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of Versailles. The recommendations of the experts coming within the jurisdiction of the Allied Governments were stated in the British reply as follows: “(a) restoration of the economic and fiscal authority of the German Government over the whole of the German territories; (b) the steps necessary to give binding effect to new guarantees and controls so far as these may not be clearly covered by the existing provisions of the Treaty of Versailles; (c) the inclusion of all the financial liabilities of Germany under the peace treaty in a single annuity." Concerning these points and upon any other recommendations of the experts which the Reparation Commission may hold will require the endorsement or action of the Allied Governments, the British Government expressed its willingness to do anything in its power to give practical effect to the recommendations of the committee.

The French reply expressed satisfaction with the report of the experts which, it said, would enable the Reparation Commission to consider, in conformity with the provisions of Article 234 of the Treaty of Versailles, the resources and capacity of Germany and to pronounce a definite decision which will embody the conclusions contained in the reports and give them practical form. Until this has been done and the Allied Governments have ascertained whether the German Government has taken the necessary measures to carry out the Commission's decisions, they will not be able, the French reply stated, to take useful action. Regarding the recommendation of the experts that the economic and financial unity of the Reich should be restored as soon as the plan is put into execution, the French reply stated that "the governments will have to consider together under what conditions the guarantees at present held by France and Belgium shall be merged into or exchanged for those which will be handed over as an undivided whole

the Allies. These operations cannot, however, take place until Germany has effectively put the plan into execution. It is for the governments to determine by common agreement the guarantees which these operations may render necessary."

On April 28 the German Government communicated to the Reparation Commission the names of its representatives to serve on the currency commission, the railways commission, and the economic commission to be set up under the Dawes report.26 A conference of Allied Premiers will meet in London on July 16 to discuss the execution of the Dawes plan. The American Government has been invited to take part in the conference, and the American Ambassador at London has been instructed by the State Department to attend “for the purpose of dealing with such matters as affect the interests of the United States, and otherwise for purposes of information."'27

One matter involved in the execution of the Dawes plan which very definitely affects the interests of the United States is the payment of the costs of its armies of occupation formerly in the Rhine territories. By the agreement signed at Paris on May 25, 1923, between the United States and the Allies, it was provided in substance that the amount due to the United States shall be paid in twelve annual installments out of future cash payments credited to Germany.28 Another matter which may affect the interests of the United States is the payment of American claims against Germany now being adjudicated by the Mixed Claims Commission established under the Treaty of Berlin of August 10, 1922, for which German property in America in the control of the Alien Property Custodian is being held as security under the Joint Resolution of July 2, 1921, and the treaty of peace with Germany of August 25, 1921.29

In making public the instructions to the American Ambassador to attend the conference of Premiers in London, the White House announcement stated that "it is the desire of the Administration that the Dawes plan should be put into effect as speedily as possible. This is the first essential step to economic recovery abroad in which this country is vitally interested."

26 London Times, April 29, 1924, D. 12.
27 Washington Post. June 26, 1924: D. !.

> See summary of this agreement in the American Journal of International Law, Vol. 17, 1923, pp. 513-517.

20 These two treaties are printed in the Supplement to The American Journal of International Law, 1922, Vol. 16. pp. 10 and 171. The treaty of peace incorporates the pertinent provisions of the Joint Resolution of July 2, 1921.

On the whole, it seems hopeful that the universal conscience, to which Chairman Dawes appeals in his letter of April 9 transmitting the plan of his committee to the Reparation Commission, will agree with him that it is based “upon those principles of justice, fairness, and mutual interest, in the supremacy of which not only the creditors of Germany and Germany herself, but the world, has a vital and enduring concern."

II

THE LONDON CONFERENCE ON THE
APPLICATION OF THE DAWES PLAN1

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

Vol. 18, No. 4, October, 1924) The Dawes plan for recovering the reparation debt of Germany to the Allies under the Treaty of Versailles was accepted by all of the interested parties at London on August 16, 1924, and certain agreements necessary to V enable the plan to be brought into operation were drawn up and initialed. Formal signatures to them were attached on August 30 after the French Parliament had approved the work of the conference on August 24 and 26, and the laws for carrying the plan into effect had been passed by the German Reichstag on August 29. The process of putting the plan into operation was thereupon promptly started. Immediately after the signatures had been attached on August 30, the French Government issued instructions for the evacuation of a section of the Ruhr, and the Reparation Commission on the same day announced the appointment of the principal officials who are to administer the plan, namely, the Agent General for Reparation Payments, Mr. Owen D. Young of the United States, ad interim (the appointment of Mr. Seymour Parker Gilbert, formerly Assistant Secretary of the United States Treasury, as the permanent Agent General was announced September 4); Trustee of the Railway Bonds, M. Delacroix of Belgium; Trustee of the Industrial Debentures, Signor Nogara of Italy; Commissioner of Controlled

1 The official proceedings of the conference are not available at the time of writing this article. For the facts and information contained herein, use has been made of the London Times for July and August and the first half of September, especially the daily account of the conference published during its sessions.

Revenue, Mr. Andrew McFadyean of Great Britain. Two days later, namely, on September 1, the first installment of twenty million (20,000,000) gold marks, due from Germany under the plan, was paid to the Agent General for Reparation Payments, and the second installment was promptly paid ten days later. On September 4, the restrictions placed upon the movement of persons, goods and vehicles between occupied and unoccupied Germany were removed, and four days later the eastern customs line between the same territories was abolished. On September 10, the first of the Ruhr political prisoners were set at liberty.

Negotiations lasting exactly one month were required to reach the agreements for putting the Dawes plan into operation. The London Conference opened on July 16 and the agreements were completed and ready for signature on August 16. In its organization and procedure the conference resembled in some respects the conference at Versailles in 1919. It was divided into two stages, first, the discussions between the Allies, and secondly, the negotiations with the Germans. In the first stage, the Allied countries having a direct interest in reparation payments by Germany took part, namely, Belgium, British Empire (with the British Dominions and India represented by one delegate alternating on the panel system), France and Italy, who were represented by their Prime Ministers, Greece, Japan, Portugal, Rumania and the Serb-CroatSlovene State, who were represented by their diplomatic envoys at London.

The United States was represented by its ambassador at London, with especially limited powers, but he did not sign any of the agreements.

Mr. Ramsay MacDonald, the British Premier, was elected President, and Sir Maurice Hankey, SecretaryGeneral. The program adopted was contained in a FrancoBritish memorandum of July 9,2 and the topics on it

· Printed in British parliamentary paper, Misc. No. 12 (1924). For the correspondence concerning a previous program which met with vigorous opposition in France, see Misc. No. 10 (1924).

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