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FINANCIAL MACHINA
Machine Learning for Finance

Johann Strauss
Hayden Van Der Post
Vincent Bisette

Reactive Publishing
"The Ghost in the Machine"
To my daughter, may she know anything is possible.
"Machine learning: a silent architect of futures unseen, sculpting
wisdom from the clay of data, in a world where understanding
evolves with each pattern revealed."

JOHANN STRAUSS
 CONTENTS

Title Page
Dedication
Epigraph
Introduction
Chapter 1: Foundations of Machine Learning in Finance
1.1 The Evolution of Quantitative Finance
1.2 Key Financial Concepts for Data Scientists
1.3 Statistical Foundations
1.4 Essentials of Machine Learning Algorithms
1.5 Data Management in Finance
Chapter 2: Machine Learning Tools and Technologies
2.1 Computational Environments for Financial Analysis
2.2 Data Exploration and Visualization Tools
2.3 Feature Selection and Model Building
2.4 Machine Learning Frameworks and Libraries
2.5 Model Deployment and Monitoring
Chapter 3: Deep Learning for Financial Analysis
3.1 Neural Networks and Finance
3.2 Convolutional Neural Networks (CNNs)
3.3 Recurrent Neural Networks (RNNs) and LSTMs
3.4 Reinforcement Learning for Trading
3.5 Generative Models and Anomaly Detection
Chapter 4: Time Series Analysis and Forecasting
4.1 Fundamental Time Series Concepts
4.2 Advanced Time Series Methods
4.3 Machine Learning for Time Series Data
4.4 Forecasting for Financial Decision Making
4.5 Evaluation and Validation of Forecasting Models
Chapter 5: Risk Management with Machine Learning
5.1 Credit Risk Modeling
5.2 Market Risk Analysis
5.3 Liquidity Risk and Algorithmic Trading
5.4 Operational Risk Management
Chapter 6: Portfolio Optimization with Machine Learning
6.1 Review of Modern Portfolio Theory
6.2 Advanced Portfolio Construction Techniques
6.3 Machine Learning for Asset Allocation
6.4 Quantitative Trading Strategies
6.5 Portfolio Management and Performance Analysis
Chapter 7: Algorithmic Trading and High-Frequency Finance
7.1 Introduction to Algorithmic Trading
7.2 Strategy Design and Backtesting
7.3 High-Frequency Trading Algorithms
Chapter 8: Alternative Data
8.1 Structured and Unstructured Data Fusion
8.2 Alternative Data in Portfolio Management
Chapter 9: Financial Fraud Detection and Prevention with Machine
Learning
9.1 Understanding Financial Fraud
9.2 Feature Engineering for Fraud Detection
9.3 Machine Learning Models for Fraud Detection
9.4 Real-Time Fraud Detection Systems
Conclusion
Epilogue: Navigating Future Frontiers from Berlin
Additional Resources
Glossary of Terms
Afterword
 INTRODUCTION

P
aris, known for its art, culture, and innovation, is currently witnessing
a financial revolution comparable to an artistic renaissance. Advanced
machine learning is at the forefront of this transformative era,
reshaping the way we comprehend data and fundamentally changing the
rules of the finance industry. This revolution spans various aspects,
including the interpretation of intricate market dynamics, automation of
intricate trading strategies, management of diverse investment portfolios,
and evaluation of nuanced credit risks. The impact of this wave of
innovation is both continuous and significant.

The impact of machine learning in finance extends far beyond mere market
analysis. The realm of trading, once a stronghold of seasoned financial
experts, is now being revolutionized by automation. Sophisticated trading
algorithms are executing intricate strategies with a speed and precision that
far surpass human capabilities. These automated systems are not just faster;
they operate continuously, exploiting opportunities that arise outside the
conventional trading hours.

Welcome, esteemed reader, to "Financial Machina,” a guide crafted in the

spirit of Paris’s tradition of enlightenment and intellectual curiosity. This
book is your beacon in the complex confluence of finance and machine
learning, offering a synthesis of knowledge designed for those eager to
master the inner workings of the modern financial landscape.
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Our journey will transport you beyond the traditional realms of finance,
banking, and investment. You will discover the role of algorithms capable
of processing vast amounts of data and extracting valuable insights. We will
intricately navigate through the rich tapestry of predictive analytics, deep
learning, and reinforcement learning strategies, all of which are redefining
financial models and investment methodologies.

As your guide, we begin with the foundational concepts of machine

learning, ensuring a robust understanding of both its statistical backbone
and computational power. We will then venture into more complex areas—
deciphering patterns in unstructured data, optimizing algorithmic trading
systems, and interpreting signals amidst market noise—always linking
theoretical knowledge with practical application.

Our narrative includes case studies and real-world applications, shedding

light on the intersection of theory and financial challenges. You'll witness
the transformative impact of advanced machine learning in areas like risk
management, fraud detection, and portfolio optimization. We will also delve
into the latest advancements and ethical considerations, preparing you to
harness and responsibly direct the formidable power of machine learning in
finance.

By the conclusion of this journey, you will have a comprehensive view of

the current financial landscape as shaped by machine learning, equipped to
anticipate and navigate its future developments.

This intellectual voyage offers enlightenment and essential insights. It

encourages the embrace of interdisciplinary collaboration and urges
curiosity-driven exploration into the cutting edge of financial innovation.
The knowledge presented here extends beyond a mere glimpse into the
future, serving as a blueprint for present actions and as a manual for
trailblazers who have the potential to shape the financial landscape for
generations to come.

So, engage the intellect, ignite your ambition, and as you turn this page,
begin your ascent to the pinnacle of one of the most exciting and
transformative applications of advanced machine learning. Welcome to our
comprehensive guide—the journey starts here.

Warm Regards,
Vincent Bissette
 CHAPTER 1:
FOUNDATIONS OF
MACHINE LEARNING IN
FINANCE
 1.1 THE EVOLUTION OF
QUANTITATIVE FINANCE

I
n the brisk, electrified air of the early morning, a trader in Vancouver
gazes upon the flickering screens, a mosaic of numbers casting an
ethereal glow across the austere lines of his face. Here begins our tale of
quantitative finance, a saga of transformation that stretches from the ledgers
of antiquity to the algorithmic ballets of today's markets.

