The only class of persons who I think are likely to make money by engaging in building speculations in partnership with the local authorities are small contractors, who are content to reside on the spot, and to look themselves after the employment and the repayment of their own money. It is obvious that contractors of this kind do not belong to the class of capitalists who could carry out the general development of the country on the scale required by its urgent necessities. Under these conditions, the best way for a country possessing very large material resources, but lacking the capital required to turn its undeveloped wealth to advantage, is to allow its native industries to be assisted and controlled by foreign capital.
Foreigners, by the law of Bulgaria, enjoy, both in an individual and in a corporate capacity, the same privileges as the natives of the country in as far as trade and industry are concerned. Indeed, so long as the Capitulations remain in force, they are placed, as I have pointed out, in an exceptionally favoured position as compared with the natives. It is obvious that any important introduction of foreign capital must tend to modify greatly the present economic conditions of the country. Whether this would be a gain or a loss to Bulgaria is an open question.
Lucrative investments
The laws, however, which regulate human existence, render it absolutely certain, that where on the one hand there is a country which has great resources and little capital, and where, on the other hand, there is any amount of foreign capital in adjacent countries on the look-out for lucrative investments, the capital will flow into the country and the country will welcome the capital. As things stand the probability seems to be that the exploitation of Bulgaria will fall iyito the hands of Austria, which has now got command of the Bulgarian markets. Whether this is to be so or not, must depend upon the action of the other European capital-possessing countries, and especially of England.
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