PREFACE

TO THE SEVENTEENTH

EDITION OF FORTUNE'S EPITOME

OF THE

FUNDS.

ALTHOUGH Some delay has unavoidably occurred in preparing this Edition of Fortune's Epitome of the Funds for the press, it has not been attended with disadvantage, since it has enabled the Editor to bring down the information to the latest moment, and include the various alterations which have occurred in public securities-even to the details of the last contracted English loan.

Since the previous Edition appeared, most descriptions of negotiable property have experienced complicated changes; the South Sea Commutation Act having passed into full effect, and the debts of England, France, and Russia having been largely augmented.

Turkey, who was not before known in the moneymarkets of Europe as a borrower, has also been supported with financial assistance to the extent of several millions, and the two classes of securitiesthe guaranteed and the unguaranteed-are at length becoming a popular medium of investment. Other of the existing debts have undergone various alterations, the particulars connected with which have been carefully noted and arranged.

With regard to what are known as Peninsular securities, some modifications have occurred, but they have not been of a character greatly to enhance their value as investments. More favourable symptoms are now being manifested, the difficulty of procuring capital to assist in the development of their internal improvements, inducing the authorities to turn their attention to the situation of their foreign debts. If either Spain or Portugal, in reality desire to secure the advantages to be derived from the introduction of the railway system, they must first obtain English cooperation, which, of course, will never be granted until definite arrangements are made for satisfying outstanding obligations.

The Spanish American States have not attempted the negotiation of new loans, but several proposals for con

version have been made with reference to those already before the public. Peru maintains faith with her creditors, and Buenos Ayres has presented terms for a settlement, but New Grenada and Venezuela continue defaulters, the government of the latter not exhibiting the least desire to do justice to these long neglected claims. In the case of Mexico, the debt remains settled on the basis of a 3 per cent. Stock, but the dividends have not been punctually liquidated, the disturbed position of the Republic, with the mismagement of its financial resources preventing that progress which under other circumstances would take place. The Government of Ecuador, after lengthened negotiation, has adjusted her portion of the old Colombian debt; and, although the terms are not considered encouraging, they have been accepted as the best the impoverished finances of the State can at present enable the authorities to fulfil.

The section devoted to the securities of the United States has been revised with due attention to recent alterations. The English public, however, are not now so largely interested in this class of investments as formerly, confidence having been shaken in all descriptions through the persevering support given to the principle of " repudiation" by some of the States, and

the disclosures attending the Schuyler and other frauds. It is, nevertheless, yet anticipated, that the "repudiating" communities (and fortunately they are few,) will abandon the subterfuges hitherto adopted, and by recognizing high principles of financial morality, assist to restore the general credit of that important and prosperous Republic.

The Railway and Banking interests, as associated with the trade and resources of the country, form an important feature in a volume of this nature. The shares of each, as negotiable property, rank in a foremost position-those representing the Joint-Stock Banking business of the Metropolis having assumed a high value. The two or three new establishments which have been started are making progress, but it will require a few years to elapse before the average return of their working can be ascertained. If conducted with prudence and economy, the sphere of operations is sufficiently extensive to ensure to all these undertakings profitable results.

In re-arranging and compiling this Edition of Fortune's Epitome of the Funds, the latest available authorities have been consulted; and with respect to statistics, great assistance has been derived from the Almanach de Gotha, and the American Almanack.