pounds as outlined on July 19, failing to make full payments. (On October 
23 Germany was freed from further payments under the clearing-house scheme 
until July 1, 1923.) 
August 7-14, 1922: Third London conference.—France refuses to grant mora- 
torium without further guaranties. France proposes the establishment of a 
customs barrier on the eastern boundary of the occupied area, the seizure 
of State-owned forests and mines in the Rhineland, and the payment of the 26 
per cent export levy direct to the Reparation Commission instead of to the 
Allied treasuries; these proposals are rejected. The British propose to reduce 
total cash reparation payments to not more than 26 per cent of exports. Fro- 
posal is rejected. 
August 14, 1922.—Stinnes-De Lubersac agreement is drawn up to effect deliv- 
eries in kind in conformity with the Wiesbaden agreement. The Aktiengeselles- 
chaft fiir Hock und- Tiefbau (Hoch-und-Tief) is to make reparation deliv- 
eries in kind and to charge 6 per cent or less of the purchase price to cover 
expenses and profits. Deliveries are to be made by the Hoch-und-Tief to the 
Confederation Générale des Cooperatives des Regions Devastées. Each com- 
pany will be represented in the council of the other, and goods accepted by 
the Hoch-und-Tief can not be refused by the confederation, all orders being 
distributed among various German concerns. Distribution of coal to be used 
for the manufacture of these goods is to be made by Hugo Stinnes and deduc- 
tion made from reparation requirements to France. This agreement is to deal 
mainly in building materials. 
August 31, 1922. —Reparation Commission grants six months’ moratorium to 
Germany. Payment to Belgian Government is to be made in treasury bills. 
September 18, 1922.—The Reichsbank guarantees the Belgian treasury bills 
after negotiations with the Bank of England, The French delegate refuses 
to ratify the arrangement, holding guaranties insufficient. 
September 25, 1922.—Germany bands over to the Reparation Commission 
treasury bills for 96,000,000 gold marks to be paid to Belgium, the balance 
of 4,000,000 being credited in merchandise. (Subsequently these bills were 
discounted by British and Swiss banks.) Since they have a duration of only 
six months the result is to postpone cash payments until 1923. (Later deliv- 
eries of treasury bills to Belgium raised the total to 270,000,000 gold marks.) 
October 14, 1922.—Sir John Bradbury, British delegate, proposes a two-year 
moratorium, Germany to furnish five-year treasury bills instead of cash; the 
Reparation Commission to remove to Berlin; arrangements to be made to 
stabilize the mark. France opposes. 
The Allied clearing offices free Germany from further payment of pre-war 
private debts until July, 1923. 
End of October.—Reparation Commission goes to Berlin. 
November, 1922.—A committee of private experts called by the German Gov- 
ernment reports on the stabilization of the German mark. The majority re- 
port, signed by Brand (United Kingdom), Cassel (Sweden), Jenks (United 
States), and Keynes (United Kingdom), consider stabilization possible if 
concessions were granted. “A moratorium must be granted until payments can 
be made from a real surplus and not from the proceeds of fresh inflation. 
An independent board of exchange control should be set up with an adequate 
gold supply from the Reichsbank, this board to purchase paper marks at a 
fixed rate. The minority report, signed by DuBois (Switzerland), Vissering 
(Netherlands), and Kamenka (Russia), recommended an external loan of 
500,000,000 gold marks, and 500,000,000 Reichsbank participation in order to 
Siavitias he mark. Germany is to receive a moraftorinm until the foreign loan 
is repaid. 
November 13, 1922.—Germany requests adoption of a plan following the gen- 
eral lines of the minority report. A moratorium is requested for three or 
four years covering cash payments and deliveries in kind. except those for the 
devastated areas. 
December 7-11, 1922. —Meeting of Allied Premiers in London. France de- 
clares that all proposals for a moratorium in 1923 must include additional 
guaranties, ’ 
Germany submits a new proposal including a four-year moratorium and in- 
ternal and external loans to be backed by German industrialists, ’ 
December 11, 1922.—Allied Premiers state that the German plan is unani- 
Jones found to he unsatisfactory. The conference adiourns until January