Somewhere between 40 and 50 French towns possess municipal pawnshops, a few of which, like those of Grenoble and Montpellier, having been endowed, charge no interest. Elsewhere the rate varies from nil in some towns, for very small pledges, to 10%. The constant tendency throughout France has been to reduce the rate. The great establishment in Paris obtains part of its working capital reserves and surplus forming the balance by borrowing money at a rate varying from 2 to 3% according to the loan term (duration). By law, the Paris mont de pit makes advances upon securities at 6%, plus a duty of 5 centimes upon every hundred francs. The maximum that can be lent in this way is 20. Up to 80% is lent on the face value of government stock and on its own bonds, and 75% upon other securities; only 60% may be advanced on railway shares. These advances are made for six months. Persons wishing to borrow a larger sum than 16 francs from the Paris mont de pit have to produce their papers of identity. In every case, a numbered metal check is given to the customer, and a duplicate is attached to the article itself. The appraising clerks decide upon the sum that can be lent, and the amount is called out with the number. If the borrower is dissatisfied he can take away his property, but if he accepts the offer he has to give particulars of his name, address, and occupation. Experts calculate that every transaction that involves less than 22 francs results in a loss to the Paris mont de pit—only those that exceed 85 francs are profitable. The average loan is under 30 francs.