LIABILITIES

of the -discussion, which took place before Jeanneney drew up his report, it was stated that the liabilities of the Bank, so far as is known at present, amount to Fr. 900,000,000. Out of this sum, Fr. 400,009,000 is represented by deposits, of which Fr. 310,000,000 were in the Far East and Fr. 90,000,000 in France, so that the Bank's trading losses amount in round figures to Fr. 500,000,000, or over £10,000,000 at the present} On rate of exchange. On the other side of the account is the Boxer indemnity, admittedly a very uncertain quantity. To this must be added the call on the shares, which are only half paid-up—another} doubtful quantity. Judging by present appearances, it will take years to straighten out the situation. The! Government cannot be expected to act on business lines, and its intervention means very slow progress, with long reports and discussions and investigations on all) sorts of points. The Ban creditors will need a large stock of patience. The Government in this matter is very much inclined to gard itself in the light of a father settling the debts of a prodigal son. It will not place moneylenders and speculators on the "same footing as victims and tradesmen. It will have a good deal to say in the future management of the Bank, and it will also inquire into the doings of tha prodigal during his money-raising period, such as, for instance, the hurried sale, on unfavourable terms, of some lots of real estate.

Text read from the printed page and cleaned; old type leaves the occasional error.