English Translation

- 21 - had been submitted on request by the cooperative, it was found that the first construction phase, including land and all ancillary costs, should cost K 6,456,500.--. 61 The granting of an intermediate loan of K l0,000.000.- was therefore, according to its amount, not acceptable at all. The managing director Tostmann was then asked to reimburse the part amount of K 4,000.000.--. This amount was returned to the Land Office on 28. 1l. l939. The amount of the debt is set at K 6,000.000 .-- + interest up to 3l.12. 19939 "1 115.305.55 K 6,115.355.55 62 The above-mentioned approach to the granting of loans shows that the principles to be respected in the credit business were left out of - and were handled with foreign funds extremely lightly. 63 Mayor Dr. Engelmann told the legal signing - neten am 3ll l. l940 in Iglau, that he was surprised how the Land Office could put the interim loan against its credit regulations K l0,000.000.-- unsecured at the disposal .. 64 In order to reach a final financing, the authority of the Reichsprotector was engaged. The aim is to secure a loan to the housing cooperative on the basis of the final cost of production in such a way that the Land Office from the Colonisation Fund grants the I. Mortgage at 2 1/4 % interest and 1 % amortization at about 50 % of the total value of the property, provided that an exemption is granted and that the Ministry of Social Affairs also grants an interest-free II. Mortggage at the Dek-