Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-11-14
YOUNG PLAN BANK
FUNCTIONS GIVEN
Statutes, Charter and Trust
Pact Signed by All Ex-
cept BeIgians.
BY the Associated Press.

BY the Associated Press.
BADEN-BADEN, Germany, Novem-
ber 14.--Purposes of the new Bank Of
International Settlements were de-
scribed in the statutes of the bank pub
lished today by the committee which
has just drawn them up as:
ITO promote cooperation Of the CEN
tral banks, provide additional facilities
for international financial operations,
and to act as trustee or agent in re-
gard to the international financial set
Elements intrusted to It,"
So long as the Young reparations
plan is operative the bank shall not
only observe provisions of the plan
in administration Of operations Of the
bank" but also win conduct its af-
fairs with view to facilitating execu-
ton Of the plan."
win Distribute Reparations.
During the Young plans operation
the bank is vested with the functions
OF receiving and distributing the Ger
man reparations and supervising and
assisting In commercialization and mo-
biligation Of certain parts Of the Ger
man annuities.
These statements Of the purposes and
functions of the new bank are con-
tanned in the first chapter of the bank
statutes, which as published contain
so articles and seven chapters, the first
chapter in addition fixing Basel as seat
of the institution.
The statutes, charter and trust agree
NJ he l,,c
signed at 6:25 pm. yesterday by ma
tional delegates who have been here
for the last six weeks for the purpose
Of initiating the bank in accordance
with provisions Of the Young plan.
Only the Belgian delegates, Emile
Francqui and NJ. van iceland, did not
sign, these two having retired to their
capital few days ago in huff at Sc
lection Of Basel rather than Brussels
as seat of the institution. The signing
was secret, but the press was assured all
representatives present signed charter,
statutes and trust agreement.
There was considerable discussion as
to amount of publicity to be given the
three instruments. All agreed that even
the central bankers could not publish
the charter or the trust agreement,
since both might be changed in con-
formity with Swiss law and other con-
tingencieS.
TraylOr WithhOIds Statutes.
M A. Traylor of Chicago, chairman
of the conference, and regarded as
probable first choice for its first presi-
dent. refused after the meeting had ad-
journed to make public the copy of the
statutes. American press representa-
tives finally had made available to them
by DR.. Hjalmar Schacht the copy of
the statutes he was releasing to the
German press at 8 am. today.
The seven chapters of the statutes
list, first, objects of the bank and name
of its seat; second, its capital; third, its
powers; fourth, its Management; fifth,
general meeting; sixth, accounts and
profits, and seventh. general provisions.
Capital stock of the bank Is fixed in
chapter Of the statutes at 100000, 900
Swiss francs (about SOC, ,896 5000, divided
into 100000 shares, of which 10000
must be subscribed before the bank
begins business.
The subscription of the total capital
is guaranteed by the central banks of
Belgium, England, France, Germany
and italy, also Messrs. *" acting in
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