Obligation Imperial du Maroc governorate
The Gouvernement Imperial du Maroc was a government bond issued by the Sultan of Morocco to a French banking consortium.
On June 12, 1904, Abd al-Aziz (Morocco) signed a government loan agreement with a banking consortium headed by the Banque de Paris et des Pays-Bas .
The loan amount was made up as follows:
| Interest rate: | 5% | |
| Payback period: | 35 years | |
| Repayment: | in monthly installments | from October 15, 1904 |
| Nominal value of the bond | 62.5 million | French Franc |
| Commission and issuance fees: | 12.5 million | French Franc |
| Advance deduction as reserve fund: | 2.0 million | French Franc |
| Assumption of debts with banks in other countries: | 22.5 million | French Franc |
| Taking over the debts of Abdelaziz: | 15.5 million | French Franc |
| Sum of advance deductions: | 52.5 million | French Franc |
| Net credit: | 10.0 million | French Franc |
The banking consortium blocked the payment of the 10 million francs until the debt service was stable. The first monthly rate was due on October 15, 1904, and interest was calculated from July 1, 1904. The Moroccan administration had to wait for the 10 million francs, but was obliged to pay the 62.5 million francs plus interest. The Banque de Paris et des Pays-Bas had to pay the commissions of 2 million francs. The commissions were distributed as follows:
| function | Surname | commission | currency |
| Finance minister | Mohamed-Tazi | 0.5 million | French Franc |
| Foreign minister | Abdelkrim Ben Sliman | 0.5 million | French Franc |
| Minister of War | Mohamed Guebbas | 0.5 million | French Franc |
| Future finance minister | Tazi Omar. | 0.5 million | French Franc |
The government bond could be acquired, it was divided into 125,000 in bearer notes of 500 francs each. The bond resulted in a public subscription of 125,000 to the bearer in the amount of 500 francs each. The consortium received 62 million francs for 10 million francs in cash from the buyers of the bearer certificates as well as the assumption of the existing debts of Morocco in the amount of 38 million francs, so the French banking consortium had become the only creditor.
Public relations work and support from the French government led to an interest in buying the bearer bonds. The Banque de Paris et des Pays-Bas announced July 20, 1904, the issue of bearer prescriptions, they found wide sales. The bearer prescriptions with a face value of 500 francs had an initial rate of 462.50 francs, this rose to 488.50 francs; the rate rose in August 1904 above face value to 529 francs.
The bank consortium had to spend 384 francs for a bearer certificate with a nominal value of 500 francs, as the loan to Morocco was only 48 million francs (62.5–12.5–2 million). The profit can be estimated at more than 17 million francs, which the members divided according to the ratio of their participation:
| Bank | proportion of |
|---|---|
| Société marseillaise de credit | 14.10% |
| Société de Paris et des Pays-Bas | 12.8% |
| Comptoir national d'escompte de Paris | 12.8% |
| Société Générale | 12.8% |
| Banque nationale pour le commerce et l'industrie | 9.6% |
| Banque Allard | 9.6% |
| Crédit Algérien | 6.4% |
| Banque de l'Indochine | 6.4% |
| Comptoir Industriel et Commercial | 6.4% |
| Banque ottoman | 5.10% |
| Banque de l'Union Parisienne | 4% |
About 60% of the customs revenue was earmarked for interest and repayment by July 1, 1941. For the Moroccan state, the loan did not ease the budgetary situation. At the end of 1904 the 10 million francs were almost used up. In December 1904, Abdelaziz took out another government loan. El Mokrá, a senior official of the Majzen, was sent to Paris and mortgaged state property in the Fez and Tangier region .
Individual evidence
- ^ CR Pennell: Morocco Since 1830. A History. C. Hurst & Co. Publishers, London 2000, ISBN 1-85065-273-2 , p. 162.