,sy/em ,a railway map ( ! ,unit$ ,/ates %[s t mo/ p>ts ( our c\ntry h a ?ickly wov5 net ( railroads4 ,! mileage ( our railroad l9es is n[ #ahd1jjj miles1 ! actual l5g? ( track on ^! roads be+ ab\t #bde1jjj miles4 ,! significance ( ^! l>ge figures becomes m manife/ :5 a comp>ison is made betwe5 ! l5g? ( our railroads & ! l5g? ( ^? ( ,europe & ^? ( ! _w4 ,! railroads 9 ! ,unit$ ,/ates comprise ov] f\r n9?s ( ! total railway mileage ( ! _w1 & are consid]ably long] ?an ! railroads ( all ! c\ntries ( ,europe comb9$4 ,! facts are %[n graphically by ! foll[+ diagram3 ,mileage 9 ,europe #aee1jjj ,mileage 9 ,u4 ,s4 #ahd1jjj ,total = ! ,_w #dcd1jjj ,! hi/ory ( ! con/ruction ( ,am]ican railroads cov]s a p]iod ( sev5ty ye>s4 ,! great] "p ( our mileage has be5 built s9ce #ahgj4 ,! foll[+ table & diagram illu/rate ! gr[? ( our railway net dur+ ea* decade3 ,ye> ,miles -------------- #ahcj #bc #ahdj #b1hjj #ahej #i1jjj #ahfj #cj1fjj #ahgj #ec1jjj #ahhj #ij1cjj #ahij #afc1fjj #ahih #ahd1jjj ,x w be not$ t ! decades ( mo/ rapid railway developm5t 7 ! "o f #ahej to #ahfj1 foll[+ ! discov]y ( gold 9 ,cali=nia1 & ! two betwe5 #ahgj & #ahij4 ,we add$ #gj1jjj miles to our railway net betwe5 #ahhj & #ahij--;a record t no o!r c\ntry has equall$4 ,by #ahib we seem to h met ! m urg5t dem&s = new l9es1 & we are n[ annually build+ less ?an #bjjj miles ( new roads4 ,! face value ( ! capital n[ inve/$ 9 ,am]ican railroads is #aa1jjj1jjj1jjj4 ,! numb] ( p]sons employ$ 9 ! railway s]vice is #hej1jjj4 ,,! ,,railway ,,corporation ,! ag5ts t d ! "w ( transportation by rail are ! railway corporations4 ,^! artificial p]sons are creat$ by ! sev]al ,/ates & intru/$ ) ! p]=mance ( s]vices ( a public nature4 ,9 all ! ,g]man /ates & to a l>ge degree 9 _m o!r ,european /ates1 ! gov]nm5ts !mselves provide ! means ( transportation by rail2 b 9 ! ,unit$ ,/ates ! own]%ip & managem5t ( ! railroads is rightly reg>d$ to be a task ( great] magnitude ?an ! adm9i/rative dep>tm5t ( our gov]nm5t is z yet able to cope )4 ,! gr[? ( ! railway corporations ( ! ,unit$ ,/ates has be5 typical ( ! evolution ( indu/rial organisation 9 ?is c\ntry4 ,! e>ly railway corporations 7 small4 ,! ,philadelphia1 ,wilm+ton & ,baltimore ,railroad1 = in/ance1 compris$ ! l9es ( f\r companies4 ,9 #ahej ! road connect+ ,albany & ,buffalo includ$ ! l9es ( sev5 companies4 ,dur+ ! la/ fifty ye>s mo/ ( ! small companies h unit$ to =m ! corporations :i* n[ op]ate our l>ge railway sy/ems4 ,?\gh ! la/ /ati/ical report ( ! ,int]/ate ,comm]ce ,commission--! "o = ! ye> end$ ,june #cj1 #ahif--;conta9s f9ancial reports f #aihe companies1 !re 7 only #ghb indep5d5t op]at+ roads1 ! rema9d] ( ! companies be+ subsidi>y organisations4 ,?is report %[s t =ty-f\r ( ^! op]at+ companies h an aggregate mileage t equals ne>ly six t5?s ( ! total railway mileage ( ! ,unit$ ,/ates4 ,inde$1 ! /ati/ician to ! ,int]/ate ,comm]ce ,commission decl>$ 9 #ahid t ov] #hc p] c5t4 ( ! bus9ess ( ! railways & #hb p] c5t4 ( _! e>n+s fall "u ! control ( less ?an =ty associations ( bus9ess m54 ,! ,p5nsylvania sy/em af=ds a good concrete illu/ration ( railway consolidation4 ,t corporation1 ) its #ijjj miles ( road1 0 built up by ! union ( ov] #bjj railroad companies1 & x n[ comprises )9 its organisation #agg corporations--mo/1 ?\gh n all1 ( :i* are subsidi>y railroad companies4 ,?is "o railway sy/em does "o sev5? ( ! entire freight bus9ess p]=m$ by all ! railroads ( ! ,unit$ ,/ates & h&les "o eigh? ( all ! pass5g] traffic4 ,,! ,,freight ,,s]vice ,,( ,,railroads ,! freight bus9ess ( ! railroads ( ! ,unit$ ,/ates is mu* l>g] ?an _! pass5g] s]vice1 ! e>n+s f freight be+ ne>ly ?ree times t f ! pass5g] traffic4 ,x is only 9 "s ( ! ,new ,engl& ,/ates1 ! mo/ d5sely populat$ p>ts ( ! ,unit$ ,/ates1 t ! pass5g] receipts equal ! freight e>n+s4 ,! indu/rial conditions ( ! ,unit$ ,/ates necessitate ! movem5t ( great quantities ( bulky freight long di/ances4 ,our pr9cipal gra9-fields are f #ajjj to #aejj miles f ! manufactur+ di/ricts & seabo>d cities4 ,our ri*e/ iron deposits are 9 ! ,/ates adjac5t to ,lake ,sup]ior hundr$s ( miles f ! coal-b$s ( ,ill9ois1 ,ohio1 & ,p5nsylvania4 ,mo/ ( ! cotton crop is mov$ long di/ances to rea* ! mills ( ,new ,engl& & ,great ,brita94 ,9 fact1 mo/ ( ! products ( our fields1 =e/s1 m9es1 & factories are m>ket$ ov] wide areas4 ,! av]age di/ance travell$ by ea* ton ( freight mov$ dur+ ! ye> end$ ,june #cj1 #ahif1 0 #abd4dg miles2 &1 z ! railroads c>ri$ #gfe1hia1che tons t ye>1 ! numb] ( tons c>ri$ "o mile 0 #ie1cbh1cfj1bgh4 ,a comp>ison ( ! rev5ues receiv$ f ! freight & pass5g] s]vices by ! ,am]ican1 ,g]man1 ,fr5*1 & ,briti% railways is in/ructive4 ,= ea* doll> receiv$ f ! pass5g] traffic ! ,am]ican railroads e>n #b4ie f _! freight bus9ess1 ! ,g]man roads #b4dj1 ! ,fr5* #a4ca & ! ,briti% railways #a4ag4 ,! ,unit$ ,k+dom has ! greate/ volume ( pass5g] traffic p] population ( any c\ntry 9 ! _w4 ,,am]ican ,,pass5g] ,,traffic ,,on ,,railroads ,,relatively ,,undevelop$ ,! long di/ances ( ! ,unit$ ,/ates necessitate a l>ge freight traffic b act z a h9drance to travel4 ,x is a g5]ally accept$ b errone\s supposition t ,am]icans travel m ?an any o!r p4 ,a comp>ison ( ! pass5g] traffic 9 ! ,unit$ ,/ates ) t 9 ! ,unit$ ,k+dom1 ,g]many1 & ,france reveals "s surpris+ facts4 ,! figures are = #ahif4 ,! numb] ( pass5g]s c>ri$ "o mile p] mile ( road ^u ! railroads ( ! ,unit$ ,/ates 0 #ga1gje1 9 ,france ! numb] 0 #bgc1cae1 9 ,g]many #cae1cii1 & 9 ! ,unit$ ,k+dom #ddj1jjj4 ,! av]age di/ance :i* ! ,briton travels p] ye> by rail is #bdd miles2 = ! ,am]ican ! di/ance is #bji miles1 = ! ,fr5*man #agf miles1 & = ! ,g]man #afe miles4 ,! ,engli%man takes #bd4d trips p] ye> on an av]age1 ! ,g]man #aa4c1 ! ,fr5*man #i4f1 & ! ,am]ican #h4b4 ,am]icans travel ext5sively1 b x is evid5t f ! =ego+ comp>isons t ! possibility ( develop+ ! pass5g] s]vice 9 ?is c\ntry has by no means rea*$ its limit4 ,,relation ,,( ,,transportation ,,on ,,railroads ,,to ,,economic ,,organisation ,! economic *anges :i* h accompani$ ! great developm5t ( transportation t has tak5 place dur+ ! la/ fifty ye>s h revolutionis$ our indu/rial & social life4 ,among ! effects ( develop$ transportation ^u ! economic organisation may be not$3 ,fir/1 t relations ( produc]s & consum]s h be5 fundam5tally *ang$ by plac+ a l>g] m>ket at ! s]vice ( bo?4 ,_m classes ( commodities are n[ b\ght & sold 9 a _w m>ket t 7 =m]ly re/rict$ to local trade4 ,second1 improv$ transportation has made ! prices ( commodities m uni=m = diff]5t produc]s & consum]s4 ,! v>iations due to situation h be5 less5$4 ,9 a l mann] !re has be5 a decrease 9 ^? "t v>iations 9 prices t result f *anges 9 ! supply ( commodities4 ,improv$ transportation also makes prices l[]--n only because x r$uces ! co/s ( mov+ ! raw mat]ials ( manufacture & ! f9i%$ products ( indu/ry1 b also because x enables ! m]*ant to turn 8 /ock (t5] & ?us d bus9ess ) less exp5ses = capital4 ,z a ?ird effect ( improv$ transportation may be m5tion$ ! accel]ation :i* x has giv5 to ! gr[? ( cities4 ,*eap & effici5t transportation has l$ manufactur]s to locate _! plants :]e !y c comm& a l>ge supply ( lab\r & :]e !y h ! greate/ advantages = ! di/ribution ( _! products4 ,! great manufactur+ e/abli%m5ts are n[ locat$ 9 ,*icago1 ,new ,york1 ,philadelphia1 ,pittsburg1 & ! o!r l>ge cities4 ,conditions ( transportation h become a /rong] factor ?an ev5 ! location ( ! s\rces ( raw mat]ials 9 det]m9+ :]e an indu/ry %all be e/abli%$4 ,! effect ( ! railroad ^u ! location ( agriculture has be5 no less pot5t4 ,! railroad has br\ght new agricultural regions into cultivation & de/roy$ ! pr(its ( c]eal agriculture 9 _m p>ts ( ! ,ea/]n ,/ates4 ,ano!r important consequ5ce ( improv$ transportation & communication has be5 t ( br++ ! nations ( ! _w into clos] economic & social relations4 ,) ! gr[+ solid>ity ( ! economic int]e/s ( ! c\ntries ( ! _w1 ) ! multiplication ( ! intellectual & o!r social ties t unite ! nations1 _! political relations inevitably *ange1 & = ! bett]4 ,no?+ is do+ m to advance ! atta9m5ts ( ! *]i%$ ideal ( int]national amity ?an is ! developm5t ( transportation4 ,,xi4 ,,freight ,,transportation ,,by ,,rail ,,! ,,orig9 ,,( ,,railroad ,,traffic ,,associations ,! p]=mance ( ! transportation s]vices necessitates ! co-op]ation ( c>ri]s4 ,:5 ! gov]nm5t owns & op]ates ! railroads ( a c\ntry !y are manag$ by a s+le au?ority1 & ! diff]5t p>ts ( ! railway sy/em are fully co-ord9at$2 b :5 ! railroads are op]at$ by a l>ge numb] ( indep5d5t corporations1 co-op]ation c be secur$ only by means ( traffic associations compos$ ( repres5tatives ( ! railway companies1 & intru/$ ) ! p[] ( mak+ arrangem5ts affect+ jo9t traffic1 & settl+ que/ions involv+ ! int]e/s ( two or m companies4 ,two di/9ct causes br\ght ab\t ! e/abli%m5t ( railway traffic associations4 ,! fir/ cause 0 ! necessity ( co-op]ation to facilitate ! jo9t bus9ess ( connect+ l9es4 ,?r\gh tickets1 jo9t f>es & rates1 ?r\gh bills ( lad+1 ! int]*ange ( c>s betwe5 connect+ roads1 & ! settlem5t ( jo9t acc\nts l$ to ! e/abli%m5t ( co-op]ative freight l9es1 c>-s]vice associations1 claim associations1 & v>i\s o!r g5]al & local organisations = ! promotion ( ! jo9t transportation bus9ess4 ,! o!r cause ( co-op]ation among ! railways 0 ! necessity ( regulat+ competition4 ,?is cause fir/ became pot5t aft] ! process ( consolidation _h br\ght ab\t ! =mation ( num]\s l>ge railway sy/ems1 & _h inaugurat$ ! viol5t competition :i* l$ to discrim9ations 9 transportation *>ges1 rate w>s1 & ! o!r evils :i* h comb9$ to produce ! railway "q4 ,! competitive /ruggles ( rival railway sy/ems began to be viol5t %ortly aft] #ahfg1 & soon l$ to ! =mation ( railway traffic associations1 ) enl>g$ p[]s4 ,! classification ( freight1 ! det]m9ation ( rates on competitive traffic1 & ! apportionm5t ( t traffic1 or ( ! e>n+s f x1 among ! competitors became functions ( ! associations4 ,,! ,,"w ,,( ,,alb]t ,,f9k ,! man :o did m ?an any o!r p]son to develop traffic associations & to promote ! co-op]ation ( compet+ railroads 0 ! late ,alb]t ,f9k4 ,x 0 8 ma/] m9d t organis$ & put into successful op]ation 9 #ahgf ! ,s\!rn ,railway & ,/eam%ip ,association4 ,! foll[+ ye> ,alb]t ,f9k succe$$ 9 organis+ ! great trunk l9es connect+ ! ,nor? ,atlantic seabo>d & ! ,/ates nor? ( ! ,ohio ,riv]4 ,?\gh small] traffic associations simil> to ^! two organisations _h be5 previ\sly e/abli%$ :]e b few ob/acles _h to be ov]come1 x 0 ,f9k :o fir/ organis$ traffic associations includ+ all ! compet+ railroads s]v+ l>ge sections ( ! c\ntry4 ,9 discuss+ ! "w ( traffic associations1 :i* are to-day conc]ns ( really enorm\s magnitude1 railway pool+ & ! classification ( freight especially dem& consid]ation4 ,,railroad ,,pool+ ,railroad pools are agreem5ts ent]$ into by compet+ c>ri]s1 by :i* ! railroads provide = ! division ) ea* o!r ( _! competitive traffic1 or ( ! e>n+s f t traffic 9 accordance ) /ipulat$ ratios4 ,?us !re are traffic pools & money pools4 ,dur+ ! decade prec$+ #ahhg1 ! ye> :5 ! pres5t int]/ate comm]ce law 0 enact$1 mo/ traffic associations _h ! pool+ feature1 & mo/ ( ! competitive railway traffic 0 pool$1 ?us elim9at+ all competition 9 rates4 ,pool+ agreem5ts h nev] be5 legal 9 ?is c\ntry4 ,be+ illegal by ! common law1 !y c\ld n be en=c$ 9 ! c\rts4 ,section #d ( ! int]/ate comm]ce law made x unlawful = ! c>ri]s subject to ! act to pool _! freights or ! e>n+s f _! freight traffic1 & made x necess>y = ! traffic associations to reorganise )\t ! pool+ agreem5ts4 ,until ,m>* #bb1 #ahig1 x 0 suppos$ t ! associations1 )\t pool+ agreem5ts1 7 legal2 b1 on t date1 9 ! case ( ! ,unit$ ,/ates vs4 ! ,trans-,miss\ri ,freight ,association1 ! ,unit$ ,/ates ,supreme ,c\rt held t ! law ( ,july #b1 #ahij1 popul>ly kn[n z ! ,%]man anti-tru/ law1 appli$ to railways1 & made x illegal = railway companies to contract ) ea* o!r to ma9ta9 rates4 ,?us at ! pres5t "t traffic associations are p]mitt$ nei!r to conta9 a pool+ feature nor to provide arrangem5ts = ! en=cem5t or ma9t5ance ( rates1 al?\gh ! *>ges may be reasonable & be sanction$ by all ! c>ri]s int]e/$4 ,! associations may n[ legally ex]cise ^? functions :i* are connect$ ) ! jo9t bus9ess ( _! memb]s1 & !y may act z bureaus ( in=mation reg>d+ ! competitive traffic4 ,!y h no p[] to make or to ma9ta9 rates4 ,,traffic ,,associations ,,includ+ ,,pool+ ,,%\ld ,,be ,,legalis$ ,! be/ p]=mance ( ! s]vice ( transportation by rail requires ! fulle/ possible co-ord9ation ( ! diff]5t p>ts ( our transportation sy/em & ! l>ge/ atta9able measure ( co-op]ation among ! ag5ts :o p]=m ! s]vice4 ,section #d ( ! act ( #ahhg & ! law ( ,july1 #ahij1 z f> z ! latt] relates to railways1 are bas$ on an uns\nd !ory4 ,provision hav+ be5 made = t k9d & measure ( gov]nm5tal regulation ( railway rates t w insure reasonable *>ges1 ! railways %\ld be p]mitt$ to co-op]ate 9 rate-mak+ & be giv5 p[] to pool _! competitive bus9ess4 ,,classification ,,( ,,railroad ,,freight ,!re are ?\s&s ( v>ieties ( freight (f]$ to ! railroads = transportation4 ,if ea* class ( commodities 7 *>g$ ! same freight rate p] ton p] mile1 ! *>ges ^u _m articles ( prime necessity1 su* z coal1 lumb]1 & gra91 w\ld be s high z to prev5t _! be+ mov$1 :ile ! rates on goods ( high value p] bulk w\ld be mu* l[] ?an !y c\ld readily pay4 ,classification mu/ prec$e ! fix+ ( rate s*$ules4 ,! railroads are int]e/$ 9 adju/+ _! *>ges to s]vices p]=m$ 9 su* a mann] z to insure ! greate/ possible am\nt ( traffic at rates t are prop]ly remun]ative4 ,! public is int]e/$ 9 hav+ ! necess>y rev5ues ( ! railroads s levi$ z to make ! burd5s z light z possible4 ,to accompli% ?is a c>eful gr\p+ ( commodities is necess>y4 ,! goods are usually classifi$ 9 five or six l>ge divisions4 ,! (ficial classification ref]r$ to bel[ has six classes4 ,! fir/ class consi/s ( articles ( high value1 ! six? class ( bulky commodities ( l[ value1 su* z iron ore1 lumb]1 gra9 9 bulk1 etc4 ,9 practice1 h[ev]1 ! numb] ( classes is at lea/ d\bl$4 ,goods ( especially high value are made to pay once & a half1 d\ble1 treble or quadruple ! regul> fir/-class rate4 ,a commodity is also frequ5tly plac$ 9 m ?an "o class1 ! rat+ ( classification be+ l[] = c>-load lots ?an = less ?an c>-load %ipm5ts4 ,! classification is fur!r ext5d$ by omitt+ c]ta9 articles f ! li/ ( ^? classifi$4 ,live /ock & coal are illu/rations ( articles to :i* s-call$ commodity1 z di/9ct f classification1 rates are giv54 ,! individual %ipp]s are con/antly endeav\r+ to h _! goods giv5 commodity rates1 & ! ef=t ( ! railroad companies is to r$uce ! numb] ( articles except$ f classification4 ,commodity t>iffs h be5 a fruitful s\rce ( unju/ discrim9ation4 ,f ?is description ( freight classifications x w be p]ceiv$ t ! ma9 basis ^u :i* ! gr\p+ ( commodities re/s is ! relative value ( ! goods4 ,! gradations _c1 h[ev]1 be made /rictly accord+ to value4 ,! goods are frequ5tly put into a l[] class ?an _! value w\ld w>rant 9 ord] to /imulate _! production & %ipm5t or to develop ! indu/ries dep5d+ ^u ^? articles4 ,at fir/ ea* railroad work$ out a classification ( its own1 & !re 7 practically z _m classifications z !re 7 railway sy/ems4 ,! disadvantages ( ?is soon became app>5t ) ! developm5t ( long-di/ance traffic4 ,! multiplicity ( classifications made x difficult = %ipp]s or pur*as]s to asc]ta9 9 advance :at ! *>ges on consignm5ts w\ld be2 !re 0 a con/ant t5d5cy to increase ! numb] ( commodity t>iffs1 & unju/ p]sonal & local discrim9ations 7 9 consequ5ce made m num]\s4 ,x became evid5t t !re w\ld be great advantages 9 hav+ "o uni=m classification = ! :ole ,unit$ ,/ates4 ,?is ideal has n be5 rea*$ yet1 b ! numb] ( classifications has be5 practically r$uc$ to ?ree--! (ficial1 apply+ to ! traffic nor? ( ! ,potomac & ,ohio & we/ ( ! ,mississippi2 ! s\!rn1 9 =ce among ! railroads 9 ! ,s\!rn ,/ates1 & ! we/]n1 :i* obta9s 9 ! t]ritory we/ ( ! ,mississippi ,riv]4 ,?is amalgamation ( ! classifications has be5 br\ght ab\t *iefly by ! traffic associations & z ! result ( ! enactm5t ( ! int]/ate comm]ce law4 ,9 ord] to avoid ! discrim9ations prohibit$ by t law x 0 necess>y to ab&on ! sy/em ( a sep>ate classification = ea* railway4 ,x is to be hop$ t ! atta9m5t ( ! ideal ( uni=m classification w n be long delay$4 ,,! ,,conduct ,,( ,,! ,,freight ,,bus9ess ,,( ,,railroads--,,transportation ,,pap]s ,! mann] 9 :i* ! freight bus9ess is conduct$ af=ds a good illu/ration ( ! high degree ( developm5t to :i* mod]n bus9ess me?ods h atta9$4 ,freight is accept$ by ea* railroad = %ipm5t n only to all po9ts on its own sy/em1 b also practically to e railway /ation 9 ! c\ntry1 & ev5 to _m =eign cities4 ,a waybill conta9+ ! initials ( ! numb] ( ! c> us$1 ! "n ( ! consignor1 ! "n & address ( ! consignee1 ! description & weight ( ! articles s5t1 ! freight class & rate ( ! goods1 & ! total am\nt ( freight *>ges1 accompanies ea* %ipm5t & is deliv]$ to ! ag5t at ! place to :i* ! goods are %ipp$4 ,= ! goods ?us accept$ = transportation1 manife/s1 or bills ( lad+1 are issu$ to ! consignor1 :i*1 l o!r repres5tatives ( prop]ty1 may be transf]r$ by ! own] or may be deposit$ 9 a bank subject to draft4 ,bills ( lad+ are ( two g5]al k9ds--/raight consignm5t bills & ord] bills4 ,:5 a /raight consignm5t bill ( lad+ is issu$ ! goods mu/ be deliv]$ to ! consignee or to ! p]son to :om he may ord] !m deliv]$4 ,an ord] bill ( lad+ is "o t may be transf]r$ ^u indorsem5t4 ,! foll[+ concise description ( an ord] bill ( lad+ is tak5 f ! ,book ( ,g5]al ,in/ructions to ,freight ,ag5ts1 issu$ by ! ,p5nsylvania ,railroad ,company3 ,:5 freight is consign$ to ,ord] x is1 z a rule1 = ! purpose ( secur+ ! paym5t at de/9ation ( a draft = ! value ( ! prop]ty4 ,! draft is usually atta*$ to ! bill ( lad+ & s5t ?r\gh a bank = collection f ! p>ty at de/9ation1 :o is to be notifi$ ( ! arrival ( ! freight4 ,! paym5t ( ! draft secures to ! pay] ! possession ( ! bill ( lad+1 :i* mu/ be indors$ by ! p>ty to ^: ord] ! prop]ty is consign$4 ,,xii4 ,,railroad ,,rates ,transportation *>ges h su* a g5]al & vital relation to indu/rial & social welf>e t ! problem ( ! j & equitable di/ribution ( _! assessm5t is "o ( p>am\nt economic & political consequ5ce4 ,a consid]ation ( ! ma9 factors :i* influ5ce ! railway companies 9 fix+ *>ges %\ld prec$e a discussion ( ! regulation ( transportation by ! gov]nm5t4 ,,g5]al ,,factors ,,:i* ,,det]m9e ,,railroad ,,rates ,,& ,,f>es ,! factors :i* h mo/ weight 9 fix+ s*$ules ( rates & f>es are :at x w co/ to p]=m ! sev]al s]vices1 :at ! s]vices are wor? to ^? = :om !y are to be r5d]$1 & ! ext5t to :i* !re is competition among rival c>ri]s to secure ! traffic conc]n$4 ,?\gh on ! face ( ?