Evening star., 1919-09-21
Germany's Needs Large.

According to a memorandum issued
quire f1,200, 100000 to meet her finan-
cial needs for the year. OF this
amount $500. 100000 will be for the
service of the debt which is expected
to reach 10000. 900, 900.
An illustration of the rates at
which loans are now being f1oated is
given by the issue of a A per cent
Stuttgart municipal loan for 10000. 900
marks, irredeemable before 1926,
after which it Is to be paid off dur
ing a period of forty-five years at
$3.50 per cent. A per cent COM
ony, Thuringia and Anhalt, amount
ing to 50,000,000 marks, is issued at
$3.50 per cent. Redemption will be
by drawings, beginning in 1921. amount
ing to per cent of the total paid.
Italy's Compulsory Loan.
The progressive tax upon capital
which Signor Nitti announced in his
program has taken the shape of a
compulsory long-dated loan at low
interest. The commission for the
preparation of this loan. presided
over by Signor Tedesco. secretary to
the treasury, has already fulfilled
the preliminary work. and Italy will
be the first nation in resolutely ap-
scheme appears to have been dis
missed in France and to be in
nebulpus stage in the German and
Austrian countries.
Giving to the progressive tax this
appearance of loan. the government
acter of confiscation. and to succeed
in simplifying the method of assess
ment. In a few weeks the scheme.
completed in every particular. will
be presented to the cabinet. The con-
tributions from the great fortunes
collected sdireatly as extraordinary
supertaNcs.
French After Export Business.
The "Banque Rationale Franchise
du Commerce Exteriour." or French
National Bank for Foreign Trade.
which the Clemenceau government is
anxious to bring into a corporate ex-
tstence as quickly as possible. is in
tended to be a Semi-ofhcial institu-
tion. AS a matter of fact, the bank
has already been constituted and the
bill now before the French parlia-
ment is intended to confirm and ratify
the agreement arrived at with the
founders of the new bank by Messrs.
Klotz. minister of finance, and Gle
nentel, minister of commerce.
To aid in the establishment of the
bank the state will advance sums
which are to be returned to the state
treasury when the special reserve
fund exceeds 25,0O0,000 francs.
The capital of the new bank is to
be 100,000.000 francs. with power to
Increase shortly to 200,000,000 francs.
The capital has already been under
written by syndicates OF French ex-
port merchants, manufacturers and
banks. .-'-'-'
The state is to take 80 per cent of
shall have received a cumulative divi-
dend Of per cent. The states profits
are to be reduced to 20 per cent when
the 25,000.0 900 francs advanced by the
state shall have been repaid.
The government Is to have a con-
trolling voice in the management of
the bank by the appointment of two
official actuaries, who are to check the
accounts and books. and who will
have the right to assist at all board
meetings.
The services. the. bank will render to !
French trade are of two kinds. In
France itself the bank will mobilize
all long term credits that French ex- !
port houses are obliged to grant to |
foreign buyers Of French goods. In |
its foreign branches the banks agents |
and correspondents will keep them |
selves well informed as to the COM
standing and credit of local |
firms. At the same time they will col |
net moneys and undertake the recep- |
ton and dispatch Of goods to or from
France. ......-...