Introduction

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REPORT OF THE AGENT GENERAL
FOR REPARATION PAYMENTS
BERLIN, June 10, 1927



Introduction


Berlin, June 10, 1927.


TO THE REPARATION COMMISSION,

Sirs:

I have the honour to present herewith an interim Report, as Agent General for Reparation Payments, with respect to the execution of the Experts' Plan during that part of the third Annuity year which has already elapsed.

The purpose of this Report is to give the latest available figures for reparation payments and transfers, and at the same time to review in a preliminary way the further development of the German economy in relation to the operation of the Experts' Plan. The third Annuity year began September 1, 1926, and the figures for reparation payments and transfers are now at hand for the first nine months of the year, ended May 31, 1927. In considering the development of the Plan in its other relations, and the course of the German economy as a whole, this Report will cover, in substance, the period of about six months that has elapsed since the presentation of the previous Report.

The progress of the Plan itself has been characteristically normal. In other respects, however, the past six months have provided an unusually interesting record, particularly in relation to the development of the German budget and in the sphere of credit conditions. Both budget and credit conditions are discussed in the following pages somewhat more fully than usual.

The progress of the Plan itself has been characteristically normal. In other respects, however, the past six months have provided an unusually interesting record, particularly in relation to the development of the German budget and in the sphere of credit conditions. Both budget and credit conditions are discussed in the following pages somewhat more fully than usual.


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