e by individuals for their own settlement do not come
within the province of this general account. But the Company will
require large areas for its own needs and ours, and these it must
secure by centralized purchase. It will negotiate principally for the
acquisition of fiscal domains, with the great object of taking
possession of this land "over there" without paying a price too high,
in the same way as it sells here without accepting one too low. A
forcing of prices is not to be considered, because the value of the
land will be created by the Company through its organizing the
settlement in conjunction with the supervising Society of Jews. The
latter will see to it that the enterprise does not become a Panama,
but a Suez.

The Company will sell building sites at reasonable rates to its
officials, and will allow them to mortgage these for the building of
their homes, deducting the amount due from their salaries, or putting
it down to their account as increased emolument. This will, in
addition to the honors they expect, will be additional pay for their
services.

All the immense profits of this speculation in land will go to the
Company, which is bound to receive this indefinite premium in return
for having borne the risk of the undertaking. When the undertaking
involves any risk, the profits must be freely given to those who have
borne it. But under no other circumstances will profits be permitted.
Financial morality consists in the correlation of risk and profit.

BUILDINGS

The Company will thus barter houses and estates. It must be plain to
any one who has observed the rise in the value of land through its
cultivation that the Company will be bound to gain on its landed
property. This can best be seen in the case of enclosed pieces of land
in town and country. Areas not built over increase in value through
surrounding cultivation. The men who carried out the extension of
Paris made a successful speculation in land which was ingenious in its
simplicity; instead of erecting new buildings in the immediate
vicinity of the last houses of the town, they bought up adjacent
pieces of land, and began to build on the outskirts of these. This
inverse order of construction raised the value of building sites with
extraordinary rapidity, and, after having completed the outer ring,
they built in the middle of the town on these highly valuable sites,
instead of continually erecting houses at the extremity.

Will the Compa