by the Powers, and it is very likely a great war might result. In Roumania, therefore, the idea of a Balkan Confederation is not regarded with great favour. The first question of all is Macedonia—ever Macedonia, and “the terrible Greek.” As regards the internal politics of Roumania, they are not within the scope of this present volume. Both the finance and commerce of the country seem to be in an excellent state notwithstanding the recent dissatisfaction of the peasantry. Thanks to the efforts of M. Jonesco, the finances of the country are now in a thoroughly sound condition, and every day sees greater prosperity. As I found in Servia and in Bulgaria openings for British capital, so there is in Roumania also many openings for British industrial enterprises, especially weaving. The climate is not favourable for cotton-spinning, but for weaving there are many enterprises that would pay good dividends. In the petroleum wells there have been, since their discovery fifteen years ago, about 150,000,000 francs of foreign capital invested. Greater part of this is German, but there is also a French, Italian, and Dutch element in the various companies exploiting the wells. The Standard Oil Company of America have about 15,000,000 francs invested, but there is no British enterprise. The oil is refined in Roumania, but a good deal of crude oil is sent to France, as well as great quantities of benzine. From Turn Severin, on the western border of the country, the petroleum zone can be distinctly traced at the foot of the Carpathian Mountains, skirting them in their course through the country towards Bukovina and Galicia on the north-east. Along the whole length of this zone are primitive hand-dug wells, the workings prior to 1873, when the American oilfields were discovered. Since 1895, however, a new stimulus was given to the industry by the modification of the mining laws, and from that date the oil industry has been gradually increasing, and only awaits the introduction of British capital to develop the enormous oil-fields. It is claimed that the Roumanian petroleum contains 14, 15 and 25 per cent. more pure oil than American, Galician, or Caucasian oils respectively. The total production in 1905 was 602,000 tons, or double the production of four years ago, while the export has nearly doubled in the past two years. The Deutcher and Dresden Banks and the Disconto Gesellschaft have about three million and a half pounds invested in it, while a new company, called the “Trajan,” with a capital of £200,000, has recently been formed, of which Marmorosch, Blank, & Co. of Bucharest, the principal promoters, have taken two-fifths. It will absorb the “Helios” and several other minor companies.