Investments of French Capital AbroadAuthor(s): John A. P. MackenzieSource: Journal of the Royal Statistical Society, Vol. 66, No. 4 (Dec., 1903), pp. 729-731Published by: Wiley for the Royal Statistical SocietyStable URL: http://www.jstor.org/stable/2339495 .

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190:3.1 729

II.-InceStnent.s of JF3fench Caj9ital Abroad. (Compiled from the

Bulletin de Stcdtistiqte dt? MHinist're des Finances, October, 1902.) By JoHN A. P. AIACKENZIE.

TH,E French Government have recently been endeavouring to fincd out the amount of French capital invested in foreign countries. The method employed was the sending of an elaborate series of, questions to the French diplomatic and consular bodies abroad, asking in what directions and to what extent capital was invested in their districts. The replies received from them were, on the whole, satisfactory, and though many of them, fronm their nature, could be but mere estimates, it has been found possible, never- theless, to make from themii an estimate of the amount of these investments, which is put at the sum of I,200,000,000l.

French capital is spread over the whole civilised world, the largest sumi being invested in Europe (840,000,0001.), principally in Lussia (278,ooo,oool.), and in Spain (i i9,000,0001.). In Africa the investmnnts, which are about I48,ooo,oool., are principallv in Egypt atnd the Transvaal. In Asia (45,000,0001.) principally in China, and those oIn the American continent ('59,000,0001.) mostly in Argentina, the United States, and Mexico. The French invest- ments in Veiiezuela are put at a little over 5,000,0001.

The nature of these investments vary with the countries where they are made. It is found that the largest investments are in foreign loans, railways, miining and other industries, and land and plantations. The largest investments in State and municipal loans tre iI Russia (243,000,oool.), Turkey in Europe (6o,ooo,oool.), and in Egypt (48,ooo,oool.). There are 8o,ooo,oool. invested in Austro- Huingarian railways, and 66,ooo,oool. in Spanish railroads, but the investments in American lines are small-about 3,500,0001. only. As regards mining and other industries, the largest investments are in the Transvaal, estimated at 6o,oco,oool.; there are also about 32,000,0001. in Russian mines, and about io,ooo,oool. in those of Spain.

Investments of French capital in British possessions-excepting the Transvaal--and in the United States are, comparatively speaking, small, it flows more to the southern continent of America, to Russia, and to the countries adjoining France. In regard to the earnings of these investments, those in Government and municipal loans generally average from 2 to 5 per cent. mining and industrial ventures, 4 to IO per cent. In a general way it may be said, however, that the largest earnings are from the investments in South America, certain ventures yielding as much as 35 per cent.

The following table has been compiled from the particulars given in the report.

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7 30 Jliscellanilea-. [1)ce.

Table showizg in Jfillion X thte Estiniated Amouits of Fr-enclh Capital Invested in different Countries, and the PAincipal Concerns in wchic/ those Investmnents are macce.

Baiik- Mining Slhip- State Corn- ing Rail- and ping and Other

Counltry. mercial Land-,s. and Vayl- other Hlar- Muni- LInvest- Total. [louses. .Assu- was. In- hours, Loahs, nieiits.

rance. dustries. &c. &c.

EUROPE. ? ? ? ? ? ? ? ? ? Russia ........... 1-96 068 0-72 31-68 - 24360 - 2 78-64 Spain ........... 3-36 2-56 1-36 66-48 9 76 1-84 33-60 - i i8-96 Austria-Hungary -- 0-12 - 80 00 1-96 - 3160 0 32 1 14-00 Turkey in Europe 0 68 0 48 2-60 6-36 1-12 1-24 60f00 0-24 7 7.72 Italy ........... 2-72 4-20 3 20 5-80 -- 40 00 1-28 ;7'20 United Kingdom *0.60 - _ 0 12 -_ 36-00 3 28 4-000 Portugal ........... 0 48 012 0-28 - 2 44 1 20 29-10 2-38 3 60oo Belgium . 12 00 - 3-20 2'40 - 400 240 40oo Roumaninh ........... 0-28 0 20 2-84 1-08 - 13 12 - 17-5 Switzerland 2'08 2 68 - 400 132 800 0-12 i8z o Norway.- _ _....- - 8-40 3-20 i is6o Greece ........... 0 04 0-12 - - 136 240 7 40 - I 1I3 2

