BANK OF FRANCE.

Auckland Star, Volume LXVII, Issue 230, 28 September 1936, Page 4

BANK OF FRANCE.

AMAZING TRADITIONS. Nothing less than a financial revolution is involved in the recent changes made in the control of the Bank of France. I'or during these past hundred odd years the real power in the Bank of France has laid with the fifteen Regents, who, with the Governor and two Vice-Governors, formed the famous Council, irrespective of the three Censors, who discharged the duties of auditors. These Kegents, electcd by the 200 biggest shareholders for five years, number among tlieni to-day representatives of families who figured 011 the list a hundred years ago, have in one case held in their own name a seat for 135 years, and in others appear on the roll for longer periods than they are absent from it. In the third seat has sat a Mallet since 1800; there was Hottinguer from 1803 to 1833, and there has been a Hottinguer since 1929; Davilliers held on from 1801 to 1883 and returned in 1920; two Rothschilds have sat continuously since 80 years ago. Five of the six banker Kegents of to-day are reckoned an descendants of bankers of the First Empire. This may help to explain why the 444 Deputies voted in July a bill which puts an end to the career of the 15 Kegents. But there is a further explanation. The well-known writer, M. Delaisi, who can claim paternity to the now famous "twohundred families" campaign, discovered that the 12 Regents in office a year ago were personally, or through their sons or nephews, directors of 31 private banks, eight insurance, nine railway, eight shipping, eight mining, six electrical and 12 chemical companies.