Word: bankes
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Dates: during 1920-1929
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...authorized capital of the new institution will be five hundred million Swiss francs, divided into two hundred thousand shares of equal, nominal value, Subscription of the total authorized capital has been guaranteed in equal parts by central banks in Belgium, England, France, Germany, Italy and by banking interests in Japan and the United States. It is therefore apparent that central bank governors will guide the policies of the new institution. It is to be hoped that this factor will safeguard the interests of each of the nations concerned, will prevent the bank from becoming a political organization and will facilitate...
...objects of the bank, as stated in the first statute are: 'To promote the cooperation of central banks, to provide additional facilities for international financial operations, and to act as trustee or agent in regard to international financial settlements...
...bank is exempt from taxation on its capital reserves and profits and is immune from censorship, requisition, seizure or confiscation, in peace...
...general, the new institution appears to be admirably designed to facilitate execution of the Young Reparations Plan and to promote financial cooperation among nations. It would seem, however, that the dissension as to the location of the bank was not very much in keeping with the 'spirit of Locarno'. It is to be wondered why, after all. Franktort or Cologne would not have been the logical location for several reason...
...explained to Harvard readers the work which was accomplished at Baden, and has found but one criticism or cause for regret great enough to deserve his stress. Frankfort, he says, or Cologne, or some other German city might have been superior to Basel as a location for the International Bank...