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These companies are mostly formed for the
purpose of employing their capital in the
Colonies, where money commands a higher
rate of interest, and can be more profitably
employed than in this country.

Some of the older concerns have been suc-
cessful, but of the whole number of existing
companies at least one-half, judging from the
price of their shares, have been failures. The
difficulty with these concerns would seem to
be the want of direct control, their business
having chiefly to be conducted by agents who
often consider their own interests before their
employers'. Some of these companies appear
to have advanced large sums of money on the
security of land which they can neither sell nor
let, and which has been abandoned by the
borrower.



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