Future of Foundation Jewish Co-operative Banks in Roumania: Conference Held in Bucharest to Interven

A Conference has been held here of representatives of the Foundation Jewish Co-operative Banks in the Old Kingdom and the new Provinces, with M. Fred Sarage, of Jassy, the Director of the Federation of Jewish Credit Co-operatives, in the chair, in order to consider what action to take to save the banks, which are menaced by the provisions of the new law drafted by the Government.

Under this draft law, which is to be presented to Parliament shortly by the Minister of Finance, M. Argetoianu, together with a number of other financial proposals concerning the debts of the peasants and the taxing of private officials, the establishment and working of banking businesses are no longer, as hitherto, subject to the general conditions governing the activities of trading corporations but to special stringent conditions, especially in the direction of insisting on the bank being in possession of a fixed minimum amount of capital. In view of the fact that most of the Jewish co-operative banks are not able to meet this condition, the conference has decided to take measures in order to ensure the continued existence of the Jewish credit co-operatives within the framework of the new legislation.

A deputation from the Conference has presented a memorandum to ex-Deputy Dr. Filderman, the President of the Union of Roumanian Jews, who took a prominent stand in Parliament as far back as 1928 for safeguarding the existence of the Jewish co-operative banks in Roumania, in which are set out the views of the Jewish co-operative banks concerning the Government project, and he has been authorised to take all necessary measures on their behalf to protect the Jewish credit movement in Roumania.