NEW GERMAN BANK.
GOLD AND NOTE ISSUE. DIRECTORATE "WHOLLY TEUTONIC. (Received 2 p.m.) BERLIN, July 15. The German bill for the establishment of a. new gold and note bank has been submitted to the Reparations Commission. The bank will be conducted similarly to the Reichsbank, and the directorate will be exclusively German, •but will be supervised by a general council of 14 members, comprising seven Germans and seven appointed by Italy, America, Britain, France, Belgium, Switzerland, and Holland as creditors of the new bank. 11. K. Sdiaclit Cprlfeident of the Reichsbank, is the president-designate. The general council of the bank will be completely independent of the German Government, and will issue the so-called Reichsmark note and coinage to the value of five milliards of gold marks, which must be covered to the extent of one-third by gold and foreign currencies. The bank's capital is SOO,OOO gold marks, a million to be raised by international loan.— (A. and X.Z. Cable.)
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Bibliographic details
Auckland Star, Volume LV, Issue 167, 16 July 1924, Page 5
Word Count
159NEW GERMAN BANK. Auckland Star, Volume LV, Issue 167, 16 July 1924, Page 5
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