A. Yes; banks receiving deposits, such as the Crédit Lyonnais and the Société Générale, do not usually participate in syndicate operations covering the shares of industrial concerns; other banks, such as the Banque de Paris et des Pays-Bas, do so, but they are not deposit banks. They have more liberty to engage their own capital in any enterprise.
Q. You are not restricted by law in doing any business you please?
A. No; it is only the custom and rules of our society.
Q. If there were a large industrial corporation in France which wanted to develop its business and issue bonds upon it, and if they were customers of yours of unquestioned financial standing, would you take their bonds and sell them?
A. Yes.
Q. But not their stock?
A. If they were a well-known concern we would sell their shares too; we have done so.
Q. Is there co-operation between the large banks?
A. We meet very often and often have common interests in business.
Q. Do you, in a sense, divide the field? I suppose you have a certain field in which you do business and other banks do not; Turkey, for instance?