Bisbee daily review., 1919-05-08

lnany to give from time to time, by way of guaranty, issues of bonds or other obligations to cover such claims as are not otherwise satisfied. In this connection and on account of the total amount of claims, bond issues are presently to be required of Ger many in acknowledgement of its debt as follows:
 Twenty billion marks .eoId, pay
 able not later than May 1, 1921,
 without interest; forty billion
 marks gold bearing two and one
 half per cent interest between
 1921 and 1925 and thereafter five pdr cent, with a one per cent sink | ing fund payment beginning In 1926 and an undertaking to de- liver forty billion marks gold bonds bearing interest at five per
 cent, under terms to be fixed by
 the commission.
 Interest on Germany's debt will be i five per cent unless otherwise de- i terInined by the commission in the fu- | ture, and payments that are not made 1 in gold may be accepted by the com mission in the form of properties, commodities, business, concessions, etc" Certificates of beneficial inter est, representing either bonds or good delivered by Germany may be issued | by the commission to the interstate power, no power being entitled, how ever, to have its certificates delivered in more than five pieces. As bonds are distributed and pass from the con- trol of the commission, an amount ! .l,oINf fl,air par value is to be considered as liqu1- dated.
 To Cede Merchant Ships
 SHIPPING: The German govern ment recognizes the right of the al- i lies to the replacement, ton for ton, and class for cass, of all merchant ships and fishing boats lost or dam aged, owing to the war, and agrees to cede all German merchant ships of sixteen hundred tons gross and up- wards; one half of her ships between | sixteen hundred and one thousand tons gross and one-quarter of her steam trawlers and other fishing boats. These ships are to be deliver ed within two months to the repara- tion committee, together with docu- ments of title evidencing the transfer of the ships free from encumbrances.
 "As an additional part of repara- tion,' the government further agrees to build merchant ships for the ac- count of the allies to the amount of not exceeding two- hundred thousand gross annually during the next five years. All ships used for inland nav | igation taken by Germany from the allies are to be restored within two months, the amount of loss not GOV cred by such restitution to be made up by the cession of the German river fleet up to 20 per cent thereof.
 Must Deliver Goods to Allies
 In order to effect payment by deliv- cries in kind, Germany is required, for limited number of years, varying in the case of each, to deliver coal, coal tar products, dyestuffs and chem ical drugs in specific amounts to the reparations commission. The commis- sion may so modify the conditions of delivery as not to interfere unduiy with Germany's industrial require ments. The deliveries of coal are based largely upon the principle of making good dimunitions in the pro- duction of the allied countries result | ing from the war.
 DEVASTATED AREAS Germany undertakes to devote her economic resources directly to the physical res toration of the invaded areas. The reparation commission is authorized ' to require Germany to replace the de stroyed articles by the delivery of ami mals, machinery, etc, existing in Ger many, and to manufacture articles re- quired for reconstruction purposes; /; all with due consideration for Ger mans essential domestic require ments.
 Germany further binds herself to repay all sums borrowed by Belgium ] from her allies as a result of Ger many's violation of the treaty of 1859 | up to November Il, 1918, and for this purpose will issue at once and hand over to the reparation commission 5 per cent gold bonds falling due in 1926.
 GOAL, ETC.-Germany is to de- liver annually for ten years to France i coal equivalent to the difference be- l tween annual pre-war output of Nord and Pas de Calais mines and annual production during above ten-year pe- riod. Germany further gives options l million tons coal per year to France in addition to the above of eight mil lion tons to Belgium and of an amount rising from four and half million tons in 1919 to 1920, to eight and a half million tons in 1923 to 1924 to Italy at prices to be fixed as pre- scribed in the treaty. Coke may be taken in place of coal in ratio of three tons to four. Provision is also made for delivery to France over three yeals of benzol, coal tar and of am- monia. The commission has powers to postpone or annul the above deliv- cries should they interfere unduly with the industrial requirements of Germany.
 1 "DYESTUFFS AND CHEMICAL DRUGS-Germany accords option to the commission on dyestuffs and