Iwas signed at Berlin between the representatives. of 1,500" German debtors and 250 foreign credit fon February 16. The sum affected was about 3,700,000,000 "mark: {(£180,000.000 et par)" distribut-lover 6,000 separate debt contract The agreement, the. third of its kind, runs from. March 1. 1933, to February 28, 1934. Representatives lof Great Britain, U.S.A., France, ttaly, Holland, Sweden, and Switzer and took part in the conference.
During the past year, 608.000,- {]000 marks (£80,400.000), es. (280, that fourteen per cent. of the total volume of credi fuded under the "second Stanc 'Agreement, Jwere paid back while 78,000,000 marks, (£18,900,000) of the' credits protected by the agreement remai fed unused for various reasons.
The new Standstill Agreement for Germany's short-term borrowings lowers the interest paid on the loans by an average of per cent. but provides for a reduc-ion of five. per cent. in the total amount of the credits, which now a little over 260,000,000. [Foreign creditors will be given the right of repayment in reichsmarks quarterly instalments, up to fifty. per cent. of foreign cash credits to banks, up to thirty per jeent. of unsecured cash credits to industry and up to twenty per cent.
acceptance credits with banks. Money so repaid can be invested in' "Germany. in landed "property, mortgages or stocks, and the minimum terms for reinvestment will be five years.
The Reichstag, however, retains the right of veto. over such repayments if they should endanger important economic interests of the
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