COMMISSION DES RÉPARATIONS

Rapport du Premier Comité d'Experts invités par décision de la Commission des Réparations, en date du 30 novembre 1923, à rechercher les moyens d'équilibrer le budget et les mesures à prendre pour stabiliser la monnaie de l'Allemagne; signé à Paris, le 9 avril 1924.

Drucksadien des Reichstags. 2. WaMperiode 1924. Ko. 5. Extrait*)

Report of the first Committee of Experts. Letter from the Chairman to the Réparation Commission.

April 9th, 1924.

Your Committee of Experts has unanimously adopted a report upon

the means of balancing the budget of Germany and the measures to be

taken to stabilise its currency, which I now hâve the honour to submit.

Deeply impressed by a sensé of its responsibility to your Commission

and to the universal conscience, the Committee bases its pian upon those

*) Il n'est pas possible d'imprimer ici le texte entier du Rapport. Nous n'en reproduisons que l'introduction et les annexes dont le texte peut servir à faire comprendre le contenu des Arrangements suivants.

782 Commission des Réparations.

principles of justice, fairness and mutual iuterest, in the supremncy of which not only the creditors of Germany and Gerniany herself, but the world, has a vital and enduring concern.

Whitb thèse principles fixed and accepted in that corauion good fntth which is the foundation of ail business, and the best safeguard for universal peace, the recommendations of the Committee nuist be considered not as infiicting penalties, but as suggesting means for assisting the économie recovery of ail the £uropean peoples and the entry upon a new period of happiness and prosperity unmenaced by war.

Since, as a resuit of the war, the creditors of Germany are paying taxes to the limit of their capacity, so also must Germany pay taxes from year to year to the limit of her capacity. This is in accord with that just and underlying principle of the Treaty of Versailles, reaffirmed by Germany in her note of May 29 th, 1919. that the German scheme of taxation must be „fully as heavy proportionately as that of any of the Powers represented on the Commission". More than this limit could not be expected, and less than this would relieve Germany from the common hardship and give her an unfair advantage in the industrial compétition of the future. This principle the plan embodies.

The plan has been made to include flexible adjustments which, from the very beginning, tend to produce the maximum of contributions consistent with the continued and increasing productivité* of Gerruany. The conservative estimâtes of payments to be made in the near future are dictated by business prudence in outlining the basis of a loan, and should not destroy perspective as to the efifects to be registered in the aggregate of eventual payments, which will annually increase. With normal économie conditions and productivity restored in Germany, most hopeful estimâtes of amounts eventually receivable will be found to be justified. Without such restoration, such payments as can be obtained will be of little value in meeting the urgent needs of creditor nations.

To ensure the permanence of a new économie peace between the Allied Governments and Germany, which involves the économie readjustments presented by the plan, there are provided the counterparts of those usual économie précautions against default recognised as essential in ail business relations involving expressed obligations. The existence of safeguards in no way hampers or embarrasses the carrying out of ordinary business contracts. The thorough effectiveness of thèse safeguards should not embarrass the normal économie functioning of Germany, and is of fundamental importance to her creditors and to Germany.

Great care has been taken in fixing conditions of supervision over Germany's internai organisation so as to impose the minimum of interférence cunsistent with proper protection. This gênerai plan, fair and reasonable in its nature, if accepted, leads to an ultimate and lasting peace. The rejection of thèse proposais by the German Government means the deliberate choice of a continuance of économie démoralisation, eventually involving her people in hopeless misery.

Plan des Experts (Rapport Dawes). 783

In the préparation of this report, the Committee bas carefully and laboriously covered the broad fieid of investigation. It bas bad the constant co-operation of able staffs of experts, gatbering information, digesting it and presenting it. It conducted, on the ground, an examination of the officiais of the German Government and représentatives of its labour, agriculture, and industry. It received from the German Government and its représentatives voluminous and satisfactory answers in response to its written enquiries. In connection with varions features of its report, both for gatliering information and for advice, it bas called to its assistance outside experts of international réputation. The published reports and statements of economists of Worldwide standing bave been in its bands. It bas had the benefit- of tbe accumulated information beretofore gathered by your Commission.

In its work, tbe fuli Committee bas beld, since January 14tb, 1924, 54 meetings; the sub-committee on tbe stabilisation of the currency, coraposed of Monsieur Parraentier, Sir Robert Kindersley, Monsieur Francqui and Professor Flora, assisted by Mr. H. M. Robinson, under the chairmanship of Mr. ôwen D. Young, bas held 81 meetings; and the sub-committee on the balancing of the budget, composed of Professor Allix, Baron Houtart and Monsieur Pirelli, under tbe chairmanship of Sir Josiab Stamp, bas heid 63 meetings. They hâve had the assistance of Mr. Andrew MacFadyean, the General Secretary. Again, the time of the Committee, outside of tbat consumed by the meetings, bas' been given largely to investigation and study

In speaking of my colleagues and as bearing upon the value of tbis report, I feel that I should make it known to your Commission and to the world, that their governments hâve in no case limited their complète independence of judgment and action, eitber before or after their appointment by you. Limited only by the powers granted by your Commission, each has performed bis arduous and responsible work as a free agent. Thèse men, searching for trutb and advice thereon, were answerable only to conscience. In granting this freedom, the governments hâve but followed your own spirit and intent in constitoiting the Committee, but in so doing, they hâve paid the higbest tribute which governments can bestow: complète confidence in a time of crisis in buman affairs. In their vision, — in their independence of thought, — and above ail, in their spirit of high and sincère purpose, which rises above the small things over which the small so often stumble, my colleagues bave shown themselves worthy of this trust. That their work, which I now place in your bands. may assist you in the discharge of your great responsibilities, is their prayer, ind the knowledge hereafter, that it has done so, will be their full reward.

Signed: Charles G, Dawes, Chairman.

7H4 Commission des Réparations.

Annex No. 1

to tlie Report of the first Coiumittee of Experts.

i*lûn for the Organisation of a Bank of Issue in Germany.