unanimity is required (i.) for any postponement beyond 1930 of installments due between 1921 and 1926, and (ii.) for any postponement for more than three years of instalments due after 1926.

Further, under Art.

234, the Commission may not cancel any part of the indebtedness without the specific authority of _all_ the Governments represented on the Commission.
[117] On July 23, 1914, the amount was $339,000,000.
[118] Owing to the very high premium which exists on German silver coin, as the combined result of the depreciation of the mark and the appreciation of silver, it is highly improbable that it will be possible to extract such coin out of the pockets of the people.

But it may gradually leak over the frontier by the agency of private speculators, and thus indirectly benefit the German exchange position as a whole.
[119] The Allies made the supply of foodstuffs to Germany during the Armistice, mentioned above, conditional on the provisional transfer to them of the greater part of the Mercantile Marine, to be operated by them for the purpose of shipping foodstuffs to Europe generally, and to Germany in particular.

The reluctance of the Germans to agree to this was productive of long and dangerous delays in the supply of food, but the abortive Conferences of Treves and Spa (January 16, February 14-16, and March 4-5, 1919) were at last followed by the Agreement of Brussels (March 14, 1919).