ECONOMY AND CREDIT. 183 



before lie spends it ; let him bear in mind that if he 

 cannot meet the instalments as they become due he 

 will be in the power of another ; that this other may 

 have been compelled to discount the bills Juvenis gave, 

 and that unless he can meet them, there is great danger 

 of all his former years of toil being swept away ; for 

 he is then not in the hands of one willing to be for- 

 bearing and to help him, but in the hands of some 

 bank or other company, and '^ Companies have no 

 souls," as Juvenis will quickly find out, and at which 

 he must not be surprised : the directors' duty is to 

 see that no unnecessary risk is run with the share- 

 holders' money. 



Not till two-thirds, or, at least, a half, of the pur- 

 chase money is paid off can Juvenis breathe freely, or 

 consider that he is financially out of danger, for this 

 is all that lie can ordinarily trust to being able to raise 

 on a mortgage bond in the open market. But as long 

 as he has a mortgage bond of any sort on his property, 

 he should not incur other liabilities for the sake of 

 improving his property. Whilst it may be a question 

 with him as funds come in whether it is better to 

 improve or to get rid of the mortgage, this will entirely 

 depend upon the returns the proposed improvements are 

 likely to give. 



Another mistake tliat is often made is this — a man 



