Word: moret
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...Premier Flandin who kicked Governor Moret upstairs. The majority of the stockholders of the Bank of France, more than half of whom own only one or two shares, have almost no authority, almost no function except to receive dividends. They receive a yearly dividend of some 300 francs on their 1,000 franc par shares which sell on the Bourse for some 10,000 francs. To the heirs of Frenchmen who bought a share at par and tucked it away in the family stocking when Napoleon I founded the Bank of France, the return on investment is thus...
Specifically old Governor Moret was dropped last week because he rejected a proposal by Premier Flandin to give business a shot in the arm. The proposal let the Bank of France announce that it will re-discount short-term Treasury bonds, issuing new currency or opening deposit accounts against the paper received. Since this operation in effect reduces the gold cover behind French money (now 80,1390 it tends to be inflationary. To M. Flandin's proposal M. Moret had but one answer, a quiet "mais non." Last week there was every indication that M. Tannery will...
...kerosene-lit apartment, as ex-Governor Moret packed up to leave last week, he found a crinkled prediction penned to him in high excitement four years ago by fox-bearded Montagu Collet Norman who is now in his 15th year as Governor of the Bank of England. "Unless drastic measures are taken to save it, the capitalist system throughout the civilized world will be wrecked within a year," wrote Governor Norman to Governor Moret in 1931. "I should like this prediction to be filed for future reference...
Never a maker of anything so risky as predictions, and always a firm believer that the Gates of Hell could never prevail against sound money, Clément Moret entered the eclipse of Honorary Governor after setting Paris the kind of example Paris respects. Amazingly few years ago he was living with his wife and children in a flat so modest that the rent was but 1,500 francs a year. Soon afterward great Raymond Poincaré (considered by his worst parliamentary enemies "abnormally incorruptible") declared that Finance Ministry Clerk Clément Moret was "abnormally honest," had him sent...
Though the clerk made good and became perhaps the greatest self-made Governor of the Bank of France in its long history, Mama Moret could never see why she or the children should cut a dash. With papa's salary raised to 500,000 francs a year the Moret moppets continued to go to ordinary Paris public schools. Mama Moret and Paris socialites are unaware of each other's existence. Today the National Tightwad is venerated for having saved a reputed 85%, of his salary while Governor of the Bank of France, salted it away in gold franc...