The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1876-05-17

are OF GiscOunt oil Twelve OF tnlrteeu per
cent
A few words relative TO the bank, and
its transactions during the past year, may
not be devoid of interest to our readers.
The central establishment Is located In
Paris there arc seventy-flve branches in
the departments and sixteen additional
ones are Immediately to be established,
making ninety branches in all. BY the
charter, the bank is required to establish at
least one branch In each department, but
this requirement has not, as yet, been COM
Piled with. Twenty-one hundred persons
are employed ny the bank fifteen hundred
and ety-eight OF thcse-eeht hundred
and thirty ia the central establishment, and
seven hundred and sixty-eight in the sew
enty-four branches-are " on the regular
" establishment !" the remainder - five
hundred aud two-being printers, work
people, women, etc. To provide pensions
for these employees, "a fund has been created,
which now amounts to nearly two millions
of dollars. The working expenses of the
bank for the year were two millions nine
hundred aud sixteen thousand dollars, Of
which one million eight hundred thousand
dollars were for the central establishment
at Paris. Nearly onc-thrd Of these work.
ing expenses million doliars-was
paid In the form of taxes to the govern
ment.
The capital of the bank is divided into
one hundred and eighty-two thousand five
hundred shares, which are held by twenty
thousand seven hundred and ninety seven
shareholdcrs-an average of about nine
shares to shareholder After deducting
taxes, the bank, in 1875, paid dividend of
forty dollars share, being fifteen dollars
and forty cents lees than the dividend
for 1874. Although, according TO the Lon
don Stdndard-from whose translation of
the report of the president of the Bank of
France, we gather the materials for this
article-the year 1874 was a year of dis
treas, stagnant trade and falling revenue,
and the year 1875 one of prosperity and
"exuberaDt revenues" the business OF the
bank, which was, in 1875, S2,331 ,465, $50,
was nearly Ave hundred and twenty-three
millions Of dollars 1922, 696, $40 - less
than in 1874. The main falling of was
in the commercial business the bank was
also distrustful of foreign securities. And
SO, accepting OF the less interest paid by
French investments instead of the higher
rate paid by foreign securities meeting
with a large competition from smaller, vel
rival, institutions and pursuing "tlmid
"and over-cautious policy" the bank
transacted business nearly one-fourth
less IN 1875 than in 1874, and paid its share.
holders one-third less dividends.
At the beginning of the year-January /,
lS75-the bills of the bank in circulation
amounted to five hundred and forty mil
lions of dollars but at the end of twelve
months they had fallen to four hundred
ninety-four millions four hundred thousand
| dollars reduction, in year, of forty
five millions six hundred thousand dollars
This reduction was caused by the paying
ceased Is i&ssiiie, and" Which il is withdraw
ing from circulation as rapidly as possible,
are live, twenty aud twenty-five franc
notes, Of the value IN specie, in this coun.
ry, OF a fraction over ninoty-six cents,
three dollars and eighty-four cents, and
tour dollars and eighty-one cents respect
lively. So high, however, is the credit of
the bank, and so much more convenient
Tor use is the paper than the specie-especi-
ally when the current value is the same
that the bank experiences considerable DIFF
dcul,y in calling in its small notes. AT the
end OF the year, it was found that one quar-
ter in amount of the issues of the bank
were in notes of twenty-five francs and
under-the twenty franc notes numbering
over four millions, ami the five franc notes
'hree hundred and forty-six thousand three
hundred and forty-two.
at the close OF the year 1874, the Bank
II France had within its vaults specie TO
he amour OF two hundred sixty millions
TWO hundred and twenty thousand dollars.
This had increased, January /, 1876, to
three hundred and thirty-three millions
seven hundred thousand dollars, and April
l. 1876, to three hundred and eighty. eight
millions three hundred sixty-sx thousand
eight hundred and eghty-tive dollars-an
Increase of 1922, lac. SS5 in fifteen months.
The amount of specie is thus shown TO be
more than seventy-fve per cent of the cir
culatlon, and shows that specie reserve
even dollar for dollar-will not, of Itself.
bring around resumption of specie nav.
nisAis. THIS amount of specie is the lare.
ist sum ever accumulated by any banking
institution in the world, and is more than
.hFee lines the amount usually held by the
Bank OF England. L; is larger than the
amount of United States national hank
notes outstanding May |, 1s76-s330, TAO.
az than the greenbacks outstanding at
the same date-$370, 527, S78 more than
nifty per cent of the amount of both: moro
than three times the amount of money.
ooth specie and currency, in the United
states treasury, and five times the amount
OF specie therein and nearly, if not quite,
-FOUR times the reserves actually held by all
the national banks Of the United States.
and nine times the,amouut of the reserves
required to be held. From these compari.
sons some idea may be obtained of the
enormous amount of specie held by the
Bank oil France; and it may, also, be seen
now small part an accumulation of |
specie actually plays in tho problem of re-
'uming specie payments.
Doorkeeper Fitzhugh,