.

Introduction

I. The Administration of the Plan

a. The Payment of Reparations by Germany

1. The Composition of the Payments
2. Payments on Account of the Third Annuity
3. The Arrangements for the Fourth Annuity

b. The Distribution of the Annuity

1. The Basis of Distribution
2. The Agent General's Receipts and Payments
3. The Use of the Funds by the Creditor Powers

c. The Management of the Annuity

1. Regulation of Programmes
2. Settlement of Old Accounts
3. Administrative Organization

d. Arbitration Proceedings

e. The German External Loan, 1924

a. Summary of Transfer Operations
b. Development of Deliveries in Kind
c. The German Railway and Industrial Bonds

a. The Commissioner of the Reichsbank
b. The Commissioner for the German Railways
c. The Commissioner of Controlled Revenues
d. The Trustee for the German Railway Bonds
e. The Trustee for the German Industrial Debentures

a. The Interest of the Experts' Plan in the German Budget

b. The Budget of the Reich

1. Comparative Budget Statements

2. Explanation of the Budget Statements

(a) The division between the ordinary and extraordinary budgets
(b) Transfers from year to year
(c) Non-recurrent expenditures
(d) Transactions in the public debt

3. Detailed Analysis of the Budget Statements

(a) Revenues

(1) Income, corporation and turnover taxes, etc
(2) Customs and taxes on consumption, etc. .
(3) Administrative and other revenues

(b) Expenditures

(1) Payments to the States and communes
(2) General administrative expenditures
(3) Unemployment relief
(4) Payments in respect of the revalorized debt
(5) Investments, loans, etc .

4. Observations on the Budget of the Reich

(a) General observations
(b) Financial relations with the States and communes
(c) The extraordinary budget and the programme of borrowing
(d) Obscurity of accounts and budgetary practice

c. The Budgets of the States and Communes

1. General Observations
2. The Budget of the State of Prussia

a. The Public Debt of the Reich

1. Statement of the Public Debt
2. Revaluation of Paper Mark Loans

b. The Public Debts of the States and Communes

a. Credit Conditions, November, 1926, to May, 1927

1. Position of the Reichsbank

(a) Limitation of foreign credits
(b) The outflow of funds
(c) Effects of the outflow of funds
(d) Reichsbank credit policy

2. The Administration of the Public Funds

(a) The Reich Loan, 1927
(b) Funds of public and quasi-public enterprises **
(c) The Gold Discount Bank

3. Volume of Credit

(a) Capital issues
(b) Private bank credit
(c) Public bank credit
(d) Savings

b. The German Currency

a. The Trade Balance
b. Detailed Analysis of Imports and Exports

a. Phases of Readjustment

1. Commercial Failures and Liquidations
2.. Unemployment

b. Physical Volume of Production

1. Coal and Lignite
2. Iron and Steel
3. Textiles
4. Potash

c. Agricultural Yield

d. Housing Conditions and Building Activity

e. Domestic Trade

1. Railway Traffic
2. Clearings
3. Turnover Tax Returns
4. Post Office Transactions

f. Consumption

g. Wages

h. Prices

.

Exhibits.

I. Composition of the German Annuity under the Experts' Plan

II. Revised Distribution of Second Annuity, showing Shares of the Respective Powers

III. Revised Distribution of Third Annuity, showing Shares of the Respective Powers

IV. Balance Sheet of the Agent General for Reparation Payments, as of May 31, 1927

V. Statement showing Receipts and Payments of the Agent General for Reparation Payments during the Period September 1, 1926-May 31, 1927

VI. Distribution among the Powers of Amounts Available for Expenditure during the Period September 1, 1926-May 31, 1927

VII. Analysis of Payments and Accounts Payable for the Period September 1, 1926-May 31, 1927, according to Category of Expenditure

VIII. Summary of Personnel, as of May 31, 1927

IX. Statement of Condition of German External Loan, 1924, as of April 15, 1927

Introduction and Chapter One