London, Aug. 18.
The Financial News" Paris correspondent quotes from the Agence Economique et Financiére that the last business year of the Societe clu Pacifique has resulted in a loss exceeding Frs. 50,000,000, of which 45,000,000 was "exploitation loss.""
The loss exceeds three-quarters of The capital, but the advisability of liquidation was deprecated, as 1t would mean that shareholders would lose the benefit of the agreement with the principal creditor, the Banque Industrielle de Chine.
The chairman said that the amount of the debts to the Banque Industrielle was Frs. 150,000,000. The bank also held 6,458 shares in the Societe. The latter was ondeavouring to regulate its debts and realize its stocks of merchandise; otherwise its activities would be stopped and its fleet idle, as freights under eight shillings were unprofitable.
The shareholders' meeting authorized a continuance of business and a reorganization scheme.—iteuter.
M. Briand on French Goveroment's Efforts: What the Official Telegrems Meant The Paris correspondent of the "Morhing Post," writing on July 7 states The collapse of the Banque Industrielle de Chine formed the sub-joe', of an important portion of M. Friand's statement last night _before the Foreign Affairs and Finance Commissions of the Senate M. Briand, in the course of a statement which occupied some three hours of the sitting. revealed that on January 13, during the Ministerial crisis that followed the fall of the Leygues Cabinet, telegrams relating to the position of the bank were sent from the Quai @Orsay to the French representative in China and Japan and to the French Ambassador in London. The reason for this step was the anxiety of the Government that French influence in the East should not be prejudiced by the failure of the bank. The telegrams sent to the French diplomatic representa-aves in the Far East emphasized the solidarity of the French Gevernment with the great french banks, including the Banque Industrielle de Chine, and suggested that the Government would do its utmost to enable the bank to meet its engagements. A telegram sent to the French Ambassador in London _was as follows:—Inform with extreme urgency Gover-Bank of England and Mr, Me-Kenna, of London City and Midland Bank, that a syndicate formed by Banque de Paris et Pays Bas and thd Banque de I'Indo-Chine has taken in hand the affairs of the Banque Industrielle de Chine, and that the Covernment is interested in the fate of the bank, whose prospects are assured in consequence of its solid situation in the Far East.—(Signed) Leyaves.
Comte De Saint-Aulaire, who had assumed charge of the Embassy in London only three days before, did not deem it advisable, according to the " Echo de Paris," to take the step suggested. 5
Text read from the printed page and cleaned; old type leaves the occasional error.