The London Reparations Conference, chaired by Charles G. Dawes, Director of the Bureau of the Budget (Office of Management and Budget) of the United states, concludes.  The “Dawes Committee”  was composed of two delegates each from the Kingdom of Belgium, the Republic of France, the Kingdom of Italy, the United Kingdom, and the U.s. (Chairman and founder, Owen D. Young, of the Radio Corporation of America (RCA) being the other delegate).  The committee softens the issue of reparations payments by the Weimar Republic of Germany to the allies, mandated by the Treaty of Versailles.  The Dawes Plan requires,

• The allies will withdraw from the Ruhr Valley of Germany,

• Reparation payments (funded by transportation, excise, and custom taxes) will resume at 1,000,000,000 gold Marks the first year, increasing to annual payments of 2,500,000,000 gold Marks after the next five years,
• The central Reichsbank, of Germany will be restructured under allied direction.