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This money, on the outbreak of hostilities, was automatically immobilized by the moratorium, although the delicate question whether a moratorium can be legally applied to sums thus deposited by a foreign Government has not yet been decided with finality. As a matter of fact, Russia's deposits remained where they were, and could not be utilized.
Just when everything is shaping up beautifully for you, I appear in the flesh as exhibit A in the contention that your second judgment will now have to be set aside, because, at the time it was entered, it conflicted with the provisions of that blessed moratorium." Don Miguel smiled mirthlessly. "There's luck in odd numbers," Parker retorted, dryly.
"We don't open for business to-day, Hendy." Hendy had shown himself flatly incapable of understanding the Moratorium; what it was or how it worked. Mr Pamphlett, for his part, was uncertain about the details. But he explained them to Hendy.
The next most remarkable financial feature in respect to France is that there has been no special financial legislation, in fact no financial legislation whatsoever, except the December budget vote to cover government expenses, including the war. A moratorium was set up by decree, but authorization for this already existed under the general laws.
There was no moratorium in name; there was worse than one in fact. A patriotic freemasonry in misfortune took its place. No business man could press another for the payment of debts lest he be pressed in turn. What would happen when the war was over? How long would it last?
They admit that their proposal still leaves open the possibility of war, but they contend that if a sufficient cooling-off time or 'moratorium' is secured, the likelihood of an ultimate recourse to war by rejection of the award will be reduced to a minimum.
I may add that for France to agree to a short moratorium is not a great sacrifice since, on account of the Belgian priority and other items, the amount of cash to which France will be entitled in the near future, even if the payments fixed last March were to be paid in full, is quite trifling. So much for the immediate situation and the politics of the case.
A temporary moratorium for debts was established, balances were placed at the disposal of bankers, and guarantees given for the payment of bills accepted by British houses. There were other arrangements carried out equally swiftly. "An estimate of our national assets," said Lloyd George, in explanation of his action, "is 17,000,000,000 pounds.
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