17
Spanish Four per Cents. were 42½ during the war, and just prior to the Moroccan trouble, in 1911, had a free market at 90 per cent.
F.C. Penfold writes in the December (1910) North American Review as follows: "The new Spain, whose motive force springs not from the windmills of dreamy fiction, but from honest toil, is materially better off this year than it has been for generations. Since the war Spanish bonds have practically doubled in value, and exchange with foreign money markets has improved in corresponding ratio. Spanish seaports on the Atlantic and Mediterranean teem with shipping. Indeed, the nature of the people seems changing from a dolce far niente indolence to enterprising thrift."