+s x w\ld seem t ! railways %\ld fix ! *>ges = _! v>i\s s]vices 9 accordance ) ! co/s ( p]=m+ ^? s]vices1 x is nei!r practicable = !m to d s nor is x desirable f ! /&po9t ( public welf>e t su* a crit]ion %\ld be adopt$4 ,x is impracticable = ! railroads to base _! *>ges ^u co/ ( s]vice1 because x is impossible to det]m9e accurately ! elem5ts :i* ent] into ! co/ ( p]=m+ ! p>ticul> transportation s]vice4 ,! mod]n railroad is a v complex me*anism1 employ$ 9 ! p]=mance ( a multitude ( diff]5t s]vices4 ,no railroad (ficial is able to say j h[ mu* ( ! company's total exp5ses are to be *>g$ aga9/ any "o p>ticul> freight or pass5g] s]vice4 ,! co/ ( s]vice w\ld be an undesirable basis ( rates1 because ! railroads w\ld d]ive su* a small "p ( _! total necess>y rev5ues f ! c>riage ( goods hav+ a high value 9 proportion to bulk & weight1 t !y w\ld be oblig$ to *>ge mu* high] rates ?an !y n[ d ^u ! crud] products ( ! f>m1 =e/1 & m9e4 ,^! products are ! basic mat]ials ( indu/ry1 & ! l[e/ possible rate = _! transportation is ess5tial to social & economic progress4 ,,value ,,( ,,s]vice ,,& ,,value ,,( ,,commodities ,value ( s]vice is a m desirable basis = rates & f>es ?an co/ ( s]vice4 ,by *>g+ accord+ to value ( s]vice is meant t ! %ipp]s ( commodities & ! pass5g]s :o travel %all contribute to ! railroad's aggregate exp5ses 9 proportion to ! value :i* !y d]ive f ! transportation s]vice4 ,! rates & f>es may cov] a "p or all ( ! value ( ! s]vice obta9$4 ,9 ei!r case !y are fix$ ) ref]5ce to t value & n ) reg>d to ! co/ involv$ 9 p]=m+ ! "w ( transportation4 ,! levy ( rates & f>es 9 accordance ) ?is !ory1 :i* is usually call$ *>g+ :at ! traffic w be>1 is consid]$ by mo/ p to di/ribute transportation *>ges prop]ly1 because x is claim$ t ! true measure ( a %ipp]'s or a pass5g]'s ability to pay = a desir$ s]vice is ! value :i* he w !reby d]ive4 ,t ?is !ory1 nev]!less1 does n af=d an altoge!r satisfactory basis ( *>ges1 p>ticul>ly 9 ! freight traffic1 may be readily %[n4 ,:ile x is true t ! am\nt ( value add$ by transportation to goods ( l[ value is less = ea* unit ( weight or bulk ?an ! am\nt ( value :i* is acquir$ by an equal weight or bulk ( high-pric$ commodities1 yet ! p]c5tage increase 9 value is great] 9 ! case ( ! goods ( l[ co/4 ,exp5sive articles c be c>ri$ long di/ances )\t add+ v mu* to _! co/ to ! consum]s4 ,measur$ 9 _! p]c5tages1 !n1 ! value ( ! s]vice ( transportation is relatively mu* l[] 9 ! case ( ! high]-pric$ commodities4 ,! freight *>ges on :eat range f tw5ty to =ty p] c5t4 ( its f>m value1 :ile ! rate on %oes is possibly two p] c5t4 ( _! factory price4 ,t ^! *>ges are levi$ 9 accordance ) ! real ability ( ! articles to pay w\ld be h>d to e/abli%4 ,a ,,p>tial ,,!ory ,,( ,,railroad ,,freight ,,rates ,)\t attempt+ 9 ?is connection to =mulate a complete !ory ( freight rates1 x may be said t !re are ?ree factors to :i* weight %\ld be giv5 9 fix+ *>ges3 ,fir/1 ! co/ ( s]vice4 ,! total co/s ( transportation1 includ+ a fair return on inve/$ capital1 mu/ be cov]$ by total receipts4 ,fur!rmore1 ! m9imum rate *>g$ any p>ticul> class ( commodities ought to be suffici5t to pay ! op]at+ exp5ses incurr$ 9 transport+ ! goods4 ,second1 ! value ( ! s]vice4 ,?is fixes ! maximum rate t may be *>g$4 ,7 ! railroads to *>ge m ?an ! s]vice is wor? to ! %ipp] ! s]vice w\ld n be desir$4 ,?ird1 ! value ( ! commodities4 ,betwe5 ! m9imum rate fix$ by ! op]at+ exp5ses & ! maximum *>ge det]m9$ by ! value ( ! s]vice actual rates may v>y ?r\gh a wide possible range4 ,9 det]m9+ :at rates )9 ?is range w be !oretically mo/ j & lea/ discrim9atory1 consid]ation %\ld be giv5 bo? to ! value ( ! s]vice &--m ?an is ! case at pres5t--to ! value ( ! articles transport$4 ,by do+ ?is rates w be paid by ! v>i\s articles ( freight m ne>ly 9 proportion to _! ability to pay4 ,,! ,,effect ,,( ,,competition ,,on ,,railroad ,,rates ,,& ,,f>es ,:atev] !ory ( rates may be accept$ z ideally be/1 x _c be /rictly adh]$ to "u ! exi/+ conditions ( active competition obta9+ 9 ! ,unit$ ,/ates4 ,actual *>ges h to be fix$ & revis$ to meet ! v>y+ circum/ances "u :i* railway traffic is conduct$4 ,?is competition takes sev]al di/9ct =ms4 ,"o is t betwe5 railways & wat]ways4 ,a l>ge "p ( ! dome/ic traffic ( ! ,unit$ ,/ates has ! *oice ( transportation by rail or by wat] on ! great lakes & ! tribut>y canals1 by ! navigable riv]s1 or by "o ( ! _m ocean r\tes foll[$ by our coa/wise comm]ce4 ,!re is also ! competition ( rival railways connect+ common t]m9i or s]v+ ! same cities4 ,^! =ms ( competition are ! ones mo/ frequ5tly not$2 b !y p]haps ex]cise a less pot5t influ5ce ov] rates ?an :at is kn[n z competition ?r\gh ! m>kets or ?r\gh ! *annels ( trade4 ,! competition betwe5 rival c5tres ( comm]ce & indu/ry--betwe5 ! ,atlantic cities & ! gulf ports1 = in/ance1 or betwe5 ! manufactures ( ,new ,york & ,philadelphia & ^? ( ,*icago or ,c9c9nati = ! m>kets ( ! ,s\!rn ,/ates1 to cite ano!r example--is a =ce t mu/ be consid]$ 9 mak+ rates & f>es4 ,ev5 t[ns s]v$ by only "o railway & by no wat]way enjoy ! b5efits ( ?is indu/rial competition4 ,unless ! railroad c give ! indu/ries 9 ^! local t[ns rates t w enable !m to m>ket _! products1 ! indu/ries w decl9e & ! railway w lose its traffic4 ,an int]e/+ result ( ! competition ( roads connect+ common t]m9i or jo9+ a common indu/rial region ) seabo>d po9ts is t ! road ^: l9e is ! longe/ & ^: exp5ses ( transportation are greate/ is oblig$ to *>ge ! l[e/ rate4 ,! %ort l9es c *>ge m because !y compete = traffic "u m fav\rable circum/ances4 ,! l[] *>ge ( ! long] l9e is call$ a diff]5tial rate1 & x is cu/om>y = ! %ort] or /&>d l9es to agree to all[ ! diff]5tial l9e a /ipulat$ diff]5tial rate4 ,?is is ! concession :i* ! /&>d l9es are oblig$ to make to temp] competition & to prev5t rate w>s4 ,! ,gr& ,trunk1 runn+ f ,*icago to ,bo/on by way ( ,montreal1 is a good example ( a diff]5tial l9e1 & ! ,new ,york ,c5tral is a good in/ance ( a /&>d l9e4 ,,gov]nm5tal ,,regulation ,,( ,,railroad ,,transportation ,x is a maxim ( common law t transportation *>ges mu/ be reasonable1 & ! exaction ( an unreasonable rate by a public c>ri] is a common-law misdemean\r puni%able by ! c\rts4 ,b :51 z ! result ( sev]e competition ( railroads ) wat]ways & ) ea* o!r1 unju/ discrim9ations betwe5 p]sons1 betwe5 places1 & z reg>ds classes ( traffic--! abuses :i* con/itute ! railway "q--became preval5t1 ! common-law provisions apply+ to railway *>ges 7 giv5 /atutory =m & 7 supplem5t$ & ext5d$ by su* legislation z ! circum/ances peculi> to ! situation seem$ to dem&4 ,! compreh5sive railway- & canal-traffic act pass$ by ,great ,brita9 9 #ahed has be5 ! model adopt$ = mu* ( ! railway legislation 9 ! ,unit$ ,/ates4 ,! ,con/itution ( ! ,unit$ ,/ates gives ,congress p[] to regulate comm]ce among ! sev]al ,/ates1 b ! jurisdiction ov] intra/ate traffic lies ) ! ,/ate gov]nm5ts4 ,! ,/ates began to pass g5]al laws = ! regulation ( railroads fully tw5ty ye>s be=e ,congress act$1 & two ?irds ( ! ,/ates h e/abli%$ commissions to adm9i/] ^? laws4 ,,! ,,int]/ate ,,comm]ce ,,law ,aft] fifte5 ye>s ( agitation & inve/igation ! exi/+ int]/ate comm]ce law 0 enact$ 9 #ahhg4 ,! law prohibits unreasonable rates & unju/ discrim9ations betwe5 p]sons1 places1 & classes ( traffic1 prohibits pool+ agreem5ts1 provides p5alties = ! violation ( ! law1 & e/abli%es a commission ( five m5 to adm9i/] & en=ce ! /atute4 ,=tunately = ! commission & = ! c\ntry ! fir/ *airman ( t body 0 ! em95t juri/1 ,?omas ,m4 ,cooley1 ^: ma/] m9d did mu* to give vitality to ! law4 ,dur+ ! fir/ five ye>s aft] ! law 0 pass$ x secur$ a fairly effici5t regulation ( int]/ate railway comm]ce1 b rec5t decisions ( ! ,unit$ ,/ates ,supreme ,c\rt h s weak5$ ! law t at pres5t ! commission has v little p[]4 ,! commission c inve/igate compla9ts & make reports1 x c collect /ati/ical in=mation1 x c & does in=mally adju/ _m diff]5ces betwe5 %ipp]s & c>ri]s2 b1 to quote f ! la/ report ( ! commission1 x has ceas$ to be a body = ! regulation ( int]/ate c>ri]s4 ,legislation to am5d & /r5g!n ! int]/ate comm]ce law is urg5tly ne$$4 ,illu/ration3 ,judge ,?omas ,m4 ,cooley4 7,fir/ *airman ( ! int]/ate comm]ce commission47 ,,xiii4 ,,/ock ,,& ,,produce ,,ex*anges ,,! ,,/ock ,,ex*ange ,! /ock ex*anges ( ! _w mu/ n be consid]$ simply z noisy congregations ( brok]s speculat+ 9 securities "u ! guise ( legitimate bus9ess4 ,!y really play an important & necess>y "p 9 ! f9ancial me*anism ( ! c\ntry1 & are in/rum5ts ( enorm\s value 9 subdivid+ & di/ribut+ capital1 & 9 direct+ its employm5t 9 great comm]cial & indu/rial ent]prises4 ,! l>ge/ /ock ex*ange ( ! _w is t ( ,london4 ,x is n only ! c5tre ( ! ,engli% m>ket = /ocks & securities b1 l ! ,bank ( ,engl&1 x is l9k$ int]nationally ) ne>ly all ! f9ancial c5tres ( ! _w4 ,almo/ e reputable security is m>ketable 9 ,london1 ei!r ?r\gh ! ord9>y *annels provid$ by arbitrage deal]s1 :o buy 9 ! *eap] & sell 9 ! de>] m>kets1 or ?r\gh ! ag5cy ( tru/s & inve/m5t conc]ns4 ,! magnitude & ext5t ( ! f9ancial res\rces ( ! ,london ,/ock ,ex*ange are enorm\s4 ,its advantages to ! bus9ess public outweigh altoge!r ! drawbacks impos$ by ! too-speculative _s ( mank9d4 ,x is a great bus9ess b>omet]1 extremely s5sitive to all conditions likely to di/urb ! _w's f9ances4 ,! ,london ,/ock ,ex*ange has sc>cely m ?an "o hundr$ ye>s ( hi/ory4 ,9 ! e>ly "p ( ! c5tury ! eld] ,ro?s*ild 0 "o ( ! giants on '*ange1 & x 0 9 ?is bus9ess t he amass$ ! great =tune :i* makes ! "n ( 8 h\se a synonym = money p[]4 ,! memb]%ip ( ! ,london ex*ange is n limit$ to a fix$ numb]1 z 9 ,p>is & ,new ,york4 ,9 ! ,p>is ,b\rse all ag5ts are /rictly =bidd5 to trade on _! own acc\nt4 ,illu/ration3 ,! ,p>is ,b\rse4 ,! ,new ,york ,/ock ,ex*ange 0 =m$ 9 #agib4 ,!re are #aajj memb]s4 ,memb]s are elect$ & mu/ be nom9at$ by two m5 :o w say t !y w\ld accept ! unc]tifi$ *eque ( ! nom9ee = #bj1jjj4 ,! initiation fee is #bj1jjj4 ,memb]%ips h sold z high z #cb1ejj1 & ! m>ket value ( a seat on ! ,ex*ange v>ies only slightly f ye> to ye>4 ,illu/ration3 ,int]ior view ( ,new ,york ,/ock ,ex*ange4 ,!re are /ock ex*anges 9 all l>ge cities1 & scatt]$ ?r\gh\t ! c\ntry 9 conv5i5t c5tres are gra9 & produce ex*anges1 cotton ex*anges1 petroleum ex*anges1 etc4 ,^! ex*anges are really ! c5tral m>kets = ! commodities !y repres5t4 ,commodity ex*anges deal 9 actual products1 ev5 ?\gh ! deal]s h&le no?+ b w>eh\se receipts or promises to deliv]4 ,/ock ex*anges deal 9 cr$its & securities1 :i* may or may n h a tangible value back ( !m4 ,!re is no reason :y bonds & %>es %\ld n be publicly dealt 9--& 9 l>ge quantities--z well z dry goods1 corn or cotton2 b1 un=tunately1 few /ock ex*anges conf9e _! transactions :olly to legitimate bus9ess4 ,y w look 9 va9 9 ! quotations = ! /ock ( doz5s ( corporations ^: securities are among ! *oice/ inve/m5ts4 ,x is ^u fluctuations t /ock speculations prosp]1 & x is (t5 true t ! l>ge/ pr(its are made on ! poore/ /ocks4 ,transactions are quickly collect$ & report$ to ! _w4 ,9 hundr$s ( (fices 9 ,new ,york1 ,*icago1 & o!r ,am]ican cities may be se5 a little in/rum5t call$ a tick]1 :i* automatically pr9ts abbreviat$ names ( /ocks1 ) _! prices1 on a n>r[ ribbon ( pap]4 ,^! tick]s are r5t$ to ^! (fices by ! telegraph companies1 & z fa/ z ! sales are made ! quotations are tick$ (f 9 ?\s&s ( (fices 9 all p>ts ( ! ,unit$ ,/ates4 ,,te*nical ,,t]ms ,,( ,,/ock ,,ex*anges ,! t]m bull is appli$ to ^? :o are pur*as]s ( /ock = long acc\nt1 ) ! purpose ( advanc+ prices1 z ! t5d5cy ( a bull is to elevate ev]y?+ )9 8 rea*4 ,! t]m be> is appli$ to ^? :o sell %ort /ock1 ) ! purpose ( depreciat+ values4 ,! be> op]ates = a decl9e 9 prices4 ,! brok]'s *>ge = 8 s]vices is call$ a commission1 :i* 9 ! ,new ,york ,/ock ,ex*ange is "o eigh? ( "o p] c5t4 ea* way on a p> value ( ! security pur*as$ or sold4 ,a po9t means "o p] c5t4 on ! p> value ( a /ock or bond4 ,/ock privileges or puts & calls are ext5sively dealt 9 abroad & to "s ext5t "h4 ,a put is an agreem5t 9 ! =m ( a writt5 or pr9t$ contract fill$ out to suit ! case1 :]eby ! sign] ( x agrees to accept ^u "o day's notice1 except on ! day ( expiration1 a c]ta9 numb] ( %>es ( a giv5 /ock at a /ipulat$ price4 ,a call is ! rev]se ( a put1 giv+ its own] ! "r to dem& ! /ock "u ! same conditions4 ,a put may s]ve z an insurance to an inve/or aga9/ a radical decl9e 9 ! value ( /ocks he owns2 a call may be pur*as$ by a man ^: prop]ty is n imm$iately available1 b :o may desire to be plac$ 9 a position to procure ! %>es at ! call price1 if !y are n bel[ t 9 ! op5 m>ket :5 he secures ! necess>y funds4 ,! speculator usually trades on m>g9s4 ,if he has #ejj to inve/ he buys #ejjj wor? ( /ock1 8 #ejj be+ t5 p] c5t4 ( ! total am\nt4 ,he expects to sell aga9 be=e ! rema9+ am\nt falls due4 ,! m>g9 is usually plac$ by ! speculator 9 ! h&s ( a brok] z a gu>anty aga9/ loss4 ,al?\gh ^! brok]s are really ag5ts = o!rs1 yet on '*ange !y /& 9 ! mutual relation%ip ( pr9cipals4 ,a m>g9 is m]ely a p>tial paym5t1 b a brok] buy+ /ock = a cli5t on m>g9 is compell$ to :olly pay = x4 ,if he has n ! necess>y capital 8 usual cu/om is to borr[ f banks or money-l5d]s1 pl$g+ ! /ock z collat]al security4 ,9 =eign ex*anges ! elem5t ( cr$it ent]s m l>gely into ! conduct ( bus9ess4 ,:]e ! cr$it ( ! cli5t 9 ,london is e/abli%$ 8 brok] does n1 ord9>ily1 call on him = any ca% until ! next settlem5t day4 ,a wa% sale is a fictiti\s transaction made by two memb]s act+ 9 collusion = ! purpose ( swell+ ! volume ( app>5t bus9ess 9 a security & ?us giv+ a false impression ( its value4 ,/ocks sell divid5d-on betwe5 ! "t ! divid5d is decl>$ & ! day ! books ( ! company close = transf]2 aft] t !y sell ex-divid5d1 9 :i* case ! divid5d does n g to ! buy]4 ,:5 a company decides n to decl>e a divid5d x is said to pass its divid5d4 ,to sell /ock buy] #c is to give ! buy] ! privilege ( tak+ x on ! day ( pur*ase or on any ( ! ?ree foll[+ days1 )\t int]e/2 & to sell /ock sell] #c is to give ! sell] ! privilege ( deliv]+ x on ! day ( pur*ase or on any "o ( ! ?ree foll[+ days )\t int]e/4 ,buy] #c is a little l[] & sell] #c a little high] ?an regul> way :5 ! m>ket is 9 a normal condition4 ,bucket %ops are e/abli%m5ts conduct$ nom9ally = ! transaction ( a /ock-ex*ange bus9ess b really = ! regi/ration ( bets or wag]s1 usually = small am\nts1 on ! rise or fall ( ! prices ( /ocks1 !re be+ no transf] or deliv]y ( ! commodities nom9ally dealt 94 ,!re are ?\s&s ( ^! c\nt]feit conc]ns ?r\gh\t ! c\ntry conduct$ )\t any reg>d = legitimate comm]cial ent]prises4 ,,future ,,deliv]y ,gra9 is /or$ 9 w>eh\ses until ne$$ = mill+ or %ipm5t4 ,:5 we speak ( ,decemb] :eat we mean :eat t is to be deliv]$ to ! buy] 9 ,decemb]4 ,! c>ry+ *>ges include /orage1 int]e/1 & insurance1 s t :eat sold = ,may deliv]y w\ld necess>ily br+ a high] price ?an :eat sold = ,decemb] deliv]y4 ,c>ry+ *>ges are 9 fav\r ( ! %ort sell]4 ,:5 sold = imm$iate deliv]y x is kn[n z ca% gra94 ,,xiv4 ,,/orage ,,& ,,w>eh\s+ ,,bond$ ,,w>eh\ses ,!re is a gov]nm5t regulation t an import] :o does n wi% to pay imm$iately ! cu/oms duties on 8 goods may h !m /or$ 9 a w>eh\se1 provid$ he furni% a bond ) a surety t he w pay ! duty )9 ?ree ye>s or export ! goods to "s o!r c\ntry4 ,x is also a requisite t ! goods be deposit$ 9 a bond$ w>eh\se 9 ! c>e & cu/ody ( its proprietor1 :o also mu/ furni% ! gov]nm5t ) a bond ( indemnity4 ,! bond ( ! proprietor is a g5]al bond & usually cov]s :at might be consid]$ a fair am\nt ( total values due ! gov]nm5t at any "t4 ,(fic]s ( ! ,unit$ ,/ates are /ation$ at ! bond$ w>eh\se dur+ bus9ess h\rs4 ,^! are !re 9 evid5ce ( ! gov]nm5t's propriet>y int]e/ 9 ! m]*&ise /or$4 ,:5 an import] makes entry at ! cu/om h\se = bond+ 8 goods1 he at t "t provides ! security requir$4 ,by a rec5t decision ( ! ,treasury ,dep>tm5t at ,wa%+ton goods 9 bond are 9 ! jo9t cu/ody ( ! ,unit$ ,/ates gov]nm5t & ! proprietor ( ! w>eh\se1 & aft] ! gov]nm5t has receiv$ its cu/oms duties = ! goods !y are 9 ! proprietor's sole possession4 ,! gov]nm5t _c int]f]e to en=ce deliv]y ( ! goods to ! import]4 ,! claim ( ! w>eh\se proprietor = /orage *>ges becomes a fir/ li5 aft] ! gov]nm5t's claim is satisfi$4 ,:5 ! import] has paid bo? cu/oms & /orage *>ges he is privileg$ to remove 8 goods4 ,,w>eh\se ,,regulations ,x is ! duty ( ,unit$ ,/ates /orekeep]s to *eck (f ! goods z !y are receiv$ at ! w>eh\se & to report ! same to ! cu/om h\se2 & :5 goods are to be )drawn to see t deliv]y is n made until a cu/om h\se p]mit is pres5t$4 ,^u paym5t ( ! import duty on goods 9 bond at ! cu/om h\se at any "t aft] importation1 ! cu/oms (ficials issue a w>eh\se p]mit to ! import] ord]+ ! ,unit$ ,/ates /orekeep] 9 *>ge ( ! bond$ w>eh\se to deliv] ! goods to ! import]1 & ^u pres5tation ( ! p]mit ! goods are releas$ unless ! proprietor holds !m subject to /orage *>ges4 ,goods may be held 9 bond = ?ree ye>s ) ! duty unpaid1 b aft] t "t ei!r ! duty mu/ be paid or ! goods export$4 ,if %ipp$ to ano!r c\ntry & aft]w>d re-import$ ! goods w\ld aga9 be entitl$ to ! ?ree-ye> privilege4 ,if goods are n export$ & ! cu/oms *>ges are due & unpaid1 ! gov]nm5t may dispose ( ! goods at public sale to obta9 its claim4 ,goods arriv+ by /eam] & unclaim$ lie at ! :>f =ty-eight h\rs4 ,if ! own] does n appe> to make entry = !m )9 t "t1 aft] ! entry = ! vessel has be5 made1 ! goods are s5t to a bond$ w>eh\se & rema9 !re on :at is kn[n z a g5]al ord]1 & if !y /& !re unclaim$ = a ye> !y may1 at ! expiration ( t "t1 be sold by ! gov]nm5t4 ,! capital ( a w>eh\se is its /orage space4 ,! rates v>y f #a_/d to #c_/d ( a c5t p] cubic foot4 ,! *>ges may be bas$ on ! am\nt ( space consum$ & ! weight ( ! m]*&ise4 ,! latt] (t5 det]m9es ! floor elevation to :i* ! goods may be assign$4 ,! m conv5i5t ( access ! /orage location is1 ! great] ! co/4 ,w>eh\se receipts are issu$ z evid5ce ( /orage4 ,all m]*&ise is conv5i5tly bulk$ = numb]+ & m>k+1 & ^! di/+ui%+ m>ks appe> on ! receipts4 ,negotiable & non-negotiable receipts are issu$ z ! ne$s ( ! own] may require4 ,! =m] p]mit advances to be made by bank]s ^u ! m]*&ise z collat]al security4 ,,free ,,w>eh\ses ,^! diff] f bond$ w>eh\ses only 9 ! fact t ! gov]nm5t has no control or int]e/ 9 !m4 ,!y are only = ! /orage ( import$ goods on :i* ! cu/oms duty has be5 paid or = goods import$ free ( duty or = m]*&ise ( dome/ic production & manufacture4 ,!y are manag$ entirely by ! proprietor1 & ! contracts = /orage are1 ( c\rse1 betwe5 ! proprietor ( ! w>eh\se & ! own] ( ! goods4 ,! /orage rates 9 free w>eh\ses are consid]ably l[] ?an = goods /or$ 9 bond$ w>eh\ses--! latt] be+ a mu* m exp5sive bus9ess to conduct4 ,!re is no "t limit 9 free w>eh\ses4 ,goods may rema9 indef9itely4 ,:5 !y rema9 f six mon?s to a ye> ! *>ges are collect$ usually at c]ta9 p]iods to avoid accumulation4 ,exp]i5ce %[s t goods 9 free w>eh\ses d n /ay s long z ^? 