March 14, 1921.—Germany claims to have liquidated the 20,000,000,000 goid
marks required under the peace treaty (art. 235) to be paid by May 1, 1921.
March 15, 1921.—Reparation Commission declares the German figures grossly
inflated and demands payment of 1,000,000,000 gold marks by March 23 and
12,000,000,000 by May 1. Germany demands a mixed “ valuation commission.”
March 24, 1921.—Germany fails to pay 1,000,000,000 gold marks due on March
23, and is declared by the Reparation Commission to be in * default in respect
of the performance of her obligations and engagements.”
“ Banctions ™ effective in England. Under the terms of the reparation re-
covery act the British Government was authorized to impose a charge not
to exceed 50 per cent on imports from Germany, same to be credited on repara-
tion account.
April 16, 1921.—Reparation Commission orders the gold reserve of the Reichs-
bank to be placed at Cologne and Coblentz as security. Germany protests.
April 21, 1921.—France passes law imposing a maximum levy of 50 per cent
on imports from Germany in accordance with “sanction” program of March
3. This is not enforced. The Rhine customs barrier is enforced.
April 24, 1921.—Germany addresses a proposal to the United States, offering
to accept a reparations total of 50,000,000,000 gold marks and to assume part
of the Allied indebtedness to the United States: these proposals conditional
2pon raising an international loan. (See Appendix IX.)
April 27, 1921.—Decision of Reparation Commission relative to Germany’s
iotal reparation indebtedness is announced. (See Appendix II.) Germany is
‘0 pay 132,000,000,000 zold marks. Three series of bonds covering this amount
are to be issued and turned over to the Reparation Commission :
Series A, 12,000,000,000 gold marks, to be delivered by July 1, 1921.
Series B, 38,000,000,000 gold marks, to be delivered by November 1, 1921.
Series C, 82,000,000.000 gold marks, to be delivered by November 1, 1921,
Series A and B are to be issued by the Reparation Commission on delivery,
and bear charges of 6 per cent per annuam (3 per cent interest, 1 per cent sink-
ing fund). Series shall be “issued by the commission as and when it is
satisfied that the payments which Germany is required to make in pursuance
of this schedule are sufficient to provide for the pavment of interest and
sinking fund on such bonds.”
Annual payments are set at 2,000,000,000 gold marks and 26 per cent of the
ralue of German exports.
The Belgian debt to the Allies is to be paid by Germany. Committee of
guaranties is set up. . i
April 29, 1921.—Second London conference assembled.
May 3, 1921.—Reparation Commission notifies Allies that Germany ig in
default in respect of its obligations to the extent of at least 12.000.000.000 gold
marks (due May 1).
May 5, 1921.—Second ultimatum to Germany putting into force the schedule
of payments of April 27, 1921, hereafter known as the London schedule. (See
Appendix II.) Article 12 states: The present schedule does not modify the
provisions securing the execution of the treaty of Versailles, which are ap-
plicable to the stipulations of the present schedule.” Occupation of Ruhr is
threatened in case of noncompliance of Germany.
May 11, 1921.—Unconditional accentance of decision of Reparation Commis-
sion by Germany.
May 20, 1921.—Under the British reparation recovery act (see March 24) the
rate of levy was fixed at 26 per cent on imports trom Germany.
July 1, 1921.—Germany delivers treasury bonds. series A. 12.000,000,000 gold
marks.
August 25, 1821.—Agreement between France and Germany that France shall
deliver 3,500,000 tons of Saar coal annually to Germany.
Treaty of peace is signed between United States and Germany. The United
States retains the rights to whieh it has become entitled under the armistice,
And which were stipulated for its benefit under the treaty of Versailles.
August 31, 1921.—Germany completes payment of 1,000,000,000 gold marks,
covering cash installments due July 15 and October 15, under the London
schedule : 130,000,000 were paid during May in gold and foreign currency;
10,000,000 were held in Berlin at the disposal of the commission ; 840,000,000
in three months’ treasury bills were given in May. During the summer Ger-
nany accumulated funds to meet the bills falling due. A final shipment of
538.000.0600 gold marks on August 31 completed the pavment.,