ABSTRACT
… on their return [from the Second Preparatory Commission meeting for the World Economic Conference] Day and Williams spoke rather hopefully. In Washington on January 31 they outlined the elements of a general settlement they believed to be obtainable. The United States was to reduce its claims against foreign debtors; Great Britain was to promise to keep the value of the pound stable; France was to give assurance that it would eliminate quotas for imports; and Germany was to end its control over payments to foreigners … I did not believe that was a negotiable bargain. (Feis, 1933: Characters in Crisis, 1966, p. 76)
