58 RUSSIA - CREDIT 



Tliis table shows once more that 1915 was a year of crisis ; but it is 

 interesting to note that, in spite of what can be deduced from the number 

 of properties of which the sale by auction was decreed, the economic de- 

 pression of this year did not reach the gravity of the crisis of 1906- 1908. 



This table also shows that the position of the mortgaged properties 

 is far from brilliant. In 7,320 out of the 7,364 cases of which we have 

 spoken the auction could be revoked, either because the charges were paid 

 at the last moment (4,055 cases), or because the term for payment was pro- 

 rogued, or because the bank gave other facilities to the tardy (3,265 cases). 

 In other words the auction could be revoked in 3,265 cases, thanks to va- 

 rious facilities "which had a beneficient character". Only 44 properties 

 were actually put up for auction, and of these 37 were sold while five re- 

 mained the bank's propert}'. It is interesting here to note that, according 

 to one of the bank's reports, " the credit of the sold properties had been 

 exploited by the proprietors up to its final limit ; their sale was not due to 

 influences of the moment but was the inevitable consequence of the absolute 

 impotence of these properties to continue to enjoy credit. " 



The total number of properties which have thus passed to the bank 

 became 120, of which 102 are situated in the Caucasus. 



§ 3. The bank's funds. 



In the beginning of 191 5 the funds of the Bank of the Nobility were as 

 follows : 



i) A capital formed by various issues of bonds of the total value of 

 948,700,700 roubles. 



2) A capital of 74,942,097 roubles constituted by bonds issued in 

 1889 and not repaid. 



3) A reserve capital of 12,583,618 roubles. 



During the year bonds for 19,337,700 roubles were issued. In all 

 8,807,300 roubles were repaid. At the end of the year the bank's bonds 

 reached the total amount of 960,231,100 roubles, distributed as follows : 



Bonds 3.5 % 389,445,000 roubles 



4 % 145,202,100 



4-5 % 239,948,700 



5 % 149,705,300 



5 % in lots 35.930.000 



Total . . . 960.231.100 



During 1915 the capital formed by 1889 bonds in lots did not change 

 (74,942,097 roubles). 



In 1915 the reserve capital was increased by 3,452,635 roiibles and thus 

 the bank's reserve fund reached on 31 December the sum of 15,986,253 

 roubles. 



