German External Loan Seven per cent Gold Bond. Deutfche Aubere Anleihe. Prestito Esterno della Germania Gold Bond Marks plus 1924
Costituzione: 1924
Codice ISMIN: 1488
GERMAN EXTERNAL LOAN 1924
(vil) All Bonds drawn or purchased for redemption under the preceding provisions shall be cancelled in manner required by the Trustees and lodged with them or dealt with as they may direct and shall not under any circumstances be re-issued nor shall any other obligations be issued in substitution therefor. (viii) In carrying out the provisions of this clause it is the intention that the Trustees shall have regard to the powers and duties imposed upon the German Debt Administration by the laws of Germany so far as the same are applicable thereto.
7. IN order to ensure no interruption taking place in the service of of the interest on and the redemption of the Bonds of each particular issue the German Gove... Altro
GERMAN EXTERNAL LOAN 1924
(vil) All Bonds drawn or purchased for redemption under the preceding provisions shall be cancelled in manner required by the Trustees and lodged with them or dealt with as they may direct and shall not under any circumstances be re-issued nor shall any other obligations be issued in substitution therefor. (viii) In carrying out the provisions of this clause it is the intention that the Trustees shall have regard to the powers and duties imposed upon the German Debt Administration by the laws of Germany so far as the same are applicable thereto.
7. IN order to ensure no interruption taking place in the service of of the interest on and the redemption of the Bonds of each particular issue the German Government fifteen days prior to the due date for the payment of any instalment of interest and fifteen days prior to the due date on which any annual sum is payable in accordance with the provisions of Clause 6 hereof shall set aside and pay to the Trustees or as they shall direct the funds respectively necessary for the service of such interest and redemption.
8. WITH a view to carrying into effect the foregoing provisions there shall be paid to the Trustees or as they may direct on the fifteenth of each calendar month of each financial year such a a sum as shall be the equivalent of at least one-twelfth of the amount required to meet the service of the interest on and the redemption of the Loan for one year having regard to the foregoing provisions of these presents and the provisions of the Bonds of each particular issue -including in such service all charges commissions and other payments to be made by the German Government in connection with the Loan for such year. The amount to be paid on the fifteenth of each month as aforesaid shall be apportioned between the particular issues of the Bonds made in the various countries and in proportion to the respective aggregate amount of the yearly service for such year of the Bonds of such particular issue respectively and the amount apportioned to each such particular issue shall be paid to or at the direction of the Trustees in the currency of such issue at any such place or places within the country of issue or otherwise as the Trustees shall require PROVIDED ALWAYS that nothing in the preceding provisions of this clause shall relieve the German Government from its obligations under Clauses 4 and 7 hereof PROVIDED NEVERTHELESS that in making the payments required by Clauses 4 and 7 hereof the German Government shall be given credit as the Trustees shall direct for the payments made pursuant to the preceding provisions of this clause.
9. ANY moneys for the time being in the hands of of or under the control of the Trustees under the foregoing provisions of these presents and not presently required to be applied in the purchase or redemption of Bonds payment of interest or otherwise as hereinbefore provided may be placed on deposit by or under the direction of the Trustees with such bank or banks or other financial Institution or Institutions and at such rate or varying rates of interest and generally on such terms as the Trustees may in their sole discretion think fit or the Trustees may purchase with the same and hold short term Government Obligations and all interest or other income when actually received by the Trustees shall be added to the moneys so in the hands of or under the control of the Trustees and shall operate to that extent to relieve or release the German Government from its obligations under the foregoing provisions of these presents PROVIDED ALWAYS that in acting under the foregoing provisions of this clause the Trustees shall not make any deposit or investment of moneys applicable to any particular issue excepting in the currency in which the Bonds of any such particular issue are payable.
10. THE principal and interest of all the Bonds issued in respect of the Loan shall be paid without deduction for all present or future German taxes stamp or other duties dues or public charges of any kind whatsoever and neither shall this General Bond nor any Bond or any other document or letter bearing upon the said Loan be subject to any German registration fees stamp duties or other similar duties. The principal and interest of the Bonds will be paid in time of war as well as of peace and no matter whether the holders of the Bonds are subjects of a state friendly or hostile to the German Reich and in no case shall the same be attached or sequestrated.
