43
equivalent, on the 7th October, 1937. The exception was
the Bank Polska Kasa Opieki Ltd.; but this bank has since
doubled its paid-up capital which now amounts to Zlotya
5,000,000, the present equivalent thereof in Palestine
pounds being approximately £P.190,000.
4.
The following table gives the classification of the
68 local banks in accordance with the figures of paid-up
capitai given in their monthly statements of assets and
liabilities as at the 30th September, 1937 :-
Paid-up Capitai
Number of Banks
Less than £P.5,000
22
IP. 5,000 and less than £P. 10,000
13
P.10,000 and less than P.25,000
18
£P.25,000 and over
To tel
68
5.
Thus on the 7th October, 1937, there were 35 local
banks whose paid-up capitai was less than £P.10,000 and, in
accordance with the provisions of section 4, these banks were
entitled to a period of nine months in which to increase
their capital to £P. 20,000 subscribed of which not less than
£P.10,000 had to be paid up in cash. The annual fee of
EP.100 imposed on banks by section 9 of the Ordinance was
payable on the 2nd January, 1938, and this circumstance
served to hasten the decision of an appreciable number of
small banks as to whether or not they would continue to
carry on as banks. In October, 1937, the names of two
banks