The Plan
The Committee, which had been appointed by the Allied Reparations Committee, met in the first half of 1929, and submitted its first report on June 7 of that year. In addition to Young, the United States was represented by J. P. Morgan, Jr., the prominent banker, and his partner, Thomas W. Lamont. The report met with great objections from the United Kingdom but, after a first Hague Conference, a plan was finalized on August 31. The plan was formally adopted at a second Hague Conference, in January 1930.
Amongst other provisions, the plan called for an international bank of settlements to handle the reparations transfers. The resulting Bank for International Settlements was duly established at the Hague Conference in January.
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Famous quotes containing the word plan:
“The Lord wrote it all down on the little slate
Of the baby tortoise.
Outward and visible indication of the plan within,
The complex, manifold involvedness of an individual creature”
—D.H. (David Herbert)
“As I write, there is a craze for what is called psychoanalysis, or the cure of diseases by explaining to the patient what is the matter with him: an excellent plan if you happen to know what is the matter with him, especially when the explanation is that there is nothing the matter with him.”
—George Bernard Shaw (1856–1950)