9 bond4 ,! articles commonly f\nd 9 ^! h\ses are dome/ic & import$ wools1 cotton1 cann$ goods1 peanuts1 y>ns1 cotton piece goods1 matt+s1 dry goods1 etc4 ,p]i%able goods1 ( c\rse1 d n f9d _! way into bond$ or free w>eh\ses4 ,^! are plac$ 9 cold /orage4 ,,bank+ ,,features ,,( ,,w>eh\s+ ,_m ( ! w>eh\ses f9d x advantage\s to d a bank+ bus9ess 9 connection ) ! /orage features4 ,v frequ5tly1 = ! conv5i5ce ( ! import]1 goods are consign$ to ! w>eh\se & s5t subject to a sight draft = ! am\nt ( ! invoice4 ,! w>eh\se company w pay ! draft ) ! exception ( ab\t tw5ty p] c5t41 :i* ! import] is expect$ to furni%4 ,if ! duty is paid !n ! value ^u :i* a loan is e/imat$ is bas$ ^u ! m>ket value ( ! goods 9 ?is c\ntry4 ,aft] ! draft has be5 satisfi$ ! goods are plac$ 9 ! /ores ( ! w>eh\se company subject to ! cu/oms & /orage *>ges4 ,! am\nt advanc$ by ! company be>s int]e/ at curr5t money rates4 ,9 illu/ration let u suppose bond$ goods to be %ipp$ & invoic$ at #aj1jjj1 cu/oms duty #djjj1 & ! goods consign$ to a bond$ w>eh\se4 ,! draft 7#aj1jjj7 is s5t to ! w>eh\s+ company1 :i* advances #hjjj1 & toge!r ) ! #bjjj receiv$ f ! import] pays ! draft4 ,! #hjjj loan made by ! company is !n *>g$ to ! import] at ! usual int]e/ rate1 & :5 ! borr[] )draws 8 m]*&ise f /orage he w h to pay ! gov]nm5t ! #djjj cu/oms duty & pay back 8 loan ( #hjjj to ! w>eh\se company1 toge!r ) int]e/ & /orage *>ges4 ,if any portion ( ! goods /or$ is )drawn = use 9 ! bus9ess ( ! import]1 ! company w rebate a proportionate am\nt ( ! int]e/4 ,if goods decl9e 9 value z collat]al 9 /orage ! company w dem& additional m>g9 = its protection4 ,if goods appreciate 9 value ! loan may be increas$4 ,! m>ket value ( ! goods is asc]ta9$ by ! appraisem5t ( "s exp]t1 :o receives a commission = 8 s]vices4 ,,cold ,,/orage ,! cold-/orage w>eh\se is ! natural result ( ! necessities ( our great agricultural int]e/s 9 ! pres]vation ( p]i%able products s s5sitive to ! det]iorat+ effects ( temp]ature4 ,! solution ( ! problem ( ! pres]vation ( dairy products1 meats1 fi%1 p\ltry1 fruits1 & vegetables has develop$ a sy/em t has elim9at$ ! seasons & made possible ! equalisation ( prices ( ! f9] class ( edibles4 ,! corn]+ ( products & ! creation ( unreasonable prices are avoid$4 ,no article becomes a glut on ! m>ket z =m]ly4 ,:5 !re is a surplus ( eggs & fruit1 prices may be ma9ta9$ by putt+ !m 9 cold /orage = a few days & (f]+ !m on ! m>ket :5 ! conditions ( trade w>rant4 ,,temp]ature ,,requirem5ts ,,= ,,cold ,,/orage ,prior to ! ye> #ahij cold /orage 0 dep5d5t ^u ! employm5t ( ice1 b 9 ! evolution ( ! cold-/orage w>eh\se ice is no long] a requisite4 ,9 fact1 ! temp]ature obta9$ by ! employm5t ( ice preclud$ a !rmometric regi/] mu* bel[ ! freez+ po9t4 ,! accept$ temp]ature = butt] & eggs 0 =m]ly #dj to #ej2 b ?r\gh ! introduction ( me*anical refrig]ation1 :i* has revolutionis$ ! bus9ess economically z well z physically1 eggs n[ are held 9 /orage at a temp]ature ( #ca & butt] f #aj to #ah4 ,"u ! =m] me?od ( ice /orage1 goods t 7 (f]$ on ! m>ket z held goods--t is1 z com+ f a cold /orage--always br\ght sev]al c5ts "u ! prices ( fre% m]*&ise4 ,b ! rem>kable mod]n me?ods ( cold /orage p]mit ! c>ry+ ( dairy products = a numb] ( mon?s & _! successful sale aft]w>d 9 competition ) fre% goods4 ,eggs /or$ 9 ,m>* are tak5 out 9 ! foll[+ ,novemb] & h comm&$ z high & (t5 high] prices ?an ! fre% commodity4 ,eggs h be5 kept two ye>s & f\nd p]fectly sweet :5 us$4 ,9 freez+ p\ltry & fi% ! temp]ature n[ frequ5tly giv5 is z]o & "u4 ,p\ltry does n c>ry s well z o!r m]*&ise4 ,al?\gh x is possible to keep x = two ye>s1 yet x loses its flav\r4 ,five or six mon?s' /orage is its usual av]age limit4 ,c]ta9 temp]atures are ma9ta9$ 9 ! v>i\s comp>tm5ts ( a cold-/orage w>eh\se accord+ to ! requirem5ts ( ! products1 & ^! temp]atures are made possible by =c+ ?r\gh pipes arrang$ ar\nd ea* comp>tm5t a br9e compos$ ( ab\t n9ety-five p] c5t4 ( pure salt ^: temp]ature has be5 r$uc$ by ! action ( ! *emicals4 ,:5 a %ipp] /ores 8 goods !re is an impli$ contract ) ! /orage company t ! temp]ature requir$ = ! product w be furni%$ & ma9ta9$4 ,failure to d ?is r5d]s ! company liable = any damage to prop]ty4 ,s vital is ?is feature ( ! bus9ess1 :i* is really ! only liability assum$ by ! company1 t ! cu/om prevails ( tak+ ! temp]ature ( ea* room z (t5 z five times 9 e tw5ty-f\r h\rs1 & keep+ ! record 9 temp]ature books op5 to ! inspection ( ! %ipp]s4 ,a room fill$ ) m]*&ise may n v>y 9 temp]ature "o degree 9 six mon?s4 ,,cold-,,/orage ,,c5tres ,*icago v naturally is ! lead+ cold-/orage c5tre4 ,its situation 9 ! he>t ( ! productive area & its advantages z a di/ribut+ c5tre h giv5 x its pre/ige4 ,b 9 ! la/ two or ?ree ye>s ! ,ea/]n cities1 ,new ,york1 ,philadelphia1 & ,bo/on1 h develop$ enorm\s cold-/orage facilities1 & ,*icago no long] is absolute 9 h] dictation to ! m>kets ( ! _w4 ,:5 x is rememb]$ t ! dairy int]e/s ( our c\ntry dur+ ! la/ ?ree ye>s av]ag$ an annual value ( #fej1jjj1jjj1 & t ! great] portion ( ?is f\nd its way into cold-/orage w>eh\ses1 ! importance ( ?is new & v necess>y bus9ess is readily appreciat$4 ,,cold-,,/orage ,,*>ges ,! cold-/orage *>ges = eggs 9 ?irty-doz5 cases w\ld be ab\t #ae c5ts p] case = ! fir/ mon? & #i c5ts = e additional mon?4 ,butt] 9 sixty-p\nd tubs w\ld be *>g$ at ! rate ( #ab c5ts p] tub = ea* mon?4 ,*eese w\ld co/ "o t5? ( a c5t a p\nd p] mon?4 ,! rates ( ,ea/]n cities are usually high] ?an 9 ! ,we/4 ,ab\t n9ety p] c5t4 ( ! /orage bus9ess ( ! ,ea/ is 9 goods %ipp$ f ! ,we/4 ,! refrig]ator c> is a valuable adjunct to ! bus9ess4 ,! temp]ature ( ! c>s is ab\t #de4 ,al?\gh no ice is us$ 9 ! mod]n cold-/orage plant1 yet ! ice has become a v valuable by-product4 ,s9ce all ! facilities = its manufacture are at h& x has become a matt] ( comm]cial exp$i5cy to employ !m to ! company's pr(it 9 ! production & sale ( a commodity indisp5sable to mod]n life4 ,,que/ions ,,= ,,review #a4 ,give "s p>ticul>s 9 :i* ! ,bank ( ,engl& diff]s f our l>g] national banks4 #b4 ,a bank *eque is a dem& ord] = money drawn by "o :o has funds 9 ! bank4 ,h[ does a *eque diff] f an ord] on ,a---- ,b---- to pay be>] a c]ta9 sum ( money8 #c4 ,y are s5d+ a *eque ?r\gh ! mails to ,john ,br[n1 ,*icago4 ,h[ w y prev5t ! *eque f fall+ into ! h&s ( ! wrong ,br[n8 #d4 ,y id5tify ,a---- ,b---- at y\r bank4 ,! *eque ,a---- ,b---- pres5t$ turns out to be a =g]y4 ,are y responsible8 #e4 ,:at is meant by p[] ( attorney8 ,h[ %\ld an attorney indorse *eques = any p]son = :om he is act+8 #f4 ,:at is a c]tifi$ *eque8 ,br[n gives ,a an ord9>y *eque = #ajjj1 & ,b a c]tifi$ *eque = #ajjj4 ,he fails be=e ei!r *eque is pres5t$4 ,:y is ,b's security = 8 claim consid]$ bett] ?an ,a's8 #g4 ,%[ h[ all ! banks ( ! ,unit$ ,/ates are connect$ ?r\gh ! cle>+-h\se sy/em4 #h4 ,h[ d ,/ate & national banks diff] z to _! organisation8 #i4 ,a national bank has a capital ( half a million4 ,a cu/om] asks = a loan ( #fb1jjj on indors$ pap]4 ,c ! bank legally grant ! loan8 #aj4 ,give "s p>ticul>s ( ! liabilities ( ! (fic]s & directors ( national banks4 #aa4 ,:at is meant by borr[+ money on collat]als8 ,h[ is ?is done8 #ab4 ,tell h[ x is possible = a "y man ( good "*1 b )\t fri5ds :o h f9ancial /&+1 to secure bonds = 8 fai?ful conduct 9 a responsible position4 #ac4 ,:5 rates are high bank]s pref] to deal 9 long-"t pap]4 ,:y8 #ad4 ,acc\nt = ! fact t ,london is ! f9ancial c5tre ( ! _w4 #ae4 ,expla9 9 detail ! bus9ess ( a note brok]1 giv+ "s p>ticul>s ( 8 responsibility 9 connection ) ! pap] h&l$4 #af4 ,enum]ate ! lead+ items ( res\rce & liability 9 a national-bank /atem5t4 #ag4 ,a bank receives f ! comptroll] ( ! treasury #ajj1jjj 9 new bank-notes ( its own issue4 ,:at l$g] entry8 ,a bank retires #aj1jjj ( its own bank-notes4 ,:at entry8 #ah4 ,discuss fully ! po9ts :i* %\ld ent] into a prop] e/imate ( ! value ( pap] (f]$ = disc\nt4 #ai4 ,give ! successive & necess>y /eps 9 ! =mation ( a jo9t /ock company4 #bj4 ,:y are companies :i* prop]ly exi/ & belong 9 "o ,/ate sometimes organis$ "u ! laws ( ano!r ,/ate8 #ba4 ,expla9 v fully ! diff]5ce z to res\rce & liability betwe5 a bondhold] & a /ockhold]4 #bb4 ,h[ may a /ock company be dissolv$8 #bc4 ,:at is ! diff]5ce betwe5 a volunt>y association1 su* z a society or club1 & a /ock company8 #bd4 ,expla9 v fully ! mean+ ( ,limit$ :5 x =ms "p ( ! legal title ( a company4 #be4 ,is x legal to sell %>es ( /ock & issue mortgage bonds ^u ! same prop]ty8 ,:at relation%ip d !y be> "o to ! o!r8 ,,exam9ation ,,pap] ,,note4--,! foll[+ que/ions are giv5 z a means by :i* ! /ud5t may te/ = himself :e!r he has att5tively pursu$ ! lessons ( ! c\rse or n4 ,x is recomm5d$ t ea* /ud5t z he f9i%es ! c\rse write out ! answ]s to ! que/ions 9 full4 ,only su* answ]s ne$ be attempt$ z ! /ud5t c frame f a c>eful /udy ( ! c\rse4 #a4 7a7 ,give "s p>ticul>s 9 :i* ! ,bank ( ,engl& diff]s f our l>g] national banks4 7b7 ,enum]ate "s ( ! advantages af=d$ to ! community & to comm]ce 9 g5]al by bank+ in/itutions4 7c7 ,h[ d private banks & tru/ companies diff] f national banks8 #b4 7a7 ,:at is a /ock c]tificate8 ,h[ does x diff] f a mortgage bond8 7b7 ,at :at rate mu/ ,unit$ ,/ates #d p] c5ts be b\ght to net #c4bdfe p] c5t48 7c7 ,give ! successive & necess>y /eps 9 ! =mation ( a /ock company4 ,h[ c ! /ock ( a company or corporation be increas$8 #c4 7a7 ,:at provision is usually made = ! r$emption ( municipal bonds :i* h a long p]iod to run8 7b7 ,:at is meant :5 we say t a c]ta9 railway is 9 ! h&s ( a receiv]8 7c7 ,give "s ( ! advantages :i* /ock companies h ov] p>tn]%ips4 #d4 7a7 ,tell h[ y w\ld receipt = a paym5t on a note4 ,:y is n an ord9>y sep>ate receipt suffici5t8 7b7 ,discuss fully ! po9ts :i* %\ld ent] into a prop] e/imate ( ! value ( pap] (f]$ = disc\nt4 7c7 ,expla9 9 detail ! bus9ess ( a note brok]1 giv+ "s p>ticul>s ( 8 responsibility 9 connection ) ! pap] h&l$4 #e4 7a7 ,:at are ! advantages to ! banks ( a city ( _! c5tral cle>+-h\se8 7b7 ,%[ by a diagram h[ collections are made betwe5 di/ant po9ts4 7c7 ,:at is a c]tifi$ *eck8 #f4 7a7 ,enum]ate "s ( ! abuses ( rate discrim9ation 9 ! ,unit$ ,/ates & tell h[ !y are met4 7b7 ,:at are ! advantages to ! public ( freight organisations :i* arrange = ?r\gh s]vice8 7c7 ,expla9 9 detail ! me?ods adopt$ by lead+ & compet+ railway l9es to regulate & adju/ freight rates4 7d7 ,:at are diff]5tials8 ,h[ are 7#a7 ?r\gh & 7#b7 local pass5g] rates regulat$8 #g4 7a7 ,give ! p>ticul>s 9 :i* a w>eh\se receipt resembles & diff]s f 7#a7 a promissory note1 7#b7 a bill ( lad+4 7b7 ,:at are ! advantages to ! import] ( bond$ w>eh\ses8 7c7 ,:at are ! duties ( our =eign consuls ) ref]5ce to ! importation ( goods8 ,,comm]cial ,,law ,i4 ,,! ,,diff]5t ,,k9ds ,,( ,,contracts ,comm]cial law relates to ,,contracts4 ,^! are made by almo/ e "o4 ,a p]son _c ride 9 a /reet-c> )\t mak+ a contract ) ! company = c>ry+ him4 ,if he goes into a /ore & buys a cig>1 a /ick ( c&y1 or a t9 :i/le1 he has made a contract ) ! man beh9d ! c\nt]1 :o owns ! /ore or is 8 salesman4 ,tramps & ?ieves are ab\t ! only p]sons :o live )\t mak+ contracts4 ,9 t respect !y are l ! birds ( ! air1 gett+ :atev] !y desire :5ev] ! *ance is se54 ,a contract has be5 def9$ z an agreem5t to d or n to d "s p>ticul> ?+4 ,^! are ! words us$ by "o ( ! greate/ ( ,am]ican judges4 ,! read] may turn to 8 diction>y & f9d o!r def9itions t conta9 m1 if he pleases1 b ?is w answ] our purpose4 ,all contracts may be put into ?ree classes1 & ea* ( ^! w be briefly expla9$4 ,fir/1 ,,seal$ ,,& ,,unseal$ ,,contracts4 ,:at d we mean by a contract t is seal$8 ,x is "o to :i* ! p]son :o signs x adds1 aft] 8 "n1 a seal4 ,b :at is a seal8 ,x may consi/ ( seal+-wax1 /amp$ 9 a peculi> mann]1 or a waf] made ( seal+-wax1 or a pap] waf]4 ,9 ! old5 times :5 p c\ld hunt & fight b 7 n able to write _! names1 !y put a seal at ! end ( a contract made by !m2 9 o!r words1 ! seal suppli$ ! place ( a "n4 ,ea* p]son's seal diff]$ f ! seal ( e o!r4 ,x _h its orig9 really 9 ! ignorance ( ! p4 ,z !y 7 unable to write _! names ^! di/9ct signs or m>ks1 call$ seals1 7 put on in/ead ( _! signatures4 ,) ! *anges br\ght by "t ! =m ( ?is device or seal1 requir$ by law1 is mu* simpl] ?an x 0 c5turies ago4 ,inde$1 9 e ,/ate p]sons use ! lett]s ,l4 ,s41 ) brackets ar\nd !m1 in/ead ( a seal4 ,!y mean ! place ( a seal1 & are j z good 9 e way z any k9d ( seal t might be us$4 ,"h are two ( ! =ms ( seals 9 mo/ common use3 ,illu/ration ,any contract t has a seal aft] ! "n ( ! sign] is a seal$ contract1 & e o!r is call$ an ,,unseal$1 ,,oral1 or ,,v]bal contract4 ,if a contract 0 writt5 & a seal 0 add$ aft] ! sign]'s "n1 & !re 0 ano!r exactly l x 9 =m1 b )\t a seal1 ?is w\ld be call$ an unseal$ or v]bal contract1 & 9 law w\ld diff] 9 "s important respects f ! o!r4 ,?is is true 9 e ,/ate except ,cali=nia1 :]e ! diff]5ce betwe5 seal$ & unseal$ contracts is no long] kn[n4 ,! second class ( contracts are call$ ,,express ,,& ,,impli$ ,,contracts4 ,by an ,,express ,,contract is meant "o t is made ei!r 9 writ+ or 9 words4 ,b ! read] may ask1 ,are n all contracts ( ?is k9d8 ,by no means4 ,_m contracts exi/ betwe5 p :i* h n be5 put into words4 ,suppose ,a %\ld ask ,b = employm5t & x %\ld be giv5 to him1 b no ^w %\ld pass betwe5 !m ab\t ! price to be paid4 ,! law w\ld imply t ,b mu/ pay him :atev] 8 "w 0 reasonably wor?4 ,if ,a %\ld come at ! end ( ! week = 8 pay & ,b %\ld say to him3 ,i nev] made any b>ga9 ) y conc]n+ ! price1 & ,i am unwill+ to pay y any?+1 ,a c\ld1 if he und]/ood ! law1 say to ,b3 ,y told me to "w1 & ! law implies t y mu/ pay me :atev] my "w is wor?4 ,h[ mu* w\ld ! law give him = 8 "w8 ,j :at ! employ] 0 pay+ o!r m5 = ! same k9d ( "w4 ,ano!r class ( contracts are call$ ,,execut$ & ,,executory4 ,an ,,execut$ ,,contract is "o t is f9i%$1 done1 complet$4 ,if ,i %\ld g into a /ore & ask ! price ( a book & say to ! salesman1 ,i w take x1 & give him ! money1 & take ! book ) me1 ?is w\ld be an execut$ contract4 ,an ,,executory ,,contract is "o t is to be complet$4 ,suppose ! salesman did n h ! book & ,i %\ld say to him1 ,please get x = me & ,i w come 9 next week & pay y = x1 ?is w\ld be an executory contract2 & x w\ld rema9 s until ,i came 9 & got ! book1 z ,i _h promis$ to d1 & paid ! price4 ,^! are ! ?ree mo/ g5]al classes ( contracts made by p]sons 9 daily life4 ,almo/ all p]sons make contracts ( ea* k9d dur+ _! lives4 ,seal$ contracts are n z common z unseal$ ones1 yet !y are frequ5tly made4 ,e de$ = ! sale ( l& or lease = ! use ( x is a seal$ contract4 ,,ii4 ,,! ,,p>ties ,,to ,a ,,contract ,to e contract !re mu/ be two or m p]sons or ,,p>ties4 ,:5 ,rob9son ,crusoe 0 on 8 isl& all alone1 eat+ breadfruit & ent]ta9+ himself by ?r[+ /ones at ! monkeys1 he p]haps _h a good "t1 b he c\ld n make any contracts4 ,b z soon z ,friday came along !y c\ld make contracts1 trade1 & *eat ea* o!r z mu* z !y pleas$4 ,a contract1 !re=e1 is "o ( ! incid5ts ( society4 ,a p]son sail+ 9 a balloon alone c\ld n make a contract1 b if two 7 9 ! basket !y might amuse !mselves by swapp+ jack-knives or neckties1 & ^! ex*anges w\ld be complet$ or execut$ contracts & w\ld possess1 z we %all soon see1 e elem5t ( a contract4 ,aga91 p]sons mu/ be able1 or ,,compet5t1 to make contracts4 ,:at k9d ( ability or compet5cy mu/ a p]son h8 ,n e p]son c make a contract1 ev5 ?\gh he may wi% to d s4 ,a ,,m9or1 or p]son less ?an tw5ty-"o ye>s ( age1 ?\gh he may be v wise & weigh p]haps two hundr$ & fifty p\nds1 c make v few contracts :i* ! law reg>ds z b9d+4 ,9 fact1 ! only contracts t a m9or c make = :i* he is b\nd are = necess>ies--clo?+1 food1 & %elt]4 ,nor c he make contracts ev5 = ^! ?+s 9 unlimit$ quantities4 ,a m9or c\ld n g into a /ore & buy six ov]coats & b9d himself to pay = !m4 ,! /orekeep] mu/ h common s5se 9 sell+ to him & keep )9 a reasonable limit4 ,9 "o ( ! well-kn[n cases a m9or b\ght a doz5 pairs ( tr\s]s1 half a doz5 hats1 z _m canes1 besides a l>ge supply ( o!r ?+s1 &1 refus+ aft]w>d to pay ! bill1 ! m]*ant su$ him1 & ! jury decid$ t he mu/ pay4 ,! case1 h[ev]1 0 appeal$ to a high] c\rt1 :i* took a diff]5t view ( 8 liability4 ,! judge :o wrote ! op9ion = ! c\rt said t ! m]*ant mu/ h kn[n t ! m9or c\ld n make any p]sonal use ( s _m tr\s]s1 canes1 & hats1 & ought n to h sold him s _m4 ,9 %ort1 ! c\rt ?\ght t ! m]*ant himself 0 a "y m9or 9 intellig5ce & ought to h kn[n bett] ?an to sell su* a bill to a p]son "u age4 ,( c\rse x is n always easy to answ] ?is "q1 ,,:at ,,are ,,necess>ies8 ,mu* dep5ds on ! condition ( ! p]son :o buys4 ,a m]*ant w\ld be safe 9 sell+ m to a m9or liv+ 9 an afflu5t condition ( life ?an to ano!r liv+ 9 a mu* humbl] way4 ,q rec5tly ! "q has be5 consid]$ :e!r a d5ti/'s bill is a necessity1 & ! c\rt decid$ t x 0 a prop] ?+ = a m9or to pres]ve 8 tee? & to ?is end use ! arts ( ! d5ti/4 ,aga91 is a bicycle a necessity8 ,if "o is us+ x daily 9 go+ to & f 8 "w1 surely x is a necessity4 ,b if "o is us+ x m]ely = pleasure a diff]5t rule w\ld apply1 & a m9or c\ld n be compell$ to pay = x4 ,cig>s1 liquors1 !atre tickets are luxuries2 s ! c\rts h said on _m occasions4 ,! c\rts1 9 fact1 reg>d a m9or z h>dly able to contract ev5 = necess>ies1 & he is requir$ to pay = !m = ! reason t z he ne$s !m = 8 com=t & heal? he ought to pay = !m4 ,9 o!r words1 8 duty or obligation to pay re/s r on ! gr\nd ( an impli$ contract 7:i* has be5 already expla9$7 ?an ( an express "o4 ,! =ce ( ?is reason+ we %all imm$iately see4 ,suppose a m9or %\ld say to a m]*ant :o 0 unwill+ to sell to m9ors1--hav+ _h1 p]haps1 sad exp]i5ce 9 ! way ( n collect+ bills ( !m1--,i am n a m9or & s y c safely tru/ me4 ,i wi% to g into bus9ess & wi% y w\ld sell me "s goods4 ,suppose t1 rely+ on 8 /atem5t1 ! m]*ant %\ld sell him hats or o!r m]*&ise = :i* he w\ld aft]w>d decl9e to pay1 on ! gr\nd t he 0 a m9or4 ,suppose he prov$ t he really 0 "o--c\ld ! m]*ant compel him to pay ! bill8 ,he c\ld n compel him to fulfil 8 contract1 because1 z we h already said1 ! law does n p]mit a m9or to make a contract except = necess>ies4 ,! c\rt1 !n1 w\ld say to ! m]*ant3 ,x is true t y sold ! goods to ?is m9or2 he has inde$ li$ to y2 /ill ! c\rt _c reg>d a contract z exi/+ betwe5 y & him4 ,on ! o!r h&1 a c\rt w n p]mit a p]son to defraud ano!r1 & ! m]*ant c\ld make ! m9or pay = ! deceit or wrong t he _h practis$ on him2 & ! measure ( ?is wrong w\ld be ! value ( ! goods he _h b\ght4 ,?us ! c\rt w\ld r5d] ju/ice to ! m]*ant )\t admitt+ t ! m9or c\ld make a legal contract = ! goods t he _h actually b\ght & tak5 away4 ,,iii4 ,,! ,,p>ties ,,to ,a ,,contract 7,cont9u$7 ,9 ! =m] article we told our read]s t !re 7 "s p]sons :o c\ld n make contracts1 & among ^! 7 ,,infants or ,,m9ors4 ,9 mo/ ( ! ,/ates a p]son1 male or female1 is a m9or until he or %e is tw5ty-"o ye>s old4 ,9 "s ( ! ,/ates1 among !m ,ill9ois1 a female ceases to be a m9or at eighte5 ye>s ( age4 ,by ! ,roman law a m9or did n rea* 8 majority until ! end ( 8 tw5ty-f\r? ye>1 & ?is rule has be5 adopt$ 9 ,france1 ,spa91 ,holl&1 & "s p>ts ( ,g]many4 ,! ,fr5* law1 ?