That the Dawes Plan is successfully standing the test of time is revealed in the annual report of the Agent-General of Reparations, The report states that the course of events has probably exceeded the anticipations of the experts, points out that foreign loans and other funds have steadily flowed into Germany to a point sometimes surpassing tke capacity of the country to make advantageous use lof them, The report alludes to the serious business crisis at the end of the first annuity year when many en~ terprises failed to the great cost of ideals bet to the undoubted benefit. of the whole country, since industry and commerce were thereby freed from encumbrances and complexities and are now better able to take advantage of the favouring developments, The report concludes by paying a tribute to the spirit of friendly accommodation which marked the administration of the scheme, Germany loyally and punctually met her obligations and the distribu. tion to creditors was effected rogularly and without—diffieulty.—Reuter.
Change on Reparations Commission Paris, Dee, 5.
The Reparations Commission have accepted the resignation of Mir. Joseph Storret, the American member of the Transfer Committee, and have appointed Mr. Pierre Jay of New York to replace him, Mr, Storret has also been chief assistant {o the Agent-General, Mr, Parker Gilbert, for the past two years, Mr. Jay has been chairman of the Board of the Federal Reserve Bank lof New York since 1914,—Reuter,
Text read from the printed page and cleaned; old type leaves the occasional error.