This method has made great advances in recent years.
Interest was rarely charged on advances by the temple or wealthy landowners for pressing needs, but this may have been part of the metayer system.
A large variety of materials have been used in their manufacture by different peoples at different times - painted linen and shavings of stained horn by the Egyptians, gold and silver by the Romans, rice-paper by the Chinese, silkworm cocoons in Italy, the plumage of highly coloured birds in South America, wax, small tinted shells, &c. At the beginning of the 8th century the French, who originally learnt the art from the Italians, made great advances in the accuracy of their reproductions, and towards the end of that century the Paris manufacturers enjoyed a world-wide reputation.
In these circumstances the state agreed to guarantee the interest on the capital, the sums it paid in this way being regarded as advances to be reimbursed in the future with interest at 4%.
As before, the sums paid out in respect of guaranteed dividend were to be regarded as advances which were to be paid back to the state out of the profits made, when these permitted, and when the advances were wiped out, the profits, after payment of a certain dividend, were to be divided between the state and the railway, two-thirds going to the former and one-third to the latter.
