The final Act of the conference of Algeciras, signed on 7 April 1906, covered the organisation of Morocco's police and customs, regulations concerning the repression of the smuggling of armaments and concessions to the European bankers from a new State Bank of Morocco, issuing banknotes backed by gold, with a 40-year term. The new state bank was to act as Morocco's Central Bank, with a strict cap on the spending of the Sherifian Empire, and administrators appointed by the national banks, which guaranteed the loans: the German Empire, United Kingdom, France and Spain. Spanish coinage continued to circulate. The right of Europeans to own land was established, whilst taxes were to be levied towards public works.