Word: banca
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...hwan of Korea." Few of these odd currencies cross Ryus' desk directly, since normally TIME International subscription orders, paid for in local currencies, are cleared through branches of world banks, such as New York's National City, Holland's Amster-damsche Bank, Italy's Banca Commerciale. There the money is converted and credited to TIME'S U.S. dollar account. "It's all pretty routine," says Ryus, "except when we get a barrelful of 'pazooties.' " "Pazooties" are what the International staffers call any currency that fluctuates wildly in value or that cannot...
...Corp., replacing James F. Cavagnaro, 69, who retired. Apparently because new Chairman Belgrano was given executive powers equal to his own, Transamerica President Sam H. Husbands, 62, promptly resigned his $75,000-a-year job in a huff. Belgrano, the son of the president of San Francisco's Banca Popolare Fugazi (one of the foundations of A. P. Giannini's Bank of America empire), was a $35-a-week messenger for the Bank of California in 1916, served as a 2nd lieutenant in World War I, then joined his father's bank as assistant cashier. Climbing...
...very important department of the Franco government, the treasury, is still quartered in Burgos. At the start of hostilities the Rightists simply surcharged the Republican currency. In April these bills were withdrawn from circulation, however, and new bills bearing the imprimatur of BANCA ESPANA rolled from the presses at Burgos and have been kept at a fictitious value of about 10? a peseta inside Spain.* This was the job of Salvador Amado, Delegate of State for the Treasury, who has imposed a strict embargo on exporting the money across the border. The $700,000,000 Spanish gold reserve fell into...
...Bonus in cash. To get immediate action they elected Frank Nicholas Belgrano Jr. of San Francisco to be their national commander (salary: $9,000). After the War, through which he served in the U. S., emerging a second lieutenant, Frank Belgrano went into his father's business, the Banca Popolare Fugazi of San Francisco. He was cashier of that bank in 1927 when Amadeo Peter Giannini, great imperialist among California's bankers, took it into his mighty chain. Today Legionary Belgrano is a vice president of Giannini's Bank of America, president of the Pacific National Fire...
...British and German pooling agreements. Officials of two trans-atlantic Italian lines refused to comment. Giuseppe Cosulich in New York said he had heard nothing about it. Rome despatches last week confirmed the rumors. A new company, Italian Lines, was formed with capital of 800,000,000 lire. Banca Commerciale took a 42% interest, Credito Maritime 40%; the remaining 18% was divided between the shipping companies...