18 APRIL 1931, Page 2

The International Distribution of Capital The Manchester Guardian has published

some very interesting information about the Bank of England scheme for guiding the international distribution of capital. Mr. Montagu Norman, Sir Robert Kindersley and Sir Charles Addis are said to be the chief authors. The scheme has already been examined by the Bank for International Settlements—the Central Bank set up under the Young Plan. The scheme might be a real contribution to ending the present depression, one of the primary causes of which is the dislocation of relations between creditor and debtor countries. The American and German repre- sentatives seem to welcome the plan heartily, but the French think it too "- grandiose." The Manchester Guardian says that the most important point is the trans- ference of money from lenders to borrowers so that the " quickest and surest results in economic activity and em- ployment may be secured." The name of the new Bank for International Settlement would indeed be blessed if it could be the channel of such an achievement ; and if there was such a thing as an International College of Heralds ready to equip the B.I.S. with arms, a crest and a pinning motto it would probably suggest for the motto " Bis dat qui cito dat."