The Dawes Plan and the Thoiry Project

October 8, 1926

Report Outline
The Second Year of the Dawes Plan
German Railway Bonds and Industrial Debentures
The German Government Budget
German Currency and Credit
Germany's Foreign Trade
German Business and Industrial Conditions

The third year of the Dawes plan opened September 1, 1926, with the prospect that during the ensuing twelve months the results of the plan to date may be made the basis of another important contribution to European stabilization.

The great improvement in Germany's economic condition and the ease with which the reparation plan has operated during the first two years has notably increased Germany's credit in the financial markets of the world. The improvement in German credit has given rise, in turn, to projects for marketing German securities abroad on a large scale - with a view to making a substantial part of the sums due as future reparations immediately available to France, Belgium and Italy to assist those countries in the present effort to stabilize their currencies.

Franco-German Discussions at Thoiry

On September 17, during the recent session of the League of Nations Assembly, Aristide Briand and Gustav Stresemann left Geneva for a few hours and lunched together at Thoiry across the French border. Germany had been admitted to the League ten days before, with a permanent seat on its Council, and the final step had thus been taken for bringing the Locarno pacts into effect. The Briand-Stresemann conversation was of a most friendly nature, and the two foreign ministers returned to Geneva in a happy frame of mind, stating that their discussion had been concerned with the details of the new Locarno system.

ISSUE TRACKER for Related Reports
Dawes Plan
Jul. 31, 1928  The German Government and the Dawes Plan
Oct. 08, 1926  The Dawes Plan and the Thoiry Project
Aug. 25, 1925  Germany and the Dawes Plan
Feb. 28, 1925  Ten Months Under the Dawes Plan
Aug. 22, 1924  The Dawes Report and The London Conference
Apr. 11, 1924  The Dawes Report—An Economic Analysis
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