Word: bankes
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Dates: during 1920-1929
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With colleagues representing the great central banks of Britain, Belgium, France, Germany, Italy and Japan, brisk Mr. Reynolds was trying to whip into shape a charter for the new Bank for International Settlements (TIME, Sept. 23) which under the Young Plan will handle German Reparations payments, issue Reparations Bonds. The Chairman's attitude: "We will go on until we have finished. This is a woodcutting job. There is going to be nothing spectacular about it and very little news...
...suffrage, tax reform and the temperance law.* After adjourning for one day to mourn Belgium's Delacroix, the bankers got back to their ballroom, soon rounded out a major portion of their labors by announcing that they had reached agreement in principle on the following attributes of the Bank for International Settlements (now begin ning to be called the "Young Bank"). Capital to be $100,000,000 as envisioned in the Young Plan. Board of Governors to comprise: first, six Governors ("Bix Six") representing the central banks of Britain, Belgium, France, Germany, Italy, Japan; second, two U. S. Governors...
Negative Decision. The bankers were agreed last week that the B. I. S. (Bank for International Settlements) shall not issue notes or create credits, shall merely transfer, distribute and mobilize existing credits. It will be a clearing house for Reparations, not an international bank of issue, not a competitor with the great central banks as some have feared. Consequently the B. I. S. will have only a small gold reserve, since the sole worth of a large reserve is to back notes or credits...
Veto. Also envisioned in the Young Plan was a veto proviso drafted last week at Baden-Baden to give the central bank of each nation power to limit or prevent any transaction of the B. I. S. in the country of the central bank in question or in its currency...
...View Haloo!' would awaken the dead Or the fox from his lair in the morning. -CUMBERLAND HUNTING SONG In England and Virginia, Ireland and Ohio-wherever British or U. S. horsemen gather, people remembered that song last week, for cub hunting was over, formal fox hunting was beginning. Bank presidents set their alarm clocks for 5:30 a. m. Valets laid out scarlet coats and white breeches. Stalwart young women wore derby hats at dawn. In Britain sportsmen remembered John Peel and his song more than on other Octobers, for last week marked the looth anniversary...