\gh1 has be5 *ang$1 ) "o notewor?y exception4 ,a woman _c make a contract relat+ to h] m>riage )\t ! cons5t ( h] p>5ts until %e is tw5ty-five4 ,among ! ,greeks & e>ly ,romans wom5 nev] pass$ beyond ! p]iod ( m9ority1 b 7 always subject to ! gu>dian%ip ( _! p>5ts until !y 7 m>ri$4 ,,m>ri$ ,,wom5 are ano!r class ( p]sons :o _c make e k9d ( a contract l a man4 ,once a m>ri$ woman _h b v little p[] to make contracts4 ,h[ev] great might h be5 h] weal? be=e m>riage1 z soon z %e ent]$ into ?is blissful /ate ! law k9dly reliev$ h] ( all except h] real e/ate1 giv+ x to h] husb&4 ,on ! o!r h&1 he 0 oblig$ to pay h] bills1 :i* 0 "o ( 8 great pleasures1 especially if %e 0 a con/ant travell] to ! silk & diamond /ores4 ,%e c\ld /ill keep h] real e/ate 9 h] own "n1 b t 0 ab\t all4 ,h] husb& took ev]y?+ else2 he c\ld claim h] pocket-book1 if he pleas$1 & 0 oblig$ to support h] 9 sickness or heal?1 9 sweetness or 9 any o!r ness4 ,! law has be5 greatly *ang$ 9 all civilis$ c\ntries 9 ?is reg>d1 & to-day 9 mo/ ,/ates %e c make almo/ any k9d ( a contract4 ,9 "s ,/ates1 h[ev]1 x is ev5 n[ said t %e _c agree to pay ! debt ( ano!r1 b ?is is1 p]haps1 ! only limit on h] p[] to contract4 ,%e c engage 9 bus9ess1 buy & sell1 transf] notes1 make contracts relat+ to ! sale & leas+ ( h] real e/ate1 insure x1 build h\ses1 & d a ?\s& o!r ?+s q z freely z if !re 7 no husb& ar\nd4 ,! mo/ ( ^! *anges wid5+ h] au?ority to make contracts h come )9 ! la/ fifty ye>s4 ,( c\rse1 unm>ri$ wom5 c make contracts l m51 & _m ( !m "k x4 ,ano!r class :o _c make contracts are ,,drunk5 ,,p]sons4 ,once ! law reg>d$ a drunk5 man z fully responsible = 8 acts1 & if he made a contract he 0 oblig$ to execute or fulfil x4 ,he c\ld n %ield himself by say+ he did n "k :at he 0 do+ at ! "t4 ,! c\rt /]nly fr[n$ on him & said3 ,no matt] :at 0 y\r condition at ! "t ( mak+ x1 y mu/ c>ry x out4 ,?is 0 ! p5alty = 8 misde$4 ,x may be ! c\rts ?\ght t by requir+ him to fulfil 8 contracts he w\ld be m c>eful & re/ra9 8 appetite4 ,:atev] ! c\rts may h ?\ght1 !y h *ang$ _! op9ions reg>d+ 8 liability = 8 contracts made "u su* conditions4 ,n[ !y hold t he ne$ n c>ry !m out if he desires to escape f !m4 ,!re is1 h[ev]1 "o exception to ?is rule4 ,if he has giv5 a note 9 ! ord9>y =m1 & ?is has be5 tak5 by a ?ird p]son 9 good fai? :o did n "k ( ! mak]'s condition at ! "t ( mak+ x1 he mu/ pay4 ,b1 we repeat1 ! ?ird p]son mu/ act 9 good fai? 9 tak+ x1 = if he knew t ! mak] 0 drunk at t "t he _c require him to pay any m ?an ! p]son to :om x 0 fir/ giv54 ,"o o!r class may be briefly m5tion$--! ,,insane4 ,!y are reg>d$ 9 ! law q ! same z m9ors4 ,= _! own protection ! law does n hold !m liable on any contracts except ^? = necess>ies4 ,^! are b9d+ = ! same reasons z ! contracts ( m9ors1 9 ord] t !y may be able to get su* ?+s z !y ne$ = _! heal? & com=t4 ,= if ! law 7 o!rwise1 !n1 ( c\rse1 m]*ants w\ld be afraid to sell to !m4 ,b z m]*ants c n[ safely sell to !m :atev] !y truly ne$ 9 ! way ( clo?+1 food1 etc41 to make !mselves com=table1 s1 on ! o!r h&1 ! insane1 l m9ors1 mu/ pay = ^! ?+s1 & x is "r t !y %\ld4 ,,iv4 ,,! ,,consid]ation ,,9 ,,contracts ,hav+ expla9$ :o c make contracts1 we are n[ ready to take ano!r /ep4 ,besides hav+ p>ties1 !re mu/ be a ,,consid]ation = e contract4 ,?is is r a long ^w1 b no %ort] c be f\nd to put 9 its place4 ,:at d we mean by ?is t]m8 ,we mean t !re mu/ be "s actual ga9 or loss to "o or bo? p>ties to a contract1 o!rwise x is n valid4 ,if1 = example1 ,a %\ld say to ,b1 ,i w give y #ajj to-morr[1 ,b1 p]haps1 might g away v happy1 ?9k+ t ) ?is money he c\ld buy a bicycle or "s o!r f9e ?+2 inde$1 x 0 j ! sum = :i* he 0 long+2 s on ! morr[ he goes to ,a = 8 money4 ,he promptly appe>s1 b ,a says to him3 ,i h *ang$ my m9d1 & w n give y ! #ajj4 ,b asks3 ,did y n promise to give me ?is money8 ,c]ta9ly4 ,well1 :y w y n fulfil y\r promise8 ,a replies3 ,i 0 a fool :5 ,i made t promise2 y are n go+ to give me any?+ = x1 s ,i am unwill+ to give ! money to y4 ,suppose ,b 9 8 sorr[ %\ld g to a lawy]1 ?9k+1 p]haps1 t he c\ld compel ,a by "s legal proce$+ to pay ov] ! money4 ,:at w\ld ! lawy] tell him8 ,:y1 he w\ld say3 ,did y promise to give ,a any?+ = ! #ajj8 ,no1 sir4 ,!n ! law w n help y out4 ,y _c get ! money f him by any legal me?od4 ,p]haps y c get #ajj wor? ( fun 9 lick+ him = n giv+ y ! money1 b y _c get ! ca%4 ,b1 m9d1 p]haps y _h bett] n try to get y\r fun 9 t way1 = ?is is contr>y to law1 & he might get mu* m ?an #ajj out ( y 9 ! way ( damages = lick+ him4 ,9 e case1 !re=e1 !re mu/ be some?+ = some?+4 ,n[ ?is some?+ may be a ?\s& ?+s4 ,x may be money or m]*&ise or "w4 ,9 %ort1 !re is no end ( ! ?+s t may s]ve z a consid]ation ( a contract4 ,an example may be giv5 to expla9 :at is meant by ?is4 ,a man _h be5 speculat+ 9 /ocks1 & "o ( ! rules ( ! /ock bo>d is t a m>g9 or sum ( money t is to be paid = /ock mu/ be paid 9 e case4 ,x may be t an additional m>g9 or sum mu/ be paid "u "s circum/ances4 ,! speculator 9 ?is p>ticul> case 0 unwill+ to pay ?is m>g91 & he said to ! brok]3 ,if y w d z ,i wi%1 & n put up ?is m>g91 ,i w save y f any loss t may result f su* conduct4 ,x 0 contr>y to ! rules ( t /ock ex*ange = ! brok] n to put up ! m>g91 & ! consequ5ce 0 t he 0 put (f ! floor2 9 o!r words1 ! bo>d w\ld n p]mit him to act z a memb]4 ,( c\rse1 z he c\ld n buy & sell any m /ock1 he lo/ money2 & he w5t to 8 cu/om]1 ! speculator1 & told him t he 0 los+ money 9 consequ5ce ( c>ry+ out 8 ord] ab\t ! m>g94 ,! speculator said he 0 sorry1 b he c\ld n help x4 ,! brok] !n insi/$ t ! speculator mu/ make good 8 daily loss 9 consequ5ce ( do+ z he _h promis$4 ,?is ! speculator w\ld n d4 ,! brok] !n su$ him = ! am\nt ( 8 loss4 ,! speculator def5d$ on ! gr\nd t !re 0 no consid]ation = ! agreem5t he _h made ) ! brok] ab\t ! m>g94 ,! c\rt said t ! loss :i* ! brok] _h suff]$ 9 consequ5ce ( c>ry+ out 8 contract ) ! speculator 0 a good consid]ation = ! contract & mu/ be made good4 ,:5 a contract is seal$ ! law implies t !re is consid]ation1 & !re ne$ n be an actual "o consi/+ ( money1 lab\r1 or any o!r ?+4 ,?is seems l an exception to ! rule requir+ a consid]ation 9 all cases1 b ! reason is ?is3 ,:5 a seal$ contract is made1 ! law supposes or assumes t ea* p>ty made x1 cle>ly kn[+ its nature--made x c>efully1 sl[ly1 &1 consequ5tly1 t ei!r a consid]ation _h be5 or w\ld be giv54 ,if1 !re=e1 "o ( ! p>ties %\ld refuse to fulfil x ! o!r c\ld sue him 9 a c\rt ( law4 ,! p]son :o s\ght to h x c>ri$ out w\ld n be oblig$ to %[ t he _h giv5 any consid]ation on 8 "p = ! und]tak+1 because ! seal app5d$ to 8 "n w\ld imply t a consid]ation _h be5 giv54 ,a de$ = a piece ( l& is a good illu/ration ( a seal$ in/rum5t4 ,! law assumes :5ev] su* a de$ is giv5 t ! sell] receiv$ a consid]ation = 8 l&4 ,! money paid 0 a consid]ation receiv$ by ! sell]1 & ! l& 0 ! consid]ation receiv$ by ! buy]4 ,ea* gives a consid]ation ( "s k9d = ! consid]ation receiv$ f ! o!r2 & ?is is true 9 all cases4 ,v4 ,,! ,,ess5tials ,,( ,a ,,contract ,9 our la/ pap] we told our read]s t !re mu/ be a consid]ation 9 e contract4 ,sometimes ?is is illegal1 & :5 x is ! effect is ! same z w\ld be ! giv+ ( no consid]ation4 ,suppose a robb] hav+ /ol5 money f a bank %\ld aft]w>d (f] to return a c]ta9 portion if he is assur$ t he w n be arre/$ & compell$ to *ange ! /yle ( 8 clo?+ & 8 place ( resid5ce = a season4 ,he _c endure ! ?\ght ( miss+ a game ( football2 & z = /rip$ clo!s1 ?\gh v com=table1 p]haps1 he is sure !y w\ld n be becom+4 ,suppose ?is agreem5t to return a "p %\ld be put 9 writ+1 & aft] fulfill+ x he %\ld be su$ by ! bank = ! rema9d]1 & also prosecut$ by ! ,/ate = committ+ ! !ft4 ,v naturally he w\ld pres5t ! writ+ 9 c\rt to %[ t he _h be5 dis*>g$ f ! crime & also f ! paym5t ( any m money4 ,b ?is writ+ w\ld n cle> him ei!r f prosecution = ! crim9al (f5ce or f liability to return ! re/ ( ! money4 ,! bank w\ld say t al?\gh he _h return$ a "p1 ?is 0 n a prop] consid]ation = its agreem5t n to sue him2 x _h no "r to make su* an agreem5t1 & consequ5tly x c\ld sue ! robb] = ! rema9d] ( ! money j z ?\gh no agreem5t _h ev] be5 made4 ,ano!r illu/ration may be giv54 ,suppose a p]son hav+ made a bet & lo/ is unable to pay ! money & gives 8 note = ! am\nt4 ,:5 ! note becomes due ! hold] or own] sues him = ! money4 ,he def5ds1 z he is unwill+ to pay1 by say+ !re 0 no legal consid]ation = ! note4 ,! money he promis$ to pay 0 only a wag]1 :i* ! law reg>ds z illegal4 ,& ?is w\ld be a good def5ce4 ,if ! consid]ation is p>tly legal & p>tly illegal & c be divid$ !n !re c be a recov]y ( ! legal "p4 ,suppose a man ow$ ano!r #ajjj = borr[$ money & also a wag] = ! same am\nt1 & _h giv5 8 note = #bjjj4 ,:5 x became due if ! own] su$ him he c\ld recov] only ! #ajjj ( borr[$ money2 ?is mu* & no m1 = ! reason t ! consid]ation c\ld be divid$1 ! legal "p f ! illegal "p4 ,if no sep>ation 0 possible !n ! note w\ld be void & ! own] c\ld get no?+4 ,a p]son _c recov] = a volunt>y s]vice t he has r5d]$ to ano!r4 ,a man w\ld be v mean inde$ :o refus$ to pay ano!r = any s]vice r5d]$ to him t 0 truly valuable2 yet if he w\ld n d s ! man r5d]+ ! s]vice c\ld get no?+ ?r\gh ! law4 ,suppose t a p]son :5 walk+ along a road %\ld see "s cattle a/ray 9 a corn-field hav+ a good "t ) a f>m]'s corn4 ,he kn[s !y are 9 ! field = bus9ess & 9 a %ort "t1 unless driv5 out1 w get ! be/ ( nature & d[n h] ef=ts 9 corn-rais+4 ,9 ! k9dness ( 8 he>t he jumps ov] ! f5ce & succe$s 9 driv+ !m away4 ,suppose !re happ5s to be among ! numb] an unruly animal :i* is unwill+ to leave su* a tempt+ field ( plund] & turns on him & gores him1 & he is tak5 to a hospital4 ,! f>m] f9ds out :o drove out ! animals1 & ( 8 injury1 b decl9es to give him any rew>d :atev]4 ,c ! man recov] any?+8 ,! law says n1 because ! s]vice is purely volunt>y4 ,! "q has (t5 be5 ask$ :e!r a p]son :o has made a contract to "w = ano!r & has brok5 x c recov] = ! wor? ( 8 s]vice dur+ ! p]iod he 0 employ$4 ,"s c\rts h said t a p]son ?us break+ 8 contract _c aft]w>d recov] any?+1 because he does n come into c\rt ) clean h&s4 ,o!r c\rts h said t ?\gh he c recov] no?+ on ! contract he has brok51 he c nev]!less recov] on a contract :i* ! law implies 9 su* a case = ! wor? ( 8 s]vice dur+ ! p]iod ( 8 employm5t4 ,on ! o!r h&1 ! employ] c set (f aga9/ 8 claim any injury t he may h su/a9$4 ,suppose he c\ld %[ t ! s]vice 0 ( no wor? to him2 t he 0 injur$ r ?an b5efit$ by :at he did2 !n ! employ c\ld get no?+4 ,! c\rts h be5 incl9$ ( late ye>s to uphold an employ 9 recov]+ :atev] 8 s]vice 0 wor?--n1 h[ev]1 z done by virtue ( an express or actual contract ) ! employ]4 ,he _c sue on t2 9 o!r words1 he _c take advantage ( 8 own wrong to recov] any?+ f 8 employ]1 b he may recov] on ! contract :i* ! law implies1 z we h expla9$1 z mu* z 8 s]vice 0 wor? to 8 employ]1 & no m4 ,ano!r elem5t 9 a contract is ! meet+ ( m9ds ( bo? p>ties4 ,bo? mu/ und]/& ! matt] 9 ! same s5se4 ,= example1 a p]son (f]$ to sell ano!r good b>ley = a /at$ price1 & ! o!r (f]$ to buy f9e b>ley at ! price m5tion$4 ,!re 0 no contract betwe5 ^! p]sons1 because x 0 %[n t good b>ley & f9e b>ley 7 diff]5t ?+s 9 ! trade4 ,?is1 !re=e1 is "o ( ! ess5tial elem5ts ( a contract--! meet+ ( ! m9ds ( ! contract+ p>ties4 ,:e!r !y h ass5t$ or n is a "q ( fact1 to be f\nd out l any o!r "q ( fact4 ,sometimes (f]s are made on "t1 & :5 !y are sev]al int]e/+ que/ions may arise4 ,suppose ,a & ,b are negotiat+ = ! sale & pur*ase ( a piece ( l&4 ,a says to ,b3 ,i w give y a week to ?9k ! matt] ov]4 ,soon aft] p>t+ ,a meets ,c1 to :om he m5tions 8 (f] to ,b4 ,c says3 ,i w give y a great deal m = ! l& & pay y n[4 ,v well1 says ,a2 ! l& is y\rs4 ,& he at once writes a lett] to ,b say+ t he has )drawn 8 (f]1 z ano!r p]son has (f]$ him m = ! l& & t he has sold x to him4 ,n[ ,b might be v mu* surpris$ by ?is lett]4 ,v likely he w\ld ?9k ,a 0 a h>d man & p]haps a di%one/ "o4 ,p]haps he w\ld g to a lawy] & ask him if he c\ld compel ,a to sell ! l& to him if he accept$ 8 (f] )9 ! "t m5tion$ & paid to him ! money4 ,! lawy] w\ld tell him--if he und]/ood 8 bus9ess--t ,a _h a p]fect "r to )draw 8 (f]1 ev5 ?\gh x 0 made on "t4 ,?is w\ld probably be br&-new k to ,b1 b he w\ld "k :at to d on ! next occasion4 ,is ?is true 9 all cases8 ,x c]ta9ly is ( all (f]s made 9 t mann]4 ,h[1 !n1 c a p]son :o makes an (f] to ano!r on "t be compell$ to reg>d x8 ,! way is simple en\gh4 ,! p]son to :om ! (f] is made %\ld give some?+--a consid]ation--to ,a1 :o makes ! (f]1 = ! delay4 ,!n he w\ld be b\nd by x4 ,b ! c\rts w\ld say to ,b1 if no?+ 7 giv53 ,:y %\ld ,a's (f] b9d him s long z he is to get no comp5sation or consid]ation = x8 ,& we %all see aga9 & aga9 9 ^! pap]s ?is elem5t ( consid]ation is ev] pres5t1 & mu/ be to make transactions legal4 ,s ) respect to an (f] on "t--if ! p]son to :om x is made is really desir\s ( hav+ x cont9ue1 9 ord] to f9d out :e!r he c raise ! money to pay1 or = "s reason1 he c make ! (f] b9d+ by giv+ to ! (f]] a consid]ation = ! specifi$ "t1 :atev] t may be4 ,,vi4 ,,contracts ,,by ,,correspond5ce ,a great _m contracts are made by correspond5ce4 ,a p]son writes a lett] to ano!r (f]+ to sell him m]*&ise at a /at$ price4 ,! o!r replies say+ t he w accept ! (f]4 ,is a contract made at ! "t ( writ+ 8 lett] & putt+ x into ! po/-(fice1 or n until x is receiv$ by ! p]son :o made ! (f]8 ,! law 9 ?is c\ntry is t a contract is made betwe5 two p]sons 9 t way z soon z ! answ] is writt5 & put into ! po/-(fice beyond ! rea* ( ! acceptor4 ,! po/-(fice usually is ! ag5t ( ! p]son :o uses x1 b :5 a p]son s5ds an (f] to ano!r by mail ! po/-(fice is reg>d$ a little diff]5tly4 ,x is ! ag5t ( ! p]son :o s5ds ! (f] & also 8 ag5t 9 br++ back ! reply4 ,consequ5tly1 :5 ?is is put into ! h&s ( ! ag5t ! law reg>ds ! (f]] z b\nd by 8 (f]4 ,9 l mann]1 if a cr$itor %\ld s5d a lett] to 8 debtor ask+ him to s5d a *eque = 8 debt & he %\ld comply1 ! po/-(fice w\ld be ! ag5t ( ! cr$itor 9 c>ry+ t *eque1 because he reque/$ 8 debtor to use ?is means 9 s5d+ 8 *eque to him4 ,b :5 a reque/ is n made & a debtor s5ds a *eque on 8 own acc\nt1 ! po/-(fice is 8 ag5t = c>ry+ x to 8 cr$itor4 ,a p]son mak+ an (f] by lett] c ( c\rse )draw x ?r\gh ! telephone or telegraph if he likes at any "t be=e ! lett] has be5 receiv$ by ! o!r p>ty4 ,suppose ! price ( ?+s is ris+ & ,a1 f9d+ t 8 goods are also advanc+1 %\ld1 aft] mak+ an (f] ( "s ( !m by lett]1 s5d a telegram /at+ :at he _h writt5 & )draw+ 8 (f]4 ,?is w\ld be a prop] ?+ = him to d4 ,if1 on ! o!r h&1 ,a's (f] _h be5 receiv$ by ,b be=e 8 )drawal & accept$1 !n ,a w\ld be b\nd by x4 ,c ,b1 aft] mail+ 8 lett] ( acceptance & be=e x has be5 receiv$ by ,a1 )draw 8 acceptance8 ,no1 he _c--= ! reason above giv51 t ! po/-(fice is ! ag5t ( ,a1 9 c>ry+ bo? 8 (f] & ,b's reply4 ,if ?is 7 n s1 if ! po/-(fice 7 ! ag5t ( ,b 9 s5d+ 8 reply1 !n ( c\rse x c\ld be revok$ or )drawn at any "t be=e x rea*$ ,a4 ,suppose ,a %\ld s5d an (f] & aft]w>d a )drawal & ! )drawal %\ld be receiv$ fir/4 ,not)/&+ ?is1 h[ev]1 if ! p]son to :om ! (f] 0 s5t %\ld accept ! (f]1 c\ld he n b9d ,a8 ,"o c readily see t all ! pro( w\ld be 9 ! possession ( ,b1 ! acceptor4 ,if he 7 a man )\t reg>d = 8 hon\r & insi/$ t he receiv$ ! (f] fir/1 ,a might be unable to (f] any pro( to ! contr>y & fail to w9 8 case %\ld ,b sue him4 ,b ! pr9ciple ( law is pla9 en\gh2 ! only difficulty is 9 its application4 ,d\btless cases ( ?is k9d con/antly happ5 9 :i* ! acceptor has tak5 advantage ( ! o!r to ass5t to an (f] actually receiv$ aft] its )drawal4 ,suppose ,b %\ld 9 fact receive ,a's (f] fir/ 9 consequ5ce ( ! neglect ( ! telegraph company to deliv] ,a's message ( )drawal promptly1 :i* if deliv]$ z x %\ld h be5 w\ld h rea*$ ,b be=e ! lett] conta9+ ! (f]1 :at !n8 ,a d\btless w\ld be b\nd by 8 (f]1 b p]haps he c\ld look to ! telegraph company = any loss gr[+ out ( ! affair4 ,if he c\ld %[ t he _h be5 injur$ by fulfill+ ! contract ! telegraph company might be oblig$ to pay ?is4 ,let u c>ry ! inquiry a little fur!r4 ,suppose ! mess5g] on receiv+ ! telegram took x to ,b's (fice & x 0 clos$ & he made dilig5t inquiry conc]n+ ,b's :]eab\ts & 0 unable to f9d him4 ,suppose he _h gone (f to a horse race or to a football game1 w\ld x be ! duty ( ! mess5g] boy to hunt him up at "o ( ^! places8 ,by no means4 ,if ,b 0 n at 8 place ( bus9ess :5 he ought to h be51 ! company w\ld n be b\nd to deliv] ! message to him else:]e1 except at 8 h\se1 unless he _h left a special direction ) ! company conc]n+ its deliv]y4 ,g5]ally a telegraph company /ates v cle>ly its mode ( deliv]+ messages & ! "t :5 x w d s1 ! place1 etc41 to :i* x w take !m1 & x is n oblig$ to hunt all ov] creation to f9d ! p]son to :om a message is address$4 ,t w\ld be a v unreasonable rule to apply4 ,!re=e1 if ! company did its duty ,a c\ld n recov] any?+ f x4 ,w\ld ,a1 !n1 x may be ask$1 be oblig$ to fulfil 8 contract ) ,b8 ,he has s5t 8 )drawal1 :i* if deliv]$ 9 "t w\ld h be5 receiv$ by ,b be=e ! lett] conta9+ ! (f]4 ,b1 h[ev]1 is away f 8 place ( bus9ess1 & p]haps is :]e he ought n to be--p]haps he is play+ pok] or do+ some?+ worse--ought ,a "u su* circum/ances to be held by 8 (f]8 ,?is is a clos] "q & "o t we w leave our read]s to ?9k ov]4 ,surely ,a w\ld h a /rong reason = claim+ t he ought n to be held "u su* conditions4 ,a p]son :o makes an (f] _c turn x into an acceptance4 ,an old uncle (f]$ by lett] to buy 8 nephew's horse = #ajj1 add+3 ,if ,i he> no m ab\t ! matt] ,i consid] ! horse z m9e4 ,! uncle1 n he>+ f ! nephew1 proce$$ to take ! horse4 ,at ?is /age ( ! proce$+s1 h[ev]1 ! nephew 0 n incl9$ to suff] 8 good old uncle to make ! contract entirely himself1 & refus$ to give up ! horse4 ,! c\rt said t "o p]son c\ld n d all ! contract+ himself1 & ?is is :at he virtually und]took to d4 ,if a p]son c\ld1 by correspond5ce or o!rwise1 make a contract 9 ?is mann]1 "o c readily see ! dang]s t might foll[4 ,"s positive act mu/ be put =? by ! o!r p>ty %[+ or indicat+ 8 ass5t be=e x w be reg>d$ z giv54 ,a p]son1 9 tru?1 is n oblig$ to pay any att5tion to an (f] ( ?is k9d4 ,rew>ds are (t5 made4 ,!y are f\nd almo/ e day among ! newspap] adv]tisem5ts4 ,^! are b9d+ "u v>i\s conditions4 ,an int]e/+ "q has be5 rais$ 9 ! case ( a runaway horse ^: own] has made an (f] to any f9d] :o returns him4 ,suppose a p]son at ! "t ( cat*+ ! animal did n "k ( ! rew>d b does "k ( x :5 return+ ! bea/ to 8 own]2 c he claim ! rew>d8 ,?is "q has some:at puzzl$ ! judges1 b ! m rec5t op9ion is t ! cat*] c claim ! rew>d l a p]son :o knew at ! "t ( /opp+ ! pleasure ( ! runaway4 ,( c\rse1 !re is no "q conc]n+ ^! rew>ds :5 !y are kn[n at ! "t ( act+ on !m4 ,9 "o ( ! cases tri$ n long s9ce1 an old f>m] (f]$ a rew>d ( #ae to any "o :o w\ld f9d ! p]son :o _h /ol5 8 h>ness & also #ajj to ! man :o w\ld prosecute ! ?ief4 ,! h>ness1 9 tru?1 0 wor? n ev5 ?is small sum & ! ?ief /ill less4 ,yet he 0 caught & prosecut$1 & !n ! prosecutor & f9d] claim$ ! rew>ds4 ,! f>m]'s excitem5t _h cool$ (f by ?is "t & he 0 n s l\d & lib]al z he 0 at ! "t ( f9d+ out 8 loss4 ,he refus$ to pay1 say+ t he did n really mean to (f] ^! sums z rew>ds1 & ! c\rt decid$ 9 8 fav\r1 decl>+ t 8 (f] ( rew>d c\ld n be reg>d$ /rictly z "o1 b r z an explosion ( wra?4 ,9 ano!r case a man's h\se 0 burn+ up & 8 wife 0 inside1 & he (f]$ any "o #ejjj :o w\ld g 9 & br+ h] out--dead or alive4 ,a brave fell[ w5t 9 & rescu$ h]4 ,!n he claim$ ! rew>d4 ,0 ! man :o made ! (f] oblig$ to pay1 & c\ld he n h escap$ by insi/+ t ?is 0 simply an explosion ( affection & n /rictly an (f] or promise ( rew>d8 ,he tri$ to hold on to 8 money1 b ! c\rt held t ?is 0 an (f] he mu/ pay4 ,possibly aft] ! recov]y ( 8 wife 8 valuation ( h] _h *ang$ some:at f :at x 0 :ile 8 h\se 0 burn+ up4 ,"o or two m cases may be giv54 ,"s p]sons :o prep>$ c>bolic-smoke balls (f]$ to pay #ajj to any p]son :o contract$ influ5za aft] hav+ us$ "o ( ! balls 9 ! mann] cle>ly set =? & = a /at$ p]iod4 ,?is (f] 0 9 ! =m ( a newspap] adv]tisem5t4 ,a p]son b\ght "o ( !m & foll[$ c>efully all ! directions ab\t its use4 ,! influ5za1 ?