Internal War Loans Belligerent Countries

were received only for 100 francs or multiples thereof.
Cash subscriptions payable at time of application or upon
allotment were received for principal amounts yielding an
annual income of four francs or more, e. g. ioo, 125, 150
francs, etc. Cash subscriptions not exceeding 7,500 francs
not subject to allotment. Subscriptions paid in securities
were allotted in full irrespective of the amount subscribed.
Subscribers to amounts in excess of 7>5°° francs were
required to pay 12% upon subscription.
Depreciation Fund—For the purpose of providing against
depreciation in the market prices of this 4% Loan and
the 5% War Loans of 1915 and 1916, the French Government
undertakes to set aside monthly 60,000,000 francs
(since increased to 120,000,000) to form a fund to be used
for their purchase in the market for cancellation. Purchases
not to be made at more than the issue price of the present
4% Loan or at more than 87.50 for the 5% Loans of 1915
and 1916. Whenever the unexpended balance of the fund
exceeds 360,000,000 francs the monthly payments will be
suspended, but will be resumed as soon as the unexpended
balance falls below 120,000,000 francs.
Taxation—Exempt from taxes.
Legal Tender Privileges—Accepted in payment of Excess
War Profits Tax.
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