Letter

It is shockingto see that the Imperial Ottoman Bank refrains from loans. This forebearance is inexcusable. It may be true that the rule requires not to immobilise the funds that are at the disposal of a bank, but it should be taken into consideration that this principle has never been rigorously applied in any country and by any bank, especially the Imperial Ottoman Bank itself, which has often taken a share in Ottoman loans and which has kept Ottoman bonds in its portfolio for long periods of time. Moreover, it is absolutely necessary to understand properly the exceptional circumstances in which this loan has been created, the advantages it presents, and the situation of the Bank with respect to the government. The Imperial Ottoman Bank is the state bank. The Bank has been admitted as one of the parties to the contract of issue, despite a strong opposition and thanks to the active insistence of H.E. the Minister of Finance. The subscriptions received at the Bank are much inferior to those observed at the Crédit National Ottoman. Furthermore, the Council is aware of the violent campaign led against the Bank ever since the beginning of the war. Thanks to a [very large] participation, the Bank may even be able to appear at the top of the list of the establishments receiving subscriptions. It will be able to justify the consideration shown by H.E. the Minister of Finance. It will acquire new deeds to the sympathy of the public. On the imminent date of the expiration of its concession, the Bank will be able to count on the reputation that it has earned across the country by purchasing bonds.