11. ALL temporary Bonds (if any) shall be signed by some person or persons duly authorised hereto on behalf of the German Government by the Reichsbank and Definitive Bonds shall be signed on behalf of the German Government by at least two members of the German Debt Administration (Reichsschuldenverwaltung) (all of whose signatures may be facsimile signatures reproduced either by engraving lithography or any other suitable process). In addition where the Regulations of any Stock Exchange under which the Definitive Bonds of any particular issue are issued so require such Bonds shall be signed and/or countersigned (as the case may be) in writing in accordance with such Regulations by some person or persons duly authorised in that behalf by Resolution of the German Debt Administration.
12. IN case any of the said Bonds shall at any time become mutilated or destroyed or lost new Bond of like amount tenor and date will be issued by the German Government in exchange for and upon cancellation of the Bond SO mutilated and its coupons or in lieu of the Bond SO destroyed or lost and its coupons but in the case of destroyed or lost Bonds only upon receipt by the Trustees and a a representative of the German Government of evidence satisfactory to them that such Bonds and coupons were destroyed or lost and upon receipt also of a satisfactory indemnity. 13. THE expression “the Trustees” where used in these presents shall where the context so requires or admits include the said Seymour Parker Gilbert Nelson Dean Jay and Carel Eliza ter Meulen and the survivors and survivor of them and every other person and corporation appointed to be Trustees hereof.
14. THE Trustees shall be not less than three in number of whom the Agent-General for Reparation Payments for the time being shall by virtue of his office always be one. A Trustee other than the Agent-General for Reparation Payments may at any time resign on giving one month’s previous notice in writing to his co-Trustees. In the event of the death or resignation of a Trustee other than the Agent-General for Reparation Payments the remaining Trustees shall forthwith appoint any other person or persons to be a Trustee or Trustees of these presents in place of the Trustee or Trustees so dying or resigning. The Trustees may at any time or from time to time appoint any additional Trustee or Trustees of these presents. The continuing Trustees may act notwithstanding any vacancy in their body and notwithstanding that their number be for the time being reduced below three. Whenever there shall be more than two Trustees hereof the majority of such Trustees of whom the Agent-General for Reparation Payments shall be one shall be competent to execute and exercise all the trusts powers and discretions hereby vested in the Trustees generally. A body corporate may at any time be appointed a Trustee of these presents. 15. THE German Government shall in each and every year during the continuance of the Loan pay to each of the Trustees for the time being of these presents…
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ISSUE of long term Bonds of various denominations and in various currencies by the German Government to secure sums producing in the aggregate an effective sum of the approximate equivalent of Eight Hundred Million Gold Marks plus he expenses of issue of negotiation and of delivery.
Issued in the United States of America, Great Britain. Belgium, France. Holland, Italy. Sweden, Switzerland and Germany in Bonds of various currencies for amounts sufficient to yield in the aggregate an effective sum of the approximate equivalent of Gold Marks 800,000,000, plus the expenses of issue. of negotiation and of delivery; such Issues being secured by a General Bond dated the 10th October. 1924, (a copy of which is endorsed hereon) to which this Bond is supplemental.
German Government 7% Lire Bonds, 1924.
ITAL AN ISSUE
(Redeemable by the operation of an Annual Cumulative Sinking Fund)
BOND TO BEARER
the said Bonds constituting a Particular Issue (as delined in the General Bond) in Lire in Italy and forming External Loan. 1924 the above-mentioned German The German Reich for value received hereby promises to pay, subject to redemption or repayment of this Bond under arrangements hereinafter set forth. on the 15th October/1949, to the Bearer of this Bond the principal sum of five hundred Lire and to pay semi-annually on the 15th April and the 15th October in each year until such principal sum shall have been paid interest thereonat the rate of 7% Lire, per annum, in accordance with the coupons for such interest hereto attached upon presentation and surrender of such coupons as severally they become payable. For the purposes of the redemption of the whole of the Bonds of this Issue by the 15th October 1949, there shall be paid during each financial year ending the 15th October in Lire in the manner provided by the General Bond to the Trustees for the Bondholders, or as they may direct. the sum which, according to Clause 6 of the General Bond, is applicable to redemption in each financial year in accordance with the Cumulative Sinking Fund Table which has been calculated by the Trustees as being sufficient to redeem at par the Bonds of this Issue by the 15th October, 1949.
