d commerce are to be
created in a new country which has yet to be acquired and cultivated,
may be classed with those doubts of "practical" persons concerning the
need of railways. A "practical" person would express himself somewhat
in this fashion:

"Granted that the present situation of the Jews is in many places
unendurable, and aggravated day by day; granted that there exists a
desire to emigrate; granted even that the Jews do emigrate to the new
country; how will they earn their living there, and what will they
earn? What are they to live on when there? The business of many people
cannot be artificially organized in a day."

To this I should reply: We have not the slightest intention of
organizing trade artificially, and we should certainly not attempt to
do it in a day. But, though the organization of it may be impossible,
the promotion of it is not. And how is commerce to be encouraged?
Through the medium of a demand. The demand recognized, the medium
created, it will establish itself.

If there is a real earnest demand among Jews for an improvement of
their status; if the medium to be created--the Jewish Company--is
sufficiently powerful, then commerce will extend itself freely in the
new country.

_III. The Jewish Company_

OUTLINES

The Jewish Company is partly modelled on the lines of a great
land-acquisition company. It might be called a Jewish Chartered
Company, though it cannot exercise sovereign power, and has other than
purely colonial tasks.

The Jewish Company will be founded as a joint stock company subject to
English jurisdiction, framed according to English laws, and under the
protection of England. Its principal center will be London. I cannot
tell yet how large the Company's capital should be; I shall leave that
calculation to our numerous financiers. But to avoid ambiguity, I
shall put it at a thousand million marks (about L50,000,000 or
$200,000,000); it may be either more or less than that sum. The form
of subscription, which will be further elucidated, will determine what
fraction of the whole amount must be paid in at once.

The Jewish Company is an organization with a transitional character.
It is strictly a business undertaking, and must be carefully
distinguished from the Society of Jews.

The Jewish Company will first of all convert into cash all vested
interests left by departing Jews. The method adopted will prevent the
occurrences of crises, secure every man's prope