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THE OSHAWA DAILY TIMES, WEDNESDAY, DECEMBER 18, 1929 PASE NINE Te ------ final settlement of the reparation problem," be said. "The chairman 'ot this committee wWihE Aan Ameri Ek a LR ro yd ps5 . --.,shii rt othe Nh a A, tk BLATT IR. 08 " t/ H " oun, Owen D. Young, and the'r [| | proposals are known as the Youns Rls, without implylug that Mr f oung had any more to do with it than any other member, It wav one of the proposals of the Young EE at i NEW WORLD BANK PLAN IS ENDORSED Prof. J. P. Day Describes New System For Inter- national Settlements AT CANADIAN CLUB Establishment of Organiza. tion Follows Proposals of Young Plan Montreal, Dee, 18.--~The Bank for International Settlements is the logical result of banking progress and the coping stone of the edifice of the financial organisation of the world, said Prof. J, P. Day, assocl- ate professor of economics at Me. G11} University, speaking st the Canadian Club luncheon yesterday in the Windsor Hotel. "Just us in most countries of the world the banking system has been given coherence and leader- ship and made stronger by the es- tablishment of a contral bank-- or, nt least, of the central bank- ing principle--so in the world a a whole, is there to be this super bank co-ordinating, steadying and stren~thening, perhaps eventually establishing a rational control of fhe pushing power of gold," he suid, In opening, Professor Day dealt with the origin -and structure of the benk and then went on to tel) of its functions, Nations Agreo "On September 16, 1028, the six governments most concerned with voparations payments agreed at Geneva to set up a committee of Plan that o Bank for International Sottloments should be established. "On November 14 of this year, || a special Organization Committer | 4t Baden-Baden drafted and pub lished the charter of the bank and | wo are now waiting for the neces sary treaties between the Power to provide the basis for the appl! gation of the trust agreement, The hank is to be located at Basle and to receive a charter from the Swiss Government; its capital is to be 500 millfon Ewiss france, the sub- soription of which ls guaravteed in equal parts by the Central Banks of the seven Powers concerned: Britain, Germany, France, Hel wium, Italy, Japan and the United fitates, Special arrangements, Low- ever, had to be made to mest the case of the United States, If thot aountry fs willing to co-operate of- ticlally==which {fs most Imnrohahle the bank's charter definitely wti- pulates' for the Federal Rewnerve Bank of New York--and not the Federal Neserve Board---to he the representative, but if the Federal Reserve Board of New York is not allowed to co-operate, an Invitn. tion will be extended to some pri vate banking institution or group. special Board "The management of the bank 18 to be vested in a board of direcs tors composed of the governors of the seven centra} banks or thelr nominee substitutes, and seven por- sons representative of finance, in. dustry or commerce, one nominate od by each governor. The Bank of France and the Relchsbank have each an additional uppointes so long a8 the reparation payments are incompleted, If any aofher country has subscribed to the cap! experts for the purposs of drawing up proposals for a complete and MAN CANT SLFEP, GETS. NERVOUS, HATES PEOPLE "1 could not sleep and got so nery- Since takin y 10 hours und fee ou I hated everybody, Vinel, 1 can sle full of pep all dad ==Julius Bender, For and cod liver peptone. The a big appetite, Nervous, people are surprised whets, ) years doctors have prescribe ed Vino! because it contains imports ant mineral elements of iron, calelum very IFIRST bottle brings sound sleep and wornout how QUICK Vino! gives new lire and pep! Tastes delicious, Jury & Lovell, Ltd, druge Whitby Lumber and Wood Yard hone Oshawa 834 Whitby 19 i SARGANT Orders Promptly Delivered We have several desirable houses for rent CUTLER & PRESTON teal Katate Insurance ' Telephone 0T8~-088 Night calls 810-1860 04 King be. West rn ---------- - RRR. FOR SALE: When we say bars gain we don't mean maybe, 0 room brick house $4800 for #8600, Nicely located, All con. venlences, oto, DISNEY REAL ESTATE Phone 1380 Machinery Repairing AUTHING BU Lahuhb NOTHING '00 SMAMNL Aclanac Macha: Shep 'hone 1814 16) ning ww ------------ HARDWOOD FLOORS LAID Electric Sanded and Finish. ed Complete W. J. TRICK CO, LTD. #5 Albert Street * Phone 280, 281 INSULATING BUILDING BOAPD WARM IN WINTER OISTRIGUTED BY OSHAWA LUMBER COMPANY LIMITED tal of the bank, Its central bank may submit the names of four can- | Aldates of that nationality for a directorship, From the llsts wo submitted thd existing board may olect by a t Lnthirdn majority not more than nine persons. The only way, therefore, In which Canadn could he represented on the Board 'u for some person or institution In Canada to receive and take the onportunity to subseribe towarde the capital, The board will then by an two-thirds majority selec! rome Canadian financial fnatity tion----as we have no central ban' «~=to nominate four candMatos, an one of them might get elected, "Striotly speaking, the share holders as such, have no votinr rights, but arrangements are mad for & general meeting to be atten! od by nominees of central ban! and these nominees have votin rights in proportion to the numb: of shares subscribed In thair cour try, Thus the control of the ban is entirely in the hands of the ce' tral banks, but important alters tions In its constitution are onl possible by an act of the Swir Government in agreement with th wovernments sitnatory to the pro | posed international treaty, Wide Influence "In no far as the Bank is to be n organ of external administra tion of the German annuity pay ments, it is obvious that some such thority had to be established and | that, when established und hand! Ing such large sums, it is bound | to have considerable influence in the money markets of the world The real interest of the new insti tution, however, does not lle there A much greater importande, and o much more powerful role have been forecast for it, It is the logl- coal result of banking progross and the coping stone of the edifice of the financial organisation of the world, Just as in most countries of the world the banking system has been given coherence and lead: ership and made stronger and more economioal by the establish« ment of a contral bank--or, at least, of the central banking prin. olples~80 In the world as a whole is th to be this super bank, co- ordinating, asteadylug, and strong: thening--perhaps eventually estab- ishing a rational control of the purchasing power of gold, These are big claims and big hopes, but they are alrcumanectlvy foreshad: wed in the Young Plan, "It 1a to be a great and promis 'ng experiment in an untried tield, The centralisation of the world' || nold reserves in ita keeping would render possible and safe, when necessary, a greater evpansion of credit and thus avold that indefin {tely lonx streteh of fallink prices with all thelr depressing influence: an trade, which otherwise, and falling the discovery of new gol! | miner, is thought by many to be | inevitable, | Scroggs: "I'm just trip to Chicago," was the shooting?" | back from qu | Serages: "How | COOL IN SUMMER \ OSHAWA, ONT, ' FREE! 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