Naxos, the largest and most fertile island of the group, contains the highest mountain in the Cyclades (Zia, 3290 ft.); the island annually exports upwards of 2000 tons of emery, a state monopoly the proceeds of which are now hypothecated to the foreign debt.
Finding most of its valuable rates hypothecated to the meeting of old debts, the municipality of Palermo has embarked upon municipal ownership and trading in various directions.
Nothing definite as to Poland seems to have been arranged, but Prince Kaunitz, the Austrian chancellor, was now encouraged to take the first step by occupying, in 1770, the county of Zips, which had been hypothecated by Hungary to Poland in 1442 and never redeemed.
Loans are repayable by Agrarian instalments, and are guaranteed by first mortgages not Credit greater in amount than half the value of the hypothecated flanks property.
Restrictions on speculative operations in real estate and on the use of hypothecated and discounted paper as security for other transactions, together with the publication of detailed monthly balance sheets, have kept these banks free from unsound methods, and their record thus far (1909) has been conspicuously good.
Finally it became a fief of the dukes of Schleswig-Holstein, though often hypothecated for loans advanced to these princes by the free city of Hamburg.