Once the preserve of the erudite economist and the calculating bookkeeper,
finance has metamorphosed, courtesy of the digital revolution, into a realm
where the quantitative analyst reigns supreme. The narrative of this
evolution is one of ceaseless innovation, a relentless quest for precision in
an unpredictable world.

In the nascent days of quantitative finance, the tools were simple, the
calculations manual. Theories of risk and return were pondered over ink
and paper, through the lens of traditional economics. Yet, as the march of
technology advanced, so too did the sophistication of financial strategies.

The 1950s saw the advent of Modern Portfolio Theory (MPT), proposed by
Harry Markowitz, which shifted the gaze of finance towards the
mathematical domains of variance and covariance. This period of
enlightenment presented a new frontier; one in which the portfolio's risk
was as integral as its return.
As the decades unfurled, the Efficient Market Hypothesis (EMH) emerged,
championed by the likes of Eugene Fama, challenging the notion that one
could consistently outperform market averages. EMH argued for a market's
perfect clairvoyance, where prices reflected all known information, leaving
no room for excess gain through analysis alone.

It was in the 1970s that the Black-Scholes-Merton model further cemented

quantitative finance as a discipline of high repute. This model delivered an
analytical closed-form solution for the pricing of European options, a feat
that revolutionized derivative markets and sowed the seeds for
computational finance.

Yet, the limitations of these early models, their assumptions of market

behavior, and the normalcy of data distribution became increasingly
apparent. The financial crises that rippled through the global economy laid
bare the shortcomings of traditional quantitative methods. It was clear: the
finance world needed a more adaptable, more nuanced toolbox.

Enter the era of machine learning, a renaissance of sorts for quantitative

finance. The finesse of neural networks, the adaptability of ensemble
methods, and the prescience of reinforcement learning began to redraw the
boundaries of what was possible. Financial modeling was no longer
constrained by the rigidity of old assumptions; it was now a dynamic and
predictive craft, honing in on patterns within vast and unruly oceans of data.

The evolution of quantitative finance has been both a technical journey and
a philosophical one. As the discipline continues to evolve, it incor porates
lessons from behavioral economics, recognizing the irrational quirks of
human decision-making and market movements. It is a continuing tale, one
of complexity and change, where the only constant is the relentless pursuit
of deeper understanding and greater predictive power.

This historical perspective begins in a time where statistical methods were

the backbone of financial analysis. The bell curve reigned, encapsulating
the symmetry of market returns and the hope that past data could reliably
forecast future trends. This era of Gaussian dominance was marked by a
steadfast belief in the power of linear regression, t-tests, and the
foundational principles of hypothesis testing.

Yet, the financial markets, with their tumultuous ebbs and flows, resembled
not the calm predictability of a Gaussian world but rather the wild
undulations of the Pacific Ocean, viewed from the rugged coasts of
Vancouver Island. The Black Monday crash of 1987 was a stark reminder of
this incongruence, a day when markets plummeted and the bell curve fell
short, failing to capture the fat tails and extreme events that characterize
financial returns.

The limitations of traditional statistics—its assumptions of linearity,

normality, and homoscedasticity—were becoming glaringly evident. It was
not enough to simply describe the central tendencies of data; the need to
predict and adapt to ever-shifting market conditions called for a new
analytical paradigm.

Enter the age of machine learning—a field that promised to transcend the
limitations of classical statistics. No longer were financial analysts confined
to the linearity of regression models. They now had at their disposal
decision trees that branched out with market complexity, support vector
machines that carved hyperplanes through the multi-dimensional space of
financial instruments, and neural networks that learned and adapted like the
human brain.

Machine learning introduced a newfound agility to financial analysis.

Encompassing both supervised and unsupervised learning paradigms, it
allowed analysts to uncover hidden patterns and relationships within the
data. These algorithms thrived on the chaotic abundance of market data,
teasing out signals from the noise, learning from the data, and evolving with
it.

Moreover, the advent of these sophisticated techniques coincided with an

explosion of computing power and data availability. Massive datasets—
once the exclusive purview of institutions like the Vancouver Stock
Exchange—became accessible to a broader community of quants and data
scientists, propelling the field forward at a breakneck pace.
This section paints a picture of a discipline in constant flux, one that mirrors
the organic complexity of nature itself. It is a tale of innovation driven by
both necessity and possibility, where each breakthrough in machine
learning opens new doors for finance and each financial challenge spurs
further advancements in algorithmic understanding.

As machine learning continues to redefine the boundaries of what's

achievable in finance, this historical perspective serves as a reminder that
the field's future will be shaped by those who not only grasp the
mathematical intricacies of these tools but also possess the creativity and
vision to apply them in novel and ethically responsible ways. This section,
therefore, is not just an overview of the past; it's a springboard into the
future, a call to action for those who wish to be at the forefront of the next
financial revolution.

1.1.2 Influential Financial Models and Their Limitations

There once was a widespread reverence for the classical financial models
that shaped decades of investment strategies. These models were the
stalwarts of finance, the theoretical constructs that sought to distill the
chaotic marketplace into understandable equations and predictable
outcomes.

Chief among these influential models was the Capital Asset Pricing Model
(CAPM), which posited a linear relationship between the expected return of
an asset and its risk relative to the market. The simplicity and elegance of
CAPM made it a cornerstone of financial theory, introducing the concept of
beta as a measure of systematic risk and offering insights into the pricing of
risk and the construction of an efficient portfolio.

Following in the intellectual lineage of CAPM, the Efficient Market

Hypothesis (EMH) emerged, championing the idea that stock prices fully
reflect all available information. According to EMH, no amount of analysis
—fundamental or technical—could consistently yield returns above the
market average because price changes were the result of unforeseen events,
rendering markets inherently unpredictable.
The Fama-French Three-Factor Model extended the CAPM framework by
including size and value factors in addition to market risk, thus providing a
more nuanced view of what drives asset returns. This model became a
bedrock for empirical asset pricing studies, heralding a shift towards
multifactor explanations of returns that acknowledged the market's
complexity.

Despite the intellectual triumphs of these models, the limitations inherent in

their assumptions became increasingly apparent. CAPM's assumption of a
single factor (market risk) governing returns was too simplistic to capture
the multifaceted nature of risk. EMH's assertion of market efficiency
clashed with the psychological and behavioral anomalies observed by
practitioners and academics alike—phenomena that would later be
encapsulated by the field of behavioral finance.

