Jahrbücher far Nationalökonomie, 3rd series, Vol. XXXIX (39), 1910.
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Ferdinand Moos, “French Credit Institutions and French and English Capital Invest- ments Abroad” (pp. 237-56). |
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Only half a page on Britain, giving G. Paish’s totals. But there are source references and figures on France: |
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Polemic: Lysis, “The Financial Oligarchy”, Paris, 1907, and Testis, “Credit Institutions”, Paris, 1907.
Henri Michel, “Speech in the Chamber of Deputies, November 30, 1909.”
Le Monde économique, 1906 and 1907 articles (P. Beauregard).
Jules Domergue (Economic Reform).
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M. Manchez (Le Temps, January 2, 1910) estimates French capital abroad at 35,000 million francs (p. 240). Neymarck (Le Rentier) estimates French capital abroad at 25,000-30,000 million francs (p. 243). |
The total value of securities on the Paris Stock Exchange =
= 130,000 million franks (p. 243)
| including | { | 64,000 | { | French | } |
| 66,000 | foreign |
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Portugal obtained from Brazil 2,400 million francs between 1696 and 1754 (p. 238). Dutch capital in Britain in 1747 was 1,600 million gulden (ibidem). |
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Money flows to where the rate of interest is highest.
According to Lysis: Deposits (of four banks)—(Crédit Lyonnais + Comptoir National + Société Générale + Crédit Industriel et Commercial) (p. 252):
| 1885— | 912 | million | francs | |
| 1890— | 1,302 | ” | ” | |
| 1900— | 2,171 | ” | ” | |
| 1905— | 2,897 | ” | ” | (according to Lysis) |
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“For a seat on the board, one need only hold 50-200-300 shares.... Thus, about 50 persons, who need not have more than eight million francs between them, year after year control more than 2,500 million francs of deposits, and more than 1,500 million francs of new annual investments, without having to give account to anyone” (252). |
50 per- sons |
In the case of loans, the borrowing state never receives more than 90 per cent (p. 253)—the banks get the remainder. The 1895 Chinese-Russian loan was for 400 million francs at 4 per cent. “The price on flotation was 450. The first market price was 495. The highest market price was 520. The difference in one month was 45 francs, or 10 per cent.... On this deal, the Banque de Paris et des Pays Bas alone made a profit of 20 million francs” (253), and so on.
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January 1907—Socialists in the Chamber of Deputies sharply attacked investment in Rus- sian loans: |
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