Stabilization of the Foreign ExchangesColumbia university., 1922 - 165 páginas |
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Términos y frases comunes
abroad advances Allies amount April August balance of trade Bank of England Bank of France banking position Berlin bonds borrowing Britain capital cent Commission commodities credit expansion currency debit debt December 31 declined decrease Deposits depreciation discount economic Economist effect estimates European countries excess of imports exchange fluctuations exchange market Exchequer expenditure February Federal Reserve Bulletin foreign bills foreign exchange Frankfurter Zeitung funds Germany gold marks income increased indemnity inflation International Financial Conference international indebtedness issue Italian exchange Italy J. M. Keynes January Journal of Commerce July June lire loans London March ment monetary note circulation November November 14 obligations October payments period pound pre-war purchasing quotations raw materials reduce Reichsbank remittances Reparations result revenue securities September settlement stabilization sterling supply of bills taxation tion trade balance Treasury Bills United Vide York York Evening Post
Pasajes populares
Página 118 - The Allied and Associated Governments affirm and Germany accepts the responsibility of Germany and her allies for causing all the loss and damage to which the Allied and Associated Governments and their nationals have been subjected as a consequence of the war imposed upon them by the aggression of Germany and her allies.
Página 118 - The Reparation Commission shall after May 1, 1921, from time to time, consider the resources and capacity of Germany, and, after giving her representatives a just opportunity to be heard, shall have discretion to extend the date, and to modify the form of payments, such as are to be provided for in accordance with Article 233; but not to cancel any part, except with the specific authority of the several Governments represented upon the Commission.
Página 118 - Commission, to be called the Reparation Commission and constituted in the form and with the powers set forth hereunder and in Annexes II to VII inclusive hereto. This Commission shall consider the claims and give to the German Government a just opportunity to be heard. The findings of the Commission as to the amount of damage defined as above shall be concluded and notified to the German Government on or before May 1, 1921, as representing the extent of that Government's obligations.
Página 120 - May 1, 1921, shall then be exchanged for new bonds of the same type as those provided for below (paragraph 12, c, (2). (2) To be issued forthwith, further 40,000,000,000 Marks gold bearer bonds, bearing interest at 2# per cent.
Página 119 - ... of Germany or her allies on land, on sea or from the air, or damage directly in consequence of hostilities or of any operations of war. (10) Damage in the form of levies, fines and other similar exactions imposed by Germany or her allies upon the civilian population. ANNEX II. 1. The Commission referred to in Article 233 shall be called " The Reparation Commission" and is hereinafter referred to as "the Commission".
Página 120 - Government now owing to the United States of America, or any obligation of any foreign Government hereafter received by the United States of America (including obligations held by the United States Grain Corporation, the War Department, the Navy Department, or the American Relief Administration), arising out of the World War, into bonds or other obligations of such foreign Government...
Página 60 - The cessation of government borrowing as soon as possible after the war. We recommend that at the earliest possible moment an adequate sinking fund should be provided out of revenue, so that there may be a regular annual reduction of capital liabilities, more especially those which constitute the floating debt.
Página 120 - The dates for payment of interest, the manner of applying the amortisation fund, and all other questions relating to the issue, management and regulation of the bond issue shall be determined by the Commission from time to time. Further issues by way of acknowledgment and security may be required as...
Página 119 - Germany shall be required, under such conditions as the Commission may determine, to cover by way of guarantee by an equivalent issue of bonds, obligations or otherwise, in order to constitute an acknowledgment of the said part of the debt.
Página 119 - The successive instalments, including the above sum, paid over by Germany in satisfaction of the above claims will be divided by the Allied and Associated Governments in proportions which have been determined upon by them in advance on a basis of general equity and of the rights of each.