Furthermore, these models were largely predicated on historical data,

which, as any seasoned trader at the Pacific Exchange would attest, is a
precarious foundation for future predictions. The tumultuous nature of
financial markets, with their abrupt shifts and black swan events, laid bare
the folly of relying on static models in a dynamic world.

The limitations of these traditional financial models catalyzed the search for
more adaptive and data-driven approaches. Machine learning, with its
capacity to learn from and evolve with data, began to assert its potential as a
transformative force in finance. As the industry grappled with the
shortcomings of established models, it became clear that a new era of data-
centric and algorithmically sophisticated models was on the horizon.

Introduction of Machine Learning in Finance

Machine learning's promise in finance lies in its inherent capacity to

uncover patterns within vast datasets—patterns too complex or subtle for
traditional statistical models to detect. This evolving field leverages
computational algorithms that adaptively improve their performance as they
are exposed to more data, a feature particularly suited to the fluid and
voluminous nature of financial information.
The transition towards machine learning was not abrupt; it was a gradual
awakening. Pioneers in the field began by applying fundamental techniques
such as linear regression to financial forecasting, only to discover that these
methods could be vastly enhanced through machine learning's nuanced
approaches. Decision trees, for example, enabled analysts to map out the
non-linear decision paths that more accurately represented financial
scenarios. Meanwhile, support vector machines offered robust classification
capabilities, proving to be powerful tools for pattern recognition in market
data.

One of the early heralds of machine learning's potential was algorithmic

trading, where automated processes could execute trades at a speed and
frequency unattainable by human traders. These algorithms were initially
straightforward, following set rules based on technical indicators. However,
as machine learning models grew more sophisticated, they began to
incorporate a variety of signals, including historical price data, news
articles, and social media sentiment, to make more informed trading
decisions.

The financial sector's burgeoning interest in machine learning also led to

advancements in risk assessment and management. Traditional risk models
often fell short in predicting extreme events, but machine learning's
predictive power brought new depth to the analysis of potential risks,
enabling institutions to react more swiftly and effectively to signs of market
stress.

Ensemble learning, a technique that combines multiple models to improve

predictive performance, began to revolutionize credit scoring. By
aggregating the insights of various classifiers, financial institutions could
generate more accurate and granular assessments of creditworthiness than
ever before—a boon for both lenders and borrowers.

Yet, with all its potential, the adoption of machine learning in finance was
met with challenges. The black box nature of certain algorithms,
particularly those in deep learning, raised concerns about interpretability
and trust. Financial institutions, bound by regulations and the need for
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Other documents randomly have
different content
 "My illness, my long lethargy, must therefore have lasted for four
months at the very least! Indeed, I remember having been still in
possession of my senses during the rainy season; I can recollect the
beginning of July, but from that time all is a blank.

"I must needs consult Nature's page. Who can tell me, if she
cannot, anything about the time that has escaped me? I am alone—
long, very long ago my interpreters and all my servants were
massacred before my eyes. As for my soldiers and bearers, some are
dead, and the rest, more fortunate than I, fled away.

"Alone—yes, I am alone, and so far from my country, so far from

those
I love, so far from her!

"How I have been punished for having left you, my loved

companion! for having preferred the novelty and excitement of
distant travel to the calm joy of our dear fireside; for having dared to
let my love of science outweigh my love for you! You deem me at
this moment dead, and are weeping for me. You may, indeed, weep
for me; I live still, but I am so weak, so utterly destitute of
resources, and so disheartened, that I shall not go much farther;
you may wear mourning for me; it is only a little premature.

"But I will not die without having said good-bye to you. I will tear
this page out of my note-book, I will fasten it to the partition of my
hut, and I will try to impress upon the unfortunate invalid who
inhabits it, the only being who, in this country, has shown me one
grain of pity, that this piece of paper is a fetish able to protect him.
He will never tear it down, and some day, perhaps, other travellers,
following the same route that I have done, will find these lines and
take them back to my country.
 "What has happened to me?—If my enfeebled memory would only
come back to my assistance! Let me try.

"I made a great mistake in allowing Degberra's soldiers to enter

the territory of the Domondoos. I very soon succeeded, as I had
always intended to do, in getting rid of my compromising escort, and
in alarming them to such a degree that they were glad to make the
best of their way to their own country. But the Domondoos had
recognised their mortal enemies in the midst of my caravan, the men
who, every year, plunder them, kill them, and carry them away into
captivity. I and my people were destined to bear their vengeance on
the Monbuttoos.

"Day after day they attacked us, harassed us with their arrows,
and killed some of my men. Then we fell into an ambush, and, in
spite of our determined resistance, we were overwhelmed by
numbers. They seized upon everything I possessed, baggage,
provisions, and arms; my ammunition they could not take, for it was
exhausted, and for a long time we had been fighting with side-arms.
With ten rifles I could have routed the whole tribe!

"Instead of vanquishing them, I am become their slave, the slave

of a tribe of wild beasts! The Monbuttoos are right in stigmatising
them with the degrading title, the Momvoos. The Monbuttoos! They
are the refinement of civilisation compared with this tribe. The
wretches have but one merit; they are not cannibals. On this side of
Africa, cannibalism appears to cease on their frontier. But if they do
not eat their prisoners, they make them suffer horribly, and I almost
think they would display more humanity if they did eat them!

"One day, worn out by privation and fatigue, tortured in mind and
body, broken down and utterly overcome, I fell in one of the streets
of the village, and I did not get up again.

"What happened then I know not, and never shall know. They, no
doubt, thought I was dead; I must have been thrown aside in some
corner, where, later on, I was picked up and brought here. What was
the nature of my illness? Sunstroke, I imagine, or malignant typhoid
fever. Who looked after me? Nobody—I only remember a negro, a
poor invalid, the sole inhabitant of the hut, dragging himself
occasionally to my side, and putting to my lips a gourd filled with a
beverage of his own brewing. How came an angel of mercy into this
Domondoo hell? I owe him my life, and T cannot show him my
gratitude. May God reward him; may He watch over the awakening
of this benighted soul, and bring it to the full knowledge of Himself!

