CREDIT FONCIER and CREDIT MOBILIER are finance institutions, which had their origin in the joint-stock speculation and sanguine promotion of public works which marked many years of the second empire in France, and to which the introduction of limited liability in England had given a great stimulus on the British side of the Channel. The parent institutions in Paris were followed by similar establishments in some other capitals. As the terms imply, the credit foncier contemplates loans and advances on real securities, and the crédit mobilier ou what is called with us personal or movable estate. Whether such limits and distinctions have been evei strictly observed in the practical working of these credit banks is doubtful. The credit mobilier of France has had a more unfortunate experience than the credit foncier, though the latter has by no means sustained the promise of its early years. While tho mania of launching new projects continued, enormous profits were made, which could only be the result of heavy promotion charges, and the shares rose in value with tho extraordinary liberality of the dividends. But the system of business pursued had the result of mixing the credit banks very closely with the various companies and undertakings they were promoting, and of throwing back upon them a growing mass of depreciated or unsaleable securities; while the abatement or collapse of speculation restricted the business from which the main part of the former income had been derived. The rates of dividend and the value of the shares consequently fell as rapidly as they had risen. This has been the practical experience of the crédit foncier and the crédit mobilier of France, which were the first, and remain the greatest examples of the finance companies so named. The credit ...foncier of England (there has been no credit mobilier in London) has had much the same course as the French companies; large profits for a few years were followed by increasing difficulties, and the locking up of large amounts of capital in hopeless undertakings. The Imperial Land Company of Marseilles has absorbed £260,000, the Santiago and Carril Railway £193,000, and both are failures. The directors in these circumstances have been applying the annual profits to a reserve fund, and addressing themselves to a class of loans and advances on securities differing little from that of ordinary bankers and many finance companies under various names.
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CREDITON, a market town of England, county of Devon, on the Greedy, near its junction with the Exe, eight miles north-west of Exeter. Population (1871), 4222. It is situated in a narrow vale, between two steep hills, and is divided into two parts, the east or old town, and the west or new town. The church, formerly collegiate, is a noble edifice, in the later Pointed style, with a fine tower 100 feet in height springing from the centre. There are places of worship for Baptists, Independents, Methodists, and ^Unitarians, a free grammar school with exhibitions to both universities, blue-coat, national, and infant schools, a mechanics’ institution, a public library, and a newsroom. There were formerly extensive woollen and serge manufactories there, but the inhabitants are now chiefly engaged in shoemaking and agriculture. Crediton was the birthplace, about 680, of the Anglo-Saxon Winfrid, better known as St Boniface, “the Apostle of Germany.” It returned two members to the Parliament at Carlisle in the reign of Edward I., and from 909 to 1049 was the seat of a bishopric, which was afterwards removed to Exeter. Fairfax with Cromwell took possession of Crediton in 1645. The present modern appearance of the town is mainly due to the removal of the old houses by fires which occurred in 1743 and 1769.
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