Word: markely
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Dates: during 1940-1949
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...Mayfair's fashionable St. Mark's Church on North Audley Street where the ceremony took place, musical bigwigs like Sir Thomas Beecham rubbed elbows with Britain's royal dukes & duchesses and 200 stout Yorkshiremen from the village of Harewood, who had come up to town in Sunday best to salute their young landlord. As the bridal automobile swept away from the St. James's Palace reception that followed, a single tiny Cinderella-like silver slipper could be seen bobbing in the dust behind...
...headquarters on the Rhine of the Allied High Commission for Germany, Konrad Adenauer and his ministers descended to their capital at Bonn. At the federal chancellery they met with the directors of the Bank Deutscher Lander, West Germany's central bank. There they agreed to cut the mark from 30? to 22 ½? to bring it into line with sterling and other devalued currencies...
...split between the Allies was caused by French and British fear of German competition in export markets if the mark were devalued. François-Poncet argued with a straight face that he did not want the German people to lose faith in their money. Robertson, perhaps even more afraid of Germany's competitive potential, sat snug as François-Poncet carried the ball...
McCloy said he would settle for a mark pegged anywhere between 20? and 24?. After fevered cabling to their capitals, the French and British suggested 27?. McCloy beat the British down to 24?. Then the French proposed two conditions: 1) ending German subsidies that made for export dumping below cost, 2) freezing the price of exported German coal at the pre-devaluation rate. If Germany insisted on raising the export price of coal, then, François-Poncet insisted, the price of inland coal in Germany must also be raised; this would make Germany's steel and other fabricated...
...with the commission's prestige at stake, the French budged a little on the mark rate (to 23.8?); McCloy agreed to the anti-dumping and coal clauses...