"Afterwards, long afterwards, I was able to open my eyes, and

look around me; I felt that I still lived, and that was all—I could
neither move, speak, nor think.

"By degrees my strength came back to me, and my host gave me

now and then a banana or a little flour mixed with water. My
weakness diminished, and I was once more becoming master of
myself. In about ten days from this time I was able to walk about
the hut, but my saviour made me understand that I must not cross
the threshold. His countrymen thought me dead, and, thanks to this
mistake, I might be able to escape during the night.

"Escape! Where can I go in my present state? Return to Degberra?

It is too far, and I should have to pass through the country of the
Domondoos; I should be recaptured, I should be their prisoner once
more! No! no! I have suffered outrage and torture enough! And,
besides, how should I be received by the despot whom I have
misled, who has been deceived in his expectations?
 "I have but one course before me; to gain the frontier of the
Maleggas, a few miles only distant from this spot. That tribe,
according to what I have been told, is more humane than the
Domondoos; they will, perhaps, let me regain my strength in their
country, recover my health, and, later on, continue my journey.

"My journey! As if I could think even of carrying out my project—

as if, in my state of weakness and destitution, I could dream of filling
up the blank between the discoveries of Schweinfurth and those of
Speke and Grant!

"And yet—hope has not abandoned me altogether. I cannot have

undergone all these perils to die now. It cannot be that, after having
achieved so much, I am destined to leave my task unfinished. My
terrible past is, in itself, a guarantee for my future.

"I will escape to-night! I will drag myself to the neighbouring

frontier. May God have mercy on me, and be gracious to those who
read these lines!"

As soon as I had finished reading I looked at Madame de Guéran.

Her face was bathed in tears.

We were going discreetly to withdraw, when, drying her tears and

mastering her emotion, she made a sign to beg us not to leave her,
and as soon as she had thoroughly recovered her self-possession,
she said—

"Is the negro of whom my husband speaks alive? Can we find

him?"
 "Certainly," I replied. "He is close to us, with our people. We were
fortunate enough to save him and snatch him from the flames."

"Ah!" she exclaimed, holding out the paper I had handed back to
her, "my husband was not mistaken! These lines have served as a
talisman to this poor creature! I want to see him. I want to question
him. Perhaps he can tell us more—perhaps—"

She stopped. We divined her unspoken thought.

"You had better let us question this man," said de Morin. "We will
repeat to you every word he says, but if there should be bad news,
we might break it to you less brusquely, less unfeelingly—"

"Be it so! Go, and I will wait for you here."

We found Nassar keeping watch and ward over our personal

prisoners, protegés would be the better word, and he brought us to
the man who interested us so deeply. The poor wretch was awake,
his fears preventing him from sleeping; it appeared to him
impossible that he should have been rescued from the flames and
made a prisoner without being destined to be eaten. The
Monbuttoos enjoyed an unenviable reputation, and he tarred us with
the same brush.

Nassar succeeded in explaining to him that, so far from wishing to

do him harm, we were bent upon doing everything we could for him,
and as soon as he had reassured him on this point, he questioned
him about the white man, his guest for so long a time.

"What has become of him?" asked our interpreter. "Has he

reached the frontier of the Maleggas?"
 The negro considered for some time; the terrible fright he had just
undergone had almost deprived him of the little memory he
possessed. At length he gave us to understand that the white man
had never reappeared.

"But," persisted the interpreter, "did he die before reaching the

neighbouring tribe?"

"No," replied the sick man, "he arrived there, and, some time
afterwards, sent me, as a present, an ox given to him by the King of
that tribe."

We had this answer repeated and translated twice, as it appeared

to us to be of the utmost importance. It, indeed, established the fact
that not only had M. de Guéran been able to escape from his
enemies and continue his journey, but that he had been received
kindly by the Maleggas.

"And you have never heard of him since?" asked Nassar.

"Never," was the reply.

"Well," said de Morin, as we made our way back to the spot where
we had left Madame de Guéran, "I begin to think that, one day or
other, we shall stumble across this dear Baron."

"Yes," I replied, "the chances are in favour of it."

"So I think. But has it occurred to you that in proportion as those

chances increase, ours diminish?"

"Clearly. How does that affect you?"

 "How does it affect you?"

"My dear fellow," said de Morin to me, "it is very odd, but all the
same it is a fact that I have ended by sharing the hopes, fears,
doubts, and sufferings of our companion. I appear now to have a
direct interest in finding her husband, whereas you might naturally
suppose that all my interest would be centred in never setting eyes
on him. In short, this charming woman has gained such a hold over
me, and I esteem her so highly, that every now and then I am
surprised at finding my own identity merged in hers, and my
thoughts devoted to her happiness alone."

"That is precisely my feeling," I replied. "Only, I wish she would

feel that to bring about my happiness would conduce to her own."

This philosophical dissertation was interrupted by the subject of it.

She came to meet us as soon as she caught sight of us, and at once
asked for our report. De Morin must have been right, for I
experienced a real pleasure in imparting to her the good news we
had just heard.

The night was far advanced when we separated, after having

decided upon the line of conduct we were to pursue on the morrow.

CHAPTER IX.

About an hour after sunrise Doctor Delange commenced his round

of visits. The wounded had, indeed, every need of his skilful
ministrations. De Morin and I went with him, as medical students or
hospital orderlies. Less presumptuous than on the previous day, I
had resigned my position as assistant-surgeon.
 "I do not intend," said Delange, as we walked along, "to depart
from my Parisian habits. When I was a surgeon at Lariboisière, I
always began my rounds with the hospital, leaving my rich patients
to wait until I had finished there. So I am going to begin with the
prisoners, and shall attend to those who were wounded yesterday
before I do anything to the royal thigh. Does that suit you?"

"Perfectly," I replied. "We shall, in all probability, have a long

conversation with Munza, and the other invalids might grow
impatient."

The prisoners had been turned into a large enclosure, surrounded

by a palisade; quite naked, and huddled together like a flock of
sheep brought to the shambles, they awaited, with resignation, the
arrival of the butchers. Thanks to the precautions we had taken, no
harm had come to any of them.

