the necessary steps to be taken to give effect thereto, due regard being paid to the rights and interests of other powers signatory to the treaty of Versailles which are not parties to the above mentioned agreement." 5. Schedule of Payments, May 5, 1921, Prescribing the Time and Manner for Securing and Discharging the Entire Obligation of Germany for Reparation under Articles 231, 232 and 233 of the Treaty of Versailles The Reparation Commission has, in accordance with Article 233| of The Treaty of Versailles, fixed the time and manner for securing and discharging the entire obligation of Germany for Reparation under Articles 231, 232 and 233 of the Treaty-as follows: This determination is without prejudice to the duty of Germany to make restitution under Article 238 or to other obligations under the Treaty. ARTICLE 1. Germany will perform in the manner laid down in this Schedule her obligation to pay the total fixed in accordance with Articles 231, 232 and 233 of the Treaty of Versailles by the Commission, viz: 132 milliards of gold marks less: (a) The amount already paid on account of Reparation, (b) sums which may from time to time be credited to Germany in respect of State properties in ceded territory, etc., and (c) any sums received from other enemy or ex-enemy Powers in respect of which the Commission may decide that credit should be given to Germany, plus the amount of the Belgian debt to the Allies, the amounts of these deductions and addition to be determined later by the Commission. ARTICLE 2. Germany shall create and deliver to the Commission in substitution for bonds already delivered or deliverable under paragraph 12 (c) of Annex II of Part VIII (Reparation) of the Treaty of Versailles the bonds hereafter described. 'Reparation Commission, Annex 908. A. Bonds for an amount of 12 milliards gold marks. Those bonds shall be created and delivered at latest on July 1st, 1921— There shall be an annual payment from fund to be provided by Germany as prescribed in this schedule in each year from May 1st, 1921, equal in amount to 6 per cent of the nominal value of the issued bonds, out of which there shall be paid interest at 5 per cent per annum payable half yearly on the bonds outstanding at any time, and the balance to sinking fund for the redemption of the bonds by annual drawings at par. These bonds are hereinafter referred to as bonds of Series (A). There shall be an annual payment from funds to be provided by Germany as prescribed in this schedule in each year from 1st November, 1921, equal in amount to 6 per cent of the nominal value of the issued bonds out of which there shall be paid interest at 5 per cent per anum payable half yearly on the bonds outstanding at any time and the balance to sinking fund for the redemption of the bonds annual drawings at par. These bonds are hereinafter referred to as bonds of Series (B). C. Bonds for 82 milliards of gold marks, subject to such subsequent adjustment by creation or cancellation of bonds as may be required under Article (1). These bonds shall be created and delivered to the Reparation Commission, without coupons attached, at latest on 1st November 1921, they shall be issued by the Commission as and when it is satisfied that the payments which Germany is required to make in pursuance of the schedule are sufficient to provide for the payment of interest and sinking fund on such bonds. There shall be an annual payment from funds to be provided by Germany as prescribed in this schedule in each year from the date of issue by the Reparation Commission equal in amount to 6 per cent of the nominal value of the issued bonds out of which shall be paid interest at 5 per cent per annum payable half yearly on the bonds outstanding at any time and the balance to sinking fund for the redemption of the bonds by annual drawings at par. The German Government shall supply to the Commission coupon-sheets for such bonds as and when issued by the Commis sion. These bonds are hereinafter referred to as bonds of Series (C). ARTICLE 3. The bonds provided for in Article 2 shall be signed German Government bearer bonds, in such form and in such denominations as the Commission shall prescribe for the purpose of making them marketable, and shall be free of all German taxes and charges of every description present or future. Subject to the provisions of Articles 248 and 251 of the Treaty of Versailles, these bonds shall be secured on the whole of the assets and revenues of the German Empire and the German States, and in particular on the assets and revenue specified in Article 7 of this schedule. The Service of the bonds of Series (A), (B) and (C) shall be a first, second and third charge respectively on the said assets and revenues and shall be met by the payments to be made by Germany under this schedule. ARTICLE 4. Germany shall pay in each year until the redemption of the bonds provided for in Article 2 by means of the sinking funds attached thereto : 1. A sum of 2 milliard gold marks; 2. (a) A sum equivalent to 25 per cent of the value of her exports in each period of twelve months starting from 1st May 1921, as determined by the Commission. or (b) Alternatively an equivalent amount as fixed in accordance with any other index proposed by Germany and accepted by the Commission. 