t of the
treasury and L21,000,000 for individuals, and the amount held in this
manner gradually increases. The report for 1904 says "each year the
movement in these increases, and this economical and safe mode of effecting
receipts and payments is more and more appreciated by the public." In one
respect the Bank of France stands at a great advantage in connexion with
this branch of its business. The average amount held in this manner for
individuals during 1906 was about L23,000,000. As the accounts numbered
77,159 the average for each account was comparatively small. Accounts so
subdivided give a great probability of permanence. The figures of the
accounts for 1904 were as follows:--

11,178 current accounts, with power of discount.
4,576 simple current accounts.
26,709 current accounts, with advances.
24,106 accounts, deposits.

Total 66,569 accounts, against 59,182 at the end of 1903.

At the present time the Bank of France operates chiefly through its
enormous note circulation (averaging in 1906 L186,300,000), by means of
which most business transactions in France are carried on.

The limits of the circulation of the Bank of France and the dates when it
has been extended are as follows:--

+--------------------------+-------------+-------------------+
| Dates | Millions of | Converting the |
| | Francs | Franc as 25 = L1. |
+--------------------------+-------------+-------------------+
| 15th March 1848 | 350 | L14,000,000 |
| 27th April, 2nd May 1848 | 452 | 18,000,000 |
| 2nd December 1849 | 525 | 21,000,000 |
| 12th August 1870 | 1800 | 32,000,000 |
| 14th August 1870 | 2400 | 96,000,000 |
| 29th December 1871 | 2800 | 112,000,000 |
| 15th July 1872 | 3200 | 128,000,000 |
| 30th January 1884 | 3500 | 140,000,000 |
| 25th January 1893 | 4000 | 160,000,000 |
| 17th December 1897 | 5000 | 200,000,000 |
| In 1906 | 5800 | 232,000,000 |
+--------------------------+-------------+-------------------+

[v.03 p.0343] Most business transactions in France are liquidated, not in
cheques as in England, but in notes of the Bank of France. These, owing to
their convenience