STABILISING GERMANY.
NEW REICHSBANK TO BE ESTABLISHED. Rr Telefiapb Pre*» Association—Cop* right Australian and N.Z. Cable Association. (Received July 16, 12.30 p.m.) BERLIN, July 15. A German Bill for the establishment or a new gold note bank has been submitted to the Reparations Commission. The bank will be conducted similarly to the Reiehsbank, and the directorate will be exclusively German, but will be supervised by a General Council of fourteen members, comprising seven Germans and seven appointed by America, Britain, Italy, France, Belgium, bwitzerland and Holland, as creditors of the new bank. Dr Hjalmar Schacht, president of the Reiehsbank, is president-designate of the General Council. The bank will be completely independent of tho German Government, and will. issue the rp-eailed Reichs Mark note and coinage to the value of live milliards of gold marks, whicii must be covered to the extent of oncthird by gold and foreign currencies. The bank s capital of 800,000,00 gold marks will be raised by an international loan.
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Bibliographic details
Star (Christchurch), Issue 17343, 16 July 1924, Page 1
Word Count
163STABILISING GERMANY. Star (Christchurch), Issue 17343, 16 July 1924, Page 1
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