December 5, 1868.

The Economist, 5. Dezember 1868. S. 1388.
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Credit Immobilière. Paris Correspondent 3 Dec. ’68.

The meeting of the shareholders of the Immobilière Co., which was held last week, called for permission of exposure of the situation of the Co to be made by the Directors; no votes were proposed. The situation was presented as follows:|

Houses and Building Ground at Paris 125,000,000
Ditto at Marseilles 93,000,000
Divers. Paris and Marseilles. 13,000,000
Total. 231,000,000
Capital f.80,000,000
Debentures 69,000,000
Credit Foncier 73,000,000
Credit Mobilier 83,000,000
Various 19,000,000
Prevision for Paris and Marseilles 20,000,000
Total 344,000,000
Deficit 113,000,000 = £4,520,000.

Report complains of difficulty of making an exact estimate of the value of the real property of the Co. The above estimate, it avows,  The Economist: about
61,000,000f. below that made in April previous.

Speaking of buildings and building grounds at Marseilles, it says u.a. „The Immobilière Co. let to the English Company with a promise of sale 228,000 metres (about metre = 3 ft 31/4 inch) of ground payable in 30 annuities, on condition of covering the said ground with buildings. The Immobilière, moreover, engaged to open to that Co. a credit of 20,500,000, to convert in favour of any other lender an anteriority of mortgage to the amount of 21,000,000 fcs, and to remove 20,000,000 of mortgages, guaranteeing to the City of Marseilles and to the holders of debentures the payment of the price of the purchase of the said ground by the Company. These conditions could not be executed in the conditions in which the Immobilière was placed, and the existence of these inscriptions constituted a permanent menace against purchasers obliged to cover with buildings in a brief period the mortgaged ground. The concessions made by to divers sub-purchasers by the English Co. of the rights resulting from its convention with the Immobilière aggravated the position. These sub-contractors constituted a new class of claimants, who pursued with great energy the execution of the contracts, from the fact that the Co. found great difficulty in fulfilling them. It was evident that the Immobilière had not executed and could not execute the obligations contracted. The demands for damages and interest to a large amount of the English Co. and the subcontractors could then with difficulty be opposed. … We find that the English Co. is in possession of a convention of which it preserves the execution, and by which the Immobilière is bound to make it 20,500,000f. of advances, and to raise 21,000,000f. of mortgages.“

In speaking of the property of at Paris the Report estimates the value of the Hotel du Louvre and the Grand Hotel at 40,000,000f. from the revenue they produce.

With respect to the Liabilities it says that the capital is composed of 160,000 shares of 500f. entirely paid up, and that the debentures are 232,672 of 3 P.Ct., and 19,540 of 6 P.Ct.; that the debt of the Credit Foncier is for mortgages, and that as to that of the Credit Mobilier it is a question whether a reduction cannot be demanded, on account of „the excessively high rate of commission and interest“ with which the Immobilière is charged

Opinion of Count de Germiny. (appointed by the Gvt. as President of the Co after the retirement of the Pereire) advices avoiding legal proceedings, and to obtain from the exdirectors an „important sacrifice“ which would constitute „the basis of reparative combination“. He found zealous cooperation from some of the exdirectors; but others have given a categorical refusal oder unmögliche conditions gestellt. Doch hofft er still on settlement. If he succeeded, propably probably proposal would be made to amalgamate Immobilière mit dem Credit Mobilier. On Bourse durch diesen Report Immobilière went down 90 fcs.


  • Inhaltsverzeichnis von Friedrich Engels
  • 1869 I Heft
  • Money Market. 1868.
  • Money Market Review. Jahrgang 1868.
  • The Economist. Jahrgang 1868. Nachträge
    • The Economist. Jahrgang 1868.
    • Inhaltsregister für 1868 Jahrgang. („Money Market Review“ und „Economist“.)
    • Kommentar zu George Joachim Goschen
      • George J. Goschen: The Theory of the Foreign Exchange. 7th edit. London 1866.
      • Friedrich Ernst Feller, Carl Gustav Odermann: Das Ganze der kaufmännischen Arithmetik
      • Inhalt.