HONOUR FOR THE PAWNSHOPS.

Waipawa Mail, Volume XXXVII, Issue 8186, 24 May 1919, Page 1 (Supplement)

HONOUR FOR THE PAWNSHOPS.

WHAT THE “UNCLE'S” OF PARIS DID IN THE GREAT WAR. *» Of all the admirable institutions in France none are better conducted than the French pawnshops—the Mont de Piete as they are called. So well have they served their country in both peace and war that they have had promotion and greater powers conferred on them by the French Government.

Henceforth all pawnshops in France will take the rank and dignity of popular banks and will have power to lend money on the security of stocks and shares. This means that they will soar to the realms of high finance. Besides this the Mont de Piete have received grander titles. In future each will be known as the Caisse Municipale de Credit Public, which means literally, in English, the Municipal Bank of Public Credit. This well-deserved promotion follows upon the excellent service the Franch pawnshops have rendered during nearly five years of the bitterest war in history. Upon the outbreak of hostilities the pawnshops deliberately set out to relieve the hardships that were bound to come to the working classes. Whenever possible interests were lowered on articles pledged higher loans were given, and the rules of confiscation, owing to lapses of pledges, were waived. Nor did they suffer for their beneficence, for in the end, although their interests were small, they made huge profits, all of which were handed over to the French hospitals. The pawnshops were able to do this because of the fact that for more than a century now they have been under State control. In France every pawnshop is under Government control—a national institution. Private enterprises are forbidden. To visitors and tourists these controlled “uncles” are a subject of ’great curios'lty. There is a belief in i France that every visitor to Paris j goes to a Mont de Piete to “pop” a ! piece of jewellery or other article. Otherwise all the sights of Paris would not have been seen. Very rarely are the articles redeemed.