is 182,500,000 francs ($35,222,000) in 182,500 shares of 1,000 francs ($193) each.

The capital belongs entirely to the shareholders, and is not under the control of the State. In fact, the Bank of France is a private. joint-stock company, but is subject to certain special laws and regulations.

The bank is managed by a director, two subdirectors, and a board of fifteen members. Napoleon decreed that the director and his two assistants should be appointed by the Government, and that three of the fifteen on the council should be treasury officials; and this law is still in force. The President of the Republic also nominates the managers of the country branches, but, as a matter of fact, these appointments are given to persons recommended by the director of the bank. The balance sheet of the bank is published every week in the Journal Officiel, and an account is forwarded to the Minister of Finance every six months.

The privilege of issuing notes was at first granted for a period of fifteen years, which was afterwards extended to forty years, and has been renewed several times, the last occasion being in 1897.

The limit of issue is fixed by the Government at 4,000,000,000 francs ($772,000, qoo), approximately. In the last weekly return published, the notes amounted to 4,304,562,325 francs ($830,780,528). The gold and silver lying in the bank on the same day represented 3,648,748,942 francs ($704,208,546), without taking into account the standing loan to the Government (180,000,000 francs, or $34,740,000), securities, notes in the banking department, and other assets.

The principal business of the bank is discounting bills.

are still very little used in France, and nearly all trade accounts between wholesale and retail dealers are settled by bills at two or three months. The bank discounts at one-half of 1 per cent above the bank rate almost any paper that bears three names and has not more than ninety-five days to run.

The remarkable way in which France has always recovered after a great disaster is due to the readiness with which the people, and more especially the thrifty peasant farmers of the north, subscribe to a new loan. Pending the arrangement of such a loan, the bank assists the Government by lending ready money, and in 1870–71 advanced 1,530,000,000 francs ($295,000,000), which was all repaid within the next seven or eight years. But it does not appear that bank and State cooperate in getting money into circulation.

In a commercial crisis the bank regulates the discount rate according to what it considers the situation demands, and greatly increases its discount business. With regard to the regulating of the rate of discount, it may be remarked that the bank professes (in

the words of one of its former managers) to "neither create nor invent, but simply to follow public opinion." In an agricultural crisis the bank does little or no good, being prevented by its rule not to discount any bills that have more than ninety-five days to run; at least that is the opinion of M. Léon Say and other wellknown French economists.

Many writers think that it is not to the public advantage that the bank should possess a monopoly, and each time that the privilege has had to be renewed numbers of pamphlets arguing both sides of the question have appeared. The privilege has always been renewed, however, the Government feeling, perhaps, that any interference with the monopoly now would be fraught with greater dangers or inconveniences than those it was intended to remedy.

The staff of the Bank of France consists of 1,093 employees at the central office and 1,341 at the various branches. A candidate for a clerkship must be between the ages of 19 and 30 years, and pass an examination. There are several schools in which candidates are

"coached."

The salary at first is 2,000 francs ($386) in Paris and 1,800 francs ($347) at the provincial branches. Napoleon, when he founded the bank, decreed that the first manager might call himself governor if he liked, since titles cost nothing, and his salary might be as large as the shareholders pleased-as the bank would pay: "It might even go as high as 60,000 francs" ($11,580). The business of the bank has increased tenfold since that time, but the manager's salary has not exceeded the limit laid down by Napoleon, and is still, I believe, 60,000 francs ($11,580); but as the bank is a private company, it is difficult to obtain the information regarding the salaries. The governor must hold 100 shares and the two submanagers 50 shares each. Every clerk must lodge, as a guaranty, I share in the bank, or sufficient Government stock to produce 130 francs ($25.09). The amount of the guaranty increases as the clerk rises in grade, and in the case of a manager of a provincial branch is 15 bank shares, or "rentes" sufficient to produce 780 francs ($150.54) a year.

After thirty years' service in the office, or twenty-five years as an outdoor collector, a clerk is entitled to a pension equal to half his average salary during the last three years. This pension is increased by one-thirtieth for each year he serves beyond the regular period, but must not exceed two-thirds of his yearly salary. Half the pension is continued to the widow, provided she was married at least three years before her husband's death. When a widow is left with children under 15 years of age, the pension may be increased by one-twentieth of the sum her husband received for each of said children. JOHN K. GOWDY, Consul-General.

PARIS, December 12, 1902.

PHOTOGRAPHS ON FRUIT IN FRANCE.

Apples upon the surface of which are perfectly reproduced the photographs of the Emperor and Empress of Russia and of the Presi dent of the French Republic have been shown in France.

Before photography was employed, images were produced by means of figures cut from paper and stuck on the surface. When the paper was removed, the image appeared light and the fruit dark, or vice versa, according to the manner in which the paper was cut and applied.

At present, however, photographs are reproduced with all their details. Strong negative electrotypes are employed, having great resistance and reproduced on thin films. The films are obtained by photographing the subject many times. The film is held in place by two rubber rings or is stuck by some matter that will not obstruct the rays of light, such as albumen or the white of an egg.

ROUEN, December 16, 1902.

THORNWELL HAYNES,

Consul.

THE WOOL TRADE OF MARSEILLES.

