The committee propose the establishment of a now issue bank in Germany or re-organization of the Reichsbank ea, an esentinl agency for creating a. stable currency. The bank would have a monopoly of the right. of note issue in Germany for 50 years. The present paper would be Jdrawn and replaced by a. single uniform currency, namely, the new bank's bank-notes. This' currents would he kept stable in relation to gold, but would not be convertible. At the commencement it would be protected by a reserve of 33h per- cent. and. other liquid assets. The reserve would be held largely in the form Ueposits in foreign banks. The bank would be the fiscal agent of the German Government and would be allowed to make short-term Joans to it, but the amount and character of such loans would bye carefully limited guarded. The relat Parations Commission" towards the bank would he those of 9 private. client. The bank would have a capi marks, of which 00,009,0c0 old marks would be subscribed in Germany and abroad and the remainder would be issued in purchase, of the real_ property, of the Reichsbank. A' German Prosident and board, composed of seven Germans and seven foreign ers, one each of British, French, Italian, Belgian, American, Dutch and Stiss nationality, would be given broad powers. One. of members would be a commissioner who. would see that the provisions of tha law with regard: to the issue of notes and the maintenance of Foserves were observed.
System of Gradual Payments.
The schedule of payments by Germany recommended by the experts proposes that Germany; ould pay 1,000,000,000 gold Jimarics ithe first-year, 1,200,000,- Joo gold marks in the second and third years,—J,70,000,000 gold marks in the fourth "year and 2,80e\000Kb gold marks in' the filth" year and onwards. The Tiability of 1,200,000,000 "gold marks in the Fears 1925-6 and 1936-7 would "be reduced or increased by maximum of 250,000,- (on gold" marks, if the, proceeds from controlled taxes and Customs duties "on alcohol, beer, tobacco and sugar should' fall' short of ¥,000,000,000 gold marks by a deficit of one-third or exceed 1,¢00,000,000 gold marks by an excess of one-third. ponding provi reduction or increase of the ity of 1,750,000,000 gold marks the year 1937-8.
The whole schedule of payments would begin to ran only as from the date on which Germany regained full economic and fiscal sovereignty over her territory. The payments would be available not only for reparations, but for all Peace Treaty charges and in. terest on any loam
Text read from the printed page and cleaned; old type leaves the occasional error.