Vladimir Putin

Day, Professor John Percival

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The agreements at Geneva in 1928 to set up a Committee of Experts for the purpose of drawing up proposals for a complete and final settlement of the reparation problem. The proposals known as the Young Plan after the chairman of the Committee, Owen D. Young. The establishment of the Bank for International Settlements. The outstanding features of the Young Plan as contrasted with the Dawes Plan which has been operating since 1924. Fixing the total amount of annuities which Germany has to pay and the period during which the payments have to be made. Details of payments. The handing back to Germany of the transfer problem. Restoring fiscal autonomy to Germany. The plan of the Bank as outlined in the Young Report. Management to be vested in a Board of Directors. Composition of the Board. The position of shareholders. Voting rights. The control of the Bank entirely in the hands of Central Banks. What the Bank is supposed to do. Opposition to the Bank for International Settlements. Steps taken by the Organisation Committee to curtail the proposed powers of the Bank through the veto clause. The success of the Bank largely dependent on its management. A summary. The essential reparation functions of the Bank such as to form a solid reason for its existence. Acting as a clearing house for international indebtedness. Helping to stabilise the foreign exchanges and going far to eliminate the costs and risks now incurred in the shipping and reshipping of gold. Hoping that the Bank may in time provide a cure for the one great fault of the gold standard: that gold does not maintain a stable purchasing power. Comments on problems with the gold standard. Limits to credit expansion. Looking to the future. The need to increase the volume of purchasing power proportionately to the progress in the development of natural resources. Consequences if this is not done. Suggested solutions and how they would work. The speaker's regard for the Bank for International Settlements as a great and promising experiment.

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