In January 1934 the British government delivered Germany a formal ultimatum that unless Schacht returned to the bargaining table, German export earnings in Britain would be subject to forced clearing. They would be subject to official British control with a levy being imposed to satisfy the claims of the City. The violence of the British reaction forced Schacht into a temporary retreat. A general meeting of creditors was called to Berlin for April 1934 and service on the Dawes and Young loans temporarily resumed.