Each sum so applicable 03 E oresaid for redemption during each financial year will be applied annually
(a) in the purchase of Bonds when the price thereof is below par (exclusive of accrited interest) and
(b) to the extent to which purchases are not effected, by drawings at par. In any financial year in which a drawing is necessary such drawing will take place during the month of August or September of that year, commencing with 1925: and Bonds drawn will be due for repayment on the following 15th October, on which date they will cease to bear interest. The numbers of Bonds drawn for redemption will be advertised in a newspaper circulating or published In the City of Rome not less than one month prior to the date of redemption and otherwise as may be determined by the Trustees. Drawn Bonds when presented for payment must be accompanied by all unmatured coupons and in the event of one or more of such coupons being absent the amount thereof will be deducted from the sum payable to the Bondholder.
The principal and interest of this Bond are payable in Lire at the Banca d’Italia or at its branch offices in Italy: (a) without deduction for all present or future German taxes, stamp Or other duties. dues or public charges of any kind whatsoever. (b) without deduction for any German registration fees, stamp duties, or other similar duties. and
(c) in time of War as well as in time of Peace and whether the holder is A Subject of a State friendly or hostile to the German Reich. Nether will this Bond in any case be attached or sequestrated. In the event of any divergence between the texts the English text shall prevail. Dated Berlin the Fifteenth October. One thousand nine hundred and twentyfour.
ENGLISH text: The Dawes Plan (as proposed by the Dawes Committee, chaired by Charles G. Dawes) was a plan in 1924 that successfully resolved the issue of World War I reparations that Germany had to pay. It ended a crisis in European diplomacy following World War I and the Treaty of Versailles.
The plan provided for an end to the Allied occupation, and a staggered payment plan for Germany’s payment of war reparations. Because the Plan resolved a serious international crisis, Dawes shared the Nobel Peace Prize in 1925 for his work.
It was an interim measure and proved unworkable. The Young Plan was adopted in 1929 to replace it.
At the conclusion of World War I, the Allied and Associate Powers included in the Treaty of Versailles a plan for reparations to be paid by Germany; 20 billion gold marks was to be paid while the final figure was decided. In 1921, the London Schedule of Payments established the German reparation figure at 132 billion gold marks (separated into various classes, of which only 50 billion gold marks was required to be paid). German industrialists in the Ruhr Valley, who had lost factories in Lorraine which went back to France after the war, demanded hundreds of millions of marks compensation from the German government. Despite its obligations under the Versailles Treaty, the German government paid the Ruhr Valley industrialists, which contributed significantly to the hyperinflation that followed. For the first five years after the war, coal was scarce in Europe and France sought coal exports from Germany for its steel industry. The Germans needed coal for home heating and for domestic steel production, having lost the steel plants of Lorraine to the French.
To protect the growing German steel industry, German coal producers—whose directors also sat on the boards of the German state railways and German steel companies—began to increase shipping rates on coal exports to France. In early 1923, Germany defaulted on its reparations and German coal producers refused to ship any more coal across the border. French and Belgian troops conducted the Occupation of the Ruhr to compel the German government to resume shipments of coal and coke. Germany characterized the demands as onerous under its post war condition (60 per cent of what Germany had been shipping into the same area before the war began). This occupation of the Ruhr, the centre of the German coal and steel industries outraged many German people. There was passive resistance to the occupation and the economy suffered, contributing further to the German hyperinflation.
To simultaneously defuse this situation and increase the chances of Germany resuming reparation payments, the Allied Reparations Commission asked Dawes to find a solution fast. The Dawes committee, which urged into action by Britain and the United States, consisted of ten informal expert representatives, two each from Belgium (Baron Maurice Houtart, Emile Francqui), France (Jean Parmentier, Edgard Allix), Britain (Sir Josiah C. Stamp, Sir Robert M. Kindersley), Italy (Alberto Pirelli, Federico Flora), and the United States (Dawes and Owen D. Young, who were appointed by Commerce Secretary Herbert Hoover). It was entrusted with finding a solution for the collection of the German reparations debt, which was determined to be 132 billion gold marks, as well as declaring that America would provide loans to the Germans, in order that they could make reparations payments to the United States, Britain and France.
In an agreement of August 1924, the main points of The Dawes Plan were:
The Ruhr area was to be evacuated by foreign troops
Reparation payments would begin at one billion marks the first year, increasing annually to two and a half billion marks after five years
The Reichsbank would be re-organized under Allied supervision
The sources for the reparation money would include transportation, excise, and customs taxes
Germany would be loaned about $200 million, primarily through Wall Street bond issues in the United States
The bond issues were overseen by consortium of American investment banks, led by J.P. Morgan & Co. under the supervision of the US State Department. Germany benefitted enormously from the influx of foreign capital. The Dawes Plan went into effect in September 1924. Dawes and Sir Austen Chamberlain shared the Nobel Peace Prize.
