|00 ru KI:. i i;\\. 018 



FINANCIAL REVIEW OP 1895. 



AM* of the two bodies, and 

 ad plaofd en the desk* of 

 laftett | ..... 



.villa, TMUL, wasehoatn m the place for 



mW^UIifftm* tilm^ flBs9v4ifflff 111 IHDA. 



I \UU. I 1C I Mills I I IV I .,f 



i :. ' iv , Jan. 80, 1841 



i the son of an uphoUtcrar. and wa> -du- 

 mini for mercaiud. life in a private commercial 

 to Kngland for two Tears to 

 the language and become familiar with 

 . ' . . . . . -. IT < .,-, 

 carter at A inbobe, where he learned 

 rumor'* trade ami mastered tho leather 

 At Amboise be married at the age of 

 twenty-three the da M. <... 



mayor of the commune, and in later year 



r Indrr. Settling in Havre as a commis- 

 sion agent and importer of hides, he became in 

 time a large merchant and *lnp\vner and Presi- 

 dent of the Chamber of Commerce. He once 

 lectured on history to evening classes, and so be- 

 oame a ready public speaker. He was elected a 

 member of the Munid|al Council and became 

 deputy mayor. During the war of 1870 he was 

 sent to England by < purchase arms 



rrurs and the Garde Mobile. As 

 chief of a battalion of mobiles he aided in sup 

 the Commune in Paris, and gained the 

 of the Legion of Il..n.,r. The I; 

 Cabinet deprived him of his office of deputy 

 major in 1874, but he continued to give great 

 attention to educational and charitable work, 

 and rose constantly in the ,-te,- m of his fellow- 

 townsmen, who in 1881 elected him to the Cham- 

 ber of Deputies, and afterward renewed his 

 mandate at every general ele, ti -n. When Gam- 

 hetta formed a ministry on Nor. 14, 1881, he 

 made Paure Under Secretary of the Ministry of 

 Commerce and the Colonies. Jules Ferry se- 

 lected him for the same post in making up his 

 TV of Feb. 21. 1888. which endured over 

 two rears, i ned to the office once more 



in the Brisson < - . . i a fourth 



tim.- m the Tiranl Cabinet of !>,... pj. is-. 



: '- I';, ri : :/ Oamot Bewaa 

 regarded in th- chamiN-r. whether in or out of 

 owe, as an authority on all subjects conn 



merchant shipping. : rmnerce, or 



colonial questions, and was marked out by expe- 

 rience and reform ideas for the new Ministry of 

 Marinr. to whi.-h he was called in the Dupuv 

 c.b,nrt of May 0, 1804. He had also been se- 

 lected to act on several committees dealing with 

 ' and financial questions of a m n 



the Committee on the Conversion of the 

 Ante, and was the author of a treatise on 

 ropcan budgets. His technical 

 untiring i.,d.Mry. and progressive 

 gave htm a high reputation among 

 e a minister. The Chamber showed 

 for his character and ability by elect- 

 nt In politics 



" i ! ./*;* OMVVVWA 



i" his character and ability by elect- 



J*Mf him regularly its rice-president. In politics 



b*en an Opportunist and a member of 



tE^^T 11 * 11 ^,? ? 111 * 110 * 11 Union - In 

 SiScaw'to^ *** 7 ^ Moderatc Re - 



when he suddenly re- 

 to January, 1805, the eminent lawyer 

 But 



the balloting at Versailles on the followin 

 .lun. 17. niaiiN i IK in I HTS of the Congress tin -i<lrd 

 to rot : i M. Faiire, who received moiv \,,i,s 

 than M. Waldeck-llousseuu ..n tla- lirst luillot, 

 and was elected on the second 



I I NANCIAL REVIEW OF 180.V AM,,,,- 

 t In- im|K>rtant features of the year u 

 ing of the war Japan ami china, ihe 



latter suing for peace, and the treaty of Shi mo- 

 noeeki was signed on Apnl 80, China HL 

 to pay SdOO,000,000 taels Indemnity an>l 

 l-'orm..sa ami tin- Liao-Tnn- peninsula 

 later, through the influence of Russia, 

 relinquished possession of the lathi, ami -hr 

 receired 5 t OOO t UOO additional in.l.-n.nit>. 

 other feature was a wild speculation in 

 African mining shares, which U^an in I. 

 in Mav, and later extended to ( >ntin. m 

 tcrs, disastrously collapsing in Novrml> 

 it was estimated that the losses were fully $467,- 

 500,000. On Nov. 5, owing to reports < . : 

 staiitly recurring disturbances to the ilctrinn-nt 

 of all nationalities in Armenia ami other parts 

 of tho Turkish Kmpire, the ambassadors of the 

 great powers separately went to ti 

 urge the immediate adoption of adequate meas- 

 ures to bring about the restoration of ord 

 Glaring that if such measures were not a< 

 the powers would decide in com * rt up<>n the 

 steps to be taken. The Sultan proini.-r.l r. forms. 

 and the majority of the powers remained 

 cord, but it was claimed toward the end 

 vernberthat Russia and (Jermany, at least, 

 not disposed to act in concert with tin 

 powers in an extremity, and the di>tuiliai 

 Armenia continued to the end of tie 

 Another feature was the accumulation of" the 

 impre.-cd, -ni.-d sum of l'44.?'J4,.")Sl bullion in thn 

 Hank of Kngland, this amount being on deposit 

 1 >-. 1'J. Bar silver in Lomlon r^>- from . 

 per ounce in January to ol.''/. in < >< -tolirr. dim 

 mainly to speculative manipulation lm--d upon 

 the expectation of large requirements in tin- far 

 East, but there was a d.-"iin,- t n De- 



cember, and the price was Mbfcd. at the close. 

 All Kuro|M> was in a state of jK.litieal f,-- 

 at the end of the year, in c"iiM'i|u<'m-e of the 

 Turkish question and of complications in china 

 and Japan ; and the iltin- from the 



collapse in mini:. in Londmi and <>n tin* 



Continent and those inciirn-d ty the Lomlon 

 speculators during the panic which followed the 

 lelan message of President el, -vi-laml !)<<. 

 18 caused more or less financial tension. 



One of the most important, event- in this 

 country during the year wa- the contract 

 by the Administration on Feb. 8, with .M 

 lielmont and .Morgan. th- f'-rn; nling 



idon house of Rothschild <V Co., and tin- 

 latter the American house of J. 1*. M> 

 and J. S. M'.r-an & Co. of London, for tin- pur- 

 chase of 3,500,000 ounces of gold at $1? 



.uce, to be paid for by the delivery "f 

 ,.1'Kt .J-p.-r-c.-nt. thirty-year bor 

 l>eing agreed that, one half of tho gold should 

 IK- imported from Kurope. <>n the day tl, 

 contract was signed the m-t -old in the Tn 

 had been reduced to $41,340,181 by withdr 

 for hoanling and for shipment to Europe, ami 

 these withdrawals during January amounted to 

 $45,117,738, and as Congress had refused t- 



