The commonwealth. (Scotland Neck, N.C.) 1896-1929, 1907-01-24
FRANCE THE WORLDS BANKER
How Thrift Is Making Itself Felt In
the Money Market.

LILO AHAoA0t AsAeAA~"
France is now playing the role Of
the worlds banker; England lost
claim to the title when she went to
war in South Africa A generation
ago one had to go to London to feel
the pulse Of the information money
market, says the Review Of Reviews.
The strides toward financial su-
premacy which France Is making
have been most rapid In the past five
years. In that time French investors
have taken up many million francs
of foreign obligations. They furnished
Great Britain with much of the capt.
tai that went to finance the Boer
war; they loaned enormous amounts
to Russia, practically supplying the
money needed in the struggle against
Japan; they provided Germany with
I, 100000 marks IN 190405 to
carry on her tremendous Industrial
enterprises; they took liberal
amount of the last Japanese loan,
more than half of the Russian loan Of
last April, and, finally, they sup
piled borrowers in the United
States with fully $3.50. 100000 DUR
Ing the tight money period Of last
winter and are now financing the
bond and note issues Of some OF our
greatest corporations.
Although the annual gold produc-
zion Of the world is nearly 100000
900, there is such tremendous trade
activity in every quarter of the uni
verse that capital is In demand as
never before. One thinks Of the usu-
ally we'll supplied money markets as
To-day cleaned up bare, In a condi-
ton of drought; but then there is a
great reservoir Of free capital In
France which Is being tapped by the
other thirsty nations, and which, In
spite Of the drain on 1t, keeps we'll
filled and shows no sign of exhaus-
ton. The Bank of France, the larg-
est hoarder of gold next to the Uni
ted States Treasury, has in its vaults
to-day nearly 100000 of the
precious metal; two years ago it had
'$465, geo, 000 and in 1900 when Pa
ris began slowly to forge ahead of
London as the center Of largest mon
.ey supply, the institution held only
1915, 100000.
How has France, a nation indus
.srially Inferior to Germany and with
"a commerce very much below that of
Great Britain, gained such a power
in world finance? The answer Is,
through her domestic economy. For
iTrugality, thrift, intense application
70 the work in hand and the very
commendable ambition to carve from
life's labors enough to make bright
the inevitable rainy day and to cheer
old age the Frenchman has no peer.
To save Is an inherited DESIRE The
poorest peasant In the least produc-
tive parish of the republic manages
TO put aside little each year for a
competency, and the fishermen down
!on the Brittany coast would have
starved few winters ago, when the
catch was almost nothing had they
not been able to draw from the saw
lngs Of more fruitful years. Tens OF
thousands of small shopkeepers,
innkeepers, scantily paid Govern
;ment employees are investors, and
their combined savings have provid-
ed the funds to finance many a ma
,tion and carry it through a lean pc
lriod.
The population of France is about
100000 people; the wealth OF
France is nearly $4,000, 0OO,0 900.
This wealth is evenly distributed.
The number of estates administered
in 1904 was 394,787, and Of these
one-half were for values ranging
from less than $4,000 to little IN
der 100000. Only three were over
$40, 100000.