Translations:CP 03097/59/en: Difference between revisions

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<ref name="n5"> Note 5 </ref>
<ref name="n5"> This refers to the fees due on the difference in the prices of shares forward purchased before the war, whose prices had collapsed because of the conflict and the closure of the Stock Markets. When the moratorium put in place at the end of July 1914 (see CP 02812, note 14) suspended all stock market activity and which prorogation made it seem that the liquidation of future liabilities would not be recovered until after the war, when market shares would have returned to their normal prices, a decree of 16 September 1915 had allowed the resumption of liquidations, by spreading the payment of "the differences", in tenths, from the end of September 1915 to the end of June 1916: "the settlement of differences [...] will be made in ten monthly instalments starting from the next liquidation [liquidation from the end of September 1915], the first instalment to be paid at the same time as the default interests." (Le Temps, 20 September 1915, "Semaine financière" [The Financial Week], p. 3.) Proust commented upon this situation in his letter of 22 October 1915 to Nicolas Cottin, p. 2-3 (see CP 03007, note 8; Kolb, XIV, no. 119). [FL] </ref>

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<ref name="n5"> Il s'agit des frais dus sur la différence de cours des valeurs achetées à terme avant la guerre, dont le cours avait chuté à cause du conflit et de la fermeture des Bourses. Alors que le moratorium décidé fin juillet 1914 (voir CP 02812, note 14) avait suspendu toutes les opérations boursières et que sa prorogation laissait penser que les liquidations des engagements à terme ne reprendraient qu'après la guerre, quand les valeurs boursières auraient retrouvé un cours normal, un décret du 16 septembre 1915 avait permis la reprise des liquidations, en étalant le paiement des « différences », par dixièmes, de la fin septembre 1915 à la fin juin 1916 : « ce règlement des différences […] se fera en dix portions mensuelles à partir de la prochaine liquidation [liquidation de la fin septembre 1915], la première portion devant être versée en même temps que les intérêts moratoires. » (Le Temps, 20 septembre 1915, « Semaine financière », p. 3.) Proust commentait cette situation dans sa lettre du 22 octobre 1915 à Nicolas Cottin, p. 2-3 (voir CP 03007, note 8 ; Kolb, XIV, n° 119). [FL] </ref>

[1]

  1. ↑ This refers to the fees due on the difference in the prices of shares forward purchased before the war, whose prices had collapsed because of the conflict and the closure of the Stock Markets. When the moratorium put in place at the end of July 1914 (see CP 02812, note 14) suspended all stock market activity and which prorogation made it seem that the liquidation of future liabilities would not be recovered until after the war, when market shares would have returned to their normal prices, a decree of 16 September 1915 had allowed the resumption of liquidations, by spreading the payment of "the differences", in tenths, from the end of September 1915 to the end of June 1916: "the settlement of differences [...] will be made in ten monthly instalments starting from the next liquidation [liquidation from the end of September 1915], the first instalment to be paid at the same time as the default interests." (Le Temps, 20 September 1915, "Semaine financière" [The Financial Week], p. 3.) Proust commented upon this situation in his letter of 22 October 1915 to Nicolas Cottin, p. 2-3 (see CP 03007, note 8; Kolb, XIV, no. 119). [FL]
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