New-York tribune., 1921-05-06

e Sst Z st sat 2 fe WEE crtminalSs and also with
osAer parts Of the Versailles Treaty
Z 4lSe have not as vet been fulfilled.
Ne occupation 81 the Ruhr VALLEY,
and TO undertake all other military
and navel measures. should the Ger
Man government Fail to comply with
tna Foregoing conditions This occu-
patton will last as long as Germany
continues her failure to fulfill the con-
ditions laid down"
War Commission Notified
The protocol to be handed The Ger
man War Burdens Commission In
Paris tonight by the Reparations
Gcmnfission says:
Germany will perform in the man
Her laid down in this schedule her
Ubligations to pay the total fixed In
accordance with Articles PSI, 232 and
233 Of the Treaty Of Versailles 1885,
Z O0o. 900 gold marks, less (a) the
xeperations; .ib) sums which may,
s from time to, time, be credited to Ger
many in respect of state properties in
ceded territory, ETC.; (c) any sums re-
celved from other enemy or former
enemy powers, in respect to which the
commission may decide credits should
xbe given to Germany, plus the amount
Of the Belgian debt to the Allies, the
amounts of these reductions to be de-
*ermined later by the commission"
The protocol then provides for the
@ssue Of bonds, as has previously been
outlined, and which shall be secured
On the whole assets of the German En-
@pire and the German states.
The first series of bonds, for the
amount of 10000, 100000 gold marks,
the protocol says, Shall be created and
delivered by July 1, 1921, but the in
terest Of per cent, Plus j per cent for
sinking fund, shall be payable half
yearly from May 1.
Later Bond Issues Specified
The second series, for $4,000, 600 900
gold marks, shall be issued on Novem-
Der i. The third series, for $4,000 ,o00,-
600 gold marks, shall, not later than
November /, be delivered to the Repa-
rations Commission without coupons
commission as and when it is satisfied
the payments which Germany under
takes to. make in pursuance of this
agreement are sufficient to provide for
the payment of interest and the sink
ing fund on such bonds. The sinking
fund shall be used for redemption of
the bonds by annual drawings at par.
The bonds will be German govern
nzent bearer bonds, in such form and
such denomination as the Reparations
Commission shall prescribe for the pur-
pose of making them marketable, and
shall be free from German taxes and
charges Of every description, prese-t
and future.
Until redemption Of the bonds, Ger
many will be required to pay yearly
1000, 100000 gold marks and rs per
cent of the value Of her exports as
from May /, or, alternatively, an
equivalent amount as fixed in accord
ance with any other index proposed by
Germany and accepted by the Repara-
tions Commission.
It is provided the protocol con-
tinues, "that when Germany shall have
discharged all her obligations under
this schedule, other than her liability
with respect to outstanding bonds, the
amount payable 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 outstanding"
Billion Marks in rs Days
Germany is required to pay within
twenty-five days 1000, ,000, 900 marks in
gold, approved foreign bills or drafts
at three months on the German Treas
ury, indorsed by approved German
banks in London, Paris, New York or
ether place designated by the Repara-
tions Commission.
These payments will be treated as
the first two quarterly installments of
the amounts due on Germanys AiabiI-.
itJ to pay 2,0oo,o00,0oo marks yearly
and 26 per cent Of the amount of her
exports.
Within twenty-five days the Repara-
tions Commission shall establish
special sub-commission to be called the
Committee on Guarantees, to consist
including representative Of the
United States, in the event of that
government desiring to make an >ap-
pointment. This committee shall COM
prise not more than three representa-
tiv6s from the nationals Of other pow
ers when it shall appear that suffi-
cient portion of the bonds are held
by nationals Of such powers as to
justify their representation.
This committee will supervise the
application to the bonds service Of the
funds assigned as security for pay
ment, such as German maritime and
&aA0 customs OuIleSs ana In particular
All import and export duties, the levy
of .26 per cent on the German exports
and the proceeds Of such direct and
indirect taxes of any other funds as
may be proposed by the German gov
ernment and accepted by the commit
tee in substitution therefor The 26
per cent levy on exports, less. per
cent for sinking fund, it is provided,
shall be paid by the German govern
ment to the exporter.
No Executive Interference
The committee is not authorized to
interfere with the German administra-
ton.
Germany, it is stipulated, shall, SUBJ
ject to the prior approval of the COM
mission, provide such material and
labor as any Allied power may require
toward the restoration Of the devas-
tated areas Of that power, or to enable
any Allied power to proceed with the
restoration and development Of its in
dustrial and economic life. The value
of such material and labor shall be
determined by German and Allied val
uators.
The receipts from the 80 per cent