The World's Borrowing
A Belgian statistieian has compiled a Hst showing that in 1877 there was borrowed in the various countries in the world $1, 580, 975. 000 against $725, 000, 000 in 187(5, and $330,000,000 in 1875. Of this enormous amount $1,154,650,000 was borrowed by Governments, national, State and municipal, and the balance by railway and industrial corapanies and institutions of credit. The excess of the world's borrowing last year over that ol previous years was mainly due to the conversión loans of the United States. The French loans have amounted to $375,000,000, over two-thirds of which have been issued by railways and in dustrial oompanies. The large loans of Eussia were paid ehiefly in the paper money which the Government itself had issued. A yoüngi lawyer, who had been admittei about a year, was asked by a friend, " How do you like your new prof ession ?" The reply was accompanied by a briei sigh to suit the occasion : " My profession is miieh better than my praj(ice.'
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Old News
Michigan Argus