Word: biz
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Dates: during 1930-1939
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Cash Register? Two years ago, when the Young Plan was supposed to have "taken Reparations out of politics." BIZ was set up as the "Cash Register of German Reparations"-the bank through which German payments would be distributed to the Allies (TIME, May 26, 1930) Jealous of their own power, certain central bank governors insisted at the time that BIZ must not become a world bank-but those days seem gone forever...
Depression drove President Hoover to put Reparations back again into politics with his Moratorium (TIME, June 29 et seq.) Thereupon German payments ceased and BIZ would have had to shut up shop had it been only or mainly the cash register of Reparations. Instead BIZ has never been busier than at present and is today the World Bank. In softly burring Scotch last week BIZ President McGarrah announced a BIZ profit of 15,182,819 Swiss francs ($2.930,000) or 4,000,000 Swiss francs ($772,000) more than last year...
Justice 6 Stability. To end the Basle business last week a BIZ dividend of 6% was voted to BIZ stockholders who are the central banks of 25 countries and the J. P. Morgan group...
...When BIZ was organized an additional bloc of stock was set aside to be bought within two years by other nations, providing each buyer was a state on the gold standard and could meet certain other reliability tests...
...last week BIZ had discovered no such nation, had turned down numerous applicants. Therefore, despite the fact that not all the original stockholders remain on the gold standard, they were permitted last week to buy the outstanding BIZ stock, will receive the extra slices ot BIZ dividend melon to which their privileged purchase entitles them...