ital: for every $148.30 you get
1000 francs capital: for $741.52 you receive 5000 francs capital. If
French exchange should return to normal and the securities sell at the
issue price--871/2--the investor would receive $16.89 for every 100 francs
of capital: $168.88 for every 1000 francs: $844.39 for every 5000
francs. On this basis without regard to income return the holder of 5000
francs capital would receive a profit of $103.94 or over 13.75 per cent
on his investment.

Should the market price of the issue advance to 100 and exchange return
to normal the investor would get $19.30 for every 100 francs capital;
$193.00 for every 1000 francs capital; $965.00 for every 5000 francs
capital. In this case and again without regard to income return, the
holder of 5000 francs capital would receive a net profit of $223.50 or
approximately 30 per cent.

This loan is issued in _Rentes_ and in denominations of 100 francs and
multiples. _Rentes_ is the form in which all French Government issues
are brought out at home. The word means interest or income. The French
always refer to their Government Bonds in terms of interest without any
mention of principal. This is because _rentes_ are supposed to be
perpetual. The new French loan just explained is not redeemable or
convertible before 1931.

Usually there is no limit to these National French loans. To be in
France during the war and see the popular response to the appeal for
funds is to have a thrilling experience in the practical side of
patriotism.

I chanced to be in Paris when one of these loans was launched.
Throughout a day of driving rain thousands of people stood in line at
the post offices and private institutions waiting for a chance to put
their money out to work for their country. The French wage worker, be he
artisan or street cleaner, needed no coaching in the art of employing
his funds safely and profitably. Just as saving is instinct with him, so
is the putting of these savings out to work in a Government bond second
nature. He is the thriftiest and most cautious investor in the world. He
has established a close and confidential relation with his banker such
as exists in no other nation. Therefore when the French financier offers
him Government Bonds or "Loans of Victory" as the war issues are
emotionally termed, he does not hesitate. He knows it is all right.

Alluring as is the possibility of profit in the new French Rente at the
present abnormal exchange bas