II. THE LONDON CONFERENCE ON THE

APPLICATION OF THE DAWES PLAN

CARNEGIE ENDOWMENT FOR INTERNATIONAL PEACE

DIVISION OF INTERCOURSE AND EDUCATION EDITORIAL OFFICE: 407 WEST 117TH STREET, NEW YORK CITY

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CARNEGIE ENDOWMENT FOR

INTERNATIONAL PEACE

OFFICERS

Trustees
President, ELIHU Root
Vice President, GEORGE GRAY
Secretary, JAMES Brown SCOTT
Treasurer, ANDREW J. MONTAGUE

Assistant Treasurer, FREDERIC A. DELANO
EDGAR A. BANCROFT

ALFRED HOLMAN ROBERT S. BROOKINGS

WILLIAM M. HOWARD THOMAS BURKE

Robert LANSING NICHOLAS MURRAY BUTLER FRANK O. Lowden John W. DAVIS

Robert NEWTON PAGE ARTHUR WILLIAM FOSTER Henry S. PRITCHETT AUSTEN G. Fox

CORDENIO A. SEVERANCE ROBERT A. FRANKS

James R. SHEFFIELD CHARLES S. HAMLIN

OSCAR S. STRAUS DAVID JAYNE HILL

GEORGE SUTHERLAND

Executive Committee
ELIHU Root, Chairman

JAMES Brown Scott, Secretary NICHOLAS MURRAY BUTLER ANDREW J. MONTAGUE AUSTEN G. Fox

HENRY S. PRITCHETT
JAMES R. SHEFFIELD

Division of Intercourse and Education

Director, NICHOLAS MURRAY BUTLER

Division of International Law
Director, James Brown SCOTT

Division of Economics and History
Director, JAMES THOMSON SHOTWELL

CONTENTS

Page

1. THE DAWES REPORT ON GERMAN REPARATION

PAYMENTS

5

II. THE LONDON CONFERENCE ON THE APPLICATION

OF THE DAWES PLAN .

29

NOTE

For text of the Dawes Report see: World Peace Foundation
Vol. VI, No. 5, Boston. Current History, May, 1924, New York.
Federal Reserve Bulletin, May 1924, Washington.

For text of the London Agreements see: London Times, August
18, 1924. Current History, October, 1924, New York.

a

FORMER PUBLICATIONS DEALING WITH THE

SUBJECT OF GERMAN REPARATIONS Document No. 162. Addresses on German Reparation, by the Rt. Hon.

David Lloyd George and Dr. Walter Simons, London,

March 3 and 7, 1921. May, 1921.
No. 181. The Allied Debts: The Balfour Note of August 1,

1922, and the French Reply of September 3, 1922;
The American Banker's Responsibility Today, by
Thomas W. Lamont; Reparations and International
Debts, by Reginald McKenna; The Repayment of
European Debts to Our Government, by Herbert
Hoover; The Allied Debts, by Edwin R. A. Seligman;
The Interallied Debts as a Banking Problem, by B. M.

Anderson, Jr. December, 1922.
No. 182. Documents Regarding the European Economic

Situation: The Report of the Bankers' Committee
to the Reparation Commission on the Question of a
German Loan; The Majority and Minority Reports
to the Reparation Commission by the Technical
Experts on the Stabilization of the German Mark;
Reply of the German Government to the Reparation
Commission; Note of the German Government to the
Reparation Commission; Protocols Containing the
Scheme for the Financial Reconstruction of Austria.

January, 1923.
No. 184. Documents Regarding the European Economic

Situation, Series No. II: The French, British and
Italian Plans for a Settlement of Reparation and the
Interallied Debts. The Schedule of Reparation

Payments of May 5, 1921. March, 1923.
No. 190. Franco-German Reconciliation: Text of an address

delivered July 6, 1923, at Paris, by Professor F. W. Foerster, formerly of the University of Munich, before the annual meeting of the Advisory Council in Europe of the Carnegie Endowment for Inter

national Peace. September, 1923. No. 193. Documents Regarding the European Economic

Situation, Series No. III: Correspondence between
Germany, the Allied Powers and the United States,
Relating to Reparations. Speech of General Smuts

in London, October 23, 1923. December, 1923. No. 199. Summary of Part I of the Report of the First (Dawes)

Committee of Experts. Questions Resulting from the
Corfu Incident Submitted September 28, 1923, by the
Council of the League of Nations to the Special Com-
mission of Jurists and the Replies of that Commission;
Lord Parmoor's Comments. June, 1924.

I

THE DAWES REPORT ON GERMAN

REPARATION PAYMENTS

By GEORGE A. FINCH (Reprinted from The American Journal of International Law

Vol. 18, Number 3, July, 1924)

a

The completion and transmission to the Reparation Commission on April 9 last of the report of the expert committees appointed by it to “consider the means of balancing the budget and the measures to be taken to stabilize the currency" of Germany and to “consider the means of estimating the amount of German exported capital and of bringing it back to Germany" mark a further step in the efforts of the Allied Governments to give practical effect to the reparation clauses imposed upon Germany by the treaty of peace signed at Versailles on June 28, 1919.

The report of the first committee has attracted especial interest in the United States because the American members, although not representatives of the Government of the United States, accepted the appointments from the Reparation Commission with the expressed approval of the State Department. Interest in the report has further been increased by the recent action of the Republican National Convention which nominated General Dawes, the chairman of the first committee, for the office of VicePresident of the United States on the Republican ticket with President Coolidge. A summary of the reports with a brief setting of facts showing their relation to the general subject may, therefore, be useful.

The events directly leading up to these reports may be 1 See press notice of the State Department, Dec. 12, 1923.