(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