The International Bank and the Young Plan (Part II)

Archive Report

The difficulties of the reparation problem are of two kinds, Sir Josiah Stamp asserted in his report of 1925 to the International Chamber of Commerce: (1) the determination of the capacity of the debtor to pay, and (2) the gradual determination of the capacity of the creditors to receive payments. The second determination will seem highly artificial to all creditors so long as questions of capacity to pay remain unsettled, but will take on increasing reality as payments begin to be made, or as preparations for the actual transfer of goods in payment are undertaken. Industries in fields of production that are also fields of the debtor nation's industries will protest against any arrangement that would interfere, or might conceivably be interpreted to interfere, ...

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