As to Greeks and Armenians, I know not which of the two nationalities deserves the palm, but it seems that both are surpassed by the Children of Israel.

"How these Jews do business," I have heard a Russian merchant of this region exclaim, "I cannot understand.

They buy up wheat in the villages at eleven roubles per tchetvert, transport it to the coast at their own expense, and sell it to the exporters at ten roubles! And yet they contrive to make a profit! It is said that the Russian trader is cunning, but here 'our brother' [i.e., the Russian] can do nothing." The truth of this statement I have had abundant opportunities of confirming by personal investigations on the spot.
If I might express a general opinion regarding Russian commercial morality, I should say that trade in Russia is carried on very much on the same principle as horse-dealing in England.

A man who wishes to buy or sell must trust to his own knowledge and acuteness, and if he gets the worst of a bargain or lets himself be deceived, he has himself to blame.

Commercial Englishmen on arriving in Russia rarely understand this, and when they know it theoretically they are too often unable, from their ignorance of the language, the laws, and the customs of the people, to turn their theoretical knowledge to account.