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.
Read more about this topic: Young Plan
Famous quotes containing the word plan:
“I have always hated biography, and more especially, autobiography. If biography, the writer invariably finds it necessary to plaster the subject with praises, flattery and adulation and to invest him with all the Christian graces. If autobiography, the same plan is followed, but the writer apologizes for it.”
—Carolyn Wells (1862–1942)
“My plan of instruction is extremely simple and limited. They learn, on week-days, such coarse works as may fit them for servants. I allow of no writing for the poor. My object is not to make fanatics, but to train up the lower classes in habits of industry and piety.”
—Hannah More (1745–1833)