London, July 5.
The Anglo-German Payments Amendment Agreement of July 1, which is published today, provides for a new arrangement for the allocation of sterling by the German Reichsbank to pay for German imports of United Kingdom goods, Under Article I of the Payments Agreement of November 1, 1934, the Reichsbank earmarked each month for payment of- United Kingdom exports to Germany, an amount of sterling equal to 55 per cent. of the value of German exports to the United Kingdom, calculated on the basis of the average of German export statistics and United Kingdom import statistics.
The 55 per cent. earmarked is now 2 superseded by an arrangement, under which the Reichsbank will earmark each quarter to pay for United Kingdom exports the amount of £4,500,000, with the addition or subtraction of 90 per cent, of the excess or deficiency of the amount of £7,500,000 for German, including Austrian exports for the proceeding quarter, ¢aleulated on the same basis as under the 1934
Payments Agreement.
This means that, so long as German exports per annum, calculated on the above basis, exceed £30,000,000, ana they exceeded that figure even in 1928 when German trade was at a low ebb,. the amount to be earmarked for German imports of United Kingdom goods will exceed £18,000,000—that is, 60 per cent, of -£30,000,000—by 90 per cent, of the amount by which German exports to the United Kingdom exceed £30,000,000.
General arrangements for the allocation of sterling for German imports of United Kingdom goods to various categories of goods on the basis of trade in the years 1932-1933 remain unaltered, except that five per cent. of sterling is left at the disposal of the German authorities to pay for United Kingdom goods and technical and engineering products have been added to the goods specified in Article I of the 1934 Agreements for specially favourable treatment, Provision has been made for gov-emmental representatives to make detailed arrangements for practical application of the Agreements which include arrangements for a larger proportion of sterling to be available for the purchase of finished goods. The German trade delegates are remaining in London to complete these
Text read from the printed page and cleaned; old type leaves the occasional error.