awards. The funding agreement entered into on June 23, 1930, between Germany and the United States also provides for the payment of this sum each year on account of these claims, in the same manner as it provides for payments on account of Army costs.

Under this agreement the United States also received bonds of the German Government as evidence of its indebtedness, including interest on all awards to the date of payment, in the principal amount of 2,121,600,000 reichsmarks ($505,365,120 on basis of par of exchange in 1930), of which it is estimated that 1,496,600,000 reichsmarks ($356,490,120) represent private awards and 625,000,000 reichsmarks ($148,875,000) represent awards entered in favor of the United States Government. Payments due from Germany on account of these bonds are to be made in semiannual installments of 20,400,000 reichsmarks each for a period of 52 years beginning March 31, 1930. The principal payments aggregating 102,000,000 reichsmarks due on account of mixed-claims awards from September 30, 1931, to September 30, 1933, inclusive, which were postponed to March 31, 1934, and principal and interest payments due from March 31, 1934, have not been paid by the German Government.

TABLE 10.-Indebtedness of Germany under the funding and moratorium agreements of June 23, 1930, and May 26, 1932

1 Excludes amounts on account of Austrian indebtedness.

2 Includes interest accrued under unpaid moratorium agreement annuities.

3 Amounts expressed in reichsmarks.

Summary

Total payments by Germany to the United States on account of both Army costs and mixed claims, under the Dawes plan, amounted to 300.4 million dollars, and under the Young plan amounted to 77.0 million dollars.

Payments on account of both Army costs and mixed claims, up to July 31, 1947, under the funding agreement of June 23, 1930, and under the moratorium agreement of May 26, 1932, together with the status, as of July 31, 1947, of German indebtedness to the United States under these agreements, are summarized in table 4.

Germany (Austrian indebtedness).-In view of the incorporation of Austria in the German Reich in 1938, the German Government was

notified that the Government of the United States will look to it for the discharge of the relief indebtedness of the Government of Austria to the United States under the debt agreement of May 8, 1930, and the moratorium agreement of September 14, 1932. Figures and other information relating to this indebtedness are included in the preceding pages.

FOREIGN CREDITS: 1934 TO JULY 1, 1947

Data regarding loans, credits, and advances to foreign countries by the United States Government since the beginning of 1934 are presented in tables 11 to 15, inclusive. Table 11 supplies information relative primarily to activity in the postwar period with respect to loans and credits. Tables 12, 13, and 14 relate to data regarding loans, property, credits, and advances, respectively, cumulated from July 1, 1940. A detailed explanatory note follows the tables.

Information is also supplied relating to commitments to extend aid to foreign countries, the relation of the International Monetary Fund and Bank to the problem of the foreign needs for dollar financing, and United States Stabilization Fund agreements.

$1, 110, 662, 768 $556, 516, 960 $554, 145, 808 $8, 763, 767, 759 $6, 190, 505, 908 $2, 573, 261, 851 $266, 095, 847 $9, 608, 334, 680 $6, 480, 927, 021 $3, 127, 407, 659