Bisbee daily review. [volume] (Bisbee, Ariz.) 1901-1971, 1915-11-28
VOLUNTEER GIFTS
FILL TREASURY OF
FRENCH REPUBLIC
Officials Contradict Disquietinu
RumorS Concerning Great
French Banks; Confidence
Evoked BY Financial Turn.


Evoked BY Financial Turn.
PARIS. Nov. 27.-A billion and a
quarter francs more gold at the end of
October. 1915, than al the beginning
Of January. 1914, with billion francs
increased credit abroad. that is the
situation Of the Bank Of France after
fifteen months of war.
A billion of the gold increase came
from voluntary offerings by the people
in exchange for bank notes-offerings
that are still coming in the billion in.
creased credit is less significant since
it comes from a loan by Great Britain
but It is pointed out that, with this
balance and the increased gold re
serve, the purchasing power of the
government abroad is two and a quar-
ter billion francs greater than at the
beginning of 1914t irrespective Of the
credit in America resulting from the
joint loan.
This showing after the enormous
expenditures made by France in Am
erica, England, Switzerland and Spain
since the beginning of hostilities, is
regarded in financial circles as re-
markably fine
Apart from the billion of gold ex-
changed for paper, the private purses
of France have bought 10 billion, 10
million francs of national defense
bonds; this is more than half the total
increase in the public debt since July
1914; that increase. including the Eng
lish and American loans of two and
half billion francs Of which more than
two billion is still available, is 20 bill
lion 50 million francs. During the
same period the public debt increased
80 billion 500 million francs in Eng
land, Is billion zoo million i'm Russia,
. billion 200 million in Italy 81 billion
400 million in Germany and Is billion
500 million in Austria
The disquieting rumors concerning
the condition of one or more of the
other great French banks that circu-
lated after the declaration Of war,
have been contradicted by the course
of events II is admitted that some of
them might have suffered alarmingly
from the inevitable difficulties of
war panic, had the moratorium not
been promptly decreed. but FIVE
months respite enabled them to meet I
all emergencies.
The FIVE leading establishments do I
ing a general banking business not in I
GLIDING the Bank of France. held in
deposits subject to check and in cur
rent accounts at the beginning of 1914
5 billion 963 million francs: Of that
amount billion 400 million was drawn
out during the fifteen days preceding !
the outbreak of the war leaving |
billion sos million tied up by the NOR |
atorium. Instead Of checking more |
out after the banks waived the mora |
forum Dec. 81, 1914, the depositors |
put back during the first eight months |
Of this year a billion francs of the |
money drawn from the same establish |
ments in July. 1914 During the same |
period the deposits subject to check |
and the current accounts of the Bank |
of France increased from 712 million |
10 billion 696 million. bringing up |
the total cash on deposit in all inn
portant banks of France at the end Of |
September, 1915, to Z billion 236 mil
lion francs as against 8 billion CTS |
million at the beginning of 1914 Al
the same time, renouncing the BENEFITS
of the moratorium debtors paid to the
Bank of France Z billion 266 million
Of discounted paper
These manifestations OF confidence
have had a wonderful effect on bust
ness. The banks have been able to
show greater liberality in discounts
and thus facilitate the revival of the
trade
What is supposed to have embarras-
ed at least one Of the big banks Of
Paris was the quantity of rediscounted
paper that it held in its vaults August
1. 1914. The statement has been re- h
peatedly made and has so far been
neither refuted nor confirmed that ia
the few months Immediately preced-
ing the crisis the Reichsbank and 9th
er German banks that had enjoyed re-
discounting facilities i'm France avail
ed themselves of them to the limit.
loading the bank in question with Ger
man paper that naturally remains I'M
paid
Many people asked how il happened
that Partisan banks could be loaded
with German paper. The explanation
given is that there was always more
idle money in France than in any 9th
er European country and German