The Dawes Plan and the Thoiry Project

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 ...