MONEY, WEIGHTS, AND MEASURES 541
The statistics of private banking are too unsatisfactory to be given.
The private savings-banks numbered 545 (with 2,132 l)ranch offices) in January, 1896 ; and on December 31, 189*1, the number of depositors was 6,633,447, to the vahie of 3,382,355,533 francs, thus giving an average of 509 "9 francs for each account. The postal savings-banks, introduced in 1881, had December 31, 1896, 2,682,908 accounts, to'the value of 784,950,207 francs, tlms showing an average of 292 "6 francs per account.
The Bank of France, founded in 1806, has the monopoly of emitting bank notes. Its capital is estimated at 182,500,000 francs.
The situation of the l)ank on Deccml)er 1, 1898, was : —
Cash: 1,000 francs 1,000 francs
Gold 1,831,478
Silver 1,216,704
3,048,182
Portfolio 996,292
Advances 596,340
Rents and real property ...... 239,721
Capital and reserves ....... 225,016
Notes in circuhation 3,799,233
Accounts current ...... 774,804
Money, Weights, and Measures.
The Franc of 100 centimes is of the value of 9^^^. or 25 '225 francs to the pound sterling.
Gold coins in common use are 20 and 10 franc pieces. The 20 franc gold piece weighs 6 '4516 grammes "900 fine, and thus contains 5*80645 grammes of fine gold. Silver coins are 5, 2, 1, and half franc pieces and 20- centime pieces. The 5-franc silver piece weighs 25 grammes "900 fine, and thus contains 22 '5 grammes of fine silver. The franc piece weighs 5 grammes •835 fine, and contains 4*175 grammes of fine silver. Bronze coins are 10 and 5 centime pieces.
There is a double standard of value, gold and silver, the ratio being theoretically 15|to 1. Of silver coins, however, only 5-franc pieces are legal tender, and of these the free coinage has been suspended since 1876.
The present monetary convention between France, Belgium, Italy, Switzerland, and Greece is tacitly continued from year to year, but may be denounced by any of the contracting States, and, if denounced, will expire at the end of the year, which commences on January 1, following tlie denunci- ation. According to its terms, the five contracting States have their gold and silver coins respectively of the same fineness, weight, diameter, and current value, and the allowance for wear and tear in each case is the same. The coinage of 5-franc pieces, both gold and silver, is temporarily suspended, and the is.sue of subsidiary silver is, with certain exceptions for special reasons, limited to 7 francs per head of the population of each State (but 6 francs for Greece). Each Government, in its public offices, accepts payments in the silver 5-franc pieces of each of the others, and in subsidiary silver to the amount of 100 francs for each payment. Each State engages to exchange the excess of its i.ssuos over its receipts of subsidiary silver for gold or 5-franc silver pieces, and at the termination of the convention each is bound to resume also its 5-franc silver pieces, and to pay in gold a sum equal to the nominal value of the coin resumed. [But see also under Italy.] The following are the total issues of the fivo States, authorised by the convention of 1897 : — France,
