The Government is still able to carry on without a big Loan, the issue of five per cent. National Defence bonds having proved very popular. These bonds, which are in reality Treasury certificates, are issued for three, six or twelve months, for 500 francs and 1.000 francs." The interest is deducted from the price payable for th bond. so that, for instance, the purchaser of a twelve-month bond for Frs. present arrangements, which of 1,000 pays only 950 franes for it, in course lit be modified if the this way obtaining more than five military situation became still more per cent for his money. favourable for France.
There has been such a As things are, however, General these bonds that the Gor Joffre prefers to have the Govern-has already announced its intention ment well out of the way at Bor-of reducing the interest on the deux, as the Germans would there- three-month variety from 5 to 4 per cent. The Bourse has reopened for cash transactions, and the prevailing tendency is unmistakably to buy rather than sell, MEETING,
Text read from the printed page and cleaned; old type leaves the occasional error.