Delange dressed their wounds, set a few dislocated limbs, and

very skilfully extracted such arrow-heads as had been thoughtless
enough to remain embedded in the flesh. Did his patients appreciate
these attentions? Did they take him for a surgeon or a cook? To
reply to these questions, the doctor betook himself to the study of a
few heads. Alas! after examination made, he confessed that the
gorilla and the chimpanzee appeared to him superior to the
Domondoos, from an intellectual point of view. Nevertheless, as
regards the structure of the body, we have come to the conclusion
that the nearer we approach to the equator, the more perfect
becomes the human form. The Niam-Niam have the advantage of
the Bongos, and are in turn surpassed by the Monbuttoos, whilst the
Domondoos are in advance of both.
 "We are evidently drawing near," said Delange, "to that famous
tribe of which we have heard so much. At last we shall see the
dusky Venus of my dreams."

Munza appeared very grateful to the doctor for the visit. His
ordinary attendants would never have succeeded in extracting the
arrow-head which had wounded him, and, without Delange, he
would have suffered horribly, even if he had not died from the
poison. He submitted, therefore, with the best possible grace to a
fresh dressing, which made him lend a willing ear to what we had to
say.

Nassar recounted to him the incident of the previous evening, and

gave him a resumé of M. de Guéran's letter. One point, which
seemed to us of but little importance, struck him at once.

"The Domondoos ill-treated your father," said he, "and you,

doubtless, are eager for revenge. Take two thousand of my prisoners
and kill them without mercy; I give them to you."

We replied that white men never thought of revenge, but did

good, even to their enemies. Munza was silent for a moment; in
spite of all his efforts, he could not understand us.

"Then," he said, at last, addressing Delange, "you did not come to

my assistance yesterday, and cure my wound, because I am your
friend?"

"I came to you because you were in pain," replied the Doctor. "I
try to cure all those who suffer."
 The King was silent once more for an instant, and then he
murmured a few words, which meant, "these white men are very
strange!"

A species of slow, but progressive, revolution was taking place in

the mind of this barbarian. He was still far from understanding or
sharing in our ideas, but they attracted his attention, and he
endeavoured to make a note of them, ponder over them, and
compare them with his own. He was living with us in a new world,
one which, he instinctively admired.

"And so," he resumed presently, "you do not want me to give you

my prisoners?"

"On the contrary," said de Morin. "But if you do we shall set them
at liberty."

"That is impossible;" replied Munza, as soon as the words were

translated for him; "my soldiers would mutiny. Whatever we capture
from the enemy, belongs to them equally with myself."

"Give us, then, your share of the booty," said I, boldly.

"Yes, I will give that to your sister," replied the King.

"In her name we thank you, and we will release the women, the
children, and the wounded."

"Be it so! What is done," he asked, after another pause, "in your
country with the prisoners?"

"We keep them in custody for a certain time," replied de Morin, "to
prevent them fighting against us. As soon as the war is over, we
send them back to their own country."

"Where do you keep them?"

"In our towns. The officers can even walk about, as they are free
on parole."

Nassar could not translate this last expression, and we were

compelled to make use of a paraphrase to convey our meaning.

"And is that sufficient?" said Munza.

"The white man never lies," replied de Morin, imprudently.

"Ah!" exclaimed the King. "Then tell me if you think your sister will
return to my kingdom and marry me?"

De Morin had made the mistake, and on him fell the responsibility
of repairing it.

"She will certainly return," said he, "if we find our father, and he
allows her to marry you."

"Do you think he will?"

"I do not know, and I cannot say. To make a statement, without

being sure about its truths is to tell a lie, and I have already said
that we never lie."

A lengthy silence ensued.

"You wish, therefore," resumed Munza, "to visit the people you call
Maleggas, and we Maogoos? I can take you there without any
fighting, for the King, Kadjoro, is my ally. But suppose your father
has left his kingdom?"

"We must go on."

"I cannot go so far away from my country."

"Not even to win our sister?"

"If I were only sure of winning her I would give up my kingdom!"

Nassar was not under the necessity of interpreting this last

sentence, such expression was there in Munza's look, action and
voice.

It was agreed that the King of the Monbuttoos should give due
notice to his ally of his speedy arrival, and that the army should
continue its march towards the south. The prisoners were to be
despatched to Degberra, but the soldiers sent with them were
forbidden, on pain of death, to maltreat them.

"Munza is decidedly becoming more and more civilised," said

Delange, as we were going back to our camp. "Love works wonders.
But is there not something in the conduct of this savage quite
contrary to reason? Nobody will believe our account of this part of
our expedition. I think I hear the Club wits say—'Get along with you!
You are making fun of us! Instead of making love to Madame de
Guéran in the orthodox fashion, and setting about the discovery of
her soi-disant father, an African monarch would have killed or
poisoned you off-hand. And when he had got rid of his trio of bores,
he would have shut the Baroness up in his palace, without giving her
the option of saying yes or no."
 "The ignorant and fools would, doubtless, say so, my dear
Delange," replied de Morin, "and their saying so would simply prove
that they knew nothing whatever of the credulous, unsophisticated
character of the negro, and that they utterly ignored the marvellous
prestige attaching to white men amongst the African tribes. Men of
intelligence would take the trouble of reflecting, and would say to
themselves that the stronger and more numerous have not always
the courage to attack their weaker brethren. Here the colour of the
skin goes for something; in Europe, rank and education fill the same
rôle. Take a regiment, for instance. Send it on a campaign by itself,
free from all control, and fearless of consequences. The rank and file
muster two thousand, and the officers, perhaps, twenty, but those
twenty men, even with sheathed swords, can do what they like with
that, comparatively speaking, vast army of rifles. Materially, Munza
cannot fear us; morally, without knowing it, he trembles before us."

"In that case," said I to de Morin, "we shall never have to fight the
King and his army?"

"I never said so. The moment he sees that we do not intend to
return to his dominions, and to surrender Madame de Guéran to
him, he may become terrible. The influence we exercise over him at
this present time will vanish before his passions. The savage will
once more resume his rights, and in that case I would not give much
for our three lives. But, my dear fellow, we must be guided, as we
have ever been, by events. If we only take proper precautions
before undertaking anything, Paris may yet have the honour of
claiming us once more as her own."

