Q. Who are the subscribers to the bonds, and what are the usual sums subscribed? Are they small or large?
A. They are bought by small people, and generally remain in the hands of persons of small capital. This is one of the reasons why their quotations show so little fluctuation.
Q. Do you lend on farms?
A. Yes. Up to one-half, except on forest land, vineyards, and the like, on which we lend only one-third. We do not lend on mines. On factory buildings we lend only on the value of the ground and of the building, independently of its industrial value.
Q. What other institutions of this character are there in France?
A. There are no others; we no longer have a legal monopoly, but we very nearly have a practical monopoly. There are private individuals who make mortgage loans, but no large company makes this the principal feature of its business.
Q. How long has it been the privilege of the Crédit Foncier to add lotteries to its loans?
A. It has done so from the beginning, although we are obliged to ask the permission of the Minister, but it is on that account that we have been able to place our bonds so low.