37 GIUSEPPE DEVINCEN'ZI
   we have for a moment digressed, we say that when once the work and the expenses are approved of by the Coni-mission of which we have already spoken, the sum employed not only remains a mortgage on the estate, but becomes, by right, a first mortgage. Aud the principio is so universally acknowledged as just, aud applied in so strai-ghtforward a manner to single cases, that although ali (hose who have a right either of property or mortgage in the lands can appeal in certaiu courts of justice against the decisions of the Commission before they become definitive, yet up to this period no action has been brought against it. Moreover, when the annnity on tho lands has once been fixed, the Company, or whoever hohls the title-deeds, has a sure and epeedy mode of recovering the money. These two conditions viz., the first mortgage, and the facility of recovering the money under the titles, which are transferable by their nature, cause these titles to be much in demaud, conse-qneutly they never remain in the Company's hands; there-fore with a comparatively small capital very extensive works are executed.
   These companies, not foreseeing facility in negociating these titles, commenced with large capitale. But they soon saw that they did not need them. The General Land Drainage and Improvement Company began its operation with only L. 30 000, of which it was bouud only to put down L. 18 000, although it had been agreed that the capital was to consist of two millions sterling, and with the consent of the Board of Trade it might be extended to five millions, notwithstanding up to tho present year, with the many works it has executed, on account of the facility of negociating the titles, it has only called up a capital of L. 100 000, and this capital has produced 9 per cent., of which, up to this date, 6 per cent, has been distributed to the shareholders, and 3 per cent, has been employed in paying certain liabilities of the Company, and to form a reserve fand; but from this year it will be paid in fall to the shareholders. It will be as well to describe here the conditions of this Company.