The Rutland weekly globe. [volume] (Rutland, Vt.) 1873-1877, 1876-05-19
are at discount of twelve or thirteen per

/
It's transactions during the past year, may
not be devoid of interest to our readers.
The central establishment is located In
Paris there are seven'y-five branches in
the departments and sixteen additional
ones are Immediately to he 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. Twcnty-one hundred persons
are employed by the bank fifteen hundred
and ninety eight of these-eight hundred
and thirty In the central establishment, and
seven hundred and siXty-eight in the sew
enty-four branches--are " on the regular
" establishment :" the remainder - five
hundred and two-being printers, work
people, women, etc. To provide pensions
for these employes,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 and sixteen thousand dollars, of
which one million eight hundred thousand
dollars were for the central establishment
at Paris. Nearly one-third of these work.
ing expenses-one million dollars-was
paid In the form Of taxes to the govern
ment.
The capital of the bank is divided into
one hundred and eighty-,wo thousand five
hundred shares, which are held by twenty
| a. av,I
shareholders--nn average OF about nine
shares to a shareholder. After deductlng
taxes, the bank, in 1875, paid dividend of
forty dollars a share, being fifteen dol airs
and forty cents less than the dividend
for 1874. Although, according TO the Lon
don Standdrd-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 year of die
, trees, stagnant trade and falling revenue,
, and the year 1875 one of prosperity and
"exuberant revenues" the business OF the
bank, which was, in 1875, -, 1891 ,465, $50,
!, was nearly five hundred and twenty-three
r millions of dollars - 1922, G06, $40 - lesH
l. |
Il in the commercial business the bank was
: also distrustfu of foreign securities. And
o 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, YET
q rival, institutions and pursuing "lmit
;. "and Over-cautious policy" the bank
transacted a business nearly ono-fourtl
y less IN 1875 than in 1874, and paid its share
- holders one-third less dividends.
At the beginning of the Year-January
1S75-the bi Il 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
l. ninety-four millions four hundred Thousand
:. dolars-a reduction, in a year, of forty
five millions six hundred tbousand dollars
This reduction was caused by the payinl
~ out of specie in redemption of ITS small
> notes. These notes which the bank ha
~ ceased to issue, and which it is withdraw
~ ing from circulation as rapidly as possible
are FIVE, twenty and twenty-five fran
y notes, of the value IN specie, in this coun
try, of n fraction over ninely-six cents
!, three dollars and eighty-four cents, an
10 four dollars and eighty-one cents respect
lively. So high, however, is the credit o
~ the bank, and SO much more convenien
l. for use is the paper than the spece-especi
ally when the current value is the same
A. that the bank experiences considerable diff
'e fculty in calling in its small notes. At tn
n end of the year, it was found that one quar-
m ter in amount Of the issues of the banl
II were in notes of twenty-five francs an
L under-the twenty franc notes Dumberin
- over four millions, AMI the five franc note
! three hundred and forty-six thousand tire
" hundred and forty-two.
! At the close OF the year 1874, the Ban
= of France had within its vaults specie t
- the amour of two hundred sixty million
two hundred and twenty thousand dollars
This had increased, January 1, 1876, {
> three hundred and thirty-three million
seven hundred thousand dollars, and Apr
/, 1876, to three hundred and eighty. eigh
- millions three hundred sixty-six thousan
eight hundred and eighty-five dolars-a
" increase of $l22, lag. 1856 in fifteen months
- The amount of specie is thus shown to b
~ more than seventy-fve per cent of the Gil
- culation, and shows that a specie reserve
ID even dollar for dollar-will not, of itself
IL bring around resumption of specie pay
III ments. This amount of specie is the larg
ie est sum ever accumulated by any bankin
III institution in the world, and is more tina
u three times the amount usually held by tn
sS Bank of England. 1t is larger than til
G. amount of United States national ban
IL notes outstanding May |, 1s76-S33G. 740
b 1872 than the greenbscks outstanding O
g. the same date-$370, 527, S76; more tina
ss fifty per cent. of the amount of both; NOR
y than three times the amount Of money
both specie and currency, in the Unite
~ States treasury, and five times the amour
re of specie therein and nearly, if not quite
" four times the reserves actually held by a
10 the national banks of the United States
IL and nine times the.amount of the reservt
ID required to be held. From these compar
a sons, some idea may be obtained of III
nc enormous amount of specie held by th
Bank of France; and it may, also, be see
IN how small part an accumulation c
ne specie actually plays in the problem of n
I'd Stunning specie payments.
Il |
m Babcocks Mission to Vermont.
y 1t is rumored that Gen. o. i. Babc0c