In the afternoon, some of Munza's officers came to ask us to

choose our prisoners. Without standing on any ceremony, we
released a goodly number—that is to say, we allowed M. de Guéran's
host to release them. He selected his friends, and they were at once
turned out of the enclosure. He thus, very cheaply, acquired a great
reputation in his own country, and was speedily recognised as a
sorcerer, which elevated him to the ranks of the nobility. The Baron's
debt was discharged.

CHAPTER X.

We might very well suppose that Africa, flattered at receiving a

visit from Europeans, is bent upon preparing a fresh surprise for us
every day, and wishes to astonish us by the variety of her
landscapes and manners. The soil, and they who inhabit it, present a
fresh aspect every moment, so that the eye is never wearied,
curiosity is always aroused, and one's imagination is incessantly
active.

Yesterday, we met with a race of dwarfs, the Akkas; to-day we

find ourselves amongst the Maleggas, men of commanding stature,
and admirably-proportioned limbs, with frank, open countenances,
fine eyes, well-shaped mouths, and complexions of bronze.
Yesterday we were fighting against the Domondoos, a set of
cowardly, cruel brutes; to-day we have been received with open
arms by a hospitable, brave, and almost intellectual people.

The natives, amongst whom we have sojourned during the past

few months, have never been able to make up their minds to
cultivate the ground, although the soil requires so little labour, and
repays the slightest attention. They reap the harvest before it is ripe,
gather the fruit whilst it is still green, and in every conceivable way
display their ingratitude towards the paradise where accident has
made them see the light. If they become tired of the vegetables and
fruit which Nature places ready to their hands, if the manna which
falls from heaven does not suffice them, and if they hanker after
more substantial food, they betake themselves to plundering their
neighbours, "lifting" their cattle, and growing fat at their expense.

For the last few days, on the other hand, we have been passing
through a vast territory in a state of perfect cultivation, whose
inhabitants are self-dependent. Oxen form the wealth of the country,
and every hamlet possesses a large quantity of them. They roam at
will through the extensive pasture-grounds watered by numerous
streams converging towards the Keebally. This constant supply of
water renders the plains as green, even in summer, as they are in
the height of the rainy season. Vast forests encircle them and shelter
them from the sun's rays, and where the plain is of too great an
extent to be effectually shaded by the surrounding woods, trees
scattered here and there prevent all possibility of its being parched
and dried up. Here one sees a tamarind tree, eighty feet in diameter,
and forming a perfect bower; there a baobab, with a circumference
of twenty yards.

Such of the cattle as are not allowed to roam about, are herded in
large kraals surrounded by palisades and guarded by herdsmen, who
keep large fires burning to protect them from the flies and
mosquitoes. We are in the midst of a mild-mannered race of
shepherds, who fight in self-defence alone, when their wealth
provokes the cupidity of their neighbours. As a measure of
precaution, sentries continually patrol round the kraals and villages,
and the war-drum is ever in readiness to summon the tribe to arms.
As if to assert that they are neither invaders nor oppressors, but
confine themselves to protecting their native land, their dwellings
and their families, the Maleggas do not possess any weapon of
attack. They replace the bow and arrow by a long-bladed knife, and
a formidable iron-headed club.

These people defend themselves valiantly, and their neighbours

are so well aware of it that they hesitate to attack them. In other
respects the Maleggas show themselves friendly-disposed towards
the bordering tribes, and, in order to enjoy the blessings of peace,
and herd their cattle in ease and tranquillity, they pay tribute to
those whose strength they fear. They never trouble their heads
about the Domondoos, their northern neighbours, because the
Monbuttoos, as we have already seen, make it their business to
bring that nation to reason once a year, and carry all its able-bodied
men into slavery.

Amongst this tribe, out of place in the heart of Africa, planted,

apparently, by God, to be an example to their neighbours—an
example, by-the-way, by which those neighbours do not profit the
least—we ought very easily to obtain the information we seek.

If accident had not placed in our hands the notes written by M. de

Guéran, we should not have learnt a single thing from the
Domondoos, who were incapable even of understanding our
interpreters and replying to them. But here, with the knowledge we
have already gained of the negro dialects, which are very various,
but always, to a certain extent, analogous, we can often manage to
convey our own meaning, and grasp the sense, at all events, of
what is said to us. The vocabularies of these tribes are not so
voluminous as our own; a few simple words and certain expressions,
adopted into common usage, form the foundation of the language.
By degrees, one gets to understand these, and any verbal
deficiencies are made up advantageously by a look or a gesture.

These interviews were not always easily arranged, because in the

first districts we passed through, our arrival produced great
consternation. King Kadjoro, however, lost no time in assuring his
subjects that they had nothing to fear from the Monbuttoos, and
Munza, at the same time, maintained strict discipline in his army,
having secured that desirable end by the summary execution of a
few thieves and marauders.

In spite of these delicate attentions on the part of Munza, and the

remonstrances of their own King, the peaceable Maleggas in the first
instance took to flight at the very approach of our noisy and always
unruly army. But by degrees, when the soldiers had constructed
their camp, and it was seen that they laid aside their arms and lolled
about quietly in the shade, the natives returned to their homes, and
frequently came to our side of the encampment.

Without being almost entirely clothed, as the Monbuttoos are, the

Maleggas wear a species of drawers made out of cow-hide, which
renders them presentable. This is supplemented by tattooing, in
their case very complicated, composed of curved and straight lines
crossing each other, with zigzags and circles intermixed. The women,
following the example of their sisters in other tribes, wear a costume
of leaves, and are not sparing of the material, which is always of
considerable dimensions. Near the equator, Nature is liberal with her
foliage, and the Malegga ladies take advantage of her generosity to
give amplitude to their garments.

It was not long before we were surrounded by curious, but not

offensively inquisitive groups. We, on our side, scanned the crowd
attentively, so as to single out the man or woman whose appearance
held out the greatest promise of intelligence. When we hit upon a
likely subject, we called him or her, as the case might be, to come to
us. The individual thus distinguished would hesitate at first, and
show signs of retreating, but urged on by his comrades he would
end by waddling awkwardly towards us.

