On 3rd March 1924, under the presidency of the British, a conference concerning the issue of German default opened in London, with participants from all countries entitled to reparations from Germany, including Australasia.
The conference had but one theme, and that was how to deal with Germany's requisition to delay repayment.
After reduction, the sum of German reparations was around 15 billion pounds, of which over 1 billion pounds had already been repaid.
Of course, this does not mean that all repaid assets were in currency; the repayment included a considerable amount of industrial goods equivalent, mineral supplies, and even livestock.
This was a necessary measure, after all, Germany's consumption during the war was already immense. It was impossible for them to produce a sum exceeding 15 billion pounds in a short period, unless other countries were willing to lend them the money.
