MOBILIER, Cnnrr. On Nov. 18, the French government sanctioned the Catutes of a new` bank under the name of the &ate General (Is !fredit Mobilier. The name was intended as a contrast to the Societes de Credit Fancier, which arc of the nature of land banks, and advance money on the security of real or immorable property; while the Credit Mobilier proposed to give similar aid to the owners of movable property. The declared object of this bank is especially to promote industrial enterprises of all kinds, such as the construction of railways, sinking of mines, etc. Various privileges were con ferred upon it under its charter; in especial, it was allowed to acquire shares in public companies, and to pay the calls made upon it in respect of such shares by its own notes or obligations; also to sell or give in security all shares thus acquired. The operations of the society were conducted upon a very extensive scale. In 1854 it subscribed largely to the government loan on account of the Russian war, to the Grand Central railway company, to the General Omnibus company of Paris, and to various other important undertakings. The dividend for this year was 12 per cent. In 1855 it lent two sums to the government—the one of 250 and the other of 375 millions of francs. Its operations
were vast during this year, and the dividends declared amounted to 40 per cent. The directors had not hitherto availed themselves of their privilege of issuing their own obli gations, but this they now resolved on doing. They proposed to issue two kinds—the one at short dates; the other at long dates, and redeemable by installments. The pro posed issue was to amount to 2-10 millions of francs; but the public became alarmed at the prospect of so vast an issue of paper-money, so that in Mar., 1856, the French gov ermne»t deemed it necessary to prohibit the carrying out of the proposed scheme. This was a severe blow to the institution. In 1856 its dividends did not exceed 22 per cent; in 1837 they were only 5 per cent. Several attempts had been made to resuscitate its credit, but failed. In 1S75 it was put under a new board of management, who reported its assets at 77,000.000 francs. In 1876 the 500-franc shares were quoted at 200 francs. The Credit Mobilier has undoubtedly been highly useful in developing the industrial power of France, but its operations have been hazardous, and had they not been checked in dine, they would in all probability have ended in disaster.