20 JULY 1929, Page 21

THE NEW BANK.

In a recent issue of the Spectator I explained fully, and I hope- clearly, the two main reasons put forward by the Paris CoMmittee for the establishment of a Bank for International Settlements. The first and most obvious was that it should take over the functions of the present Transfer Committee under the Dawes Scheme, and in fact should constitute the machinery in the matter of future Reparation Payments. The other was that as a kind of super Central Bank—owned by other Central banks—it should play a great part in the future arrange- ment of all international debt and other payments, should act as Central banker for other Central banks, and in so doing should aid in the economy of international movements of gold.