\gh1 did n disappe> z adv]tis$1 s he su$ to recov] ! (f]2 &1 hav+ prov$ cle>ly t he _h compli$ fai?fully ) ! directions & _h n be5 cur$1 ! c\rt said t ! own]s mu/ pay up & compell$ !m to give him ! #ajj (f]$4 ,ano!r case may be briefly m5tion$4 ,a (f]$ to sell ,b 8 f>m = #ajjj4 ,b (f]$ #iej1 :i* (f] 0 decl9$4 ,!n ,b (f]$ to pay #ajjj4 ,by t "t ,a _h *ang$ 8 m9d & decl9$ to accept ,b's (f]4 ,!n ,b su$ to get ! f>m1 (f]+ to pay ! money2 b ! c\rt held t ,b _h decl9$ ,a's (f] & consequ5tly t1 z ,a _h n made any o!r (f]1 !re 0 no contract4 ,f9ally1 x may be add$ t ! phrase by return mail does n always mean by ! next mail1 al?\gh ! p]son to :om ! (f] is made _c delay 8 answ] long4 ,on ! o!r h&1 ! p]son to :om su* a lett] may be address$ c b9d ! o!r by an acceptance v quickly aft] ! receipt ( ! (f]1 al?\gh n lit]ally by ! fir/ mail go+ out4 ,,vii4 ,,:at ,,contracts ,,mu/ ,,be ,,9 ,,writ+ ,"s contracts mu/ be 9 writ+ to be valid2 = in/ance1 contracts relat+ to ! sale & leas+ ( l&s4 ,?is writ+ mu/ be sign$ by ! p]son :o is *>g$ ) hav+ made x4 ,suppose t ,a has sold 8 f>m to ,b = an agre$ sum & refuses to give him a de$ on 8 paym5t ( ! am\nt or (f] to pay1 & ,b wi%es to compel ,a to c>ry out or execute 8 agreem5t4 ,b mu/ %[ a writ+ sign$ by ,a to t effect1 o!rwise ! c\rt w n pay any att5tion to ! matt]4 ,on ! o!r h&1 if ,a claims t su* an agreem5t has be5 made ) ,b1 :o is unwill+ to pay ! money & receive ! de$1 he mu/ %[ 9 c\rt a writ+ sign$ by ,b t he has agre$ to pur*ase ! f>m at a /at$ price & to receive a de$ ( ! same4 ,if su* a writ+ is n =?com+ :5 requir$1 he _c recov] any?+ f him4 ,?is is ! mean+ ( ! phrase1 !re=e1 t a writ+ mu/ be sign$ by ! p>ty *>g$ ) hav+ made ! agreem5t4 ,! writ+ ne$ n be v =mal4 ,x ne$ n specify ! am\nt t is to be paid2 9 o!r words1 x ne$ n specify ! consid]ation4 ,"s c\rts say1 h[ev]1 t x mu/ conta9 ?is fact or /atem5t4 ,x may be 9 p5cil4 ,i presume x w\ld be suffici5t if writt5 on a blackbo>d ) *alk4 ,b x mu/ be a writ+ ( "s k9d sign$ by ! p>ty to be *>g$2 t is ! ess5tial ?+4 ,! c\rts h also said t ?is writ+ ne$ n be on a s+le piece ( pap]4 ,if ! two p>ties h made an agreem5t by a s]ies ( lett]s1 an (f] on ! "o side & an acceptance on ! o!r1 & ! agreem5t c be fully %[n f ! s]ies ( lett]s1 ?is is suffici5t writ+4 ,if a man buys a f>m & pays a "p ( ! price & goes away say+ t he w pay ! rema9d] )9 a week1 expect+ !n to d s & receive a de$1 ! sell]1 if he *ooses1 c escape giv+ t de$ & p>t+ ) 8 f>m4 ,! paym5t ( a "p ( ! money does n b9d ! b>ga91 nor w ! c\rts1 ?\gh kn[+ ?is1 compel ! sell] to give su* a de$4 ,! read] may ask1 if ?is is ! law1 _c ! f>m] practise a fraud on ! buy] by receiv+ 8 money & keep+ x & ! f>m too8 ,he _c d bo? ?+s4 ,if he refuses to give ! de$ he mu/1 on ! o!r h&1 return ! money2 if he refuses to d ?is ! buy] c compel him by a prop] legal proce$+ to refund ! am\nt4 ,9 ?is way ! buy] gets 8 money back aga91 b n ! f>m t he b\ght4 ,x is said t ?is /atute is z (t5 us$ z a %ield to protect m5 9 do+ wrong z 9 prev5t+ frauds4 ,9 numb]less cases p]sons1 j l ! f>m] imag9$1 h us$ ?is /atute z a means to protect !m 9 n c>ry+ out _! agreem5ts4 ,?is happ5s e day4 ,?is /atute also relates to o!r matt]s4 ,"o clause says t an executor or adm9i/rator _c be requir$ to pay any?+ at all out ( 8 own pocket on any promise t he has made unless x be 9 writ+4 ,e "o kn[s ab\t ! duties ( an executor or adm9i/rator4 ,an executor is "o :o settles ! e/ate ( a p]son :o has di$ leav+ a w direct+ :at %all be done ) 8 weal?4 ,an adm9i/rator is a p]son :o settles ! e/ate ( a deceas$ p]son leav+ no w4 ,he is appo9t$ by ! law1 :i* fully /ates 8 duties4 ,let u suppose t an executor is employ$ to settle an e/ate1 & t he employs a c>p5t] to make "s repairs on a h\se belong+ to ! e/ate4 ,! contract is fairly en\gh made betwe5 ! c>p5t] & ! executor4 ,let u also suppose t he has no li5 on ! h\se = ! "w t he has done1 or t he has lo/ 8 li5 by reason ( n hav+ fil$ x 9 "t1 z ! law requires4 ,aft]w>d he goes to ! executor & dem&s paym5t = ! repairs t he has made4 ,let u suppose t ! e/ate is insolv5t & _c pay all ( its debts 9 full4 ,at ! "t ( mak+ ?is contract nei!r p>ty suppos$ ?is w\ld happ54 ,b1 unhappily1 debts h come to light s l>ge & num]\s t !re is n prop]ty en\gh to pay all ! cr$itors ev]y?+ t is due !m4 ,! executor says to ! c>p5t]3 ,!re is n prop]ty en\gh to pay all ( ! cr$itors & y1 un=tunately1 mu/ f>e l all ( ! re/1 & y _c be paid a l>g] p]c5tage on y\r %>e ?an ! o!rs4 ,to ! c>p5t] ?is w\ld be unwelcome news1 & he w\ld d\btless say to ! executor3 ,i made ?is contract ) y expect+ t y w\ld pay me1 & if ! prop]ty ( ! e/ate is n suffici5t y ought to pay me ?is4 ,i am a poor man & _c af=d to lose any ( my h>d-e>n$ money4 ,! executor might say to him3 ,i am z poor z y & ,i _c af=d to pay y out ( my own pocket1 & 9 law y _c compel me to d ?is4 ,&1 9 tru?1 ! c>p5t] c\ld n d ?is unless ! executor _h made a contract 9 writ+1 agree+ 9 any ev5t to pay :e!r !re 0 money en\gh belong+ to ! e/ate or n4 ,ano!r clause says t a p]son _c be requir$ to pay ! debt ( ano!r unless ! agreem5t is 9 writ+4 ,if ,a w5t into a /ore to buy goods & ,b %\ld be a little afraid to tru/ him1 & ,c1 a fri5d ( ,a's1 %\ld happ5 to be pres5t & say to ! m]*ant1 ,let ,a h ^! goods & if he does n pay y ,i w1 ?is w\ld be ! promise to pay ! debt ( ano!r2 & if ,a %\ld n pay x ,c c\ld %ield himself beh9d ?is /atute & escape )\t pay+ any?+4 ,!re is ano!r clause relat+ to ! sale ( ord9>y m]*&ise4 ,! law says t contracts = ord9>y m]*&ise mu/ be 9 writ+ if ! am\nt is ov] #ej4 ,9 "s ,/ates ! am\nt is #ce4 ,long ago x 0 decid$ t ?is /atute did n relate to contracts = "w1 & !y !re=e mu/ be c>ri$ out or fulfill$ 9 ! same mann] z ?\gh no /atute exi/$1 = "w is n m]*&ise4 ,,viii4 ,,contracts ,,= ,,! ,,sale ,,( ,,m]*&ise ,to make a contract ( sale !re mu/ be1 z we h se51 two or m p>ties1 & a consid]ation mu/ also be giv54 ,! sale is complete :5 ! prop]ty1 or title1 or own]%ip 9 ! ?+ b\ght passes f ! sell] to ! buy]4 ,x is n necess>y 9 ord] to make a valid sale to deliv] ! ?+ b\ght4 ,if ! title or own]%ip 9 ! ?+ is n transf]r$1 ! sale /ill rema9s incomplete4 ,! law supposes or assumes t a p]son w always pay = a ?+ pur*as$4 ,if ,i %\ld g into a /ore1 inquire ! price ( a book1 &1 aft] le>n+ ! price1 %\ld say to ! salesman1 ,i w take ! book1 & he %\ld wrap x up & give x to me & ,i %\ld !n walk out ) ! book "u my arm1 he d\btless w\ld come to me & say 9 8 polite/ mann]3 ,:y1 sir1 y h =gott5 to pay me = x4 ,suppose ,i %\ld say3 ,oh1 yes2 b ,i w come 9 to-morr[ & pay4 ,b if ,i happ5$ to be a /rang]1 & especially if !re 0 a suspici\s look ab\t me1 & he %\ld say !y did n give cr$it 9 t /ore1 & ,i 0 /ill incl9$ to walk out ) my book1 he c\ld insi/ t !re _h be5 no sale & t ,i mu/ give ! book to him4 ,! law w\ld protect him 9 tak+ x f me if he did n use undue =ce4 ,! law assumes1 unless "s diff]5t rule exi/s1 t ! buy] w always pay = ! ?+ pur*as$1 yet 9 law !re is no sale unless ! pur*ase money is actually paid4 ,( c\rse1 cr$it may be giv5 9 a /ore--t may be ! practice2 & if x is und]/ood betwe5 buy] & sell] t cr$it is to be giv51 !n a sale is complete z soon z ! b>ga9 is /ruck4 ,inde$1 s complete is ! sale t if ! buy] %\ld say to ! salesman1 ,i w leave ?is "h & return & take x 9 a %ort "t1 & dur+ 8 abs5ce ! /ore %\ld be burn$ up & ev]y?+ p]i%1 ! buy] w\ld be oblig$ to pay = ! book4 ,9 o!r words1 aft] x _h be5 sold1 if /ill kept !re ! sell] w\ld be m]ely ! keep]1 or bailee1 :i* is ! legal t]m1 & he w\ld be oblig$ to use only ord9>y c>e 9 keep+ x4 ,suppose a ?ief %\ld come 9 & take x away--w\ld ! sell] be responsible = ! loss8 ,n if he _h us$ ! same c>e 9 protect+ x z 9 protect+ 8 own prop]ty4 ,ano!r illu/ration may be us$ to br+ out ! nature ( a sale m cle>ly4 ,suppose ,i h b\ght a p>ticul> "w 9 a /ore1 ei!r pay+ ca% or buy+ x on cr$it1 if t be ! practice ( ! /ore1 & ,i %\ld say to ! salesman3 ,i am go+ d[n /reet & on my return w call & take ! book4 ,dur+ my abs5ce ,i meet a fri5d & tell him ( my pur*ase1 & he %\ld say to me3 ,i am v desir\s to get t "w2 ,i am sure !re is no o!r copy 9 t[n4 ,w y n sell x to me8 ,suppose ,i gave him an ord]1 direct$ to ! sell]1 reque/+ him to deliv] ! "w to ! p]son to :om ,i h sold x4 ,if he %\ld take ! ord] to ! /ore he c\ld claim ! book z 8 own & ! orig9al sell] w\ld be oblig$ to give x to him4 ,x is v important1 h[ev]1 9 _m cases to make a deliv]y ( ! ?+ sold4 ,z we h already /at$1 ! title z betwe5 ! buy] & sell] is actually *ang$ or transf]r$ at ! "t ( mak+ ! sale & x is !re=e complete4 ,b if a deliv]y ( ! ?+ sold is n actually made & ano!r p]son %\ld come along & wi% to buy x1 & ! sell] %\ld prove to be1 z he sometimes is1 deceitfully wick$1 & %\ld sell & deliv] x to him1 ! second buy] w\ld get a good title & c\ld hold x j z securely z ?\gh x _h n be5 previ\sly sold to ano!r4 ,( c\rse1 ! second buy] mu/ be an innoc5t p]son1 kn[+ no?+ ab\t ! fir/ or prior sale4 ,if he did n "k & pays ! money = ! ?+ he has b\ght & takes x away1 he gets a p]fectly good title z aga9/ ! fir/ buy]4 ,if he 0 n innoc5t ! fir/ buy] c\ld claim x & ! second "o w\ld lose 8 money unless he 0 able to get x back aga9 f ! sell]4 ,( c\rse1 su* a transaction is a fraud on ! "p ( ! sell]4 ,!re=e x is saf] 9 all ord9>y transactions = ! buy] to take ! ?+ he has pur*as$ unless he is sure t ! sell] is a p]fectly hone/ man1 :o w n practise any su* fraud ^u him4 ,suppose ! sell] _h ?+s 9 8 keep+ t _h be5 sold b n tak5 away1 & %\ld fail 9 bus9ess1 or t p]sons to :om he ow$ money %\ld sue him & try to hold n only all ( ! goods /ill own$ by him b ev5 ^? :i* he _h sold4 ,c\ld !y succe$ z aga9/ a p]son :o _h b\ght !m 9 p]fectly good fai?8 ,x is said t ! buy] 9 su* cases c get 8 goods aft] cle>ly %[+ t he _h b\ght !m & paid = !m2 b ! evid5ce ( 8 pur*ase mu/ be p]fectly cle>1 o!rwise ! c\rt w n p]mit him to take !m away & he w lose !m4 ,if a m]*ant is to deliv] a ?+ z a "p ( ! contract ( sale1 !n1 ( c\rse1 he mu/ d ?is2 o!rwise he is liable = 8 failure to c>ry out 8 contract4 ,?is rule applies to mo/ pur*ases t are made 9 /ores4 ,! m]*ant int5ds to deliv] ! ?+ sold1 ! buy] pur*ases expect+ ?is w be done1 & ! price paid = !m is en\gh to cov] ! co/ ( tak+ !m to ! buy]'s h\se2 9 o!r words1 ! price ( ! goods1 :atev] x may be1 is int5d$ to be en\gh to pay ! m]*ant = 8 co/ 9 deliv]+ !m1 & 9 su* cases ! contract is n complete until a deliv]y has actually tak5 place4 ,aga91 if ! ?+ pur*as$ is a "p ( a mass ( goods1 a sep>ation mu/ be made to complete ! contract4 ,if a man %\ld buy #ajj b>rels ( oil :i* 7 a "p ( #ajjj b>rels1 a sep>ation ( "s k9d mu/ be made ( ! p>ticul> ones sold4 ,if "o %\ld buy trees 9 a nurs]y1 to make ! contract complete ! p>ticul> trees mu/ 9 "s way be kn[n1 ei!r by r[s or e o!r tree--9 %ort1 9 "s way ! trees mu/ be cle>ly set ap>t4 ,if "p ( a mass ( timb] is b\ght1 ! p>ticul> logs mu/ be m>k$ or 9 "s way po9t$ out f ! o!r "p ( ! mass4 ,?is rule applies to all ?+s b\ght t =m a "p ( a l>ge mass4 ,! mode ( po9t+ !m out dep5ds on ! nature ( ! ?+2 a diff]5t k9d ( sep>ation mu/ be made 9 "s cases f :at is necess>y 9 o!rs4 ,,ix4 ,,! ,,w>ranties ,,( ,,m]*&ise ,! rule ( law 9 buy+ is1 ! buy] mu/ look out = himself2 & if ?+s are n :at he suppos$ !y 7 he has no rightful claim aga9/ ! sell]4 ,! maxim ( ! law is1 ,let ! pur*as] bew>e--let him take c>e ( himself4 ,! rule ( ! ,roman law 0 diff]5t4 ,x 0 ! duty ( ! sell] to tell ! buy] ( all ! defects kn[n by him 9 ! ?+ sold1 & if he did n he 0 responsible = any loss caus$ by any defect or imp]fection f\nd aft] pur*as+ t 0 kn[n by ! sell] be=e4 ,! mod]n pr9ciple may be look$ at f two po9ts ( view4 ,fir/1 ! sell] ne$ n make kn[n any defects :i* ! buy] c f9d out himself4 ,suppose a man is ?9k+ ( buy+ a horse t is 7?\gh he does n "k x7 bl9d 9 "o eye4 ,! law says t ! buy] ought to be able to see su* a defect q z readily z ! sell]1 & if he does n ! fault is 8 own4 ,bl9dness 9 "o eye is q z easily se5 z w\ld be ! lack ( an e> or tail4 ,& ?is pr9ciple applies v g5]ally 9 all pur*ases4 ,x cov]s all visible defects4 ,nor c any "o f9d mu* fault ) ?is rule1 because ! buy] g5]ally has z good eyesight z ! sell]1 & if he takes pa9s1 z he %\ld1 he is able to discov] all ord9>y defects4 ,fur!rmore1 ! buy] d\btless (t5 kn[s q z mu* ab\t ! ?+s he pur*ases z ! sell]4 ,b ! c\rts also say t x applies to o!r defects4 ,suppose a horse has ! heaves or ! rheumatism1 :i* is kn[n to ! sell] b ( :i* ! buy] has no k :atev]4 ,! sell] is n oblig$ to make kn[n ?is defect to ! buy]1 & if he is silly en\gh to pur*ase on 8 own wisdom he mu/ abide by ! consequ5ces4 ,if he does inquire & is deceiv$1 t is ano!r ?+4 ,b if he asks no que/ions1 or ! sell] does n deceive him 9 any way1 ! sell] is n responsible = defects kn[n by him at ! "t ( ! sale4 ,?is also is a well-und]/ood rule4 ,! sell]1 we repeat1 mu/ n deceive ! buy]4 ,9 "o ( ! well-kn[n cases a man own$ a %ip t he 0 desir\s ( sell+4 ,%e 0 uns\nd 9 sev]al places & ! sell] put h] 9 su* a position t h] defects c\ld n be readily f\nd out4 ,he did ?is = ! purpose ( deceiv+ ! buy] & succe$$4 ,:5 ! buy] le>n$ h[ he _h be5 trick$ he began a legal proce$+ to get back a "p ( ! money t he _h paid1 & won 8 case4 ,& rightfully1 too1 = ! reason t ! sell] _h deceiv$ him1 :i* he _h no "r to d4 ,ano!r case may be /at$ ( a man :o 0 desir\s ( pur*as+ a picture1 suppos+ t x 0 once 9 ! collection ( an em95t man4 ,! sell] knew p]fectly well t ! picture did n come f t collection & t ! buy] 0 act+ "u a delusion4 ,he did n say t ! picture _h belong$ to ! collection or _h n2 he 0 sil5t1 al?\gh he knew t ! buy] w\ld n pur*ase x if he knew ! tru? ab\t its =m] own]%ip4 ,= "s reason or o!r ! buy] did n make any inquiry ( ! sell]1 or if he did 0 n told4 ,b aft] pur*as+ ! picture ! buy] le>n$ t he 0 mi/ak5 & t ! sell] knew ?is at ! "t ( mak+ ! sale4 ,he s\ght to recov] ! money he _h paid & succe$$1 ! c\rt say+ t a fraud _h be5 practis$ ^u him2 t x 0 ! duty ( ! sell]1 kn[+ :at 0 pass+ 9 ! m9d ( ! buy]1 to h told him ! tru? ab\t ! =m] own]%ip ( ! picture4 ,x w be se51 !re=e1 t ! sell] mu/ n deceive ! buy] 9 any way or practise any fraud on him2 if he does he w be responsible = ! loss or injury befall+ ! o!r4 ,:at1 !n1 ought a buy] to d 9 pur*as+ a horse1 = example1 9 ord] to gu>d himself aga9/ ! unwelcome discov]y ( disease or o!r defect8 ,cle>ly1 he ought to require ! sell] to give him a w>ranty4 ,a prop] way is1 if ! transaction be an important "o1 to h ! w>ranty 9 writ+ & sign$ by ! sell]4 ,x ne$ n be v long2 a few words usually are en\gh4 ,!re is a v important diff]5ce t e "o ought to und]/& betwe5 words t are spok5 at a sale1 :i* are m]e repres5tations1 & words t =m a w>ranty ( ! ?+ sold4 ,if ,i %\ld g into a /ore to buy a piece ( flannel1 & ask ! salesman if x 0 all wool1 & he %\ld assure me t x 01 & ,i1 ignorant ( ! quality ( ! mat]ial1 & desir\s ( buy+ a piece ( all-wool flannel1 %\ld say to him3 ,i "k no?+ ab\t x2 ,i rely entirely on y\r /atem5t1 & he %\ld say3 ,x is all "r2 all wool1 & no cotton1 8 words w\ld be a w>ranty1 & if ! flannel prov$ to be made p>tly ( /raw or cotton1 or some?+ besides wool1 ,i c\ld sue ! sell] on 8 w>ranty1 & recov] = ! loss ,i _h suff]$1 :atev] t might be4 ,b suppose ,i 7 a flannel manufactur] myself1 & knew at ! "t he 0 say+ ?is to me t ! flannel 0 p>tly cotton2 9 %ort1 knew a great deal m ab\t x ?an he did1 & 0 n deceiv$ 9 any way by :at he said1 8 words w\ld n be a w>ranty1 because my action 9 buy+ ! flannel w\ld n be influ5c$ by !m4 ,:at te/1 !n1 is to be appli$8 ,evid5tly :e!r or n ! buy] acts on ! words spok5 & is deceiv$ by !m4 ,if1 rely+ on !m1 he buys & is deceiv$ or misl$ to 8 loss or injury1 !n ! words w be tak5 z a w>ranty & protect ! buy]4 ,if1 on ! o!r h&1 he is n deceiv$ by :at is told him1 & he buys on 8 own k & judgm5t1 !n ! words are n a w>ranty4 ,"o or two o!r po9ts may be briefly notic$4 ,! law says t ! sell] always w>rants ! title to ! ?+ sold--9 o!r words1 t he is ! own]4 ,he may n say "o ^w ab\t ! matt]1 b ! law implies t he is ! own] & w\ld n sell a ?+ t did n belong to him4 ,if he %\ld prove n to be ! own]1 ! buy] c\ld recov] = 8 loss4 ,ano!r po9t ab\t adult]ations4 ,! common law does n reg>d an article z adult]at$1 giv+ ! buy] ! "r to claim some?+ back1 unless x has be5 mat]ially *ang$ by ! =eign sub/ance4 ,all1 or ne>ly all1 ( ! ,/ates h made /atutes )9 rec5t ye>s1 or re-enact$ old ones1 hold+ sell]s /rictly responsible = ! quality1 especially ( provisions1 sold4 ,^! /atutes g5]ally require ! sell] to sell absolutely pure articles1 & he _c %ield himself by say+ t he 0 ignorant & innoc5t ( _! nature if !y prov$ to be o!r ?an pure articles4 ,if a groc] %\ld sell cotton-se$ oil = olive oil1 ev5 ?\gh do+ s ignorantly1 )\t any int5tion to deceive1 he w\ld nev]!less be held liable "u ! /atutes t n[ exi/ 9 mo/ ( ! ,/ates2 & public op9ion /rongly fav\rs ! /rict execution ( ^! /atutes4 ,x4 ,,common ,,c>ri]s ,:at is meant by a common c>ri]8 ,a p]son or company t is oblig$ to c>ry m]*&ise or pass5g]s = a price or comp5sation f place to place4 ,a common c>ri] _c select 8 bus9ess1 l a private c>ri]1 b mu/ c>ry all m]*&ise t is (f]$2 or1 if he is a c>ri] ( p]sons1 all p]sons :o desire to g & are will+ to respect all reasonable regulations t relate to c>ry+ !m4 ,! pr9cipal common c>ri]s are railroads1 /eamboats1 & canal companies4 ,! liability ( common c>ri]s is v important to all :o travel or s5d m]*&ise4 ,a common c>ri] is liable = all losses n happ5+ by ! act ( ,god or by ! public enemy4 ,by act ( ,god is meant unavoidable calamity1 su* z lightn+ & tempe/s1 & by public enemy is meant a nation at w> ) ano!r4 ,once ^! 