e
bank did not extend over the whole of France. Departmental banks with the
privilege of issue had been formed under a law adopted in 1803. At the
close of 1847 there were nine of these banks existing in as many of the
larger towns. In 1848, however, they were absorbed into the Bank of France,
which has since possessed an exclusive privilege of issue, and in 1863 took
over the Bank of Savoy after that province was united to France.

The Bank of France has successfully surmounted many political as well as
financial troubles both during and since the times of Napoleon I. The
overthrow of the government of Louis Philippe in 1848, the war with Germany
in 1870, the many difficulties that followed when the Commune reigned in
Paris in 1871, the payment of the war indemnity--not completed till
1873--were all happily overcome. Great pains, too, have been taken,
especially of recent years, to render services to large and small
businesses and to agricultural industry. In 1877 the offices of the Bank of
France were 78 in number; in 1906 they were 447, including the towns
"connected with the branches"--an arrangement which, without putting the
bank to the expense of opening a branch, gives the place connected many of
the advantages which a branch confers. The quantity of commercial paper
discounted is very large. More than 20,000,000 bills were discounted in
1906, the total amount being L559,234,996. The advances on securities were
in the same year L106,280,124. The rate of discount in Paris is as a rule
lower and the number of alterations fewer than in London. From May 1900 to
January 1906 there was no change, the rate remaining uniformly at 3%. Bills
as low as 4s. 2d. are admitted to discount, including those below 8s.;
about 232,000 of this class were discounted in 1906. Since the 27th of
March 1890 loans of as small an amount as L10 are granted. In most cases
three "names" must be furnished for each bill, or suitable guarantees or
security given, but these necessary safeguards have not to be furnished in
such a manner as to hamper applicants for loans unduly. In this manner the
Bank of France is of great service to the industry of the country. It has
never succeeded, however, in attracting deposits on anything like the scale
of the Bank of England or the banks of the English-speaking peoples, but it
held, as stated in the balance-sheet for the 23rd of December 1906, about
L35,000,000 in deposits, of which L14,000,000 was on accoun