B. I. S. Bonds

Looking more like an alert, smooth-shaven U. S. businessman than ever, M. Pierre Quesnay, youthful manager of the Bank for International Settlements (TIME, April 28), received at Paris last week the formal ratifications by Britain, France, Germany, Italy and Belgium which make operative the famed Young Plan of German Reparations, or as they are now called "International Settlements."

After a fortnight of wrangling over details, the experts of the B. I. S. ended by announcing their "agreement in principle" that:

Six Percent. The $300,000,000 issue of Young Plan Bonds will bear 5 1/2% interest, but will be offered to investors at a price insuring at least 6% return.

May or June. May 30 and June 20, 1930 were set as the limits between which the bonds will be placed on the principal security markets of the world, purchasable and payable in the currency of the country where issued.

By way of initial ballyhoo for the bonds, B. I. S. officials pointed out that original buyers of the Dawes Plan Bonds have received in interest and appreciation an 11% return to date.

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