Sacramento daily record-union., 1888-09-08
Pawn-Brokinc in France.


The Monts de Piete Of France, though
not State institutions, enjoy Government
protection, being 4 monopoly recognized
by law as works of public utility, and in
no town can one be established without
the sanction of the President Of the Re-
public and the consent of the local NUM-
cipal Council. Each town fixes its own
rate of interest, which varies from four
teen per cent, at the newly established
bank of Dunkerque to FIVE, four, or even
to nothing in few favored places which
have been enriched by its gifts and lega-
cies. Each town also decides on the mini
mum sum il will advance to its borrowers,
which, in one or two places, is as high as
six francs, i'll others one franc, but usually
fixed, as in Paris, at three francs The
Councils have also power to limit the
maximum loans, but only fifteen out of
forty-hve centers have availed themselves
Of this power. In Paris 10000 francs is
the highest sum loaned at the head Office,
and 500 francs the nominal, but often cx-
ceeded, maximum permitted at the succar-
sales. Few Monts de Pete possess much
capital, many of them none; and their
funds are largely raised by the issue of
bonds at about three per cent. interest, an
investment so popular with small capital
lists that in May, 1886, the Paris Mont de
Piete was obliged to refuse new share
holders; and it was found that further
capital of from thirty to forty millions
could easily have been obtained, even at
lowered interest, had it been needed
Originally the Monts de Piete were aflili-
ated to the hospitals, and were obliged to
hand over their profits to those institu-
tions, but the great majority have now as
serted their independence, and devote
their surplus to their own endowment,
with result that they are able to offer
their loans on perpetually decreasing in
terest. Paris is one of the three banks
which still has to hand over the surplus.
and it was not until very recently that it
was able to realize its demand that all
restorations and necessary new buildings
be included in its expenses, though these
l'seldom exceed the modest proportions of
| three per cent. on the capital invested. In
the provinces, where less business is done
and the average value of pledges lower,
| the costs are naturally somewhat heavier.
| and 1t is estimated that even in Paris,
where all operations are on large scale,
pledges under fourteen francs do not paw
the expenses of storage, handling and reg
istration. Throughout France, as in Eng
land, interest is charged by the half month
! after the first month, but the length OF
time for which the loan is granted varies
IN different towns between six months and
two years; but one year {as in Paris is the
general limit, and pledges may be sold by
auction after a subsequent three months oi
grace are expired. The pawner, however
Is not bound to wait so long, but NAV de
mand that his pledge be sold within three
months and the surplus handed over to
him The theory of valuation, at the
Mont de Piete, is that loans advanced by
| the institution must not exceed four-fifths
of the intrinsic value of pledges. of Jewels
plate and precious metal, no allowance be
ing made for artistic workmanship, or two.
thirds the value of other articles=F Fort.
nigitiy Rcciew.
a New Fad.
Very popular is the Directoire coat. Ii
Is similar in shape to a gentleman's dress
coat. is cut off short in front and has two
lengthy " tails reaching to the bottom Of
the skirt behind. They are made Of heavy
silk materials, satin moire or brocade in
the shades of old gold, ruby or torquoise
blue. London fashionables IRE wearing
what they call dinner coats.' They are
most elaborate eonfections made of rich
pompadour brocades. The neck opens like
a coat, turning back with revers Of dark
velve,, disclosing a many-seamed waist
coat Of plain silk, contrasting shade.
The sleeves are elbow length, finished with
deep fall of old ace--Sente,nb>r TIKI.