The times. [volume] (Richmond, Va.) 1890-1903, 1891-05-12
x.prpopoucu ON THE SOUTH.


few weeks nco We called attention 10 q
xerv able article in the Fortnightly Review
by the Duke Of Marlborough, in which there
was a full and detailed discussion OF the
various inducements, both mineral and agr''
cultural which the States Of Virginia. Ten
nessee and Kentucky had to offer to all Ing
lishnen who wished TO make Investments
Since his return TO England, the Duke mas
prepared a general report upon his tour OF IN
spection. which will soon be presented 10 'no
English capitalists, whom be represented
while he was in this country. ms report
,vas nuhbshed in the last Sunday issue OF the
New York Herald from advanced proof-shees
and "a most favorable and encouraging IN It's
conclusions.
The Duke enlarges in tone OF enthusiasm
on the enormous natural wealth OF the great
section of country composed OF, Southwest
virginia. Eastern Kentucky. Eastern Ten
nessee and Northern Alabama. Timber OF
the most varied and magnificent character
coal and iron ore in veins of phenomenal
thickness and most excellent in quality. are 10
be found in such quantities throughout this
region as 10 be practically inexhsustioie
The climate is unriyalled and constitutes In
itself one of the most important elements In
the development now in progress.
The report refers at considerable length 70
the different towns Of the same section, elias
cow. Roanoke. Bristol. johnson City. Mid
dlegboro and Knoxville, and points ont the
rapdity with which they are growing, and
their prospects of becoming at an early DAY
cities of very large populations and great
wealth.
In the course Of the report the Duke gives
English capitalists generally some valuable
advice rs to the best methods OF managing
American properties. Hitherto they nave
fallen into the serious mistake OF admins
tering their interests in this country by
boards composed entirely of Engiishmen,
who either reside in the United States or 1--we
in England. Such management" the Duke
of Marlborough very Justly says, does not
wear well in competition with purely Ameri-
can or Anglo-American enterprises with the
seat Of administration in New York"
The report is particularly earnest in urging
English capitalists not to invest their money
in American breweries, stock-yards and eleva
tors as they have been doing to such an enor-
nous extent. but in Southern real estate, and
above all in Southern railway shares. II can
not impress too much on those persons who
are considering American investments that
the time is coming when property IN Southern
lines Will assume q settled and permanent
standard of value. These days of holding
shares. simply as voting papers and gambling
counters, must come TO an end as the great
mining resources Of the South are developed"
One of the most interesting parts Of the re-
port is the reference which the Duke makes
to the comparative advantage of investing in
the UntebStates and South America. 1T is
too often forgotten by English investors" he
remarks, when they put their money in South
American countries that they have to deal
with a country that has virtually no settled
forms of government, and that England is not
going TO enforce the claim Of English creditors
with the cannon Of our war ships Again,
these countries have practically no popula-
ton, and what there is is composed mostly Of
lazy Italians and Latin races of all sorts.
In America, on the other hand, you have
the most stable and conservative form Of gov
eminent in the world. We may not under
stand the institutions and laws of America,
but that is our fault, and if our investing pub
lie Emake mistakes in American investments
it ls simply their foresight which is to blame.
The courts are free and will respect general
rights Of all sorts. There is no possibility Of
reputation, there is no fear of foreign wars.
It therefore ali comes down to a question of
efficient management and careful selection"