Arizona republican., 1919-05-08

tWenty-siX, for period of more than three years, the application of a diff ferent method of measuring damage than in a similar former case and the interpretation of provisions. With drawal from representation is per- mitted on twelve months notice. The commission may require Germany to ] give from time to time, by way of guar | anty, issues of bonds or other obliga- i tions 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 Germany in acknowledge ment of it's debt as follows: Twenty 1 billion marks gold, payable not later 1 than May 1, 1921, without interest; i forty billion marks gold, bearing two ] and one half per cent interest, between l 1921 and 1926. and thereafter five per i cent, with one per cent sinking fund l payment, beginning in nineteen hun 1 dred twenty-six, and undertaking to l deliver forty billion marks gold bonds bearing interest at five per cent under terms to be fixed by the commission.
 Interest on Germany's Debt
 Interest on Germany's debt-will be i five per cent unless otherwise de- termined by the commission in the fu- ture, and payments that are not made in gold may 'be accepted by the com mission in the form of properties. com
 modities, businesses, rights. conces- sions, etc" Certificates of beneficial interest, representing either bonds or | goods delivered by Germany may be is | sued by the commission to the in l terested power, no power being entitled | fr orti fo. ,Is
 vided into more than five pieces. As bonds are distributed and pass from the control of the commission, an amount of Germany's debt equivalent to their par value is to be considered as liquidated.
 Shipping: The German government
 recognizes the right of the allies tc the replacement, ton for ton, and class
 for class, of all merchant ships and
 fishing boats lost or daInaged owine
 to the war, and agrees to cede all Ger
 man merchant ships of sixteen hundred
 tons gross and upwards; one half ot
 her ships between sixteen hundred and
 one thousand tons gross and one quar-
 ter of her steam trawlers and other fishing boats. These ships are to be
 delivered within two months to the
 reparation commission, together WitT
 documents of title evidencing the ,l transfer of the ships free from encum.
 brances.
 "As an additional part of reparation'
 the government further agrees to build
 merchant ships for the account Of the
 allies. to the amount of not exceedine
 two hundred thousand tons gross an nually, during the next five years. Al : ships used for inland navigation taker
 by Germany from the allies, are tC ba restored within two months, the
 amount of loss not covered by sucf
 restitution to be made up by the ces- l. sion of the German river fleet, up tt twenty per cent thereof.
 . In order to effect payment by de.
 liveries in kind, Germany is required
 for limited number of years, varying in the case of each, to deliver coal, coa
 tar products. dyestuffs and chemica
 drugs in specific amounts to the rep . aration commission. The commission ; may so modify the conditions of de. livery as not to interfere unduly witt , Germany's industrial requirements
 The deliveries of coal are based large l, ly upon the principle of making goot
 diminutions in the production of th, l allied countries resulting from the war Devastated Areas: Germany under takes to devote her economic resource!
 directly to the physical restoration O L the invaded areas The reparatior