The Birmingham age-herald., 1919-05-08

 the allies.
 In periodically estimating Germanys capacity to pay. the repars tion com mission shall examine the German sys- tern of taxation, to the end thai the sums for reparation which Germahy IS required to pay shall become char5e upon all her revenues, prlor 10 tndt for the service or dlscharge ol any uo nestle loan and secondly, was to sat isfv itself that in general the Ger man scheme of taxation is fully US heavy proportionately s that or any or the powers represented on the commis- sion.
 The measures which the allied and associated powers shall have the rlgnt t9 take in case of voluntary aefauil pE Germany and which Germany agrees not to regard as acts of war. may in clude economic and financial prohipl- lions and reprisals and in general such other measures as the respective gov ernments may determine to be neces- sary in the circumstances.
 The commission shall consist of one representative each Of the Uhltea States. Great Britain. France. Italy and Belgium. representative of Serbia or Japan taking the place of the Belgian representative when the interests Of either country are particularly affected, with all other allied powers entitled when their claims are under consider ation to the right of representation without voting power. It shall permit Germany to give evidence regarding her capacity to pay and shall assure Q just opportunity to be heard.
 It shall make it's headquarters al Paris. establish it's own procedure and personnel have general control of the whole reparation problem, and become the exclusive agency of the allies for
 T; 4rfI1 roparation payments Majority vote shall prevail except that unanimity is required on questions involving the sovereignty of any of the allies the cancellation or ali or part of Germanys obligations, the time and manner of selling, distributing and negotiating bonds issued by Ger many, any postponement between l92l and 1926 of annual payments beyond 1850 and any postponement after 1926 for 8 period of more than three years of The application of a different method of meas uring damage than in a similar form or case, and the interpretation of provi- sions.
 Withdrawal from representation on the commission is permitted upon l2 months notice The commission may require tier many to give from time to time by way l of guarantee issues of bonds or other ! obligations to cover such claims as are i not otherwise satisfied. In this connec- l ton and on account of the total amounS 1 Of claims, bond issues are presently to 1 be required of Germany in acknowledge ment of it's debt as follows:
 l One thousand million pounds sterling, payable not later than May 1, 1921, with | out interest; two thousand millions pounds sterling bearing 21a per cent 1T 1 terest between 1921 and 1926, and theSc- after per cent, with I per cent sink7 ing fund payment beginning in 1926 and an undertaking to deliver bonds to an additional amount of two thousand mii- lion pounds sterling bearing interest at ! , per cent. | Under terms to be fixed by the com mission interest on Germany's debt will l be 5 per cent unless otherwise deter- mined by the commission in the Iuture, 1 and payments that are not made in gold may be accepted by the commission III 1 the form of properties. commodities. pusl- /, nesses. rights, concessions, etc. Certlh 1 cates of beneficial interest. representing I either bonds or goods delivered by Ger many may be issued by the commission to the interested powers. As bonds are l distributed and passed from the contrad of the commission an amount Of Ger n.any's debt equivalent to their par value is to be considered as liquidated,
 1 SHIPPING
 The German government recognizes the right of the allies to the replacement
 ton for ton and class for class, of al
 merchant ships and fishing boats lost o'
 damaged owing to the war and agrees
 tc cede to the allies all the German mer'
 chant ships of 1600 tons gross and up
 wards. one-half of her ships between l1S
 and 1000 tons gross and one-quarter O her steam trawlers and other hshins
 boats These are to be delivered Wlthlt
 two months to the reparation commas
 sion. together with documents o1 titi
 evidencing the transfer of the ships iron CT cumbrance.
 As an additional part of reparatloi / the German government further agrees f' build merchant ships for the account O the allies to the amount of not exceedlAs
 200, 900 tons gross annually during th' ; next five years. All ships used for Tn Hand navigation taken by Germany ron the allies are to be restored within t"s
 months, the amount Of loss not covere' by such restitution to be made up pA the cession of the German river lice up to 20 per cent thereof
 DEVASTATED AREAS . Germany undertakes to devote her eco homie resources directly to the physica , restoration of the invaded areas. Tn 1 reparation commission is, authorized t . | require Germany to replaced the de stroyed articles by the delivery of animals machinery, etc, existing in German i, and to manufacture articles required fo l construction purposes with due consld
 eration for Germany's essential domestl requirements.
 "Germany is to deliver annually for wears to France coal equivalent to tn difference between annual pre-war oot I put of Nord and Pas De Calais mine
 and annual production during above
 years. Germany further gives option z over 10 years for delivery of 7G00.00O ton coal per year to France in addition 1.-the above, of either 100000 tons to Bel /. eium and of an amount rising from Aoop : GOO tons in 1919 to 9120 to S,50O,0Oo tons l 2 1 1923 to 1924 to Italy at prices to be ike ! as prescribed in the treaty. Coke ma : be taken in place of coal in ratio of thre tons to four. Provisions is also mad , for delivery to France over three veal Il of benzol, coal tar and 'sulphate of an monia. The commission has powers
 postpone or annul the above deliverie . should they interfere Induly with indu! : trial requirements of Germany.
 DYE STUFFS AND DRUGS s Germany accords option to the com # mission on dyestuffs and chemiea Q drugs. including quinine, up to 90 pc
 Icent of total stock in Germany at tn 't time the treaty comes in force and sim
 lilar options during each six months 1 s- end of 1924 up to 25 per cent of pro + vious six months output.
 CABLES
 Il GArmany renounces all title to spec f saa hlaS val,,a of SlIch as were pr