Word: bankes
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Dates: during 1920-1929
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...Messrs. X and Messrs. Y." Capital of the Bank will be $100,000,000. The share of Japan and the U. S. will not be subscribed by their central banks?as in the case of Britain, France, Italy and Belgium?but, according to Article Six, by "Messrs. X, acting in place of the Bank of Japan, and Messrs. Y of New York." Of course "the Messrs. Y" will be J. P. Morgan & Co. Thus without putting up a cent the Federal Reserve?traditionally in closest touch with the House of Morgan ?will have a major "phantom stake...
Direction, Procedure, Powers. On these three points the Statute released last week merely confirmed earlier official announcements (TIME, Oct. 28). The Chairman of the Bank will be elected by a Board composed of representatives of the central banks and of Messrs. X and Y. Mere ownership of shares carries no voting rights. These rest permanently with the members of the Board "in proportion to the number of shares subscribed in each country" according to Article...
...founding the Bank, 44% of the stock will be reserved for future purchase (at the discretion of the Board) by minor nations such as, for example, Czechoslovakia...
Rules of procedure allow the Board to meet anywhere in Europe, though they must gather at least four times a year in the Bank headquarters at Basle. Monthly statements and an annual report must be made public...
Finally the Bank is to have nearly all the powers of a clearing house for funds and credits of every kind,* but scarcely any of those exercised in general business financing by an ordinary bank or bank-of-issue.? Jealously decreed these prohibitions. They were forced upon the Baden-Baden bankers by the European banks of issue?especially the Bank of England? which feared the competition of anything like a "World Bank." The new Cash Register thus does not measure up to the original grand conception of Owen D. Young and the drafters of the Young Plan (TIME...