A. Turkey is reserved for the Banque Ottomane.
Q. Take the electrical business, for instance.
A. As far as we are concerned we are connected with the Thomson-Houston; and it is natural if the Thomson-Houston and their friends have any business to do, that they deal with us.
Q. There is nothing in the law which restricts you to any class of investment?
A. No.
Q. And nothing that requires you to keep any reserve; that is, any amount of cash as against your liabilities?
A. No.
Q. Is the Bank of France your principal reliance in case you need money? Do you think it necessary to carry any additional reserve?
A. Under our French system we consider the commercial paper we keep in the portfolio a cash reserve, as we can rediscount it at the Bank of France. We know the Bank of France will discount these bills and thus enable us to convert the bills instantly into cash; this is the basis of the French banking system.
Q. Outside of Paris it happens that you have branches at many of the same places as the Bank of France; is there competition between the branches of the Bank of France and your own branches?