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Annual Report of the Bank of Poland for 1927

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Annual Report of the Bank of Poland for 1927 May 1928 MAY, 1928 FEDERAL RESERVE BULLETIN 333 in deposits with this bank; for on May 20 While the causes of the financial disturbances Government deposits increased to 840,000,000 of last spring may be traced to the economic yen and private deposts to 385,000,000 yen. crisis of 1920 and the heavy blow dealt by Government deposits subsequently fluctuated the earthquake of 1923, banks did not lack between 750,000,000 and 870,000,000 yen, and prudence in the management of their affairs private deposits varied from about 150,000,000 during these years; it was the accidental dis- to 300,000,000. The movement of advances closure of their weakness which excited anxiety and deposits was reflected in the note issue. among depositors generally and precipitated An increase to 1,408,000,000 yen on March 23 the panic. There was in fact nothing in the was followed by temporary contraction to the nature of a sudden change in the fundamental 1,200,000,000 yen level and the following economic situation of our country to account month by expansion that resulted in the peak for this incident; and should our banking and of 2,659,000,000 on April 25. A gradual financial institutions be restored by improve- decline from this peak brought the issue nearly ments in their management, we need not take down to normal, and it stood at 1,682,000,000 a pessimistic view of the future. All depends, at the end of the year. The large gain in however, upon what readjustments are effected. deposits is the principal reason for the fact It is the duty of this bank to give every- that the increase in the volume of the note possible assistance to efforts which are being issue did not follow the great increase in made to improve the situation. The measures advances. taken by the bank since the outbreak of the National loans other than Government rice panic necessarily brought about an expansion purchase notes were issued to the amount of in the currency. This must be endured if it 651,000,000 yen during the year; and as re- contributes to financial stabilization; but con- demptions including purchases out of the sink- sidering the essential function of this bank as ing fund amounted to 451,000,000 yen, the net the central bank, and bearing in mind that increase in the debt was 199,000,000 yen. the problem of lifting the embargo on the Offerings of loans in the open market were export of gold is yet to be solved, we must limited to conversion issues. Redemption by direct our efforts toward readjusting the present means of the sinking fund was carried on abnormal situation and preparing for a return during the year both by purchase in the open to normal conditions. market and by the drawing of lots. ANNUAL REPORT OF THE BANK OF POLAND FOR 1927 The annual report of the National Bank of funds held abroad by the Bank of Poland in Poland for 1927, presented to the meeting of October, 1926, that is to say, before receiving shareholders on February 10, 1928, contains the stabilization loan, were greater by 15 per the following sections dealing with economic cent than the reserves at the end of 1924, conditions in Poland and with the operations when they stood at the highest level attained of the bank: up to that time. Production has developed General situation.—The favorable turn taken in proportion to the increased purchasing by the economic situation of the country begin- power of money, as is shown by the decline in ning with the second part of the year 1926 was unemployment figures. In spite of certain still more marked during the past year. In temporary fluctuations toward the end of the this year the equilibrium o£ the budget, year, a distinct improvement is observable in achieved for the first time in 1926, was estab- every field of our economic life. * * * lished on a more permanent basis as a result The stabilization plan published on October of increase in receipts and in treasury reserves. 13, 1927, after the floating of the international The stability of exchange, brought about by loan, included provisions designed to insure domestic resources, was placed upon a solid budget equilibrium which had been achieved foundation through the stabilization loan, for the first time in 1926-27. The plan pro- which safeguards the national currency from vided for an increase in receipts of at least any combination of unfavorable circumstances. 300,000,000 zlotys during the budget year Although our commercial balance was unfavor- 1927-28 to cover additional administrative able, the increasing volume of imports has expenditures as well as annual amortization been to date of a productive character, and payments for the stabilization loan, and to the excess of imports was covered by foreign create an effective surplus. Part of the yield credits. The metallic reserve and the available of the foreign loan was allocated to a special Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis May 1928 334 FEDERAL RESERVE BULLETIN MAY, 1928 treasury reserve which should insure permanent foreign countries, which might develop a pre- equilibrium of the budget; and the Govern- mium on importations and expose the country ment, in accordance with the plan of stabiliza- to the danger of an increase in the volume of tion, agreed for the next three years not to imports, a lowering of production, and an in- float any long-term loan either at home or crease of unemployment. Under these cir- abroad to provide for budgetary needs. The cumstances legal stabilization of the exchange system of monthly appropriations was main- was much to be desired. The Bank of Poland tained, and arrangements were made that was of the opinion that any considerable treasury balances should be deposited with fluctuations in the exchange were undesirable. the Bank of Poland. At Warsaw, the dollar, which was quoted at The money market.—The situation in the about 8.99 zlotys in January, declined to 8.95 money market underwent some changes. zlotys in February and to 8.93 zlotys in April. During the first five months of the year the Following stabilization of the zloty, the rate market was sufficiently supplied with liquid on New York was reduced in October to 8.90 capital from increase of savings, from funds zlotys, which corresponds to the ratio of 172 made available under the more liberal credit zlotys for 100 gold francs, the ratio established policy of the Bank of Poland, and also from as the basis of stabilization. * * * funds forthcoming in the prospect of a foreign On examination of the increase in the Bank loan, which stimulated an influx of foreign of Poland's gold and foreign exchange reserves capital in the form of merchandise credits, one may distinguish two periods—the first, capital loans, or the purchase of shares and from the beginning of the year to the end of securities. September, when the bank increased its gold Beginning with the month of June a general reserve by ordinary purchases; and the second, stringency became apparent in the market, including the last three months of the year, caused partly by a less liberal credit policy on during which the metallic reserve, entirely the part of the Bank of Poland—which policy aside from its revaluation on the basis of the in turn followed upon the unfavorable commer- new parity, was considerably strengthened from cial balance and the suspension of conversa- proceeds of the stabilization loan. tions regarding the international loan; partly Throughout most of the year the reserves in by a moderate revival in industry and agricul- foreign exchange rose steadily, at first as the ture and the increasing demands for liquid result of a favorable balance of payments until funds which this revival brought about. April, and thereafter as reflecting a stability of The total volume of money in circulation economic conditions in the country; this caused increased during the course of the year, from foreign currencies hoarded in Poland as well as about 1,021,000,000 zlotys at the beginning of capital sums from abroad to be presented for January to 1,312,300,000 zlotys on December deposit at the bank. The gold and foreign 31. Thus the volume of circulation increased exchange reserves rose during the first nine by 28.5. per cent, whereas the wholesale price months of the year from 264,000,000 to index for principal commodities increased by 400,000,000 zlotys, or by 53 per cent. A large only 6 per cent. The expansion in circulation part of its foreign holdings were used by the was due entirely to increase in the issue of bank for the purchase of gold, so that reserves, bank notes. Notes issued by the State declined which at the beginning of the year amounted not only relatively as new issues of bank to only 138,000,000 gold francs, increased in notes were put out but even absolutely in the nine months by 44,000,000 gold francs. amount. Currency reform made two important The exchange value of the zloty, which was changes in the account of gold and foreign- stabilized at about 9 zlotys to the dollar in the exchange reserves. The first, a purely formal second half of 1926, was maintained through- one, concerns revaluation of these reserves out the past year at nearly this level. Recon- which until October 10 were reported at their struction of the gold and foreign exchange re- former metallic parity (1 zloty equal to 1 gold serves enabled the Bank of Poland to con- franc), and beginning with October 13 at the trol the exchange market and to check specula- new gold parity (1.72 zlotys equal to 1 gold tion on depreciation of the national currency— franc).
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