GIPE-PUNE-OIIOI2 - DSpace@GIPE

AND THE BANQUE DE FRANCE 79·
million francs granted by the Banque in 1857 and 1878.
Secondly, the state was to get another loan of 40 millions
from the Banque without interest for the entire period of
the privilege. Thirdly, the state was to obtain from the
Banque a sum equal to Vsth of the discount enjoyed.
This was never to be less than 2 millions. FourthlYr
should the rate of discount have been higher than 5 p.c.
the" excess profit" was to be deducted from the sum available
for the shareholders. One-fourth of the remainder
was to be added to the capital of the Banque, but ~ths.
were to come to the state.
The law of Dec. 1911 made certain modifications in
regard to the third clause. In case the rate of discount
was higher thil!l 4 p.c. the proportion for the state was
to be raised from Vsth to !ith. By the same law the statewas
to obtain a loan of 20 millions without interest.
The amount of the Banque's payments (redeoances),
to the state is registered below:-
Francs
Francs
1897 2,742,000 1906 5.333,000
1898 3.343.000 1907 7.357.000
1899 4,857,000 1908 5,533,000
1900 5,655,000 1909 4,790,000
1901 4,107,000 1910 5,733,000
1902 3,777,000 1911 7,226,000
1903 4,314,000 1912 8,723,000
1904 4.521,000 1913 13,625,000
1905 4,225,000
Total 95,861,000
In accordance with the ~onvention of June 23, 1928.
the new Banque has advanced to the government the sum
of 3,000 millions without interest to be paid back in 1945.
The total amounts of preis sans interet a Z' Etat Ooans