7 ! only exceptions4 ,c>ri]s 7 !re=e insur]s ( ! goods left ) !m to be c>ri$ to "s o!r place4 ,?is e>ly rule ( law fix+ _! liability has be5 greatly *ang$4 ,c>ri]s c n[ make a contract reliev+ !mselves ( all liability = losses 9 c>ry+ goods except ^? aris+ f _! own neglig5ce4 ,! c\rts 9 a few cases h said t !y c relieve !mselves ev5 f ?is1 b ?is is n g5]ally ! law4 ,!y c1 ?\gh1 by special contract relieve !mselves f all o!r liability4 ,a railroad company1 !re=e1 c make a contract = c>ry+ :eat f ,*icago to ,new ,york1 reliev+ itself f all liability = loss by fire unless ?is %all be caus$ by its neglig5ce4 ,if a fire %\ld occur )\t any neglig5ce on ! "p ( ! company & goods on ! way %\ld be de/roy$1 x c\ld n be held responsible = ! loss if !re 0 su* a contract betwe5 ! %ipp] & c>ri]4 ,a c>ri] is no long] an insur] = ! safe c>ry+ ( goods4 ,! c\rts h p]mitt$ c>ri]s to ?us less5 _! liability because !y are will+ to take goods at l[] prices ?an !y w\ld if !y 7 to be responsible = all losses4 ,!y n[ virtually say to ! %ipp]s3 ,if y are will+ to be y\r own insur]s1 or insure 9 insurance companies1 & hold u = no losses except ^? aris+ f our own neglig5ce1 we are will+ to c>ry y\r goods at a mu* l[] rate4 ,&1 z %ipp]s are will+ to take ! risks !mselves = ! sake ( gett+ l[] rates1 ! practice has become univ]sal = less5+ ! liability ( c>ri]s 9 ! mann] describ$4 ,suppose t goods are burn$ up by fire4 ,! %ipp] mu/ be ! los] unless he c %[ t x 0 caus$ by ! neglig5ce ( ! c>ri]4 ,z he (t5 c %[ ?is1 he imag9es t ! c>ri] is /ill liv+ "u ! old law & is liable z he 0 9 ! e>ly days ( railroad & /eamboat companies4 ,9 tru?1 ?is is n s4 ,8 liability is measur$ by 8 contract1 & !re c be no recov]y = any loss unless neglig5ce on ! c>ri]'s "p is cle>ly %[n1 & 9 _m cases ?is is n easily done4 ,?\gh common or public c>ri]s are oblig$ to take & transport almo/ ev]y?+1 !y may make reasonable regulations ab\t ! pack+1 etc41 ( m]*&ise4 ,suppose a %ipp] 7 to come to a railroad company's cl]k ) a quantity ( glass n 9 boxes1 & %\ld say to him1 ,i wi% ?is glass to be c>ri$ to ,new ,york2 & ! cl]k %\ld say to him t ! rules ( ! company requir$ all glass to be pack$ 9 boxes l9$ ) /raw1 & t ! rule c\ld n be set aside1 h[ev] %ort might be ! di/ance4 ,v likely ! %ipp] w\ld say to ! ag5t3 ,?is is exp5sive2 ,i wi% y to take x z x is4 ,& if he %\ld say to ! ag5t t he 0 will+ to run ! risk ( breakage1 !n1 p]haps1 ! cl]k might take x 92 yet1 ev5 on ^? t]ms1 "s c>ri]s w\ld n4 ,at all ev5ts1 if ! cl]k %\ld insi/ on foll[+ ! rules1 ! %ipp] c\ld n ju/ly compla91 = ?is rule is a v reasonable "o1 z ! c\rts h _m times decl>$4 ,suppose a %ipp] %\ld ask a c>ri] to take a load ( potatoes or apples to ,montreal 9 v cold wea!r4 ,! c>ri] says to him3 ,!re is dang] ( ! apples be+ froz54 ,i am unwill+ to c>ry !m unless y w take ! risk ( _! freez+4 ,he c\ld insi/ on ^! t]ms1 because x w\ld be unreasonable to require c>ri]s to transport su* m]*&ise & keep _! c>s heat$4 ,!y are n made 9 t way & e %ipp] kn[s x1 nor are c>ri]s requir$ to heat !m4 ,! c\rts h said t any reasonable regulations respect+ ! m]*&ise to be c>ri$1 ! pack+1 etc41 mu/ be respect$4 ,a c>ri] c\ld refuse positively to c>ry dynamite or p[d] unless x 0 pack$ 9 a v c>eful mann]4 ,d\btless _m ?+s are c>ri$ 9 ways q contr>y to ! regulations1 )\t ! k ( ! c>ry+ companies4 ,packages are r>ely exam9$ & ?+s may be put )91 out ( sight1 ( :i* c>ri]s "k no?+4 ,a c>ri] is n requir$ to h c>s en\gh to c>ry all goods on unusual occasions4 ,b x mu/ h en\gh to c>ry )\t delay all t come f day to day4 ,,xi4 ,,! ,,c>ry+ ,,( ,,pass5g]s ,millions ride on /eamboats1 9 ! /reet-c>s1 & by /eam-railways1 & ! "q is an important "o ) !m4 ,:at are ! rights & duties ( company & pass5g]8 ,fir/1 x is ! duty ( a company c>ry+ pass5g]s to provide e "o ) a seat4 ,?is rule does n apply to /reet-c>s b x does to /eam-railways4 ,9 "s cases x is said ( ! /reet-c> pass5g]s t ^? :o use ! /raps pay ! money f :i* divid5ds are paid4 ,b ! rule is o!rwise t applies to railway companies4 ,!y mu/ furni% seats = _! pass5g]s & _c dem& f>es until seats are secur$4 ,hav+ tak5 him on bo>d & seat$ him1 :at degree ( c>e mu/ ! company use 9 c>ry+ ! pass5g]8 ,x may seem /range to say t ! company is n oblig$ to use z mu* c>e z 9 c>ry+ a b>rel ( apples or an animal4 ,goods mu/ be mov$1 kept dry1 p]haps1 & c>$ = 9 o!r ways4 ,an animal mu/ be f$4 ,9 c>ry+ cattle /ops mu/ be made = re/4 ,b ! pass5g] takes c>e ( himself4 ,he gets 9 & out & provides 8 own rations4 ,!re=e ! law puts on ! c>ri] ! duty ( us+ only a reasonable degree ( c>e 9 tak+ him f place to place4 ,9 o!r words1 ! railway is n an insur] ( life1 z x is ( goods or o!r m]*&ise4 ,z pass5g]s are ( !mselves able to get ar\nd & use "s c>e ) respect to _! own movem5ts1 ! law less5s ! responsibility4 ,p]haps ! read] w\ld l to "k :at ! company mu/ d 9 c>ry+ a pass5g]'s baggage4 ,?is is a v practical "q4 ,if he takes 8 grip 9 ! seat ) him1 he alone is responsible = its safety4 ,if "s "o %\ld get 9 ! seat beside him & 9 go+ out %\ld take ! grip along ) him1 ! own] c\ld n ask ! company to make good 8 loss4 ,on ! o!r h&1 if he deliv]s 8 grip to ! company1 !n ! company is b\nd by ! same rule z :5 c>ry+ o!r goods & m]*&ise4 ,! price paid = 8 ticket is also en\gh to pay ! co/ ( c>ry+ 8 trunk or o!r baggage1 !re=e ! c>ri] _c escape pay+ = its loss :5 hav+ possession ( x on ! gr\nd t ! s]vice is purely volunt>y & )\t comp5sation4 ,z ! company gets comp5sation x mu/ pay = any loss :ile tak+ baggage f "o place to ano!r unless ! loss or damage %\ld be due to no fault or neglig5ce ( ! company4 ,e n[ & !n we receive a *eque = a trunk or o!r piece ( baggage /at+ t 9 ! ev5t ( loss ! company w n be responsible beyond a c]ta9 am\nt--#ej1 or #ajj1 or o!r sum4 ,is t /atem5t on ! *eque wor? any?+8 ,! c\rts h held t if "o ( ^! *eques is tak5 by a pass5g] & he reads x he is b\nd !reby4 ,?is is a contract betwe5 c>ri] & pass5g]1 consequ5tly he is b\nd by ! figures m5tion$ "u ord9>y circum/ances4 ,?is rule is j & is bas$ on a good reason4 ,z e "o kn[s1 :5ev] a trunk is lo/ x is v difficult = ! c>ri] to get any pro( ( ! real value ( its cont5ts4 ,all ! evid5ce is 9 ! h&s ( ! pass5g]4 ,if he is )\t a consci5ce & app>5tly proves t ! ?+s 9 x 7 wor? #bjj or #cjj1 he may succe$ 9 gett+ ?is mu*1 al?\gh x might h be5 full ( %av+s4 ,x is because ( mu* exp]i5ce ( ?is k9d t c>ri]s h tri$ to limit ! am\nt = :i* !y w be responsible1 & s long z !y d ?is 9 a fair1 op5 way ! law reg>ds _! conduct ) fav\r4 ,if1 h[ev]1 a pass5g] receives su* a *eque & at once puts x 9 8 pocket & does n "k its true nature1 !n ! c\rts h held t he 0 n b\nd by any limit ( ?is k9d4 ,aga91 a p]son has no bus9ess to put diamonds & rubies & jewell]y & ! l 9 8 trunk4 ,if he does & !y are lo/1 he _c compel ! c>ri] to pay = !m4 ,! c\rts h said t pass5g]s h no "r to put su* ?+s 9 _! trunks expect+ to make c>ri]s pay = !m :5 !y are lo/4 ,if !re are ?+s ( unusual value 9 a trunk1 ! c>ri] %\ld be in=m$ or else ! own] %\ld assume ! risk4 ,"o ^w m4 ,an express company is a common c>ri] & is b\nd by ! same rules z o!r c>ri]s except s f> z su* rules may be *ang$ by def9ite contract4 ,:5 a def9ite contract is made1 !n ! rules ( ord9>y c>ri]s d n apply4 ,,xii4 ,,on ,,! ,,keep+ ,,( ,,?+s ,!re are "s pr9ciples ( e-day importance relat+ to ! keep+ ( ?+s4 ,9 our la/ lecture 0 m5tion$ ! c>riage ( m]*&ise by common c>ri]s4 ,!y n only c>ry m]*&ise--!y also keep x4 ,:5 m]*&ise rea*es its de/9ation & %ipp]s h _h a reasonable "t to take x away1 b neglect to d s1 a common c>ri] is no long] liable = its safe keep+ z a common c>ri] b only z a w>eh\seman4 ,:at d we mean by ?is8 ,z we h se51 a common c>ri]1 unless he makes a special contract = c>ry+ ! m]*&ise1 is liable = ev]y?+ lo/ or injur$ except by ! act ( ,god or ! public enemy2 or1 z we h already said1 he is an insur] = safely tak+ & keep+ ! m]*&ise :ile x is 9 8 *>ge4 ,:5 ! m]*&ise has rea*$ ! f9al /ation1 & ! p]son to :om x is %ipp$ or s5t has _h ample "t to take x away & does n d s1 ! c>ri] /ill keeps ! m]*&ise 9 8 w>eh\se or depot1 b he is no long] liable z a c>ri] = keep+ x b simply z a w>eh\seman4 ,9 o!r words1 if goods are kept by him = ?is long] p]iod1 he is liable = _! loss only 9 ! ev5t ( gross neglig5ce on 8 "p4 ,if a fire %\ld break out & ! goods be burn$1 unless x happ5$ by 8 own gross neglig5ce1 he w\ld n be liable = ! loss4 ,s1 too1 if a ?ief %\ld break into 8 w>eh\se & /eal ! goods1 he w\ld n be liable = ! !ft unless x 0 %[n t he 0 grossly neglig5t 9 n provid+ a saf] build+4 ,if ! rats & mice %\ld de/roy ! goods :ile !y 7 9 ! common c>ri]'s build+1 ! same rule w\ld apply2 or if !y 7 injur$ or de/roy$ 9 any o!r mann]1 he w\ld n be responsible = ! loss unless gross neglig5ce 0 %[n4 ,diff]5t rules apply1 dep5d+ on :e!r ! keep]1 or bailee1 gets any comp5sation = /orage4 ,9 our lecture relat+ to sales we /at$ t ! sell] w\ld n be liable = ! loss ( any?+ intru/$ to 8 keep+ aft] x _h be5 b\ght ( him unless he 0 grossly neglig5t1 = ! reason t no rew>d or comp5sation is paid to him = /orage4 ,!re are1 !re=e1 two rules :i* gov]n _m cases4 ,if a p]son keeps a ?+ = a rew>d or comp5sation1 !n he is b\nd by a /rict] rule ( dilig5ce ?an 9 ^? cases 9 :i* he receives no?+ = 8 s]vice4 ,?is accords ) ! common reason ( mank9d4 ,evid5tly if a p]son keeps a ?+ simply z an act ( k9dness1 he ought n to be responsible 9 ! same s5se t "o is held responsible :o is paid a fix$ price = su* s]vice4 ,ano!r good illu/ration is t ( a bank :i* keeps ! bonds ( a depositor 9 its safe = 8 accommodation4 ,! bank does n pret5d to be a safe-deposit company or any?+ ( ! k9d1 b x has a l>ge vault & wi%es to accommodate its cu/om]s by keep+ _! /ocks & bonds & o!r articles = !m :ile !y are (f on vacations or = o!r reasons4 ,x is a common ?+ = a cu/om] to g to 8 bank1 especially 9 ! c\ntry1 & ask ! ca%i] to keep 8 valuables dur+ 8 abs5ce4 ,! ca%i] is will+ to comply1 & ! ?+s are intru/$ to him2 b z ! bank receives no comp5sation = ?is s]vice x is n responsible = _! loss unless x is grossly neglig5t 9 ! matt]4 ,suppose !y are put 9 ! safe among o!r valuables belong+ to ! bank & a robb] breaks 9 & takes !m away--is ! bank responsible8 ,c]ta9ly n4 ,on ! o!r h&1 if ! cu/om] %\ld leave 8 valuables at a safe-deposit company1 a diff]5t rule w\ld apply1 because t company *>ges him = keep+ ! articles4 ,x is !re=e b\nd by a /rict] rule ?an ! bank4 ,x mu/ use ! greate/ c>e1 & if neglectful 9 any respect x is responsible = ! consequ5ces4 ,suppose a p]son %\ld say to me3 ,w y be good en\gh to leave ?is package ) a jewell] on y\r way d[n /reet8 ,i say to my fri5d3 ,c]ta9ly1 ) ! greate/ pleasure4 ,:at degree ( c>e mu/ ,i use 9 c>ry+ t package8 ,only ord9>y c>e4 ,suppose 9 go+ along ! /reet a ?ief1 )\t my k1 %\ld walk beside me & slip 8 h& into my pocket & take ! package1 & on my arrival at ! jewell]y /ore ,i %\ld f9d t x 0 gone4 ,%\ld ,i be responsible = ! loss8 ,c]ta9ly n1 because ,i _h nei!r receiv$ nor expect$ to receive any rew>d = tak+ ! package to ! /ore4 ,( c\rse1 if x c\ld be %[n t ,i 0 unnecess>ily neglig5t 9 c>ry+ ! p>cel1 ! own] might be ju/ifi$ 9 claim+ damages4 ,"o ?+ m may be add$4 ,if a bailee %\ld be a sc\ndrel & sell ! ?+ left ) him = safe-keep+ & receive ! money1 ! true own] c\ld1 nev]!less1 claim ! ?+ :]ev] he c\ld f9d x4 ,! own] w\ld n get a good title4 ,?is rule ( law applies to ev]y?+ except negotiable pap]4 ,a p]son :o buys t 9 good fai?1 hone/ly1 n kn[+ t x 0 /ol51 & pays money1 gets a good title4 ,?is is ! only exception to ! above rule 9 ! law4 ,,xiii4 ,,conc]n+ ,,ag5ts ,v _m p]sons act z ag5ts = o!rs4 ,mu* ( ! bus9ess ( mod]n times is c>ri$ on by p]sons ( ?is class4 ,all ! manag]s ( corporations are ag5ts ( ! railways1 banks1 manufactur+ companies1 & ! l4 ,!y are to be se5 ev]y:]e4 ,e salesman is an ag5t4 ,9 %ort1 ! l>g] "p ( ! mod]n comm]ce ( ! _w is done by ag5ts4 ,,ag5ts ,,are ,,( ,,two ,,k9ds1 ,,special ,,& ,,g5]al2 & !re are important diff]5ces betwe5 ! two4 ,a ,,g5]al ,,ag5t is a p]son :o transacts all ! bus9ess ( ! p]son hir+ or appo9t+ him1 call$ a pr9cipal1 or all 8 bus9ess ( a p>ticul> k9d4 ,a pr9cipal might h sev]al g5]al ag5ts = ! diff]5t k9ds ( bus9ess 9 :i* he 0 engag$4 ,suppose he has a cotton-factory & a /ore & a f>m2 he might h ?ree g5]al ag5ts1 ea* manag+ "o ( ^! ent]prises4 ,a g5]al ag5t may be appo9t$ 9 diff]5t ways4 ,?is may be done by a writt5 contract4 ,v (t51 h[ev]1 no su* contract is made1 & ! p]son comes to act 9 a diff]5t way4 ,a ca%i] ( a bank1 = example1 is a g5]al ag5t to transact its bus9ess1 b ! mode ( appo9t+ him r>ely consi/s ( any?+ m ?an a resolution ( ! bo>d ( directors4 ,m (t5 ?an o!rwise 8 appo9tm5t is purely v]bal1 by ^w ( m\?4 ,&1 aga91 ! au?ority ( an ag5t ?us to act is (t5 f\nd out by 8 acts1 kn[n & approv$ by 8 pr9cipal1 or 9 o!r ways4 ,suppose t ,a %\ld manage ,b's /ore = him1 buy+ & sell+ m]*&ise ) ,a's k2 by ?us putt+ him be=e ! _w z ,b's ag5t ! law w\ld say t he really 0 s1 & ,b w\ld be b\nd by 8 acts )9 a limit soon to be expla9$4 ,?is1 p]haps1 is ! m common way 9 :i* ! _w le>ns ( ! au?ority ( an ag5t's act4 ,he does a great v>iety ( ?+s :i* x is well kn[n mu/ be )9 ! k ( 8 pr9cipal or employ] &1 z !y are kn[n by ! employ] & ! employ] says no?+ 9 ! way ( dis[n+ or repudiat+ ^! acts1 he is b\nd by !m4 ,sometimes1 inde$1 p]sons pret5d to be ag5ts = o!rs :5 really !y h no au?ority to act4 ,:5 ?is is done1 & ! p]son = :om !y are pret5d+ to act f9ds out :at !y are do+1 !n x is 8 imm$iate duty to take su* action z ! circum/ances require to dis[n ! acts ( su* pret5d]s4 ,if ?is is n done he may be b\nd by !m4 ,8 action 9 adopt+ or approv+ is call$ ! ,,ratify+ ( an ag5t's act2 & :5 ?is is done ! ag5t's action is j z valid z ?\gh au?ority _h be5 giv5 to him to act 9 ! beg9n+4 ,! pr9cipal's conduct 9 ?us ratify+ an ag5t's acts relates back to ! "t :5 ! ag5t fir/ began to act4 ,a ,,special ,,ag5t is appo9t$ to d a p>ticul> ?+ & ?is is m (t5 done 9 writ+4 ,p]haps ! mo/ common illu/ration is ! appo9tm5t ( "s "o to act = ano!r at ! annual meet+ ( a corporation to vote on /ock4 ,su* a p]son is call$ a ,,proxy1 & p]sons (t5 act z ?r\gh ano!r 9 ?is mann]4 ,sometimes "o p]son s]ves z a proxy or ag5t = a v l>ge numb] ( %>ehold]s4 ,! liability ( a pr9cipal = ! acts ( a g5]al ag5t are v diff]5t f 8 liability = ! acts ( a special ag5t4 ,9 ! =m] case ! pr9cipal is said to be responsible = all ! acts ( 8 ag5t t are )9 ! g5]al scope ( 8 bus9ess4 ,9 o!r words1 if x is g5]ally kn[n t ,a is act+ z ! g5]al ag5t ( ,b 9 conduct+ 8 bus9ess1--we w say manag+ 8 cotton-factory1--,a w b9d 8 pr9cipal ,b = ev]y?+ done by him z g5]al ag5t 9 conduct+ t bus9ess4 ,suppose ,a 0 act+ z a g5]al ag5t ( an insurance company &1 among o!r ?+s1 0 told by ! presid5t or bo>d ( directors ( ! company n to insure prop]ty 9 a giv5 place bel[ a /at$ rate4 ,suppose a p]son %\ld g to ?is ag5t1 desir+ to h 8 prop]ty insur$1 b at a l[] rate1 & suppose t ! ag5t %\ld f9ally yield & make a l[] rate z reque/$4 ,c\ld 8 company repudiate ! contract8 ,cle>ly n1 = x 0 ,a's duty to make contracts = insur+ prop]ties4 ,if ! insur$ knew t ! ag5t _h be5 expressly limit$ 9 ! rates = insur+ & t he 0 go+ contr>y to 8 in/ructions 9 mak+ ! l[] rate1 !n1 inde$1 ! company w\ld n be b\nd by ! contract4 ,o!rwise x c\ld n repudiate ! act1 = x w\ld fall )9 ! g5]al pr9ciple t a pr9cipal is b\nd by ! acts ( 8 ag5t done )9 ! g5]al scope ( 8 bus9ess or employm5t2 & su* a contract cle>ly w\ld be )9 ! limit4 ,=1 inde$1 ?is is ! v bus9ess ( ! ag5t--to effect insurance4 ,! only ?+ necess>y1 !re=e1 = a p]son do+ bus9ess ) a g5]al ag5t is to f9d out :e!r he is su* an ag5t2 & :5 ?is is le>n$ !n a p]son c safely transact bus9ess ) him1 do+ any?+ )9 ! g5]al scope ( 8 p[]s1 unless ! p]son actually kn[s t "s limit or re/riction has be5 put ^u ! ag5t4 ,x is n 8 duty to f9d out :at ! p[]s ( a g5]al ag5t are1 b simply :e!r he is a g5]al ag5t or n4 ,b ! rule is v diff]5t t applies to ! liability ( a pr9cipal :o employs a special ag5t4 ,9 su* cases x is ! duty ( ! p]son do+ bus9ess ) him to inquire :at 8 p[]s are1 = ! pr9cipal w n be b\nd beyond ^!4 ,su* an inquiry1 !re=e1 mu/ be made4 ,he mu/ ask ! ag5t to %[ ! au?ority "u :i* he is appo9t$1 or 9 "s way cle>ly conv9ce ! o!r :at 8 p[]s are be=e any bus9ess c be safely done4 ,! au?ority ( a special ag5t is (t5 /at$ 9 writ+1 & ! pap] is call$ ,a ,,p[] ,,( ,,attorney4 ,9 sell+ l& an ag5t %\ld always h su* a p[]1 because a good title to l& c only be giv5 9 writ+1 & ?is p[] ( attorney %\ld be copi$ 9 ! records kept = ?is purpose ) ! de$ itself to %[ by :at au?ority ! ag5t act$ 9 sell+ ! l&4 ,e n[ & !n :5 a p]son buys a piece ( l& & exam9es ! title to f9d out :e!r x is p]fect or n1 he discov]s t some:]e 9 ! *a9 ( title a de$ 0 made by ! ag5t ( ! sell] in/ead ( ! sell] himself1 & ! buy] _h =gott5 to put ! p[] ( attorney on record ) 8 de$4 ,! omission to d ?is is (t5 s]i\s4 ,x is 9 tru? j z important = an ag5t to h a prop] p[] ( attorney 9 su* a case z to give a prop] de$ = 8 pr9cipal1 & ! "o pap] %\ld be record$ q z mu* z ! o!r1 z bo? are p>ts ( ! same /ory4 ,sometimes an ag5t appo9ts a subag5t4 ,?is may be orally or 9 writ+4 ,a good illu/ration is t ( ! collection ( a *eque deposit$ ) a bank4 ,suppose a *eque is deposit$ 9 a bank 9 ,*icago drawn on a bank 9 ,new>k1 ,n4 ,j4 ,! ,*icago bank is1 9 ! fir/ in/ance1 ! ag5t = collect+ x4 ,! bank w\ld s5d ! *eque to ano!r 9 ,new ,york1 :i* w\ld be its subag5t1 & t bank 9 turn w\ld s5d x to a ?ird bank 9 ,new>k1 :i* w\ld be a subag5t ( ! ,new ,york bank4 ,?us !re w\ld be two subag5ts1 besides ! ag5t1 employ$ 9 collect+ ! *eque4 ,!re is an important "q relat+ to ! liability ( "o ( ^! ag5ts or subag5ts 9 ! ev5t ( ! neglig5t p]=mance ( ! duty2 :i* is responsible8 ,g5]ally1 x is said1 if ! g5]al ag5t appo9ts a subag5t he is nev]!less responsible = 8 act4 ,suppose a /reet contractor employs a subag5t to repair a /reet & he digs a hole & improp]ly gu>ds x & "s "o falls into ! place & is injur$1 c ! p]son ?us injur$ look to ! contractor or to ! subcontractor = comp5sation = 8 injury8 ,! contractor is liable 9 su* cases4 ,x may be add$1 h[ev]1 t al?