VATICAN FINANCES.

Mataura Ensign, Issue 1513, 15 July 1905, Page 2

VATICAN FINANCES.

PIEItI'ONT MORGAN TAKES TJJKM IN HANI). Mr J. Pierpont Morgan Ims made lo Pope Pins X. a linal offer to handle the finances of the Holy Bee. It is now well known in l.oiidi.n that ihe great New York financier has made such a proposition to the Pope, and that if the Pope accepts tinoffer he will increase his annual income by £IOO,OOO. At the recent audience given 11 r Morgan by the Pope, this was the chief topic of discussion. Mr Morgan told his Holiness of the reports of the straitened condition of the Vatican's finances, and volunteered to reorganise its funds on a more productive basis. At present all the funds of the head of the church are handled through the Kotbseliilds, whose New York representatives are August Belmont and Co. The sum to be handled exceeds £5,000,000, and it- is declared that the Helmonts pay only 2 per cent, interest, on the money. Ihe Morgan oiler raises the rate of interest to I per cent., which would double the Pope's annual income. In consultation with his advisers, the Tope ordered an accounting of his finances, and it is believed that Mr Morgan's mission, being thus timely, will result in his obtaining more money. There has been no change in Ihe methods of handling the finances of the Vatican for many years, and it is said that antiquated methods of banking are employed. The treasurer was to submit a full report, and il was thought- that he would recommend to the Pope that a change be made.