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:
“Solomon’s ... excess became an insult upon the privileges of mankind; for by the same plan of luxury, which made it necessary to have forty thousand stalls of horses,—he had unfortunately miscalculated his other wants, and so had seven hundred wives....
Wise—deluded man!”
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