\gh he is liable to ! p]son injur$1 he may be able to recov] ( ! subcontractor or subag5t4 ,b ?is rule does n apply to ! banks 9 e ,/ate4 ,9 "s ( !m ! fir/ bank 9 :i* ! *eque 0 deposit$ is liable = ! neglig5ce ( o!rs t may be aft]w>d employ$ 9 collect+ x1 & ?is rule prevails 9 ! f$]al c\rts4 ,9 a l>g] numb] ( ,/ates ! fir/ bank fully p]=ms its duty 9 select+ a prop] or reputable ag5t1 & 9 s5d+ ! *eque to x = collection4 ,%\ld ! second or subag5t be neglectful1 ! depositor ( ! *eque c\ld compel t ag5t1 & n ! fir/1 to make its loss good4 ,,xiv4 ,,! ,,law ,,relat+ ,,to ,,bank ,,*eques ,a ,,*eque has come to be "o ( ! mo/ common ( all writ+s4 ,almo/ ev]ybody receives m or less ( !m4 ,!re are "s pr9ciples t ought to be und]/ood by e hold] or receiv] ( a *eque :i*1 we fe>1 are n z well kn[n z !y %\ld be4 ,fir/ ( all1 a p]son ought to pres5t 8 *eque = paym5t soon aft] receiv+ x4 ,"s p are q neglig5t 9 ?is matt] & c>ry *eques ar\nd 9 _! pocket-books = sev]al days be=e pres5t+ !m = paym5t4 ,x may n be conv5i5t to take !m to a bank1 & s !y are c>ri$ ar\nd2 p]haps _! own]s =get !y h !m4 ,!y ought n to d s1 = ! reason t ! mak] ( a *eque really says to ! hold]3 ,?is is an ord] t ,i give to y on my bank = ! money m5tion$4 ,if y g at once y c get paym5t1 b ,i d n promise to keep x !re always = y--only = a %ort "t4 ,n[ if a p]son is will+ to accept a *eque at all1 he ought to pres5t x )9 ! "t ! hold] int5d$1 & if he does n & ! bank fails1 ! loss falls on ! hold] & n on ! mak]4 ,:at "t does ! law fix = pres5t+ *eques = paym5t8 ,! rule ev]y:]e is t ! hold] mu/ pres5t a *eque receiv$ by him1 if drawn on a bank 9 ! place :]e he lives1 on ! day ( receiv+ x or on ! next day4 ,if ! *eque is drawn on a bank at a di/ance1 out ( t[n1 !n he %\ld s5d x to t bank1 ei!r directly or by leav+ x ) ano!r bank = t purpose1 on ! same day z he receiv$ x or ! next day4 ,9 o!r words1 he mu/ take /eps to collect ! *eque ei!r on ! day ( receiv+ x or ! foll[+ "o4 ,a fri5d ( m9e gave a *eque to a m]*ant 9 paym5t ( a small bill4 ,bo? liv$ 9 ! same t[n1 :]e ! bank on :i* ! *eque 0 drawn 0 also locat$4 ,ab\t a week aft]w>d ! bank fail$ & ! m]*ant wrote to him1 /at+ ! unwelcome fact & t ! *eque _h n be5 collect$ & desir$ him to s5d ano!r4 ,i ask$ my fri5d if he compli$ ) ! reque/1 & he said3 ,c]ta9ly4 ,i told him t he ought n to h done s1 = he 0 "u no obligation ei!r 9 law or morals to d su* a ?+4 ,_h he kn[n ! above rule he w\ld n h s5t ! second *eque1 = x 0 pure neglig5ce on ! "p ( ! m]*ant 9 n pres5t+ x--9 fact1 on ! same day x 0 receiv$4 ,a p]son may1 ( c\rse1 hold a *eque = a mu* long] p]iod ?an ! "t above m5tion$ & pres5t x & receive paym5t1 b ! po9t t we are try+ to make cle> is t ! risk ( hold+ x dur+ ?is p]iod is ! hold]'s & n ! risk ( ! mak] ( ! *eque4 ,i suppose ! m]*ant 9 ! above case _h1 p]haps1 lo/ ! *eque4 ,e n[ & !n "o is mislaid &1 consequ5tly1 is n pres5t$ = paym5t :5 x %\ld be1 b ! mak] ought n to suff] = ! neglig5ce ( ! receiv] ( 8 *eque4 ,! rule ( law t we h giv5 is f\nd$ on ju/ice1 & if ! receiv] is neglig5t 9 n pres5t+ x z he %\ld1 ! hold] ought n to suff]4 ,x is ! duty ( a bank to pay a *eque j z x is drawn1 & if x makes any mi/akes x mu/ suff]4 ,! reason = ?is rule is t ! mak] does n expect to see 8 *eque aga9 aft] x leaves 8 h&1 & :5 he puts 8 money 9 a bank = safe-keep+ ! bank virtually says to him t x w pay only on 8 ord] j z he has writt54 ,x w gu>d 8 int]e/s c>efully & pay no =g$ *eques or *eques t h be5 alt]$ 9 dates or am\nts1 to 8 injury4 ,n[1 x is q a common ?+ = *eques to be =g$1 & /ill m common = !m to be rais$4 ,a sc\ndrel gets a *eque t is g5u9e1 ord]+ a bank to pay #ah1 & *anges x to #ahjj4 ,he pres5ts x = paym5t & x is paid4 ,by & by ! depositor f9ds out t he has n z mu* money 9 ! bank z he suppos$ he _h !re4 ,:at has happ5$8 ,"s "o has alt]$ "o ( 8 *eques & drawn out too mu*4 ,he goes to ! bank & makes inquiry1 le>ns t ?is is s1 & !n dem&s t x %all make ! am\nt good to him4 ,usually a bank is oblig$ to pay4 ,!re is "o limit to ?is rule4 ,a man mak+ a *eque mu/ be c>eful to write x 9 su* a way t *anges or alt]ations _c easily be made4 ,if he is c>eless1 leav+ ample space s t *anges c be made 9 ! am\nt1 !n he w be consid]$ neglig5t1 & a bank w\ld n be oblig$ to make good 8 loss4 ,if1 on ! o!r h&1 he is c>eful 9 draw+ 8 *eques !n a bank's duty to protect him is pla91 & x is liable 9 ! ev5t ( neglect+ to d s4 ,a few ye>s ago a man drew a *eque = #bej1 dat$ x ?ree days ahead1 & left x ) 8 cl]k1 direct+ him to draw ! money on ! day writt5 9 ! *eque & pay ! m5 :o work$ = him1 & w5t away4 ,! cl]k ?\ght t he w\ld l to keep t money himself & take a little j\rney also1 s he *ang$ ! date to "o day e>li]1 w5t into ! bank on t day & drew ! money1 & />t$ = ! ,klondike or "s o!r place4 ,! mak] ( ! *eque soon f\nd out :at _h happ5$ & dem&$ ( ! bank to make ! am\nt good4 ,! bank said to him3 ,suppose ! cl]k _h wait$ "o day long] & !n drawn ! money1 y w\ld h be5 ! los] j ! same4 ,! man admitt$ all ?is1 b repli$1 nev]!less1 t he _h n *ang$ ! date2 t ! bank ought to h se5 ! alt]ation be=e pay+1 & z x did n x 0 neglig5t 9 t reg>d1 & ! bank 0 oblig$ to lose4 ,:5 a p]son takes a *eque he naturally supposes t ! bank on :i* x is drawn owes ! money to him because he c truly dem& x4 ,suppose a bank refuses to pay1 c ! hold] !n sue ! bank = money8 ,9 six ,/ates--,ill9ois1 ,s\? ,c>ol9a1 ,miss\ri1 ,k5tucky1 ,colorado1 & ,texas--! hold] ( su* a *eque c sue ! bank & get 8 money4 ,! c\rts 9 ^? ,/ates say t a *eque is an assignm5t or transf] ( ! am\nt ( money /at$ to ! hold] ( ! *eque f ! "t t ! *eque 0 giv5 him4 ,! law 9 all ( ! o!r ,/ates is o!rwise1 & a bank = a good reason c decl9e to pay a *eque1 &1 9 any ev5t1 ! hold] _c sue ! bank = ! am\nt4 ,if x w n pay he mu/ look to ! mak] & n ! bank = paym5t4 ,( c\rse1 a *eque mu/ always be drawn aga9/ a deposit1 & x is a fraud on ! "p ( a p]son to draw a *eque on a bank :5 he has no money !re4 ,sometimes mi/akes are made by banks 9 _! bookkeep+1 & !y ?9k !y h n ! money to pay :5 9 tru? !y h4 ,9 su* cases !y sometimes decl9e to pay1 b ev5 if !y _h ! money ! law says t !re is no contract betwe5 ! hold] ( a *eque & ! bank on :i* x is drawn1 & !re=e ! hold] _c sue x %\ld x refuse to pay4 ,?is rule1 h[ev]1 is r los+ gr\nd & ! o!r is com+ into m g5]al fav\r--t a *eque does op]ate to transf] ! money ( ! mak] to ! hold] &1 consequ5tly1 t he has a "r to sue ! bank = ! money4 ,*eques are made payable ei!r to be>] or ord]4 ,if a *eque is made payable to be>] x c be transf]r$ f "o p]son to ano!r simply by h&+ x to him--by deliv]y2 b if a *eque is made payable to ord]1 !n ! p]son :o receives x1 if wi%+ to transf] x to "s "o else1 mu/ write 8 "n on ! back4 ,if he writes 8 "n on ! back x is call$ a blank indorsem5t1 & ?is =m is (t5 us$ 9 transf]r+ *eques4 ,if1 h[ev]1 a p]son int5ds to s5d a *eque ?r\gh ! mail he %\ld nev] write x payable to be>]1 b always payable to ! ord] ( a p>ticul> p]son1 s z to require 8 "n to be writt5 !reon 9 ord] to make a good transf]4 ,?is is a mu* saf] way ( s5d+ *eques ?an simply by mak+ !m payable to be>]4 ,,xv4 ,,! ,,law ,,relat+ ,,to ,,leases ,a ,,lease ,,is ,,an ,,agreem5t1 &1 z e "o kn[s1 usually relates to ! hir+ ( l&s & h\ses4 ,if ! agreem5t is to be = a long] p]iod ?an "o ye> x %\ld be 9 writ+1 = if x be n ei!r p>ty c avoid x1 n morally b 9 law4 ,! /atute ( frauds1 :i* has be5 expla9$1 w\ld %ield ei!r p>ty 9 n c>ry+ out su* an agreem5t if x 7 n 9 writ+ if by its t]ms x 0 to la/ = a long] p]iod ?an "o ye>4 ,!re is ano!r v important reason = putt+ su* an agreem5t 9 writ+4 ,mu* ( ! law relat+ to ! two p>ties1 l&lord & t5ant1 is "o-sid$ & 9 fav\r ( ! l&lord4 ,our law on t subject is bas$ on ! ,engli% law4 ,x 0 import$ 9 ! e>ly colonial days1 &1 ?\gh x has be5 greatly *ang$ by /atute & by decisions ( ! c\rts1 x is /ill v "o-sid$1 z we %all see be=e f9i%+ ?is pap]4 ,= ?is reason1 especially1 all leases relat+ to h\ses & /ores or o!r build+s1 ev5 = a %ort p]iod1 %\ld be 9 writ+1 ) ! rights & duties ( bo? p>ties fully /at$1 s t bo? may cle>ly "k :at to d & to expect4 ,unless some?+ is said 9 ! lease conc]n+ repairs ! l&lord is n oblig$ to make any4 ,?is /atem5t %[s at once ! ne$ ( hav+ a writt5 lease4 ,if ! h\se is out ( ord]--! locks1 bl9ds1 doors1 & w9d[s are n 9 good ord]--! t5ant _c claim any?+ ( ! l&lord or require him to put !m 9 good condition4 ,ev5 if a h\se %\ld become unfit = habitation 9 consequ5ce ( fire1 or is bl[n d[n1 or is flood$ ) wat]1 ! l&lord is n b\nd to d any?+ unless he has /at$ t he w 9 8 lease4 ,a fire broke out n long s9ce 9 a l>ge w>eh\se & burn$ x s completely z to r5d] x :olly unfit = use2 inde$1 all ! m]*&ise 9 x 0 :olly consum$4 ,nev]!less1 :5 ! lease expir$ & ! t5ants refus$ to pay z !y _h agre$ to d1 ! l&lord br\ght a legal proce$+ aga9/ !m to compel !m to pay dur+ ! entire p]iod1 z ?\gh !y _h be5 /ay+ !re & sell+ goods & mak+ money1 & !y 7 compell$ to pay4 ,?is is ! common law on ! subject1 & e t5ant is b\nd to pay 9 su* cases unless he has cle>ly /at$ 9 8 lease t he is n to be hold5 9 ! ev5t ( ! de/ruction ( ! build+ by fire1 flood1 lightn+1 or o!r cause4 ,fur!rmore1 x may be add$ t leases n[adays are (t5 furni%$ ) blank spaces to be fill$ up ) names1 ! am\nts to be paid1 times ( paym5t1 etc41 & p]sons (t5 sign !m )\t ev5 read+ !m4 ,!y %\ld n d ?is4 ,!y %\ld be c>eful to read !m ov] two or ?ree times or m1 until !y fully und]/& !m & are sure ( _! nature be=e sign+ or execut+ !m4 ,p are /ill m neglig5t 9 tak+ out insurance policies )\t read+ !m4 ,!y are v long & p>ts ( !m are pr9t$ 9 f9e type &1 p]haps1 are q difficult1 especially = old eyes1 to read4 ,9 tru? "s ( ! mo/ important p>ts are put 9 ! f9e/ pr9t--"s ( ! exceptions aga9/ loss & o!r matt]s1 :i*1 we are q sure1 if a p]son :5 tak+ out a policy %\ld read ov] & und]/& he w\ld insi/ on hav+ *ang$4 ,if a h\se becomes unfit = liv+ !re9 by its own fault--= example1 if x is ov]run ) rats1 or becomes s decay$ t ! wea!r invades & is !reby r5d]$ unfit--! t5ant1 s ! law says1 has inde$ ! privilege ( quitt+1 if he did n "k ^! ?+s at ! "t ( ent]+2 b if he did1 he w\ld be requir$ to live !re1 h[ev] mu* he might dislike ! company ( rats or ! pres5ce ( ! sn[ or ra91 & also to pay 8 r5t2 or1 if quitt+ = t reason1 he w\ld /ill be responsible = ! r5t z he w\ld if liv+ 9 ! h\se4 ,an em95t legal writ] has /at$ ! pr9ciple 9 ?is way3 ,! t5ant c leave if ! defect 0 n kn[n or anticipat$ by him1 or kn[n or anticipat$ if he _h made a reasonable inve/igation or inquiry be=e he took ! lease4 ,a t5ant is n requir$ to make g5]al repairs )\t an agreem5t1 b he mu/ make ^? t are necess>y to pres]ve ! h\se f injury by ra9 & w9d4 ,if ! %+les are bl[n (f or panes ( glass are brok5 o!rs mu/ be put 9 _! places2 & x is said t he w\ld be b\nd ev5 = ornam5tal repairs1 l pap] & pa9t+1 if he made an agreem5t to return ! h\se 9 good ord]4 ,a t5ant ( a f>m mu/ manage & cultivate x by ! same rules ( husb&ry z are practis$ 9 8 vic9ity1 & if 8 lease ends by any ev5t t is unc]ta9 & c\ld nei!r h be5 =ese5 nor =etold1 he is entitl$ to ! annual crop s[$ or plant$ by him :ile he 0 9 possession4 ,z we h /at$1 if ! h\se is :olly de/roy$ ! t5ant mu/ /ill pay ! r5t1 = ! reason1 :i* to _m may seem absurd1 t ! law reg>ds ! l& z ! pr9cipal ?+ & ! h\se z second>y4 ,x is true t a man1 9 ! ev5t ( 8 h\se burn+ d[n1 might pit* a t5t on ! gr\nd & live !re1 b x w\ld be a decid$ly *illy way ( liv+1 especially 9 ! w9t]-"t1 9 ! nor!rn "p ( our c\ntry4 ,if a t5ant %\ld agree to return & deliv] ! h\se at ! end ( ! t]m 9 good ord] & condition1 reasonable we> & te> only except$1 he w\ld be oblig$ to rebuild ! h\se if x burn$ d[n4 ,once m1 we ask1 9 view ( ^! ?+s1 ought he n to make a writt5 lease & well und]/& its t]ms be=e sign+ x8 ,! times = pay+ r5t are usually specifi$ 9 ! lease1 if "o is made4 ,:5 !y are n ! t5ant is gov]n$ by ! usage ( ! c\ntry or place :]e he lives4 ,:5 no?+ is said ab\t und]lett+ ! :ole or a "p to "s "o else ! t5ant has a "r to d ?is1 b rema9s b\nd to ! l&lord = 8 r5t4 ,g5]ally :5 writt5 leases are made !re is a clause /at+ t ! t5ant _c und]let any portion or all )\t ! l&lord's cons5t4 ,a t5ant is n responsible = taxes unless x is expressly agre$ t he %all pay !m4 ,if a lease be = a fix$ "t ! t5ant loses all "r or int]e/ 9 ! l& z soon z ! lease comes to an end1 & he mu/ leave !n or ! l&lord may turn him out at once1 or1 9 o!r language1 eject him4 ,if1 h[ev]1 he /ays !re long] ) ! cons5t ( ! l&lord he is !n call$ a t5ant at w & _c be turn$ out by ! l&lord )\t giv+ a notice to him to quit4 ,! /atutes ( ! sev]al ,/ates h fix$ ! l5g? ( "t t a notice mu/ be giv5 by ! l&lord to 8 t5ant be=e he c turn him out4 ,9 _m ,/ates a notice ( ?irty days mu/ be giv52 sometimes sixty days' notice is requir$1 or ev5 long]4 ,x is an important "q :at ?+s a t5ant may take away ) him at ! expiration ( 8 lease4 ,( c\rse1 !re is no "q :atev] ) respect to _m ?+s4 ,besides 8 wife & *ildr5 he may take all 8 furniture & o!r movable prop]ty4 ,b !re are _m ?+s fix$ to ! h\se by ! t5ant t he desires to remove if he has ! "r to d s1 & _m que/ions h be5 ask$ & decid$ by ! c\rts relat+ to ?is subject4 ,! me?od ( fa/5+ !m to ! h\se is ! te/ usually appli$ to det]m9e :e!r !y c be tak5 away or n4 ,if !y are fa/5$ by screws 9 su* a way z to %[ t ! t5ant int5d$ to take !m away1 he c d s1 o!rwise he _c4 ,9 mod]n times ! rule has be5 *ang$ 9 fav\r ( ! t5ant1 & :atev] he c remove )\t injur+ ! h\se1 leav+ x 9 z good condition z x w\ld o!rwise be1 he c take away2 = example1 ornam5tal *imney-pieces1 c(fee-mills1 cornices t are furni%$ ) screws1 furnaces1 /oves1 look+-glasses1 pumps1 gates1 f5ce rails1 b>ns or /ables on blocks1 etc4 ,on ! o!r h&1 a b>n plac$ on ! gr\nd _c be remov$1 nor b5*es fa/5$ to ! h\se1 nor trees1 plants1 & h$ges n belong+ to a g>d5] by trade1 nor locks & keys4 ,( c\rse1 all ^! ?+s may be *ang$ by ! writt5 lease1 & x %\ld be cle>ly /at$ :at ?+s may be remov$ conc]n+ :i* any d\bt may arise4 ,we h he>d ( a case 9 :i* a t5ant put a pi]-glass into a h\se1 fa/5+ x by means ( cem5t4 ,he ask$ & 0 giv5 ! l&lord's p]mission to d ?is at ! "t ( putt+ x 91 b :5 ! lease end$ ! l&lord w\ld n all[ him to take x out1 & an appeal 0 made to a c\rt1 :i* decid$ 9 fav\r ( ! l&lord4 ,d\btless ?is decision is correct4 ,if ! glass c\ld h be5 tak5 away )\t injur+ ! wall !n x belong$ to ! t5ant4 ,?is %[s ! ne$ ( putt+ su* matt]s 9 writ+2 o!rwise ! t5ant w suff] unless ! l&lord be a man ( ! highe/ integrity4 ,,xvi4 ,,liability ,,( ,,employ] ,,to ,,employ,s ,p]sons :o are employ$ 9 mills1 9 erect+ build+s1 by railroad companies1 & o!rs1 are frequ5tly injur$ :ile pursu+ _! employm5t1 & ! "q has (t5 aris5 :e!r ! employ] 0 liable = ! injury ?us suff]$ by !m4 ,! m important ( ^! que/ions we propose to answ] 9 ?is & ! foll[+ lecture1 z !y are matt]s ( e-day importance to _m p4 ,fir/ ( all1 an employ to recov] any?+ = ! loss t may h happ5$ mu/ %[ t 9 "s way 8 employ] 0 neglig5t4 ,he _c get some?+ simply because he has be5 injur$4 ,! law 9 no c\ntry has ev] said t he c\ld4 ,9 all cases he mu/ %[ t 8 employ] fail$ 9 8 duty 9 "s way t[>d him to lay ! f\ndation ( an action aga9/ him4 ,?is is ! fir/ pr9ciple to keep cle>ly 9 m9d4 ,aga91 x is said t an employ _c recov] if ! injury has happ5$ to him 9 consequ5ce ( ! neglig5ce ( a fell[-s]vant4 ,by ?is is meant a p]son engag$ 9 ! same common employm5t4 ,x is n always easy to det]m9e :e!r two p]sons employ$ by ! same company are fell[-s]vants1 z we %all soon see1 b ! pr9ciple ( law is pla9 en\gh t 9 all cases :]e !y are ?us act+ z fell[-s]vants !y _c recov] = any injury4 ,! law says ?is is "o ( ! risks t a p]son takes :5 he ent]s ! s]vice ( ano!r4 ,suppose a p]son is at "w m9+ coal & is injur$ by ano!r p]son work+ by 8 side ?r\gh 8 neglig5ce4 ,h[ev] sev]ely injur$ he may be he _c get any?+1 because ! p]son ?r\gh ^: neglig5ce he has be5 injur$ is a fell[-workman4 ,b _m employs may h ! same common employ] & yet n be fell[-s]vants4 ,= example1 a brakeman w\ld be a fell[-s]vant ) ! conductor & eng9e] & o!r p]sons runn+ on ! same tra9 or on o!r tra9s belong+ to ! same company1 b he w\ld n be a fell[-s]vant work+ 9 ! same l9e ( employm5t ) ^? :o are engag$ 9 ! repair-%op ( ! company4 ,?is /atem5t is q suffici5t to %[ ! difficulty !re is sometimes 9 decid+ :e!r a p]son is a fell[-s]vant or n4 ,if a p]son is injur$ ?r\gh ! neglig5ce ( ano!r employ$ by ! same company :o is n a fell[-s]vant1 !n he c recov] if !re are no o!r difficulties 9 ! way1 o!rwise he _c4 ,x does n foll[ t fell[-s]vants are ( ! same grade or rank2 ! te/ is :e!r !y are act+ 9 ! same l9e ( employm5t4 ,! brakeman's position is n s high z t ( ! eng9e] or conductor1 yet all ?ree are act+ 9 ! same l9e ( employm5t1 & if any "o ( !m 0 injur$ by ano!r 9 t "p ( ! s]vice ! employ] w\ld n be liable4 ,9 a v l>ge numb] ( cases1 !re=e1 employ]s are n liable = accid5ts happ5+ to _! employs1 because !y are injur$ ?r\gh ! neglig5ce ( o!r employs engag$ 9 ! same l9e or subdivision ( ! common s]vice4 ,p]haps employ]s escape m frequ5tly on ?is gr\nd ?an on any o!r f pay+ any?+ = losses4 ,yet !re is ano!r gr\nd on :i* !y (t5 escape pay+ any?+4 ,an employ is suppos$ :5 mak+ 8 contract ) 8 employ] to take on himself all ! ord9>y risks aris+ f 8 employm5t4 ,^! 9 _m cases are v num]\s4 ,he does n assume extraord9>y risks1 b he does assume all ord9>y risks t are likely to happ5 to him4 ,employs are injur$ e day & yet c recov] no?+1 because _! injury is simply a common "o1 ! risk ( :i* !y h assum$4 ,w\ld x n be possible to make an employ] liable = !m all8 ,und\bt$ly an employ c\ld make a contract ( ?is k9d if he wi%$ & 8 employ] 0 will+ to d s1 b if !y did ! employ] w\ld be unwill+ to pay z high wages4 ,! great] ! risk assum$ by ! employ ! l>g] is ! comp5sation paid2 ! "o ?+ is grad$ by ! o!r4 ,x 0 /at$ :5 consid]+ ! rights & duties ( common c>ri]s t !y h be5 less5+ _! liabilities2 on ! o!r h&1 !y are c>ry+ = small] prices ?an !y once did4 ,d\btless a c>ri] w\ld be will+ to assume m risks--e k9d ( risk1 9 %ort--if he 7 paid en\gh = x1 b %ipp]s ord9>ily are will+ to assume _m risks = ! sake ( ! l[] rates & insure _! risks 9 insurance companies4 ,j s ! work+-m5 pref] high] wages & assume _m risks ( _! employm5t4 ,!re is no?