Courtesy Reuters

THE German Government on June 14 declared the discontinuance from July 1 until further notice of all payments in foreign currencies on its foreign market debt, the major issues of which are known as the Dawes and the Young bonds. This important declaration followed an announcement by the Reichsbank that for a period of six months the Bank would be unable to provide any more foreign exchange for the transfer of service on German long and intermediate term obligations of any kind. The Reichsbank pronouncement brought to a definite close the negotiations which foreign committees had been carrying on at Berlin on

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