Spain could not help assenting to a treaty by which she renounced unconditionally all her rights of sovereignty over Cuba and Porto Rico and ceded the Philippine and Sulu Islands and the largest of the Marianne Islands in consideration of the payment of four millions sterling by America.
The upset (reserve) price was go sterling per square league of 6669 acres, and, as the lands were quickly sold, an expansion of the pastoral industry immediately ensued.
It was the general disaster produced by the speculative policy of his former guardians which first called forth his sterling qualities and hardened him into a premature manhood.
Its revenues (about which no trustworthy information is available) are subject to great fluctuations, and probably never exceed the value of one million sterling per annum.
For seven years, from 1611 to 1618, he was ambassador at the Turkish court, where he amassed a fortune of some 16,000 sterling by doubtful means, and was bastinadoed by order of the sultan for his frauds.
The coin and bullion held by the banks varies between 20 and 24 millions sterling and the note circulation is almost stationary at about 34 millions.
Soon afterwards, after a steady resistance, the Unionist garrison of Lexington surrendered to Sterling Price.
Irrigation protects large tracts against famine, and has immensely increased the wheat output of the Punjab; the Irrigation Commission of 1903 recommended the addition of 62 million acres to the irrigated area of India, and that recommendation is being carried out at an annual cost of 12 millions sterling for twenty years, but at the end of that time the list of works that will return a lucrative interest on capital will be practically exhausted.
The majority of the banks are members of the Clearing House, Post Office Court, where a daily exchange of drafts representing millions of pounds sterling is effected.
The town is connected by rail with the main Transcaucasian railway to Tiflis, and is the chief port for the export of naphtha and paraffin oil, carried hither in great part through pipes laid down from Baku, but partly also in tank railway-cars; other exports are wheat, manganese, wool, silkworm-cocoons, liquorice, maize and timber (total value of exports nearly 52 millions sterling annually).