The examination would then commence, M. de Guéran, of course,

being the sole topic. Here we learnt that he stayed in the
neighbouring village for nearly a fortnight. He appeared, so we were
told, tired and ill, and dragged himself along rather than walked.
They showed us the hut where he had rested, and whence, as soon
as he felt himself strong enough, he had set out towards the south.
We were thus following our fellow-countryman, step by step. We
saw him, as it were, recovering his strength, and making longer and
longer stages on his journey. The hospitality of the Maleggas
hastened his recovery; in the villages on the frontier he was still an
invalid, staggering along; in the hamlets in the centre of the country
he was a man again, stronger and more vigorous. He walked and did
not merely crawl.

His portrait never varies, but seems graven on the memory of the
whole tribe. Those who never saw him have heard him spoken of so
often that they know him and can depict his appearance. The
journey of this stranger through the country has been a regular
event, and the recollection of it is even now far from dying out.

Everybody is agreed on the point that he had a long fair beard,

and flowing locks. This latter detail was at first a surprise to the
Baroness, who only knew her husband as with a pair of moustaches
and short hair, but it soon dawned upon her that M. de Guéran,
robbed by the Domondoos of all his baggage, must have been
obliged to submit to the growth of that which he could neither cut
nor shave. Besides, travellers in central Africa, even those who have
not been robbed, as the Baron was, do not take very great pains
with their toilet, and we are exceptionally favoured in this respect,
thanks to Joseph, who at the commencement of our journey was
appointed to the rank of sole barber to the expedition. It also very
frequently happens that Europeans end by drawing near to the
Africans in the matter of complexion, the fair ones becoming coffee-
coloured, and the dark ones chocolate. The skin peels under the
influence of the sun's burning rays, one becomes unrecognizable and
might very easily pass muster, if not amongst regular negroes, at all
events amongst many tribes of a less dusky hue. M. de Guéran
appears to have saved from the wreck the clothes he had on, for he
is described as having been dressed very much as we are. This piece
of minor information seemed to delight Miss Poles, who had never
attempted to conceal her fear that we shall find M. de Guéran
reduced to the condition of a savage, which, she is wont to add,
would be very shocking.

The natives are very clear about the route adopted by the white
man on leaving their village for the next hamlet, but we can gain no
information as to the direction he took on the day when he finally
quitted their country, or, indeed, whether he ever left it. Their
knowledge and information never extend beyond a radius of five or
six leagues; the districts in the north are entirely ignorant of what
passes in those of the centre and south. It could not well be
otherwise in countries where communication is a matter of difficulty,
and newspapers are unknown. We can only be assured on this point
when we reach the monarch, who, according to all accounts,
appears to have hospitably entertained the European traveller. In the
meantime, thanks to the intelligence of the Maleggas, we can trace,
to a certain extent, each stage made by our fellow-countryman. He
arrived amongst them in the middle of October, just as we were
setting out from Paris in search of him. That, seeing that we are now
in October, 1873, is precisely a year ago. We can, even, approach
him in thought more nearly than that, as he certainly remained
amongst the Maleggas for several months, taking advantage of their
hospitality to recruit his forces, to pick up again, in vulgar parlance,
in order to attempt fresh enterprises. Six or eight months only,
therefore, separate us from him—a blank of six or eight months,
how has he filled up that blank? That is a question which we must
lose no time in answering.

As we approach the royal residence the country becomes still

more picturesque, and the villages succeed each other in closer,
more unbroken array. They are dotted here and there on the hills,
and nestle amidst their wooded and flowering slopes. We are
tempted to forget Africa and to imagine ourselves in Normandy.
Goats frisk about the hills, cattle find luxuriant pasture in the plains,
and diminutive shepherds armed with miniature lances and clubs
keep watch over the flocks and herds. Pretty girls, with upright
carriage and shapely limbs, bearing huge jars on their heads, wend
their way towards the river. In front of the huts, under a sort of
verandah composed of banana branches, the family take their ease,
from the hoary-headed ancient to the toddling infant just taking his
first lessons in walking. The sun pours his rays in streams over this
landscape; odours of ineffable sweetness escape from the flower-
laden bushes, and the birds sing amongst the branches. We push as
far as possible ahead of the army to revel, free and untroubled, in
the glorious beauty of the scene.
 At length the roll of our drums is echoed by a similar sound from
afar, shouts are heard, men run to meet us, soldiers appear. Kadjoro
is advancing to welcome his ally Munza. Despite the simplicity of his
manner and customs, he has seized on the opportunity for display.
An African sovereign could never deny himself that pleasure.

CHAPTER XI.

The King of the Maleggas took his royal brother by the hand, and
led him towards an immense baobab, underneath which he is in the
habit of holding his receptions and administering justice. A space of
about twenty square yards is carpeted with ox hides, and trunks of
trees, covered with hyæna, lion, and leopard skins, serve for the
throne and its surrounding seats.

Whilst we lingered behind the two chiefs, and in the midst of their
respective escorts, I examined Kadjoro. He is a man about thirty
years of age, tall and robust. His manner is a mixture of the rustic
and the warrior. His features are regular and agreeable; his eyes
black, fine and full of expression; his hair, or, to describe it more
correctly, his mane is parted in the middle of his forehead, and falls
behind his ears in numerous twists, reaching to the shoulders.
Feathers of the ostrich, eagle and vulture are stuck at intervals in
this thick wool. In his left hand he holds a shield of buffalo hide, in
his right a club, and, after the manner of his tribe, a portion of his
body is covered with a pair of very ample breeches. Looking only at
his features, his physiognomy generally, and his olive complexion,
one might take him for a European; his mane, ornaments, and
tattoo-marks make him a savage, "but a very handsome savage,"
affirms Miss Poles, who has already, from behind her blue
spectacles, made her little observations, and gives us the benefit of
them.

"Take care," said de Morin to me in a whisper, "she is quite

capable of falling in love with Kadjoro, and indulging in some fresh
folly."

I promised my friend that I would watch over her.

The King has not yet taken his seat; he converses with his guest,
and is questioning him, undoubtedly about us, for he frequently
looks in our direction, a proceeding which puts Miss Poles in a great
state of excitement, she being already persuaded that the new
monarch is noticing and admiring her.

"How far superior he is to Munza!" she repeats, incessantly.

Suddenly, Kadjoro, having, doubtless, heard all about us from his

royal friend, leaves him abruptly, comes to where we are standing,
shakes hands with us three, bows to our two companions, just as we
Europeans should do, and, by a wave of his hand, invites us to
follow him.

