Communists Fail as Captains of Finance

Shannon News, 3 December 1929, Page 4

Communists Fail as Captains of Finance

Four years ago the French Communist Party, acting through its organ, Humanite, opened an account on the “savings bank” principle and ostensibly for the benefit of its partisans. No interest was offered and the money could be refunded at sight.

The enterprise had an immediate success and the receipts quickly reached a sum of £25,000, contributed mainly by industrial workers and country labourers. The party, as a result, decided to found a bank of its own, and accordingly in June, 1920, the Workers’ and Peasants’ Bank was instituted with a capital of £04,000, £4(/,000 paid up, of which £.16,000 consisted in small savings deposits, and £24,000 in fictitious subscriptions. The remainder was apportioned in shares between a person associated with Humanite, who owned the building in which tlio bank had its seat, and a councillor -who acted as tmanager of the bank. The nor/- bank found no difficulty ,in securing clients, and before long 24 brandies were opened in the region of Paris alone. Some £250,000 was collected, half of it in deposits payable at sight and half to be funded in six months, one year, and five years, interest being given.

Since it was opened the bank claims to .have made profits amounting to £6OOO. Meanwhile-it could dispose of considerable sums for fulfilling its real purpose of financing Communist propaganda. Out of. the savings of the poorest and thriftiest class , £2-1,000 found its way into the eashbox of Humanite, £25,000 to the Communist, co-opera-tive societies, ami £42,000 to the Spartacus Filr.i Company .the Cecouiv Rouge Intel-national, and the Jeunesses Communists.. As a result of these grants the financial situation of the bank is anything but sound. I.n fact, out of the quarter of a million entrusted to it, the bank recently had. according to the Paris correspondent of the 'Morning Post, just over £240 to satisfy 'the too trusting adherent* *■ t * of Communism.

Following the anti-Oommur.isf action taken by - -the police before and after the abortive August .1, a judical inquiry ,was opened to find out if the bank received sums from the Soviets The inquiry, revealed numerous ii regularities, besides the constitution ' of

the bank, which, being based partly on imaginary subscriptions, is itself illegal. . A commissioner of justice, accompanied by several experts and escorted by a‘ posse of police, arrived at the premises on-August 15, and, while the police kept guard about its imposing portals, proceeded to make a search through various rooms-grouped about the sumptuous central hall, whose burnished iron grills and polished parquet would not dishonour a bourgeois insti tution. In spite of strong protests by the manager, £6OOO in casli was seized as well as a large quantity of documents whicli were sent off in. a police rap for examination elsewhere.