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4) The bond transaction to be carried on through an international bank of settlement (all details of which had already been agreed upon by the Second Dawes Committee−TIME, March 25).
5) Profits from the operation of the bank to be so huge, according to the expectations of Mr. Young and Dr. Schacht, that after the 37th year accrued and accruing profits and interest will pay off in 21 more years the full total of the German debt.
Two conditions were attached by Dr. Schacht to his acceptance of this plan:
1) That all profits from the international bank must go toward extinguishing the German debt.
2) That if the sum expected to be derived from profits and interest thereon does not materialize it shall be deducted from what Germany owes.
Whether or not the Young Plan would go through seemed to depend, last week, almost entirely on the attitude of France and more especially on that of her chief delegate, Emile Moreau, governor of the Bank of France. Vexation was general when it appeared that M. Moreau was "out of town" getting re-elected as mayor of a tiny provincial village whose chief magistrate has always been a Moreau. Until this "family matter" could be attended to the Second Dawes Committee and the world were obliged to wait.