866
FRANCE
The situation of the bank on March 4, 1920, and on April 14, 1921, was : —
Gold ....
Silver
Advances to the Public
Advances to the State
Notes in circulation
Capital and Heservc .
March 4, 1920
±000 francs
3,582,145
251,747
1,566,735
?6,500,000
38,855,755
225,463
April 14, 1921.
1000 francs
3,556,778
270,301
2,196,082
26,250,000
38,528,892
237,415
At the outbreak of war the maximum note issue of the Bank of France was 6,800 million francs ; on August 5, 1914, it was raised to 12,000 million francs ; the amount was increased on successive occasions, the last having been Sept. 28, 1920, when the maximum was fixed at 41,000 million francs.
Of the other well known banks, the following may be mentioned : — The Credit Foncier de France, founded in 1852, which lends money on mortgage ; the Credit Lyonnais, founded in 1863; the Societ* Gonerale ; and the Comptoir-Nationale d'Escompte de Paris.
Money, Weights, and Measures.
The Franc of 100 centimes is of the value of 9Jjd. or 25 '225 irancs to the pound sterling.
Gold coins in common use are 20 and 10 franc pieces. The 20 franc gold piece weighs 6 '4516 grammes 900 fine, and thus contains 5 '80645 grammes of fine gold. Silver coins are 5, 2, 1, and half franc pieces and 20-centime pieces. The 5-franc silver piece weighs 25 grammes '900 fine, and thus contains 22 "5 grammes of fine silver. The franc piece weighs 5 grammes "835 fine, and contains 4 '175 grammes of fine silver. Bronze coins are 10 and 5 centime pieces. There are also 25, 10, and 5 centime nickel pieces.
There is a double standard of value, gold and silver, the ratio being theoretically 15^ to 1. Of silver coins, however, only 5-franc pieces are legal tender, and of those the free coinage has been suspended since 1876.
The present monetary convention between France, Belgium, Italy, Switzerland, and Greece is tacitly continued from year to year, but may be denounced by any of the contracting States, and, if denounced, will expire at the end of the year, which commences on January 1, following the denunci- ation. According to its terms, the five contracting States have their gold and silver coins respectively of the same fineness, weight, diameter, and current value, and the allowance for wear and tear in each case is the same. The coinage of 5-franc pieces, both gold and silver, is temporarily suspended, and the issue of subsidiary silver is, with certain exceptions for special reasons, limited to 7 francs per head of the population of each State (but 6 francs for Greece). Each Government, in its public offices, accepts payments in the silver 5-franc pieces of each of the others, and in subsidiary silver to the amount of 100 francs for each payment. Each State engages to exchange the excess of its issues over its receipts of subsidiary silver for gold or 5-franc silver pieces, and at the termination of the convention each is bound to resume also its 5-franc silver pieces, and to pay in gold a sum equal to the nominal value of the coin resumed. The following are the total issues of the five States, authorised by the convention of 1897: —
