The Birmingham age-herald., 1921-05-06
Text Of Allied Uztin1atun1
 Sent German GoUernn1ent

fund, shall be payable half yearly from May 1.
 The second series for Ss0O0, 100000 gold marks shall be issued on November 1.
 THIRD SERIES
 The third series for 82,O00 0O0,000 gold marks shall, not later than November 1, be delivered to the reparations commits sion without coupons attached, and will be issued by the commission when it is satisfied the payments which Germany undertakes to make in pursuance with 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 ment bonds in such form and such de- i nominations as the reparations commis- sion shall prescribe for the purpose of making them marketable and shall be free from German taxes and charges of every description present and future. | Until redemption of the bonds. Ger many will be required to pay yearly ] 2,000, 900, 900 gold marks and 26 per cent of the value of her exports as from May ]. or, alternatively, an equivalent amount as fixed it was any other index proposed by Germany and accepted by the separations commission
 AMOUNT REDUCED "tI 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.
 n iu n n 2 days 1000, 900, 900 marks in gold. ap- proved foreign bills or drafts at three months on the German treasury, in- dorsed by approved German banks in London, Paris, New York or other places designated by the separations commits sion.
 These payments will be treated as the first two quarterly installments of the amounts due on Germany's liability in pay 2O00, ,0OO 900 marks yearly and 26 per cent of the amount of her exports. Within z days the reparations com mission shall establish a special sub commission to be called the committee on guarantees, to consist of represent atives of the allied powers, inciuding a representative of the United States in l the event of that government desiring to make an appointment. This commit 1 tee shall comprise not more than three representa- atives from the nationals of other powers when it shall appear that sufficient portion of the bonds are held by nationals of such powers as to | justify their representation.
 SUPERVISE APPLICATION
 This committee will supervise the ap- | rlication to the bonds, service of the funds assigned as security for payment, such as German maritime and land cus- tom duties, and 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 or any other funds as may be proposed by the German government and accepted by the committee in substitu- | tion therefor.
 The 26 per cent levy on exports, less 1 per cent for sinking fund 1t is provided shall be paid by the German govern ment to the exporters.
 The committee is not authorized to in- terfere with the German administration.
 Germany, it is stipulated, shall, sub ject to the prior approval of the com mission provide such material and labor wards the restoration of the devastated as any allied power may require to- | areas of that power, or to enable any allied power to proceed with the restora- | tion and development of it's industrial and economic life. The value of such material and labor shall be determined by German and allied valuators. The receipts from the 50 per cent levy on German exports decided upon at the | previous London conference, will be credited to Germany under the present arrangement.
 Any surplus receipts from the interest and sinking fund payments ssnd the ex, port tax shall be applied the com /. mission thinks ft to paying simple in- terest not exceeding 212 per cent from May l, 1921, to May l, 1928, on the ball. ance of the debt not covered by the bonds then issued. No interest on this l Ia hal ha raa oil