The economy of Germany began to rebound during the mid-1920s and the country continued with the payment of reparations—now funded by the large scale influx of American capital. However, the Dawes Plan was considered by the Germans as a temporary measure and they expected a revised solution in the future. In 1928, German Foreign Minister Gustav Stresemann called for a final plan to be established, and the Young Plan was enacted in 1929.
The Dawes Plan resulted in French troops leaving the Ruhr Valley. It provided a large capital influx to German industry, which continued to rebuild and expand. The capital now available to German industry functionally transferred the burdens of Germany’s war reparations from German government and industry to American bond investors. The Dawes Plan was also the beginning of the ties between German industry and American investment banks.
The Ruhr occupation resulted in a victory for the German steel industry and the German re-armament program. By reducing the supplies of coal to France, which was dependent on German coal, German industrialists managed to hobble France’s steel industry, while getting their own rebuilt. By 1926, the German steel industry was dominant in Europe and this dominance only increased in the years leading to WWII.
A bond is a document of title for a loan. Bonds are issued, not only by businesses, but also by national, state or city governments, or other public bodies, or sometimes by individuals. Bonds are a loan to the company or other body. They are normally repayable within a stated period of time. Bonds earn interest at a fixed rate, which must usually be paid by the undertaking regardless of its financial results. A bondholder is a creditor of the undertaking.
TESTO ITALIANO:
Il Piano Dawes (come proposto dal Comitato Dawes, presieduto da Charles G. Dawes) era un piano nel 1924 che risolse con successo la questione delle riparazioni della prima guerra mondiale che la Germania doveva pagare. Ha posto fine alla crisi della diplomazia europea dopo la prima guerra mondiale e il trattato di Versailles. Il piano prevedeva la fine dell’occupazione alleata e un piano di pagamento scaglionato per il pagamento delle riparazioni di guerra della Germania. Poiché il Piano ha risolto una grave crisi internazionale, Dawes ha condiviso il Premio Nobel per la Pace nel 1925 per il suo lavoro. Si trattava di una misura provvisoria e si è rivelata impraticabile. Il Piano Young fu adottato nel 1929 per sostituirlo. Alla fine della prima guerra mondiale, le potenze alleate e associate includevano nel trattato di Versailles un piano per le riparazioni a carico della Germania; 20 miliardi di marchi d’oro dovevano essere pagati mentre si decideva la cifra finale. Nel 1921, il programma dei pagamenti di Londra stabilì la cifra di riparazione tedesca a 132 miliardi di marchi d’oro (separati in varie classi, di cui solo 50 miliardi di marchi d’oro dovevano essere pagati). Gli industriali tedeschi nella valle della Ruhr, che avevano perso le fabbriche in Lorena che erano tornate in Francia dopo la guerra, chiesero al governo tedesco un risarcimento di centinaia di milioni di marchi. Nonostante i suoi obblighi ai sensi del Trattato di Versailles, il governo tedesco ha pagato gli industriali della valle della Ruhr, che hanno contribuito in modo significativo all’iperinflazione che seguì. Per i primi cinque anni dopo la guerra, il carbone era scarso in Europa e la Francia cercava di esportare carbone dalla Germania per la sua industria siderurgica. I tedeschi avevano bisogno del carbone per il riscaldamento domestico e per la produzione domestica di acciaio, avendo perso le acciaierie della Lorena a favore dei francesi.
