One of the objects of my observations being to point out where British capital can, with advantage and security, be employed in the Balkans, I made, while in Sofia, very careful and exhaustive inquiry. Information was given me by the late Premier, M. D. Petkoff; the new Minister of Foreign Affairs, Dr. Dimitri Stancioff; and by M. Ghenadieff, the Minister of Commerce, who was also interesting himself very actively in the Balkan Exhibition at Earl’s Court. To these three members of the Bulgarian Cabinet, and to His Royal Highness Prince Ferdinand himself, I have to acknowledge my thanks for placing all information at my disposal. The Minister for Foreign Affairs deputed his cousin, Monsieur D. M. Stancioff, of the Commercial Department of the Ministry, to accompany me everywhere and explain everything. I was given a perfectly free hand to go when and where I liked, and, as His Excellency put it, “to see Bulgaria just as I pleased.” The Bulgarians are nothing if not thoroughly businesslike. I was particularly requested by the Ministers not to paint the country in _couleur de rose_. One member of the Cabinet said, as I stood in the corner of the ballroom of the Military Club one night, “We would like the English to know exactly what they can find in Bulgaria, and how we shall treat them. Don’t flatter us, and cause English capitalists to expect too much. We have good paying investments for them—if they will only come here.” I took a good deal of trouble in going very minutely into this very important question, and found the Government ready and eager to give every facility to British capitalists to exploit the great mineral wealth in their country. The mining laws are just, and extremely favourable to secure absolute rights to those who invest. The Government have established in Sofia a Mining Department under the Ministry of Commerce, where specimens of ore may be seen, and where every information can be obtained. By the courtesy of M. T. Michailowsky, the able Director of this Department, I was afforded an opportunity of inspecting the various collections, and was given much information of intense interest. It seems that up to the present time the Government have given thirty-one concessions, mostly to French, Russian, Belgian, and Italian capitalists. Of these, sixteen are for coal, four for copper, two for manganese, two for iron, two for lead, two for zinc, and one for oil-bearing minerals. There are no English companies in Bulgaria at present, but I was informed by the Minister of Commerce that the greatest attention would be paid to any serious application from England. There are known to exist in the district of Bourgas, on the Black Sea, very rich copper deposits, also in the Vraza district, and in Belogradjik, near the Danube.