Der Wirtschaftskrieg

Bibliographic data

Monograph

Identifikator:: 1024656551

URN:: urn:nbn:de:zbw-retromon-49829

Document type:: Monograph

Title:: Der Wirtschaftskrieg

Edition:: Zweite, nach dem Stande vom 31. Juli 1915 ergänzte Auflage

Place of publication:: Wien

Publisher:: Verlag der Niederösterreichischen Handels- und Gewerbekammer

Year of publication:: 1915

Scope:: 1 Online-Ressource (II, 171, V Seiten)

Digitisation:: 2018

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: XI. Britisches Reich

Collection:: Economics Books

(Siehe S. 75). The latter licence was issued to dehne more clearly the liabilities of the banks which would rank for payment out of the assets in London. 23. Under clause 3 of the licence, the Treasury have appointed a Controller to supervise the Operation» of the banks, and he, in turn, has appointed an offlcial Supervisor to act on his behalf at each of the banks. The supervision is intended not to interfere the management of the banks’ business, which has remained in the Lands of the managers, but is intended to ensure that the terms of the licence shall be carried out. No members of the staffs of the banks have been dismissed. 24. The business to be undertaken by the banks is limited to the completion of transactions entered into before the outhreak of war and to the payment (other than to enemies) of liabilities incurred as a result of such transactions, which would ordinarily be discharged by the London establishments of the banks. 25. Both the Oesterreichische Länderbank and the Anglo-Austrian Bank suspended payment of their liabilities during the currency of the Moratorium, and the latter has, with the assistance of the Bank of England (which extend ed to the Austrian banks the facilities granted to accepting houses in September last under an arrangement made between the Bank of England and the Treasury), been enabled to resume payment of its liabilities in full. 26. The available cash resources of the Oester reichische Länderbank have not permitted of a similar course being adopted, but it is, with the assistance of the Bank of England above referred to, discharging its liabilities upon acceptances. 27. Payments, totalling 4,920.000 £. have been made by these banks to their creditors, and at present sums amounting to upwards of 3,750.000 £ ave due to the Bank of England in respect of advances made under the Treasury arrangement referred to. These advances are repayable as and when cover is received from Clients, but the Bank of England has undertaken not to Claim repayment from the Austrian banks of any amounts not so recovered until the expiration of one year al'ter the dose of the war. It is extremely unlikely that there will be any surplus to pay to the Bank of England under clause 4 of the licence. 28. Particulars of securities held by the banks for account of enemies have been furnished to the custodian appointed under „The Trading with the Enemy Amendment Act, 1914“, but the securities themselves at present remain in the possession of the banks. Foreign Office, April 19, 1915. Annex I. Licence to German Banks of August 10, 1914. In pursuance of the powers conferred on me by „The Aliens Bestriction (No. 2) Order in Council, 1914“, made this day under „The Aliens BestrictionsAct, 1914“, I hereby permit — The Deutsche Bank The Dresdner Bank, The Disconto-Gesellschaft, to carry on banking business in the United Kingdom Subject to the following limitations, conditions, super- vision, and requirement as to the deposits of money and securities: 1. That the permission shall extend only to the completion of the transactions of a banking character entered into before the 5th day of August, 1914, and that no new transaction of any kind save such as may be necessary or desirable for the purpose of the completion of the flrst-mentioned transactions shall be entered into by or on behalf of the British establish ments of the banks. 2. That the business to be transacted under this permission shall be limited to such Operation» as may be necessary for making the realisable assets of the banks available for meeting their liabilities, and for discharging these liabilities as far as may he practicable. 3. That all transactions carried out under this permission shall be subject to the supervision and control of a person to be appointed for the purpose by the Treasury, who shall have absolute discretion: a) To refuse to permit any payment that may appear to him to be contrary to the Interest of the nation. b) To permit any such new transactions as are, in his opinion, necessary or desirable for the purpose of the completion of the transactions first men- tioned in paragraph I. c) To permit, or refuse to permit, the completion of any particular transaction whatsoever. 4. That any assets of the banks which may re main undistributed after their liabilities have, j so far as possible in the circumstances, been discharged, shall be deposited with the Bank of England to the Order of the Treasury. E. McKENNA, One of His Majesty’s Principal Secretaries of State. Home Office, Whitehall, August 10, 1914. Annex II. Amended Licence to German Banks of September 19, 1914. In pursuance of the powers conferred on me by „The Aliens Bestriction (No. 2) Order in Council 1914,“ made on the 10th of August, under „The Aliens Bestriction Act, 1914,“ I hereby permit — The Deutsche Bank, The Dresdner Bank, The Disconto Gesellschaft, to carry on banking business in the United Kingdom subject to the following limitations, conditions, super vision, and requirement as to the deposit of money and securities: — 1. The permission shall extend only to the comple tion of the transactions of a banking character entered into before the 5th day of August, 1914, so far as

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