+ unfair 9 ?is4 ,= example1 ! p]sons :o are engag$ 9 mak+ :ite lead run an unusual risk 9 pursu+ _! employm5t4 ,x is said n[adays t if !y use ! utmo/ c>e 9 protect+ !mselves f inhal+ ! fumes t arise 9 "s /ages ( ?is process1 !y c live q z long z o!r p4 ,b unless !y d ex]cise e precaution _! sy/em f9ally becomes *>g$ ) ! poison t arises f ?is process & _! lives are %ort5$4 ,!y well und]/& ?is be=e beg9n+ ! "w2 !y are told ( ! risks & are paid high wages4 ,if1 !re=e1 !y und]take su* employm5t1 well kn[+ ! risks1 !y h no "r to compla9 if _! heal? aft] a "t suff]s4 ,no fraud has be5 practis$ on !m1 & we d n "k t !y d compla9 if !y suff] any ill effects f _! "w4 ,,xvii4 ,,liability ,,( ,,employ]s ,,to ,,employ,s 7,cont9u$7 ,9 our la/ lecture we /at$ "s ( ! pr9ciples relat+ to ! liabilities ( employ]s to _! employs2 9 ?is lesson ! subject w be cont9u$4 ,an employ] is b\nd to use "s c>e or precaution1 & if he does n w be responsible = 8 neglect4 ,"o ( ^! is he mu/ employ p]sons :o are fit = ! "w !y are set to d4 ,if an employ] 9 m9+ %\ld put a man to "w by ! side ( ano!r to m9e coal :o he knew 0 n a skilful workman1 &1 9 consequ5ce ( ?is unskilful workman's unskilfulness1 o!r m9]s 7 injur$1 he w\ld be responsible = hir+ su* a man4 ,e "o w see ! ju/ice ( ?is rule4 ,! employ] mu/ also give prop] in/ructions to ! p]son employ$ :5ev] he does n und]/& 8 duties4 ,if a p]son is employ$ to run a laundry ma*9e :o does n und]/& h[ to "w x1 & o!r employs are injur$ ?r\gh 8 ignorance1 ! employ] w\ld be liable4 ,he mu/1 !re=e1 tell su* a p]son :at to d2 he has no "r to haz>d ! lives ( o!rs by putt+ any "o :o has no k ( a ma*9e to "w )\t in/ruct+ him prop]ly4 ,aga91 if a p]son pret5ds to be capable1 & ! employ]1 believ+ him1 engages him1 & x is soon f\nd out t he is n1 !n x is ! duty ( ! employ] ei!r to dismiss him or to give him prop] in/ructions4 ,! rule1 h[ev]1 on ?is subject is n ! same ev]y:]e4 ,x is sometimes said t if an employ cont9ues to "w by ! side ( ano!r aft] kn[+ t ?is o!r is incompet5t1 x is 8 duty to give notice to ! employ]1 & if ! employ] cont9ues to employ him1 to quit4 ,if he does n he assumes ! great] risk aris+ f 8 k ( ! incompet5cy ( ! o!r4 ,x is ! duty ( ! employ] to furni% prop] appliances = 8 workm54 ,he mu/ furni% prop] tools & ma*9]y & safe scaffold+1 & 9 e respect mu/ %[ a reasonable degree ( c>e 9 all ^! p>ticul>s4 ,b ! c\rts say t he is n oblig$ to ex]cise ! utmo/ c>e1 because ! employ takes on himself "s risk ) respect to ! tools & ma*9]y he uses4 ,= example1 x is said t employ]s are n oblig$ to use ! late/ appliances t are kn[n or appe> 9 ! m>ket = ! use ( _! workm54 ,if an employ] has an old] "o t has be5 9 use = ye>s1 & ! employs h f\nd out all ! dang]s att5d+ its use1 & a new "o appe>s t is less dang]\s to use1 ! law does n require ! employ] to ?r[ ! old] "o away & get ! o!r4 ,x is true t 9 _m ,/ates )9 ! la/ few ye>s /atutes h be5 pass$ by ! legislatures requir+ employ]s to be mu* m c>eful ?an !y 7 =m]ly 9 protect+ _! ma*9]y4 ,_m injuries h happ5$ f ! use ( belt+1 & ! /atutes 9 _m cases h /at$ :at mu/ be done 9 ! way ( enclos+ belts1 & ( putt+ scre5s ar\nd ma*9]y1 & 9 v>i\s ways ( s protect+ x t p]sons w be less liable to suff]4 ,fur!rmore1 inv5tors h be5 v busy 9 inv5t+ ma*9]y ) ?is end 9 view4 ,! old-fa%ion$ c>-c\pl] 0 a v dang]\s device1 & _m a poor fell[ has be5 cru%$ betwe5 c>s :5 try+ to c\ple !m4 ,a c\pl] has be5 made 9 :i* ?is dang] no long] exi/s2 9 tru?1 !re has be5 a great advance 9 ?is direction4 ,an employ] mu/ also select suitable mat]ials on :i* to "w4 ,?is is a well-kn[n pr9ciple4 ,if he does n1 !n he is responsible = ! consequ5ces4 ,9 "o ( ! cases a p]son 0 injur$ :ile erect+ a scaffold+ f ! break+ ( a knotty timb]4 ,! te/imony 0 t ! knot 0 visible on ! surface & if ! /ick _h be5 exam9$ ! defect w\ld h be5 se54 ,t seem$ a slight defect1 surely1 b ! consequ5ce ( us+ ! timb] 0 v s]i\s1 & ! c\rt rightly held t z ?is defect c\ld h be5 se51 _h ! timb] be5 prop]ly exam9$1 ! employ] 0 responsible = ! injury to a workman :o 0 injur$ by ! break+ ( x4 ,an employ] mu/ also select suitable places = 8 employs4 ,9 "o ( ! cases a c\rt said a ma/] does n w>rant 8 s]vant's safety4 ,he does1 h[ev]1 agree to adopt & keep prop] means ) :i* to c>ry on ! bus9ess 9 :i* !y are employ$4 ,among ^! is ! provid+ ( a suitable place = do+ 8 "w )\t exposure to dang]s t d n come )9 ! reasonable scope ( 8 employm5t4 ,9 "o ( ! cases a company /or$ a quantity ( dynamite s ne> a place :]e an employ 0 work+ t he 0 kill$ by its explosion4 ,! c\rt held t x 0 neglig5ce on ! "p ( ! company 9 requir+ its employ to "w s ne> ! place :]e ?is explosive mat]ial 0 kept4 ,x is said t if an employ kn[s t a ma*9e :i* he is to op]ate is defective :5 accept+ employm5t he c recov] no?+ = ! consequ5ces4 ,he assumes ! risk :5ev] he ?us engages to "w4 ,if ! s]vice be especially p]il\s & yet he cle>ly und]/&s ! nature ( x & is injur$ :5 p]=m+ x1 he c get no?+4 ,d\btless 9 _m ( ^! cases he is paid a l>g] sum = work+ "u su* conditions4 ,:atev] may be ! tru? 9 ?is reg>d1 ! pr9ciple ( law is well und]/ood t1 if he has a full k ( ! risk ( 8 situation & makes no compla9t ab\t ! nature ( ! ma*9]y t he is to op]ate1 he accepts ! risks1 h[ev] great !y may be4 ,9 "o ( ! cases an employ 0 injur$ by ! kick ( a horse belong+ to 8 employ]1 b he recov]$ no?+1 because he und]/ood ! vici\s nature ( ! animal4 ,! horse _h kick$ o!rs2 9 fact1 its reputation = kick+ 0 well kn[n1 & ! employ began "w ) 8 eyes wide op54 ,?is rule also applies if tools1 ma*9]y1 etc41 become defective & ! employ cont9ues to "w aft] ! defects are f\nd out4 ,( c\rse1 e "o kn[s t tools we> out & ma*9]y becomes weak]1 & t is "o ( ! natural consequ5ces ( us+ !m4 ,& s x is reg>d$ z "o ( ! risks ord9>ily tak5 by an employ1 & !re=e he c get no?+ :5ev] he is injur$ ?r\gh ! op]ation ( a defective ma*9e caus$ by ! natural we> & te> ( "t4 ,,exam9ation ,,pap] ,,note4--,! foll[+ que/ions are giv5 z an indication ( ! sort ( k a /ud5t ought to possess aft] a c>eful /udy ( ! c\rse4 ,! /ud5t is advis$ to write out ! answ]s4 ,only su* answ]s ne$ be attempt$ z c be fram$ f ! lessons4 #a4 7a7 ,:at is a contract8 7b7 ,:at is ! diff]5ce betwe5 a simple & a special contract8 7c7 ,:at contracts c be made by a m9or8 ,:5 & h[ c he ratify !m8 7d7 ,if a p]son makes a contract to "w = "o ye> & breaks x aft] work+ six mon?s c he collect six mon?s' wages8 7e7 ,give illu/rations ( six diff]5t k9ds ( contracts4 #b4 7a7 ,:5 is x necess>y t contracts be 9 writ+8 7b7 ,9 :at case is a failure ( consid]ation a good def5ce to a contract8 7c7 ,is a consid]ation requir$ to make an (f] b9d+8 7d7 ,is ! deliv]y ( goods ess5tial to make a sale complete8 #c4 7a7 ,:at are ! diff]5t k9ds ( w>ranties8 7b7 ,suppose ,a %\ld buy goods & pay = !m1 b n take !m away1 & aft]w>d ,b %\ld buy !m & take !m away--c\ld ,a recov] ! goods f ,b8 #d4 7a7 ,:at is ! diff]5ce betwe5 a public & a private c>ri]8 7b7 ,mu/ a public c>ri] take ev]y?+ (f]$8 7c7 ,:at rules ( liability apply to common c>ri]s1 & h[ c !y be modifi$8 ,,prep>+ ,,copy ,,= ,,! ,,press ,,& ,,pro(-,,read+ ,i4 ,,prep>+ ,,copy ,our purpose 9 ^! few lessons is to give "s explicit directions z to ! g5]al make-up ( manuscripts int5d$ = pr9t+4 ,e p]son :o has ev5 a bus9ess c>d or a circul> to pr9t %\ld h a k ( ! common phraseology ( a pr9t+ h\se4 ,z to pap]1 ! size 9 mo/ common use = manuscripts is :at is kn[n z lett]4 ,! %eets 9 any case %\ld be ( uni=m size4 ,avoid all ecc5tricity & affectation 9 ! prep>ation ( y\r manuscript1 or copy1 z pr9t]s call x4 ,! m matt]-(-fact & bus9esslike x is ! bett]4 ,if at all possible h y\r manuscript type-writt51 & "u no circum/ances %\ld y roll ! %eets :5 prep>+ !m = ! mails4 ,!re are a numb] ( l>ge publi%+ h\ses :i* positively refuse to t\* roll$ manuscripts4 ,! v fir/ impression creat$ by su* a manuscript is "o ( extreme irritation4 ,a roll$ pro( is pretty ne>ly z disc\rag+1 yet _m pr9t]s /ill foll[ ! annoy+ practice ( roll+ _! pro(s4 ,e pr9t+ e/abli%m5t ( any note has its me?ods & cu/oms z reg>ds or?ography1 ! use ( capitals & ( punctuation4 ,z a rule x is be/ to leave d\btful po9ts to ! pr9t]4 ,any little deviation desir$ may be easily rem$i$ 9 ! pro(s4 ,p>agraphs %\ld be boldly indicat$ by sett+ ! l9e well back 9 ! copy4 ,extract matt] includ$ 9 ! text %\ld be cle>ly %[n1 ei!r by m>k+ x d[n ! side ) a v]tical l9e f beg9n+ to end or by sett+ ! :ole well back )9 ! compass ( ! text4 ,su* matt] is commonly set 9 slightly small] type4 ,) reg>d to ! corrections 9 ! pro(s x mu/ be rememb]$ t ! m c>efully an article is writt5 ! small] ! exp5se = au?or's corrections4 ,?is *>ge is (t5 a great s\rce ( cont5tion betwe5 ! au?or & ! pr9t]1 &1 altoge!r1 is an unsatisfactory item4 ,a pr9t] is b\nd1 ) c]ta9 res]vations1 to foll[ ! copy suppli$4 ,if he does t & ! au?or does n make any alt]ations !re is no extra *>ge & no?+ to wrangle ab\t4 ,a small correction1 trivial z x may seem to ! inexp]i5c$1 may involve mu* tr\ble to ! pr9t]4 ,a ^w ins]t$ or delet$ may cause a page to be alt]$ ?r\gh\t1 l9e by l9e1 & a few words may possibly affect sev]al pages4 ,! *>ges made = corrections are bas$ on ! "t consum$ 9 mak+ ! necess>y alt]ations4 ,,ii4 ,,on ,,! ,,names ,,& ,,sizes ,,( ,,type ,! beauty ( pr9t$ matt] dep5ds v l>gely ^u ! selection ( a suitable /yle ( type4 ,= books & newspap] "w !re are 9 use two g5]al classes kn[n z 7a7 old /yle1 7b7 mod]n4 ,^! names ref] to ! %ape ( ! lett] & n to its size4 ,! sev]al sizes ( type commonly us$ 9 all pla9 "w are z foll[s3 #a4 ,,pe>l4 #b4 ,,agate4 #c4 ,,nonp>eil4 #d4 ,,m9ion4 #e4 ,,brevi]4 #f4 ,,b\rgeois4 #g4 ,,long ,,prim]4 #h4 ,,small ,,pica4 #i4 ,,pica4 #aj4 ,,engli%4 #aa4 ,,great ,,prim]4 ,,pica is univ]sally consid]$ z ! /&>d type1 j z ! foot is ! /&>d ( measurem5t4 ,! twelf? "p ( a pica is ! unit1 call$ a po9t1 by :i* type bodies are measur$4 ,9 _m pr9t+ (fices ! type is kn[n z #f-po9t1 #h-po9t1 #aj-po9t1 etc41 in/ead ( z nonp>eil1 brevi]1 long prim]1 etc4 ,! foll[+ specim5s %[ ! sizes ( ! type 9 common use3 ,illu/ration3 ,sample type faces pe>l1 agate1 nonp>eil1 m9ion1 brevi]1 b\rgeois1 prim]1 small pica1 pica1 ,engli%1 prim]4 ,! /ud5t mu/ be> 9 m9d ! fact t ^! names ref] to ! size ( ! type4 ,= in/ance1 !re may be a doz5 diff]5t /yles ( brevi] or ( pica2 a p>ticul> specim5 ( pr9t+ may be entirely 9 long prim]1 yet "s words may be capitals1 o!rs italic1 o!rs boldface1 & s on4 ,,agate is ! size ( type us$ 9 measur+ adv]tisem5ts4 ,!re are f\rte5 agate l9es 9 an in*4 ,a complete s]ies ( type ( a p>ticul> size is call$ a font2 z a font ( brevi]1 or ( pica4 ,su* a font w\ld include3 ,,capitals ,,small ,,capitals l[]-case ,,italic ,,capitals italic l[]-case4 ,also figures1 fractions1 po9ts1 ref]5ces1 braces1 signs1 etc4 ,pr9t]s divide a font ( lett]s into two classes3 #a4 ,! upp]-case sorts4 #b4 ,! l[]-case ,! upp]-case sorts are capitals1 small capitals1 ref]5ces1 da%es1 braces1 signs1 etc4 ,! l[]-case sorts consi/ ( small lett]s1 figures1 po9ts1 spaces1 etc4 ,type l9es are (t5 bulk$ out by ! ins]tion ( ?9 /rips ( lead1 ?is be+ call$ lead+4 ,:]e no leads are employ$ ! matt] is said to be solid4 ,,iii4 ,,! ,,t]ms ,,us$ ,,9 ,,pr9t+ ,,composition4 ,?is is ! "n giv5 by pr9t]s to ! "w ( sett+ ! type4 ,! compositor holds 9 8 h& a compos+-/ick1 into :i* he places ! type lett] by lett]1 add+ ! spaces :]e necess>y4 ,a great deal ( ! newspap] "w ( ! pres5t day is set by type ma*9es4 ,,di/ribut+4 ,! type ( a p>ticul> page or article aft] x has be5 us$ on ! press or = electrotyp+ is di/ribut$ lett] by lett] 9 ! cases4 ,?is "w is mu* m rapid ?an composition4 ,type to be us$ a second "t is said to be /&+ or is call$ /&+ matt]4 ,,spaces4 ,spaces are %ort blank types & are us$ to sep>ate "o ^w f ano!r4 ,to enable a compositor to space ev5ly & to ju/ify prop]ly1 ^! spaces are ca/ to v>i\s ?icknesses4 ,an em quadrat is a %ort blank type1 9 ?ickness equal to ! lett] m ( ! font to :i* x belongs4 ,quadrats are ( v>i\s sizes4 ,,cal5d]$ ,,pap]4 ,?is "n is giv5 to v highly roll$ or glaz$ pap] su* z is us$ 9 illu/rat$ "w4 ,laid pap] has a slightly ribb$ surface4 ,antique pap] is r\gh & usually untrimm$ at ! edges4 ,x is made 9 imitation ( old /yles4 ,,caps4 & ,,l[]-,,case4 ,^! names are us$ to designate capitals & small lett]s4 ,,cl>5don4 ,?is "n is commonly giv5 to a bold & black-fac$ type1 su* z us$ 9 text-books to br+ out prom95tly p>ticul> words4 ,,dummy4 ,an imitation 9 /yle & size ( a book or pamphlet t is want$1 usually made up ) blank pap]4 ,,electrotype4 ,electrotype or /]eotype plates are made f type4 ,books are usually pr9t$ f su* plates4 ,,galley ,,pro(4 ,z ! type is set up x is remov$ f ! compos+-/ick to long =ms call$ galleys4 ,a pro( tak5 ( ! :ole galley at once is call$ a galley pro(4 ,book "w %\ld be revis$ 9 galleys be=e x is made up into pages4 ,,impression4 ,a flat-pull or fir/ impression is a simple pro( usually pull$ 9 job (fices by lay+ a %eet ( damp pap] on ! ink$ type & p\nd+ ) a flat-surfac$ weight to get ! impression4 ,,ind5t4 ,to set a l9e "s di/ance =w>d1 z 9 ! case ( a new p>agraph4 ,,lett]press4 ,pr9t$ matt] f type z di/+ui%$ f plate pr9t+4 ,,make-,,up4 ,to measure (f type matt] into pages4 ,,(f-,,set4 ,x frequ5tly occurs t z ! result ( insuffici5t dry+ or f o!r causes ! impression ( "o %eet appe>s on ! back ( ano!r2 su* "w is said to (f-set4 ,,ov]lays4 ,9 mak+ ready = ! press ! pressman f9ds x necess>y to add "h & !re1 by pa/+1 ?icknesses ( pap] to 8 roll] to br+ out prop]ly ! light & %ade ( an illu/ration or to get an ev5 ink impression f ! type or plates4 ,?is "w is call$ mak+ ov]lays4 ,9 exp5sive illu/rat$ "w speciali/s are engag$ solely = ! purpose ( mak+ ov]lays4 ,,press ,,pro(4 ,! f9al pro( pass$ by ! au?or or publi%]4 ,,process-,,blocks4 ,blocks produc$ by ! photo5grav+ & o!r me*anical processes4 ,,qu]y4 ,a m>k made on a pro( by ! pr9t] to call att5tion to a possible error1 sometimes express$ by a note ( int]rogation 7874 ,,regi/]4 ,! exact adju/m5t ( pages back to back 9 pr9t+ ! second side ( a %eet4 ,,signature4 ,! lett] or figure at ! foot ( a %eet to guide ! b9d] 9 fold+2 also us$ by pr9t]s to id5tify any p>ticul> %eet4 ,! v>i\s m>ks & signs us$ by pr9t]s w be expla9$ 9 ! lesson on pro(-read+4 ,,iv4 ,,m>ks ,,us$ ,,9 ,,pro(-,,read+ ,! mo/ important ( ! signs us$ 9 mak+ corrections = ! pr9t] are z foll[s3 #a4 ,illu/ration ,delete or expunge4 #b4 ,illu/ration ,a turn$ lett]4 #c4 ,illu/ration ,wrong-font lett]4 #d4 ,illu/ration ,*ange capital to small lett]1 7l[]-case74 #e4 ,illu/ration ,ins]t p]iod4 #f4 ,illu/ration ,transpose words or lett]s z indicat$4 #g4 ,illu/ration ,*ange roman to italic4 #h4 ,illu/ration ,*ange italic to roman4 #i4 ,illu/ration ,space to be ins]t$4 #aj4 ,illu/ration ,matt] wrongly alt]$ to rema9 z x 0 orig9ally4 ,dots are plac$ "u ! matt]4 #aa4 ,illu/ration ,a bad or batt]$ lett]4 #ab4 ,illu/ration ,space to be r$uc$4 #ac4 ,illu/ration ,close up4 #ad4 ,illu/ration ,pu% d[n space or lead4 #ae4 ,illu/ration ,new p>agraph4 #af4 ,illu/ration ,some?+ =eign betwe5 ! l9es1 or a wrong-font space mak+ ! type crook$4 #ag4 ,illu/ration ,l9e to be ind5t$ "o em ( its own body4 ,:5 lett]s or words are set d\ble or are requir$ to be tak5 out a l9e is drawn ?r\gh ! sup]flu\s ^w or lett] & ! m>k ,no4 #a1 call$ dele1 plac$ opposite on ! m>g94 7,dele is ,lat9 = take out47 ,a turn$ lett] is not$ by draw+ a l9e ?r\gh x & writ+ ! m>k ,no4 #b on ! m>g94 ,if lett]s or words require to be alt]$ to make !m m conspicu\s a p>allel l9e or l9es mu/ be made und]nea? ! ^w or lett]--namely1 = capitals1 ?ree l9es2 = small capitals1 two l9es2 & = italic1 "o l9e2 & on ! m>g9 opposite ! l9e :]e ! alt]ation occurs ! sign caps41 small caps41 or ital4 mu/ be writt54 ,:]e a lett] ( a diff]5t font is improp]ly introduc$ into ! page x is not$ by draw+ a l9e ?r\gh x & writ+ w4 f4 7wrong font7 on ! m>g94 ,:]e a ^w has be5 left out or is to be add$ a c>et mu/ be made 9 ! place :]e x %\ld come 9 & ! ^w writt5 on ! m>g94 ,a c>et is made ?us3 ,:]e lett]s /& crook$ !y are not$ by a l9e1 b :]e a page hangs l9es are drawn across ! entire "p affect$4 ,:]e a faulty lett] appe>s x is d5ot$ by mak+ a cross "u x & plac+ a simil> m>k on ! m>g94 ,:]e sev]al words are left out or :]e new matt] is to be add$ ! add$ matt] is writt5 :]ev] conv5i5t1 & a l9e is drawn f ! place ( omission to ! writt5 words4 ,9 mak+ a correction 9 a pro( always m>k ! wrong lett] or ^w ?r\gh & ins]t ! alt]ation 9 ! m>g91 n 9 ! middle ( ! pr9t$ matt]1 because x is liable to be ov]look$ if !re is no m>g9al ref]5ce to ! correction4 ,to keep ! diff]5t corrections di/9ct f9i% ea* (f ) a /roke1 ?us _/2 & to make ! alt]ations m cle> or less cr[d$ m>k ^? relat+ to ! left-h& portion on ! left m>g9 & ^? relat+ to ! "r-h& portion on ! "r m>g94 99 99 99 99 99 ,! h9ts giv5 "h are int5d$ = ! g5]al public & n = ! pr9t]1 & to ! /ud5t ( ^! lessons let u say t ! fir/ ess5tial ( good pro(-read+ is cle>ness4 ,be v sure t ! pr9t] w und]/& ! *anges :i* y desire him to make4 ,q (t5 x is an advantage if y wi% a p>ticul> /yle ( type us$ to cut out a sample ( t /yle & pa/e x on y\r copy or on y\r pro(1 indicat+ t y want x to be us$4 ,in/ructions to ! pr9t] writt5 ei!r on ! copy or on ! pro( %\ld be surr\nd$ by a l9e to sep>ate !m f ! text1 or to prev5t any confusion ) o!r writt5 matt] int5d$ z copy or z corrections4 ,:5 ! corrections h be5 duly made & approv$ by ! au?or or editor x is cu/om>y to write ! ^w press on ! top ( ! fir/ page4 ,if int]m$iate pro(s are want$1 m>k on ! pro(s return$ to ! pr9t] ,s5d revise4 ,! f9al or press pro( is always reta9$ by ! pr9t] 9 case ( any dispute4 ,x is 8 v\*]1 & he reta9s x = future ref]5ce4 ,x is a good plan to make corrections 9 a diff]5t col\r$ ink f t us$ by ! pr9t]'s pro(-read]4 ,if y are hav+ a pamphlet or book pr9t$ ! diff]5t pro(s w rea* y 9 ! foll[+ ord]3 #a4 ,galley pro(s4 #b4 ,revis$ pro(s 7if any74 #c4 ,page pro(s4 #d4 ,f\ndry pro(s4 ,illu/ration3 ,a pr9t]'s pro(4 ,s f> z possible1 make all ! necess>y *anges :ile ! type is 9 galleys4 ,once made up into pages1 a v slight *ange1 p>ticul>ly su* a *ange z ! cross+ out or addition ( a s5t5ce1 may make a great deal ( tr\ble4 ,:5 ! pages are pass$ ^u !y are s5t to ! f\ndry = ca/+4 ,! f\ndry pro(s are ! la/ pro(s pull$4 ,corrections made on ^! make x necess>y to alt] ! electrotype plates1 :i* is r an exp5sive process4 ,to *ange a ^w1 a piece ( ! metal plate has to be cut out & ano!r ) ! new ^w sold]$ 94 ,illu/ration3 ,a pr9t]'s correct$ pro(4 ,a page is said to ov]run if x is too long4 ,if ! space to be occupi$ is limit$ x is a good plan to adapt y\r copy to x by c\nt+ ! words & by comp>+ ! c\nt ) t ( "s pr9t$ page 9 ! same size ( type4 ,return pro(s to y\r pr9t] or publi%] z promptly z possible4 ,z a rule pr9t+ h\ses _c af=d to keep type lock$ up & unus$ wait+ = ! return ( pro(s4 ,!re are _m imp]fections 9 typography1 su* z wrong-font & inv]t$ lett]s1 awkw>d & irregul> spac+1 unev5 pages or columns1 crook$ words & l9es1 etc41 :i* x is ! bus9ess ( ! pr9t+ h\se to correct4 ,no book or pamphlet1 !re=e1 ought to g to press until x has be5 read & revis$ by an exp]i5c$ read]4 ,/rict uni=mity %\ld always be pres]v$ 9 ! use ( capitals1 9 spell+1 & 9 punctuation4 ,:]e au?ors h _! manuscripts type-writt5 & make two or ?ree revises ^u ! type-writt5 %eets be=e _! copy is turn$ ov] to ! publi%+ h\se1 ! lab\r ( pro(-read+ & ! exp5ses ( corrections are r$uc$ to a m9imum4 ,! errors %[n 9 our illu/ration are m num]\s ?an are likely to appe> 9 any pro( s5t out f a publi%+ h\se4 ---------------------------------------- -------- ,transcrib]'s ,notes ,page #ce favorable *ang$ to fav\rable #di favor *ang$ to fav\r #fe 7#e7 *ang$ to #e4 #aae contantly *ang$ to con/antly #acj ,i]l& *ange to ,irel& #aej battle-%ips *ang$ to battle%ips #aeb ,,bread-,,/uffs *ang$ to ,,bread/uffs #afb duplicat$ f delet$ #afc bread-/uffs *ange to bread/uffs #bje ,june1 #ahih *ang$ to ,june #cj1 #ahih #bjh proportiona t *ang$ to proportion at #bbc duplicat$ 9 delet$ #beh typewritt5 *ang$ to type-writt5 #cej ev]yday *ang$ to e-day #chd comma add$ aft] figures #chi color$ *ang$ to col\r$ #cij ness>y *ang$ to necess>y ---------------------------------------- --------