By the advice, no doubt, of the B.I.S. it was
decided on Tuesday that all German Banks except the Reichsbank should be closed for two days to give breathing space. On Tuesday also the B.I.S. assented to the French proposal that France should complete the balance of the Guarantee Fund required from her under the Young Plan in the event of a moratorium by monthly instalments instead of producing the whole sum at once. On Wednesday Mr. Henderson was in Paris, and Mr. Stimson, the United States Secretary of State, arrived from "Rome and began conversations with the French Ministers. From these we expect improvements to come.