New-York tribune., 1921-01-31
to Let
Paris Adjust
Debt to u. S,
tc.atInued trem sass sn.,

------------------
(csatInuod from paus sns)
approved the conclusions formulated in
the note attached hereto.
"2. AS regards the question of repa-
rations the Allied governments have
unanimously approved the proposals.
formulated in that document, also at
tached hereto.
Hint of Reprisal Conveyed
"The Allied governments have ON
former occasions and again to-day, in
consenting to fresh delays in the mat
Ter OF disarmament, had due regard to
the difficulties that surround the Ger
man government in the execution of
the obligations which have resulted
from the Treaty of Versailles. They
have formed the hope that the German
government will not place the Allies.
VINO confirm their previous decisions.
under the necessity Of envisaginr the
grave situation which will be created
II Germany persists in failing to meet
her obligations. ''
Qualified delegates Of the German
government will be invited to a meet
ing. in London at the end of February
with delegates Of the Allied govern
ments."
;. The reparations note bears the title,
AN agreement between the Allied
powers for the settlement Of certain
questions relating to execution Of the
treaty of Versailles"
The note reads: article For the
purpose. of satisfying the obligations
imposed upon her by Articles 23l and
z32 of the Treaty of Versaffaes, Ger
many shall, irrespective of the restitu
tlon she, is to make under Article 238
and Of any other obligation under the
treaty, pay:
Il; Fixed annuities payable half
yearly In equal parts as follows: (a)
two annuities of 2,00O,0Oo,O0O gold
marks mark from May l, 1921, to May l.,
100000 gold marks from May /, 1928.
to May !, 1926; (c) three annuities of
100000 gold marks from Nav /,
1926, to May l, 1929; (d) three annu,
tiles Of 5000, 100000 gold marks from
May l, 1929, to May 1, 1882; (e) thirty
one. annuities of 60O0,000,0 900 gold
marks from May /, 1882, to May /, 1862.
Forty-one annuities running from
May 1, 1921, equal in amount to 12 per
cent ad valorem Of German exports,
payable in gold two months after the
Exports to Be Scrutinized
"ln order to insure complete fulfill
ment of paragraph 2 above, Germany
Will give to the Reparation Commission
every facility for verifying the amount
tablshment of the supervision neces-
sary for this purpose.
Article 2-The German governrn ent
Will transmit forthwith to the Repara-
tlons Commission notes to bearer pay
able at the dates specified in Article /,
paragraph l of the present arrange
ment The amount of these notes shall
be equivalent to each of the half
yearly sums payable under said para
graph.
instructions shall be given to the
Reparations Commission with view to
facilitating realization by the powers,
tributed to them in acceptance with
the agreements in force between them.
article 3-Germany shall be at lib
erty at any time to make payments in
advance on account of the fixed portion
of the SUM owing.
advance payments shall be applied
in the reduction of the fixed annuities
provided for in the first paragraph of
Article /. For this purpose annuities
shall be discounted at the rate of per
cent until May !, 1923, 6 per cent from
from May i, 1925.
Credit Operations Prohibited
"Article 4-Germany shall not direct
ly embark on any credit operation out
side her own territory without the
approval of the Reparations Commits
sion. This provision applies to the
government of the German Empire, to
the governments Of German states, to
the German provincial and municipal
authorities and to any companies or
undertakings under control of said gov
ernments or authorities.
article Sin pursuance Of article
248 of the Treaty of Versailles, all the
assets and revenues of the empire and
of the German states shall be applica-
BILE to insure complete execution by
! Germany of the provisions of the pres
ent arrangement.
"The proceeds of the German mari
time and land customs, including in
particular the proceeds OF all import
and export duties and of any tax sub
sidiary thereto, shall constitute spe-
cial security for the execution of the
present agreement
"No modification which might dimirl-
ish the proceeds of the customs shall
De mace IN Cne Germ0l customs yaWS
or regulations without approval of the
Reparations Commission. All German
customs receipts shall De encashed on
behalf of the German government by a
receiver-general of German customs
appointed by the German government
with the approval of the Reparations
Commission.
"In case Germany shall make default
in any payment provided for in the
present arrangement:
81. All or part of the proceeds of the
German customs in the hands of the
receiver general of German customs
may be attached by the Reparations
Commission and applied in meeting the
obligations in respect of which Ger
many has defaulted. In such case the
Reparations Commission may, if it
thinks necessary, itself undertake the
administration and receipt of the Gus
toms duties.
"2. The Reparations Commission also
may formally invite the German gov
ernment to proceed to such increases
of duties or to take such steps for the
purpose Of increasing it's resources as
the commission may think necessary"
Paris Press Rejoices at
Decision nm Ronnrnfin,,c