The " Standstill Agreement
The Berlin CoMmittee finished its work last week. The Chairman was Mr. Wiggin,.of the United States, and the British representatives were Mr. Frank Tiarks and Mr. Robert Brand. Being men of business and not too much hampered by politics, they, like the Committee that lately sat at Basle, sat down to their work and completed it. It, will be remembered that it was found last year that Germany could not meet the various short- term loans that had been made to financial institutions there. By agreement .the " Standstill " arrangement was made under which . the time for repayment was extended until February. Some repayment has been made, but a great deal is still outstanding. Germany professed, and has made good her plea, that it is impossible to repay next month. Out of many elaborate clauses the main point emerges ; it is now agreed to postpone repayment again for a year. The danger of financial chaos arising next month from an open default by Germany is averted. That was the limited duty which the Committee has fulfilled. Germany gets a breathing-space in this particular sphere. One threatening crack in the structure is temporarily patched up.
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