The searchlight. [volume] (Culbertson, Mont.) 1902-current, 1910-10-14

OF those interesting PROPOSE
lions. Just 50 far hidden by cir
cumstances from the public
gaze that, though nine men out
of ten In the other places would prob
ably be aware of Its existence. only
one out OF ten would In all probability
have anything better than the haziest
idea OF its financial position and pros
poets. or could even give approximate
ly the current quotation Of Its shares.
Yet Its prosperity depends to the
very largest extent upon its British
customers, who 90 to break the bank
at Monte Carlo'-so much 20 that, on
a good French authority. the Banque
Henry Dupont Of Paris. the outbreak
Of the war In the Transvaal brought
down It's dividend In 1899-19O0 from
275 francs to go francs q share: It's
continuance the following year re-
duced 1t still further to 30 francs:
Its after consequences kept 1t down to
225 francs during 190l02 and 1902-o3.
and 1t was only In 10000 that 1t def
nitely regained its lost way" and the
dividend amounted to 295 francs.
In the middle OF the last century the
principally of Monaco had an area OF
1876 square kilometers. when. to avert
the consequences of an insurrection-
airy movement. the prince OF Monaco
sold all his territory to France. save
one and one-half square kilometers. on
which Monaco and Monte Carlo now
stand. for 100000 francs. The bulk
Of the revenue OF the principally hav-
ing disappeared with its taxpayers.
the prince adopted the plan then In
forco In several German states of raj.
sing revenue by means of a gambling
casino. and the Societe de Monaco was
formed for this purpose In 1868.
Its success was but moderate. until
It secured the services OF M. Blanc,
past master In the art of conducting
this particular form OF business. BY
1871 II had gained such footing that
the prince was able to abolish all tax.
alton In the principally. The prohi-
bition In Germany of roulette and
trenteet-quarante on January l, 1873,
transferred the German gambling
clientele to Monte Carlo and confirmed
the success Of the Morocco company.
This success. though subject 10 GER
tain fluctuations. on the whole has
been very great ever since. The COM
pany was capitalized from the com.
mencement at 100000 francs, In co.
900 shares OF 800 francs each. and In
this share capital has never been In
creased since. but In 1899 power was
obtained from the shareholders to
split the shares into flfths-100 francs
normal-which has been done to q GER
tain extent, and the "fifths" are quoted
as well AZ the full share In the Marche
en- banque of the Paris bourse. A de-
benture issue Of 43.00O.000 francs In
300 franc bonds bearing four per cent.
interest net was authorized In 1898.
the redemption to be effected by an
nual drawings terminating In 1948. In
1893 $4,000 Of these bonds were sold
to the public At 24o-a very consider
able discount. and In 1905 $1,000 more
were marketed at 265. They are now
quoted en- banque In the neighborhood
Of 305. and there are still 26.70O un-
issued.
The company Is based. of course, on
q concession granted by the prince of
Monaco to conduct the gaming casino
on certain terms of a period of so
years. from 1863 to 1913; but In 1898
this term was prolonged by the prince
to 1948. on the company's pledging IT,
self to pay In cash to the government
Of the principaIity 100000 francs
Immediately and 100000 francs In
1918: to execute certain public works
valued ct 6.000.0 900 francs. construct
new theater for 100000 francs and
pay $4,000 francs for every perform
ance to 60 toward the chief actors
salaries.
A second prolongation till April 1,
1858, took place last November, the
additional burdens assumed by the
company being to pay the prince Of
Monaco three per cent OF the gross
annual receipts till 1913. and from
1913 to 1858 ~ much ~ eight per
cent; to construct a road from Mo-
naco to Nice. 1t q cost OF COO. 900
franco; to supply gas throughout the
principally 1t 10 confines the. cubic
meter. and to appropriate loo, 900
francs annually to an employer pen-
sion guarantee fund.
From this 1t win be seen that the
new charges which viii press upon
the company for the next few years
and WIN have to Be allowed for IN mar
ktng any calculations - to likelihood