← Autodidact Archive · Original Dissent · Otho_Isch
Thread ID: 13700 | Posts: 1 | Started: 2004-05-14
2004-05-14 18:32 | User Profile
The first annual report of the bank was made public by Gates W. McGarrah of New York, its American president, May 19, 1931, at the first annual meeting, which assembled the governors or representatives of twenty-three of the world's central banks of issue and disclosed net profits from May 17, 1930 to March 31, 1931 of 11,186,521 Swiss francs ($2,158,998 taking the Swiss franc at its par of $19.30).
The Young Plan for payment of reparations, reducing Germany's obligations for damages caused during the world war from something like $25,000,000,000 to about $9,000,000,000, went into effect May 9, 1930.
Dr. Leonardus Jacobus A. Trip, president of the Bank of the Netherlands, was elected president May 8, 1935.
The authorized capital of the bank is $96,500,000 (500,000,000 Swiss gold francs), divided into 200,000 shares of equal gold nominal value. The statutes provide that 25 per cent only of the value of each share need to be paid for at the time of subscription. There were 173,600 shares of the capital stock still outstanding on March 31, 1932, 25 per cent of the value of which had been paid up, $20,940,500. These shares were divided among central banks and other banking institutions as follows:
| Bank | Shares |
|---|---|
| Bank of England, London* | 16,000 |
| Banque Nationale de Belgique, Brussels* | 16,000 |
| Banque de France, Paris* | 16,000 |
| Banca d'Italia, Rome* | 16,000 |
| Reichsbank, Berlin* | 16,000 |
| A group of 14 Japanese banks led by the Industrial Bank of Japan, Tokyo* | 16,000 |
| The American Group* 1. J. P. Morgan & Co., New York 2. The First National Bank of New York, New York 3. The First National Bank of Chicago, Chicago | 16,000 |
| De Nederlandsche Bank, Amsterdam | 4,000 |
| Schweizerische National Bank, Zurich | 4,000 |
| Sveriges Riksbank, Stockholm | 4,000 |
| Bank von Danzig, Danzig | 4,000 |
| Finlands Bank, Helsingfors | 4,000 |
| Banque de Grece, Athens | 4,000 |
| Oesterreichische Nationalbank, Vienna | 4,000 |
| Banque Nationale de Bulgarie, Sofia | 4,000 |
| Nationalbanken j Kjobenhavn, Copenhagen | 4,000 |
| Banque Nationale de Roumanie, Bucharest | 4,000 |
| Bank Polska, Warsaw | 4,000 |
| Magyar Nemzeti Bank, Budapest | 4,000 |
| Nardoni Banka Ceskoslovenska, Prague | 4,000 |
| Eesti Pank, Tallinn | 100 |
| Latvijas Banka, Riga | 500 |
| Lietuvos Bankas, Kaunas | 500 |
| Banque National d' Albanie, Rome | 500 |
| Norges Bank, Oslo | 4,000 |
| Banque Nationale du Rovaume de Yougoslavie, Belgrade | 4,000 |
| TOTAL | 173,600 |
Note - The remaining unissued portion of the total authorized capital of 200,000 shares, 26,400 shares, was taken up in equal proportions on May 31, 1932, by the seven founding members.