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 will carry it with him. The. Jewish Company will open a current bank account for him. And he can sell the goodwill of his original business, or hand it over to the control of managers under supervision of the Company's officials. The managers may rent the business or buy it, paying for it by instalments. But the Company acts temporarily as trustee for the emigrants, in superintending, through its officers and lawyers, the administration of their affairs, and seeing to the correct entry of all accounts.

If a Jew cannot sell his business, will not entrust it to a proxy, and does not wish to give up its personal management, he may stay where he is. The Jews who stay will be none the worse off, for they will be relieved of the competition of those who leave, and will no longer hear the Anti-Semitic cry "No dealing with Jews!"

If the emigrating business proprietor wishes to carry on his old business in the new country, he can make his arrangements for it from the very commencement. An example will best illustrate my meaning. The firm X. carries on a large business in fancy goods. The head of the firm wishes to emigrate. He begins by setting up a branch establishment in his future place of residence, and sending out his surplus stock. The first poor settlers will be his first customers; these will be followed by emigrants of a higher class, who require superior goods. X. then sends out newer goods, and eventually despatches his newest. The branch establishment begins to pay while the principal one is still in existence, so that X. ends by having two paying business houses. He sells his original business to a Christian, and goes off to manage the new one.

Another and greater example: Y. & Son are large coal traders, with mines and factories of their own. How is so huge and complex a property to be realized? The mines and everything connected with them might, in the first place, be bought up by the State in which they are situated. In the second place, the Jewish Company might take them over, paying for them partly in land, partly in cash. A third method might be the conversion of Y. & Son into a limited company. A fourth, the continued working of the business under the original proprietors, who would return at intervals to inspect their property, as foreigners, and as such, under the protection of law in every civilized State. All these suggestions are carried out daily. A fifth method, and one which might be particularly profitable, I shall merely indicate, because there are at present few and feeble extant examples of its working, however ready the modern consciousness may be to adopt them. Y. & Son might sell their undertaking to the collective body of their employés, who would form a cooperative society, and might perhaps pay the requisite sum by means of a Government loan, on which there would not be heavy interest to pay.

The employés would then gradually pay off the loan which either the Government or the Jewish Company, or even Y. & Son, would have advanced to them.

The Jewish Company will be prepared to conduct the transfer of the smallest affairs equally with the largest. While Jewish emigration slowly proceeds, the Company remains its great controlling body, which organizes the departure, takes charge of deserted possessions, guarantees the proper conduct of the movement with its own visible and palpable property, and provides permanent security for those who have already settled.

SECURITIES OF THE COMPANY.

What securities will the Company offer that the abandonment