The Bank of International Settlements was formally launched to-day' at_a Directors' meeting which unanimously adopted the report upon its organization submitted by the British delegate, Sir Charles Addis, Mr. Gates Magarrah (United States) was unanimously elected nan of the Bank and, with one ut, M. Pierre " Quesnay'.(France) was appointed managing-director.
Sir Charles Addis (Britain) and Dr. Melchior (Germany), both of whom played a large part in the elaboration of the Young Plan, were elected vice-chairmen, Owing to the fact that Britain and Italy have not yet ratified the Young Plan, the decisions of the meeting: are only semi-official and they will be confirmed at an official meeting to be held soon, when all the States concerned ratified the Young Plan.
The meeting discussed the question of share issues, of which the Reichs. bank will take up the 16,000 allotted to the German market, while American and Japanese groups will each have 16,000 distributed among number of private banks in New! York and Tokyo. These shares will not be offered to the public, but in the case of Britain, Italy, France and Belgium, each bank of issue will offer 16,000 shares to the public,
Text read from the printed page and cleaned; old type leaves the occasional error.