The reviving importance of Marseilles as a source of supply for coarse carpet wools in the United States makes it a matter of moment to American buyers to understand that prices have stiffened in this market recently, mainly in consequence of the American demand. Henri Caune, who conducts the public auctions, and whose authority in these matters is generally recognized, has issued his report for the year, in which he says:

The first months of the past year were calm and the disposition has been toward a lowering of prices. In the month of May business became more active. During June prices stiffened, and the increase commenced in July, continuing until the end of December. I have to report an increase in values of from 15 to 20 per cent upon wools for textiles and of from 20 to 30 per cent upon wools for upholstering and carpet trades. Local manufacturers have operated upon a large scale, in spite of the little choice represented by local stocks, and the general French trade has manifested more interest in our market, while foreign buyers, in consequence of numerous purchases, have contributed largely to the rise above mentioned. Unfortunately, I have also to note this year a shortage in arrivals amounting to 30,000 bales. The shortage during 1901 was 10,000 bales. This progressive shortage is due to three principal causes: (1) The excessive mortality existing more or less everywhere in the Mediterranean basin, but principally in Georgia, Syria, and Mesopotamia; (2) the local prices paid during the shearing season; and (3), finally, the large number of mills erected in countries of production.

In spite of these conditions, our city continues to be the principal market for common wools, where domestic manufacturers and Americans will always find a most desirable choice. We arrive at the end of the year with a stock which I have never seen so reduced-that is to say, 6,600 bales. I have to say also that prices will remain very firm, at least until June, 1903, the next shearing season.

Armand Petit, another of the sworn wool brokers, says, in his review for 1902, that the domestic manufacturers are now interesting themselves principally in Bagdad wools. He adds:

The United States now, as heretofore, is the most regular market for carpet wools. When the local stock is lacking in the qualities desired, advance orders have been executed directly in the countries of production, the merchandise being forwarded to Marseilles, inspected here, and reforwarded to the United States. The security offered by this method facilitates the entry into the United States of these wools at the lowest duty and permits of a daily development in operations of this character.

We hope that the United States tariff will be modified in certain respects, and we give voice to the desire that Bagdad wools be no longer taxed with a prohibitive tariff, but put upon the same level as the Mossoul and Awassi wools. In consequence of the crossbreeding in Mesopotamia, the true Bagdad wools no longer exist, so to speak, and it requires the most expert knowledge to recognize these wools among the Mossouls and Awassis. These qualities are all pretty nearly identical, and according to the particular bales examined, give rise in the United States to various applications of the tariff rule. Under the present conditions, the majority of buyers hesitate to deal in these qualities, and we hope that a change in the law will be made whereby the wool trade will be placed upon the same footing.

The circumstance that the French wool trade comes to this market particularly to seek the Bagdad wools, because of their special qualities, and the intimation that because of crossbreeding these wools no longer exist in their original excellence, seems rather contradictory. Probably, the situation lies along middle ground somewhere. In my annual report* I have briefly explained how and why prices for carpet wools are automatically regulated in this market by the present tariff law.

There is no doubt that considerable quantities of very low grade Bagdad wool, which differ very little intrinsically from the Awassis, are received in this port, and that their occasional shipment to the United States results in complication requiring the most careful study of each bale upon its own merits.

The total wool receipts in Marseilles during the year 1902 were 100, 235 bales, with 23,000 bales in stock at the end of 1901. The sales from local stock amounted to 116,635 bales, leaving a net stock of 6,600 bales at the close of 1902.

MARSEILLES, January 7, 1903.

ROBERT P. SKINNER,
Consul-General.

* To appear in Commercial Relations, 1902, now in the hands of the printer.

TEXTILE INDUSTRY OF ST. ETIENNE.

The manufactories of St. Etienne, Tarare, Roanne, and Villefranche form a special group in the textile industry of this district. Those of St. Etienne have been particularly busy in the last year. In spite of the abandoning of the classical plain ribbon and the keen competition of Swiss manufactures, and thanks to the great favor velvet ribbons have enjoyed and the considerable trade done in fancy ribbons, the production of St. Etienne attained in 1901 the highest figure of the last ten years, namely, 94,472,000 francs ($18,233,096). About half was exported.

Tarare, which had been steadily diminishing in importance for the last fifteen years, was able to avail itself of the fashion, and produced a large quantity of silk muslin of very fine quality.

As regards Roanne, the exportation of cottonades and prints attained the important figure of 27,000 tons. Similar prosperity is reported from Villefranche.

A feature of the St. Etienne manufacture in 1901 was the great predominance of mixed ribbons over the pure-silk product. The last figured in the total production for only 31 per cent, while they represented 41 per cent three years before.

HILARY S. BRUNOT,

ST. ETIENNE, December 19, 1902.

Consul.

THE SILKWORM IN SPAIN.

The following has been received from Consular Agent A. E. Carleton, of Almeria:

The silkworm crop in Spain in 1901 was less by 121,000 pounds than in 1900. According to estimated figures, taken from El Defensor de Granada, the total product in 1901 was 2,189,000 pounds, and in the year preceding 2,310,000 pounds. A comparative table showing the production from the various provinces follows: