An international bank with headquarters in London, the purpose of which will be to enable German Jews emigrating to countries other than Palestine to withdraw their capital from Germany, is being contemplated, the Jewish Telegraphic Agency learned today from the most reliable sources.
The bank will operate under a transfer agreement similar to that which exists between Germany and Palestine. Shares in the bank will be sold to Jews all over the world.
German Jews who desire to withdraw their money from Germany will be assisted by the bank in the following manner:
They will receive their capital in foreign currency abroad before the German goods (the transfer medium) are transferred from Germany to the country of intended residence by the emigrant. The transaction will involve a 25 per cent loss to the prospective emigrant, but the latter will not be obliged to wait years for their full capital as they do under the terms of the Palestine-Germany transfer agreement. (Under the Palestine pact, an emigrant must wait at least one year after leaving Germany before he can hope to receive his initial-and-minimum-transfer sum of $5,000.)
Your correspondent has been given to understand that the proposed plan is being considered by the German Government and has the backing of Reich Minister of Economics Dr. Hjalmar Schacht. Dr. Schacht’s support is understood to be predicted on the belief that such a project would help increase German exports, at the same time paying off Jewish accounts in Germany, and help break down the world boycott of German goods.
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The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
