The Bank for International Settlements Another solid piece of masonry
in the structure of international peace is in place. On Tuesday the Adminis- trative Council of the new Bank for International Settle- ments held its first meeting. Mr. Gates McGarrah, chairman of the board of the Federal Reserve Bank, New York, was elected President. The post of Director- General, i.e., principal executive officer, was given to M. Pierre Quesnay, although the Germans dissented from the idea of putting such an important token of peace and reconstruction in the keeping of the chief Reparations creditor. M. Quesnay enjoys, however, a sterling personal reputation. It is to be hoped that disappointment in Germany will be appeased by the selection of Dr. Melchior for a dual Vice-Chairmanship with Sir Charles Addis and particularly by the election of Dr. 'Elise, a director of the Reichsbank, as head of the banking department and Deputy Director-General.
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