Servia .... 800 0 04 8'04 Eolland ........... 0-12 0 04 0-32 - 6-08 1-44 8 oo Monaco ........... 0-76 1-04 0 52 - - t4-00 - 63 Denmark ..... ... 0-20 - - 4'40 0-64 524

Sweden.-.. - - - - 4-92 - Other countries ... 0 80 0 48 0 84 1-20 1-28 0-16 2 68 0 36 7-80

TotalforEurope I40o8 2472 tI-26 I6I-24 6o 64 6-84 544 90 I5.70 840 48

ASIA. Clhina ........... 2 10 1-88 - - 0-20 - 21-56 - 6'04 Turkey in Asia.... 1-20 2 16 0-32 8-08 1 60 0-80 - - 14'I 6 Other countries... 0 63 1-17 1-28 - - 1354 4-64

Total for Asia .... f25 52 1 0.32 8-o8 3.o8 o-8o - I.56 154 4+48+

AFRICA. Tratnsvaal ........... 0 20 0 20 - 60 00 _ 2-16 6z.56 Eo,ypt ........... 0'40 1-76 0-68 6-60 4 300 - 5744 Tunis ........... 4 4-12 4-64 0(83 2-40 0 43 7-96 -- 2 048 Other couutries... ? - _ 7-24 72 4

Total for Africa 4 72 6-6o I-56 2 40 67-08 5596 9g4 1 477 2

$ London only. t Soci6te' des balins.

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1903.] A Decade of Londcon Pauper'ism. 731

Estimated Amounts of French Capital Investerl- in dcferent Countries-Contd.

Baiik- Miniing Ship- State Corn- ing Ri- and pinig, and Othier

Country. mercial Lands. anid Rail- otler Har- Aliini- Invest- Total. liouses. Assu- ways. In- bours, Lcopans ments.

rance. dustries. &e. &c.

AMERICA. ? ? ? ? ? ? ? ? ? Argentina ...........- 14-64 212 400 1-28 - 12-40 2-48 36.92 Brazil ........... 344 1-20 0-44 1-60 1-04 - 19-60 0 52 z7.84 United States .... 320 920 2 68 360 2-92 200 0 40 24-00 Mexico ........... 200 400 0 80 3'20 - 200 I 2OO Columbia ........... 032 040 0 88 0-24 800 - - 984 Chili ........... 324 320 - 2-16 - 032 0-12 9.04 Uruguay ........ *0.76 *5.52 *0.32 - *0.56 *2.80 *1-92 8 76 Canada ..... - _ . - 552 5.5 2 Venezuela ..... 028 1-60 028 0 72 004 1-20 1-08 5-ZO Cuba ........... 004 400 - - 1100 - - 5'04 Peru ...... 1-00 2-40 - I- 076 0 08 0 04 4.28 Other countries... 1-64 4-24 0-281 0-12 044 _ 220 152 10-44

._ _ _ ___ _ _ ___

Totalfor America 15592 50'40 7'8o IO004 13'64 io 80 39-7 13'68 158'88

OCEANIA. Philippines ........ 0-20 0 014 - 080 - 1 -0 Other countries ... 0 64 0 36 - 0 24 1I24

TotalforOceania o084 0?40 - o-8o - - 24 2z28

Total ...... 39 8i 87 33 22 04 i8Ir76 145'24 I8'44 662zI4 40'56 1,194 ZO

* These figures include both capital invested and the yearly gain therefromii.

III.-A Decade of Lonldon] auperism. Supplement to the Paper read by SIR WILLIAM CHANCE, Bart., AI.A., before the Society on the 16th June, 1903. I HAVE brought the figures of the pauperism of the thirty-one

London unions and parishes given in Appendix I of my paper up to date. It will be observed that between 1901 and 1903, taking increase or decrease of population into account, only six districts, viz., St. Pancras, Hackney, Strand, City, Bethnal Green, and St. George's-in-the-East, show decreases of pauperism. None of these six districts show any increase of out-door pauperism; while only Bethnal Green shows an increase of in-door pauperism, which is, however, only one of I12 per cent. On the other hand, of the twenty-five districts which have increased their pauperism, only three, viz., Fulham, Woolwich, and St. Olave's, show a decrease of out-door pauperism, and that a very small one, 3-8 per cent., 3-7 per cent., and 2-9 per cent. respectively; and of the whole twenty-five, only one, Greenwich, shows a decrease of in-door pauperism, and that a very small one of 2 -9 per cent. The following table can be compared with that on p. 558 of my paper:

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