of the procedure of the treaty, or of a procedure approved by the Reparation 
Commission, additional equivalent cash payments shall be exacted from Ger- 
many at the end of 1922 in replacement of the deliveries not effected.” 
Germany has paid 282,000,000 gold marks in the 10-day instalments ; 438,000,- 
000 in cash to be paid during the remainder of the year as follows: April 
13, 18,000,000; 50,000,000 monthly from May 15 to October 15, inclusive; 
50,000,000 on November 15 and December 15. Of payments in kind, 950,000,- 
2300 to France, 500,000,000 to the other Allies, so far as orders are placed. 
March 31, 1922.— Reparation Commission approves Loucheur-Rathenau and 
Gillet-Ruppel agreements, with certain reservations. (See October 6, 1921. 
and March 15, 1922.) 
April 21, 1922. —Germany pays 18,000,000 gold marks in accordance with the 
decision of March 21. 
May 18, 1922.—Germany pays 50,000,000 gold marks in accordance with the 
decision of March 21. 
May 24, 1922.—At the invitation of the Reparation Commission a committee 
of experts and bankers meets at Paris to consider a loan to Germany; finds 
loan impossible under present schedule of payments. These experts include 
d’Amelio (Italy), Delacroix (Belgium), R. Kindersley (Great Britain), G. 
Vissering (Netherlands), J. P. Morgan (United States), and Ch. Sergent 
(France). The committee declares that no loan can be successful unless the 
investing public has confidence in the ability of Germany to meet her obliga- 
tions. Such a loan will necessitate priority over other obligations of Ger- 
many. The French representative dissents, saying that he can not contem- 
plate any dimunition of the rights of France as recognized under the treaty. 
May 31, 1922.—Reparation Commission confirms provisional moratorium, 
effective this date. 
June 2, 1922.—Bemelmans-Cuntze agreement. Final draft is signed. The 
agreement establishes a procedure for deliveries in kind. The Reparation 
Commission will accept contracts concluded between Allied and German 
nationals in accordance with ordinary commercial practice and will grant 
credit to Germany us for deliveries in kind. The German nationals receive 
payment from their own Government. Lists of goods subject to these agree 
ments are drawn up. 
June 15, 1922. —Germany pays 50,000,000 gold marks in accordance with 
lecision of March 21. 4 
June 16, 1922. —Reparation Commission approves Bemelmans-Cuntze agree- 
ment. (See June 2.) 
July 12, 1922.—Germany presents formal request for two and one-half years’ 
moratorium. 
July 15, 1923.—Germany pays 32,110,000 gold marks of the 50,000,000 due to 
this date, in accordance with the March 21 agreement, the remaining 17,800,000 
rold marks having been credited on account of interest and payments in kind 
(July 11). 
July 19, 1922. —Germany asks that monthly payments of pre-war debts 
through the clearing houses be reduced from 2,000,000 pounds sterling to 
500,000 pounds sterling up to December 31, 1922. Also that payment for dam- 
ages to property rights and interest of allied nations be suspended. 
July 20, 1922. —Amended Loucheur-Rathenau agreement comes into operation. 
July 22, 1922. —Germany accepts further measures of financial control for the 
period of the expected moratorium; the committee of guaranties is to check 
nll German Government departments and supervise the application of assigned 
revenues, as well as prescribe the dates and manner of service payments on 
(ierman bonds and other German-debt payments. 
July 25, 1922.—German request of July 19 (above) is refused by the Allied 
compensation office. 
August 1, 1922.—The French Government threatens Germany with * measures 
of retortion,” unless assured by August 5 that the 2,000,000 pounds sterling due 
on August 15 through the clearing houses on private debts would be paid. 
Fearing these measures, the German banks early in July removed their Paris 
balances, amounting to 60,000,000-70,000,000 francs, to the Netherlands and 
Switzerland. 
August 5, 1922.—The “ measures of retortion” are introduced. 
Adjustments of German claims on French nations and payments to Germans 
of war losses in Alsace-Lorraine are suspended, ete. All German State prop- 
orty in Alsace-Lorraine ig placed under seal. Germany pays only 500.000