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SWITZERLAND
Switzerland has a very complete system of telegraphs, consisting (1920) of 1,664 miles of line with 20,145 miles of wire. There were transmitted 2,525,617 inland telegrams, 4,608,190 international, and 844,020 in transit through Switzerland. Number of offices, 2,404. There were 941 telephone systems with 13,917 miles of line and 272,667 miles of wire ; conversa- tions, 122,856,732. The telegraph and telephone receipts in 1919 amounted to 49,335,070 francs (1,993, 402Z.) ; the expenditure to 46,532,450 francs (1,861,2982.).
Money and Credit.
On. December 31, 1920, the coin minted in Switzerland was as follows :— 10,880,000 gold coins of the nominal value of 202,600,000 francs ; 69,376,000 silver coins of the nominal value of 67,900,000 francs ; 165,700,000 nickel coins of the nominal value of 15,970,000 francs ; and 113,000,000 copper coins of the nominal value of 1,490,000 francs ; total (including other token coins), 373,956,000 coins of the nominal value of 299,790,000 francs.
There were in Switzerland in 1915, 1,047 savings banks of all kinds, with 2,025,491 depositors having to their credit 61,643,239/.; in 1917, the total was 82,248,000/.
The National Bank, with headquarters divided between Bern and Zurich, opened its doors on June 20, 1907. It has the exclusive right to issue bank- notes in Switzerland. On April 15, 1921, the condition ot the bank was as follows : —
Assets
Francs
Bullion (gold and silver) Bills .... Advances . Securities .
(j41,467,077
428,415,997
33,298,365
5,832,844
Liabilities
Other assets Notes in circulation . Current and deposit accounts .... Other securities .
39,645,034 961,441,545
118,606,550 44,977,950
Money, Weights, and Measures.
The international metric system is the sole legal standard of weights and measures in Switzerland. It was made compulsory in the country by the Federal law of July 3, 1875, and since January 1, 1887, no other units than the metric units have been legal. By the Federal law of June 24, 1909, the international electric units were also adopted. By that law, copies of the French standards, deposited at the International Office for Weights and Measures at Sevres (France), were adopted as the legal standards for Switzerland.
The Franc of 10 Batzen, and 100 Happen or Centimes, is the monetary unit. The average rate of exchange is 25'22& francs = £1 sterling.
The 20-franc piece is "900 fine, the 5-franc silver piece is - 900 fine, the silver 2-franc, franc, and half-franc are -835 fine. Switzerland belongs to the Latin Monetary Union ; but since Italy is exonerated from taking back its exported fractional coin in case of the dissolution of the Union, the im- portation into Switzerland of 2 franc, 1 franc, and £ franc pieces is prohibited by decree of February 21, 1899, on pain of confiscation. By a Convention of November 16, 1902, with the other States within the Union, Switzerland may coin, exceptionally, 12,000,000 francs in fractional silver pieces, but the issues must be spread over at least 6 years.
Before the war 50-franc National Bank notes were the smallest paper currency, but in consequence of the war, notes of lesser denominations have been issued, viz., 20-franc notes (by law of July 30, 1914), 5-franc notes (August 3, 1914), and 25-franc notes (Sept. 9. 1914).
