especially if the interest on the loans is backed by the security of the Imperial Government. On the other hand, the corruption of the local officials, which still exists, especially in the remoter parts of the empire, militates against the proper expenditure of capital loaned for public works, and St Petersburg has no little difficulty in exercising effective control over such large areas. The security for loans for public works in Siberia must, therefore, even if guaranteed by the Imperial Government, depend very much upon the political conditions of the empire, and may be generally regarded as about equal to that of the Russian Government bonds already on the market.
As regards public works of a local nature, in the growing Siberian towns there will in time be great opportunities for profitable concessions. As yet, however, few of these urban centres have reached the stage at which their local authorities are prepared to enter upon public water schemes, electric light or tramways. These will appear in due course.
Perhaps the largest amount of foreign capital invested in Siberian industrial undertakings is locked up in the mining industry. Considerable foreign capital is indirectly invested in Siberia in this industry, and the growth of foreign mining capital is encouraged by the Government. But it should be borne in mind by prospective investors that the best of the mining concessions have already been taken up, and, until further developments in railway communication are made in the mineral-producing area, profitable mining concessions are likely to be few and far between. Foreign investors must especially guard against mining concessions which have been tried before and have failed. In most cases
