oldest, if not the oldest, joint stock bank of the Continent. The
general plan of the famous Deutsche Bank of Berlin, which planted the
German commercial flag everywhere, and which provided a large part of
the bone and sinew of the Teutonic world-wide exploitation campaign, was
based upon it. With finance as with merchandising, the German is a prize
imitator.

The Societe Generale, however, is much more than a bank. It is the
dynamo that drives Belgian enterprise throughout the globe. We in
America pride ourselves on the fact that huge combinations of capital
geared up to industry are a specialty entirely our own. We are much
mistaken. Little Belgium has in the Societe an agency for development
unique among financial institutions. Its imposing marble palace on the
Rue Royale is the nerve center of a corporate life that has no
geographical lines. With a capital of 62,000,000 francs it has piled up
reserves of more than 400,000,000 francs. In addition to branches called
"filial banks" throughout Belgium, it also controls the powerful "Banque
pour l'Etranger," which is established in London, Paris, New York,
Cairo, and the Far East.

One distinctive feature of the Societe Generale is its close alliance
with the Government. It is a sort of semi-official National Treasury and
performs for Belgium many of the functions that the Bank of England
transacts for the United Kingdom. But it has infinitely more vigour and
push than the Old Lady of Threadneedle Street in London. Its leading
officials are required to appear on all imposing public occasions such
as coronations and the opening of Parliament. The Belgian Government
applies to the Societe Generale whenever any national financial
enterprise is to be inaugurated and counts upon it to take the initial
steps. Thus it became the backbone of Leopold's ramified projects and it
was natural that he should invoke its assistance in the organization of
the Forminiere.

[Illustration: JEAN JADOT]

Long before the Forminiere came into being, the Societe Generale was the
chief financial factor in the Congo. With the exception of the Huileries
du Congo Belge, which is British, it either dominates or has large
holdings in every one of the sixteen major corporations doing business
in the Colony and whose combined total capitalization is more than
200,000,000 francs. This means that it controls railways and river
transport, and the cotton, gold, rubber, ivory and diamond output.

The c