THE "lANDSCHAFT" OF POSEN FROM I JANUARY I914 TO I JANUARY I916 3 



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1914 was the twenty-fifth year in which the lyandschaft of Posen had 

 been active since it had founded a special fund for loans on land, the Pose- 

 ner landschaftliche Darlehenskasse. It had alread)^ become one of the chief 

 financial establishments in the province. In these twenty-five years it 

 succeeded in repaying 2,000,000 marks of its foundation capital on which 

 it also paid interest at the rate of 3 per cent. This repayment had been 

 accomplished at the beginning of 1911. From then until the end of 1914 

 the Landschaft realized a profit balance of 1,247,344.30 marks. Moreover 

 while it was making repayments it constituted a reserve fund of 1,000,000 

 marks, the limit anticipated by the by-laws. 



The.following figures allow of a comparison of its turnover for three 

 years. 



Turnover in 1913 405,709,849.59 marks 



" " 1914 515,494,023.89 



" " 1915 498,052,288.82 



The net profits in these three years were as follows : 



Net profits in 1913 343.332-96 marks 



1914 408.355-55 



1915 392,022.84 



These represent, respective!}-, 11.44, 11-85 and 13.06 per cent, of the 

 3,000,000 marks of capital engaged. In conformity with § 11 of the by-laws 

 of the Bank of the Ivandschaft of Posen, dated 24 February 1890, the 

 total amount of these profits is paid into the funds held in its own right 

 by the Landschaft. 



These figures are the more significant because they represent definite 

 re-sults. They are evidently the final point of a quantity of operations bear- 

 ing on the titles of the Landschaft. The two reports which we are examin- 

 ing are a detailed exposition of the transformations and renewals of the va- 

 rious categories of titles issued. If we abstract for each category the exact 

 sum of the amount of the transactions really added to those of preced- 

 ing years, we will obtain a sufficiently clear picture of the progress of the 

 Landschaft. 



I. The situation of new investments of 1914 was as follows : 



a) in 3 1/2 % bills (without letter) . . . : 2,347,700 



^) iw 3 /4 % bi^^^ assigned to the fourth sixth of the 



letter C. titles 1,045,000 



c) in 4 % bills letter D 3,311,200 



d) in 4 % bills assigned to the fourth sixth of the letter 



E titles * 1,289,000 



e) in new 3 i/4 % bills 100,700 



/) in new 4 % bills 7,851,700 



giving a total of. . . . 15.945. 300 