Per proteggere la crescente industria siderurgica tedesca, i produttori di carbone tedeschi – i cui direttori sedevano anche nei consigli delle ferrovie statali tedesche e delle società siderurgiche tedesche – iniziarono ad aumentare le tariffe di spedizione sulle esportazioni di carbone verso la Francia. All’inizio del 1923, la Germania fallì le sue riparazioni ei produttori di carbone tedeschi si rifiutarono di spedire altro carbone attraverso il confine. Le truppe francesi e belghe condussero l’occupazione della Ruhr per costringere il governo tedesco a riprendere le spedizioni di carbone e coke. La Germania ha caratterizzato le richieste come onerose nelle condizioni del dopoguerra (il 60 per cento di ciò che la Germania aveva spedito nella stessa area prima dell’inizio della guerra). Questa occupazione della Ruhr, il centro delle industrie tedesche del carbone e dell’acciaio, ha indignato molti tedeschi. C’era una resistenza passiva all’occupazione e l’economia ne soffriva, contribuendo ulteriormente all’iperinflazione tedesca. Per disinnescare contemporaneamente questa situazione e aumentare le possibilità che la Germania riprendesse i pagamenti per le riparazioni, la Commissione per le riparazioni alleate ha chiesto a Dawes di trovare rapidamente una soluzione. Il comitato Dawes, sollecitato dalla Gran Bretagna e dagli Stati Uniti, era composto da dieci rappresentanti informali di esperti, due ciascuno dal Belgio (Baron Maurice Houtart, Emile Francqui), Francia (Jean Parmentier, Edgard Allix), Gran Bretagna (Sir Josiah C. Stamp, Sir Robert M. Kindersley), Italia (Alberto Pirelli, Federico Flora) e Stati Uniti (Dawes e Owen D. Young, nominati dal Segretario al Commercio Herbert Hoover). Fu incaricato di trovare una soluzione per la riscossione del debito riparatore tedesco, che era determinato in 132 miliardi di marchi d’oro, oltre a dichiarare che l’America avrebbe fornito prestiti ai tedeschi, in modo che potessero effettuare i pagamenti delle riparazioni agli Stati Uniti. Stati, Gran Bretagna e Francia. In un accordo dell’agosto 1924, i punti principali del Piano Dawes erano:
– L’area della Ruhr doveva essere evacuata dalle truppe straniere – I pagamenti delle riparazioni comincerebbero a un miliardo di marchi il primo anno, aumentando ogni anno a due miliardi e mezzo di marchi dopo cinque anni – La Reichsbank sarebbe stata riorganizzata sotto la supervisione alleata – Le fonti per il denaro di riparazione includerebbero trasporto, accise e tasse doganali – Alla Germania sarebbero stati prestati circa $ 200 milioni, principalmente attraverso emissioni obbligazionarie di Wall Street negli Stati Uniti
Le emissioni obbligazionarie sono state supervisionate da un consorzio di banche d’affari americane, guidato da J.P. Morgan & Co. sotto la supervisione del Dipartimento di Stato americano. La Germania ha beneficiato enormemente dell’afflusso di capitali stranieri. Il Piano Dawes entrò in vigore nel settembre 1924. Dawes e Sir Austen Chamberlain condivisero il Premio Nobel per la Pace. L’economia della Germania iniziò a rimbalzare durante la metà degli anni ’20 e il paese continuò con il pagamento delle riparazioni, ora finanziate dall’afflusso su larga scala del capitale americano. Tuttavia, il piano Dawes è stato considerato dai tedeschi come una misura temporanea e si aspettavano una soluzione rivista in futuro. Nel 1928, il ministro degli Esteri tedesco Gustav Stresemann chiese che fosse stabilito un piano finale e il piano Young fu emanato nel 1929. Il piano Dawes ha portato le truppe francesi a lasciare la valle della Ruhr. Fornì un grande afflusso di capitali all’industria tedesca, che continuò a ricostruirsi ed espandersi. Il capitale ora disponibile per l’industria tedesca trasferì funzionalmente gli oneri delle riparazioni belliche tedesche dal governo e dall’industria tedeschi agli investitori obbligazionari americani. Il piano Dawes fu anche l’inizio dei legami tra l’industria tedesca e le banche di investimento americane. L’occupazione della Ruhr ha portato alla vittoria dell’industria siderurgica tedesca e del programma di riarmo tedesco. Riducendo le forniture di carbone alla Francia, che dipendeva dal carbone tedesco, gli industriali tedeschi riuscirono a frenare l’industria siderurgica francese, mentre si faceva ricostruire la propria. Nel 1926, l’industria siderurgica tedesca era dominante in Europa e questo dominio è aumentato solo negli anni che hanno portato alla seconda guerra mondiale. Un’obbligazione è un documento di titolo per un prestito. Le obbligazioni sono emesse, non solo dalle imprese, ma anche dalle amministrazioni nazionali, statali o cittadine, o da altri enti pubblici, o talvolta da individui. Le obbligazioni sono un prestito alla società o ad altro ente. Normalmente sono rimborsabili entro un periodo di tempo stabilito. Le obbligazioni guadagnano interessi a un tasso fisso, che di solito deve essere pagato dall’impresa indipendentemente dai suoi risultati finanziari. Un obbligazionista è un creditore dell’impresa.