──────────────┬────────────────┬────────────────┬─────────────── │ 1921─22 │ 1922─23 and │ 1922─23 and │ (Exports │ subsequently │ subsequently │ 4 Milliards). │ (Exports │ (Exports │ │ 6 Milliards). │ 10 Milliards). ──────────────┼────────────────┼────────────────┼─────────────── May 25 }│ │ .39 │ .65 July 15 }│ │ .50 │ .50 Aug. 15 }│ 1.00 │ .39 │ .65 Oct. 15 }│ │ .50 │ .50 Nov. 15 │ .26 │ .39 │ .65 Jan. 15 │ .50 │ .50 │ .50 Feb. 15 │ .26 │ .39 │ .65 April 15 │ .50 │ .50 │ .50 │ ──── │ ──── │ ──── Total │ 2.52 │ 3.56 │ 4.60 ──────────────┼────────────────┼────────────────┼─────────────── Equivalent }│ │ │ in dollars }│ │ │ at $1 = 4 }│ $630,000,000 │ $890,000,000 │ $1,150,000,000 gold marks }│ │ │ ──────────────┴────────────────┴────────────────┴─────────────── Now the payments were so arranged as to present no insuperable difficulties during 1921. The instalment of August 31, 1921 (which did not exceed the sum which the Germans had themselves offered for immediate payment in their counterproposal of April 1921) was duly paid, partly out of foreign balances accumulated before May 1 last, partly by selling out paper marks over the foreign exchanges, and partly by temporary advances from an international group of bankers. The instalment of November 15,1921, was covered by the value of deliveries of coal and other material subsequent to May 1, 1921. Even the instalments of January 15 and February 15, 1922, might be covered out of further deliveries, temporary advances, and the foreign assets of German industrialists, if the German Government could get hold of them. But the payment of April 15, 1922, must present more difficulty; whilst further instalments follow quickly on May 15, July 15, and August 15. Some time between February and August 1922 Germany will succumb to an inevitable default. This is the maximum extent of our breathing space.[44]