The B.I.S.
The first annual general meeting of the Bank for Inter. national Settlements was held on Tuesday under the chairmanship of Mr. McGarrah, and the representatives Of the twenty-four banking groups or.banks of issue which- are shareholders approved the annual report. The most interesting feature of the report is the section dealing with the work of the Bank in promoting co-operation between central banks, eliminating unnecessary conver- sions from one currency into another and um e -essary physical movements of gold. In all these directions the co-ordinating activities of the Bank have been remarkably successful. The balances of central banks and govern- ments with the Bank have risen considerably, and a great deal of use has been made of the facilities which it offers. One particularly useful function which the Bank has performed is to bring about regular meetings of central bankers and banking experts from many countries. It seems likely to contribute even more than was expected to the smooth working of the world's financial system.