"He is charming," whispers Delange; "this savage has the manners

of a grand seigneur."

Reminding him that Kadjoro must by this time know of our

connection with M. de Guéran, we follow the King and set foot on
the carpet of skins.

Our entrance into the reserved enclosure is made to the

accompaniment of Malegga music. A score of musicians, placed at a
convenient distance, blow to the full extent of their lungs into
elephants' tusks shaped like shells, at the same time keeping in
perpetual motion their arms and legs, on which, at the wrists, knees,
and ankles, are hung small iron bells. Behind these musicians stand
the members of the royal Court, eager to see us; everybody is
standing on tip-toe, and some high dignitaries, forgetful of the
proprieties, even get on their neighbours' backs. But no one dares
penetrate into the enclosure reserved for the King and his guests.
Not a single woman is to be seen anywhere; it appears that,
amongst the Maleggas, they are excluded from all public meetings.

At a sign from Kadjoro, the orchestra is silent. We take our places

on the seats pointed out to us by the King, and the interview, to
which we have for so long looked forward, commences.

"Welcome to my kingdom!" were the first words of Kadjoro. "You

are the friends of my ally, the King of the Monbuttoos. That is
sufficient for me, and I do not need any explanation of your plans."

"We, on the contrary," said de Morin, at once, "wish to inform you

of those plans. We can have no secrets from one who has behaved
in so generous and hospitable a manner towards us ever since we
have been in his dominions."

"Speak," replied the King, "and I will endeavour to be of service to

you."

"We quite believe you. To see you and hear you is to believe in
your sincerity."

De Morin had expressed the opinion of all of us. At first sight we

were drawn towards this savage, so superior to all those whom we
had seen, even to the King of the Monbuttoos himself.
 "Whatever you do, do not wound our touchy Munza by being too
complimentary to his ally," said I to de Morin.

"Make your mind easy," replied my friend. "His turn will come."

Turning again towards Kadjoro, he resumed, aloud—

"We are in search of a white man, our father. He stayed for some
time in this country, and we are come to you for news of him."

"Your father! The white man was your father?"

De Morin was fully alive to all the dangers of the situation, but,
resolute as ever, he did not even take the trouble to enter into any
explanation, lest by so doing he should arouse the suspicions of
Munza, who was drinking in every word of the conversation. He
hoped also, for reasons already explained, that the title of father,
bestowed upon M. de Guéran, would pass unnoticed, or that in any
case Kadjoro would not attach any importance to it.

He was not mistaken. The King evidently recalled to his mind the
worn features of M. de Guéran, his long beard, his flowing locks, his
countenance seared by severe illness, and, glancing at Madame de
Guéran, young, charming, and with her colour heightened by the
excitement under which she was labouring, he acknowledged to
himself that she might well be the stranger's daughter.

Without, however, giving him time to utter a word, which might

have been dangerous for us, de Morin went on to say—

"We have made a long and perilous journey to obtain an interview

with you. We beg you, therefore, to tell us all you know about him
who was your guest."
 "Yes, he was both my guest and my friend," said the Malegga
chief, in a tone almost of affection.

"Where is he?" asked de Morin, quickly. "Can he still be in your

dominions?"

"No, no," said the King, sadly; "he left me long ago."

We all shared in the emotion now exhibited by Madame de

Guéran. She had risen from her seat, and pale and trembling, but
determined to know all as soon as possible, she herself questioned
the African monarch through the medium of Nassar.

These questions were not, perhaps, put in the order in which I

now write them, but the interview, so interesting to all of us, not
excepting Munza, is to this day so vividly impressed on my memory,
that I feel sure I do not forget a single incident, nor err, either as to
the sense of the questions, or the answers to them, which were
given without the slightest hesitation, and with the utmost candour.

"Is he who was your guest still living?" asked Madame de Guéran,
abruptly.

"I do not know," was the reply. "Since the day he crossed my
frontier, I have had no news of him."

"When did he leave you?"

Kadjoro made a calculation, and entered into some explanations

with Nassar, from which we gathered that scarcely six months had
elapsed since the departure of M. de Guéran.

"Which direction did he take on leaving you?"

 "Towards the south, in the direction of the mountains."

"What country would he enter on crossing your frontier?"

"Ulindi."

"Is it large?"

"Yes; it extends as far as the mountains."

"What is the name of the King who rules over it?"

"It is not a King; it is a Queen—Queen Walinda, who has given her

name to her kingdom and her subjects. They are called Walindis."

Nassar informed us that in Africa, when the name of a country

begins with U, that of the inhabitants commences with Wa.

"Do you think that this Queen has allowed our father to continue
his journey?"

"No, I do not think so. She does not even allow her neighbours, or
her allies like ourselves, to enter her kingdom."

"Nevertheless, from what you say, our father appears to have

entered it?"

"Yes, against all my advice. But he would be made prisoner at

once."

"You are sure of that?"

"It cannot have happened otherwise, for he Has not returned to

my dominions."
 "There would be no necessity for his returning, if he could succeed
in crossing the mountains?"

"He could not cross them. They are the boundary of the earth; it
ends there."

Instead of combating this error, de Morin said to the King—

"Then, if our father still lives, we shall find him amongst the
Walindis?"

"No, you will never find him. You will be taken prisoners, as he has
been, as soon as you set foot in the country."

"We will purchase the right of going through it," said I at once.

Nassar had scarcely time to translate these words before the King
demanded an explanation; he could not grasp the meaning of my
expression. In the districts where the ivory and slave merchants
have not penetrated, the idea of securing a right of way by payment
has not entered the minds of the natives; they consider that
everybody is free to traverse the uncultivated districts, and, with few
exceptions, look upon a visit from a stranger as a compliment. If, in
the districts watered by the Nile and on the high road of the
caravans, any tribute is exacted, it is simply because the slave
merchants, fearing the loss of their prisoners, have adopted the
custom of offering presents to the chiefs for the purpose of securing
their good-will. For a long time the latter remained in ignorance of
the reason why their wishes were thus anticipated, but they have
since then taken kindly to the custom, and now display the greatest
rapacity towards white men, all of whom they regard indiscriminately
as traders in human flesh.
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