3. A further sum equivalent to 1 per cent of the value of her exports as above defined or alternatively an equivalent amount fixed as provided in (b) above. Provided always that when Germany shall have discharged all her obligations under this schedule, other than her liability in respect of outstanding Bonds, the amount to be paid in each year under this paragraph shall be reduced to the amount required in that year to meet the interest and sinking fund on the bonds then outstanding. Subject to the provisions of Article 5 the payments to be made in respect of paragraph (1) above shall be made quarterly on or before 15th January, 15th April, 15th July, and 15th October each year and the payments in respect of paragraph (2) and (3) above shall be made quarterly on or before 15th February, 15th May, 15th August and 15th November and calculated on the basis of the exports in the last quarter but one preceding that quarter, the first payment to be made on or before the 15th November 1921, to be calculated on the basis of the exports, in the 3 months ending 31 July 1921. ARTICLE 5. Germany shall pay within 25 days from this notification one milliard gold marks in gold or approved foreign currencies or approved foreign bills or in drafts at three months on the German Treasury endorsed by approved German banks and payable in pounds sterling in London, in francs in Paris, in dollars in New York or any currency in any other place designated by the Commission. These payments will be treated as the two first quarterly instalments of the payments provided for in Article 4 (1o). ARTICLE 6. The Commission will within 25 days from this notification in accordance with paragraph 12 A (d) Annex II of the Treaty as amended, establish the special Sub-Commission to be called the Committee of Guarantees. The Committee of Guarantees will consist of representatives of the Allied Powers now represented on the Reparation Commission, including a representative of the United States of America in the event of that Government desiring to make the appointment. The Committee shall co-opt and more than three representatives of nationals of other Powers whenever it shall appear to the Commission that a sufficient portion of the Bonds to be issued under this schedule is held by nationals of such Powers to justify their representation on the Committee of Guarantees. ARTICLE 7. The Committee of Guarantees shall be charged with the duty of securing the application of Articles 241 and 248 of the Treaty of Versailles. It shall supervise the application to the service of the Bonds provided for in Article 2 of the funds assigned as security for the payments to be made by Germany under Article 4. The funds to be so assigned shall be: (a) The proceeds of all German maritime and land customs duties, and in particular the proceeds of all import and export duties. (b) The proceeds of a levy of 25 per cent, on the value of all exports from Germany, except those exports upon which a levy of not less than 25 per cent, is applied under the legislation referred to in Article 9. (c) The proceeds of such direct or indirect taxes or any other funds as may be proposed by the German Government and accepted by the Committee of Guarantees in addition to or in substitution for the Funds specified in (a) or (b) above. The assigned Funds shall be paid to accounts to be opened in the name of the Committee and supervised by it, in gold or in foreign currencies approved by the Committee. The equivalent of the 25 per cent levy referred to in paragraph (b) shall be paid in German currency by the German Government to the exporter. The German Government shall notify to the Committee of Guarantees any proposed action which may tend to diminish the proceeds of any of the assigned funds and shall, if the Committee demand it, substitute some other approved funds. The Committee of Guarantees shall be charged further with the duty of conducting on behalf of the Commission the examination provided for in paragraph 12 (b) of Annex II to Part VIII of the Treaty of Versailles and of verifying on behalf of the Commission, and, if necessary of correcting, the amount declared by the German Government as the value of German exports for the purpose of the calculation of the sum payable in each year or quarter under Article 4 (2), and the amounts of the funds assigned under this Article to the service of the Bonds. The Committee shall be entitled to take such measures as it may deem necessary for the proper discharge of its duties. The Committee of Guarantees is not authorized to interfere in German administration. ARTICLE 8. In accordance with paragraph 9 (2) of Annex II as amended Germany shall on demand, subject to the prior approval of the Commission, provide such material and labour as any of the Allied Powers may require towards the restoration of the devastated areas of that Power, or to enable any Allied Power to proceed with the restoration or development of its industrial or economic life. The value of such material and labour shall be determined in each case by a valuer appointed by Germany and a valuer appointed by the |