FINANCIAL CONDITIONS
however, have not yet acquired confidence in her integrity, or ceased to regard her as a terra incognita, and in the meanwhile a great opening for foreign capital vainly offers in the field of industrial enterprise. Recent returns issued by sixty-eight joint stock companies show that they paid an average annual dividend of sixteen and one-half per cent, and it is not to be doubted that still better results could be attained were foreign business experience and cheap capital available.
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