Q. You do not, as a rule, invest in mortgages?
A. No; owing to the difficulty in disposing of such investments.
Q. You purchase no bills and do no commercial business whatever?
A. No; that rôle is played by the Bank of France. Sometimes we make advances on securities, but only on treasury bonds.
Q. Your organisation is quite unique in the world, is it not?
A. There is nothing like it in England or America, but there are similar institutions in Belgium and Italy, for instance. In France this institution is highly appreciated by the lawmakers, who steadily increase its functions, and the number of laws and regulations governing the Caisse is ever growing.
Q. It is customary in France for savings banks to carry their reserve with this establishment?
A. The savings banks are bound to turn over to us all they receive from their depositors, except such sums as may be required to meet immediate demands.
Q. Then, as a matter of fact, this is a central bank for the savings banks of France?
A. Precisely.