Who started the Central Bank of Central Banks.

Whereas the Powers signatory to the Hague Agreement of January, 1930, have adopted a Plan which contemplates the founding by the central banks of Belgium, France, Germany, Great Britain, Italy and Japan and by a financial institution of the United States of America of an International Bank to be called the Bank for International Settlements;

And whereas the said central banks and a banking group including Messrs. J. P. Morgan & Company of New York, the First National Bank of New York, New York, and the First National Bank of Chicago, have undertaken to found the said Bank and have guaranteed or arranged for the guarantee of the subscription of its authorised capital amounting to five hundred million Swiss francs equal to 145,161,290.32 grammes fine gold, divided into 200,000 shares;

And whereas the Swiss Federal Government has entered into a treaty with the Governments of Germany, Belgium, France, Great Britain, Italy and Japan met in Baden-Baden from 3rd October to 13th November 1929 under the chairmanship of Mr. Jackson E. Reynolds.

It was composed as follows:

Members designated by the central banks: Belgium.: Mr. Louis Franck, Mr. Delacroix and later Mr. Paul van Zeeland; France: Mr. Clement Moret, Mr. Pierre Quesnay; Germany: Dr. Hjalmar Schacht, Dr. Wilhelm Vocke; Italy: Prof. Alberto Beneduce, Dr. V. Azzolini; Japan: Mr. T. Tanaka, Mr. S. Sonoda; United Kingdom: Sir Charles Addis, Sir Walter T. Layton. Co-opted members: United States: Mr. Jackson E. Reynolds, Mr. Melvin A. Traylor.

After the conclusion of the Hague Agreements and the signing, on 27th February 1930 in Rome, of the instrument by virtue of which the BIS was constituted,the mem- bers of the Board of Directors held two unofficial meetings in Basle on 22nd and 23rd April 1930. At these meetings note was taken of the Swiss law promulgating the Convention concerning the Bank for International Settlements and of the instrument signed in Rome.

The Bank having thus been duly constituted, the first official meeting of the Board took place on 12th May 1930.

The original members of the BoardofDirectorswere: Mr.Gates W. McGarrah, United States, Chairman; Sir Charles Addis, United Kingdom, Dr. Carl Melchior, Germany, Vice-Chairmen; Dr. V. Azzolini, Italy; Prof. Alberto Beneduce, Italy; Baron Brincard, France; Mr. Louis Franck, Belgium; Mr. Emile Francqui, Belgium; Mr. Leon Fraser, United States; Mr. Hans Luther, Germany; Mr. Clement Moret, France; Mr. D. Nohara, Japan; Mr. Montagu Collet Norman, United Kingdom; Mr. Paul Reusch, Germany; Mr. T. Tanaka, Japan; the Marquis de Vogiie, France. Alternates: Mr. Charles Farnier,France; Mr. H. A. Siepmann,United Kingdom; Mr. Pasquale Troise,Italy; Dr.Wilhelm Vocke, Germany; Mr. Paulvan Zeeland, Belgium.

The following Members were elected to the Board in May 1931: Mr. G. Bachmann, Switzerland; Mr. Ivar Rooth, Sweden; Mr. L. J. A. Trip, Netherlands.

Mr. Leon Fraser was the Alternate of the President; Mr. Pierre Quesnay, General Manager; Mr. Ernst Hulse, Assistant General Manager; Mr. Francis R. Rodd (later Mr. R. H. Porters), Manager; Mr. R. Pilotti, Secretary General; Mr. Marcel van Zeeland, Manager.

sources

ESSAYS IN INTERNATIONAL FINANCE -No:-22, May 1955 THE BANK FOR INTERNATIONAL SETTLEMENTS, 1930-1955 ROGER AUBOIN

Constituent Charter of the Bank for International Settlements (of 20th January 1930)