Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1915-09-25
ARE
RESUM|NG ACTIVITY
German Rule in Belgium is
Working Through Reor.
ganization
FINANCIAL SYSTEM
BECOMING BETTER
War Levies Ching Made on Some
of Belgian Cities to Pay
Expenses

Brussels, Belgium, September o.
The German administration in Bel.
sium has so far succeeded In recon-
structing the financial system, OF the
country that a number of the larger
businesses, such as the big factories,
coal mines and banks, which practi-
cally came 10 a standstij a year ago,
have been able to resume operations.
The withdrawal of the directors of
the National bank Of London in Aug
ust, 1914, who took with them its gold
stock and the plates for printing
notes, Left the country without a solid
basis for its currency system. Notes
were in circulation, but there was nc
gold with which to redeem them;
and there vas danger that the circu-
lation might be further expanded
through new issues Of the Belgian
Government in London, which could
easily be snuggled into the country.
Soon after the occupation Of Belgian
territory the German government dep
utized DR.. Won Lumm, one of the most
efficient directors CT the Reichstag, Ito
proceed to Belgium and take in charge
the rehabilitation of the currency sys-
tenn. As the officials of the National
bank had refused to return to Brus-
sells OF restore it's assets it became
necessary to find a new way of secur-
ing the note circulation.
At the same time the German au-
tlorities were levyirvg war contrlDu-
tions upon various Belgian cities to
raise money for meeting the expenses
OF governing the occupied territory
contributions which could not he cas-
lily raised in the form CT cash. The
cities were therefore asked to isElc
their certificates of Indebtedness pay.
BILE at some future time and it was de.
cided to use these as M form of Sc
CURLY for new notes besides bank bal
ances abroad German god and ether
currency. As the National bank had
refused to continue the further dis.
change of its functions, the note-is-
suing power was conferred upol tho
Soc;ete General de Re!gique, the old
est and largest banking company Of
the country.
This concern has new been serving
for some months as bank Of issue, and
its notes have come into general cir
culation. Especially its smaller notes
are In great demand, the silver
rency having long ago disappeared by
reason Of boarding.
Two other important financial task
had to be taken in hand. Ono was
the fixing Of indemnities to be paic
for supplies OF staple g~cods-like coai
and other raw materials-which had
been taken over by the military auth
critics for the armies; the other wa
the abolition Of the moratorium which
had been in force since the war be
gan. The settlement CT the indennl
ties was complicated by the fact thai
the goods in question were in many
cases not owned outright. but were
still to he paid for by the persons
from whom they were seized. The
commission having this matter In
hand was, however, authorized TO pay
in advance half of the value Of such
goods, pending the final adjustment
in order that manufacturing and other
business concerns might as soon as
possible come into possession Of the
money with which to resume opera
tons.
The moratorium. on the other land.
presented difficulties which have not
yet been overcome. After hearing the
representations Of chambers of cctm
merce. individual manufacturers and
other business men, the new banking
department. attached to the civil gov.
ernInent at Brussels saw that hasty
action must be avoided; and up to the
present time the moratorium contin-
e in force.
Still another function Of the bank