Under this moratorium payments were permitted at first of 5 per cent, then 25 per cent.

Later depositors were permitted to draw from the banks 40 per cent, and 40 per cent payments became the rule.

Then 50 per cent for December, and in January, 1915, full payment to bank-depositors, although legally the moratorium stands to March 1, 1915.
Among other temporary devices in French finance was the issue by French chambers of commerce in the south of France of small pieces of paper,--as low as 50 centimes or 10 cents,--used only for circulation and change locally.
Many banks closed their branches because they had not the clerks to man them.

Many bankers lost three fourths of their staff when the mobilization orders were issued, and all over Paris the banks are closed from twelve to two because of the limitations of the staff.
When the Credit Lyonnais reopened its branch in the Champs Elysees a few weeks ago it was manned by women clerks.
The government loan issued in the summer of 1914 met less than half of the floating indebtedness and 1914 ordinary deficit.

The balance as maturing has been merged into the national-defense loan, which is only short-term financing.