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EN
The activity of the Municipal Savings Bank of the city of Łódź (MSB) in the period of the great economic crisis (1930–1935) is the object of this article. The Savings-bank began its activity on 31 October 1930 on the basis of the Polish Republic President’s order of 13 April 1927 about municipal saving-banks, and supplemented by the executive provisions of both the Minister of Internal Affairs and the Minister of Treasury on 26 March 1928. It functioned on the basis of the Bank Charter confirmed by the Provincial Governer of Łódź on 31 July 1930. It was one of the many institutions of this type acting in the Second Republic of Poland. The main reason of setting up the MSB in Łódź was to make saving easier and to protect savings against speculation and loss, and also, to make giving a “cheap” credit more available. The Savings Bank had the personality of a public institution of public character and this largely determined the aims and the principles of its functioning. In the first part of this article was introduced the outline of the development of savings banks on the Polish land during the period of the Partitions of Poland and after regaining independence by Poland (till 1935), while in the principal part were presented the legal and organizational bases of functioning of the MSB in Łódź; besides the bank’s activity concerning its passive operations (accumulating savings deposits) and the active ones (giving credits and loans) were analysed. A lot of place was dedicated to the organizational structure of the Savings Bank, and especially to the range of its powers’ operation – the Council and the Management (the Board), and also to the Auditing Committee. The city of Łódź played an immense role as a formal founder of the MSB as well as a guaranteeing association. It was the guarantor of the functioning stability of the Savings Bank. The municipal authorities made, among other things, a list of losses that were result of giving credits and loans by the Savings Bank, which borrowers were not able to pay off. Yet, it must be underlined here that the property of the Savings Bank was administered separately and legally separated from the commune property, because – having its own wealth – the Savings Bank was responsible for its liabilities with regard to its creditors. In spite of unusually difficult economic conditions in which the savings bank acted and “irresponsible actions” of the first authorities, it managed to survive the period of great economic crisis in a comparatively good economic shape. It was proved, among others, by the systematic growth of the number of passbooks as well as by the amount of the savings in them, and also – despite the break down in 1933 – by the sums of given credits and loans. MSB enjoyed a wide confidence among the local society, and especially among its “average and lower” classes which made up its basic customers.
EN
The object of the article are the questions concerning the „ethical aspects” of functioning of stock exchange law during partitions of Poland and in the first years of independent Poland. The analysis covers the period from 1817 (when in Warsaw the first official stock exchange on Polish territory was created) to 1921 when the first in independent Poland Act about the Organization of Stock Exchanges was passed. In the 19th century, several stock exchanges were created on Polish territory, from which the most essential were those in: Warsaw, Lvov and Lodz. The stock exchange was (and still is) regarded as one of the key institutions of market economy. Already, even on this account, the stock exchange law constituted the essential reference to economic law. On its basis the important institutions functioned, not only in the area of economy. In this article, the basic records of laws and exchange charters were traced, as well as different – essential for stock exchanges – documents (for instance, ministerial instructions), which set the principles of functioning of those institutions. The principles were considered from ethical norms’ point of view, which established ethics of economic life of that time. I have especially focused my attention on the principles of functioning of stock exchanges, which related to: the main stock organs, members of exchanges, as well as the so-called clientele. The stock exchange law also related to realities of that time, where-for different reasons – common cases of disobedience of the law occured. It should be stressed here, that stock exchange law was shaped on basis of economic legislation of the partitioners and that it was subject to changes along with political, economic and social transformations, which took place on Polish territory in the discussed period.
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