193 THE ECONOMIC CONSEQUENCES OF THE PEACE ch.

German property whatever, wherever situated: thatis to say, " Germany shall pay in such instalmentsand in such manner, whether in gold, commodities,ships, securities, or otherwise, as the ReparationCommission may fix."

4. The Commission will decide which of the rightsand interests of German nationals in public utilityundertakings operating in Russia , China, Turkey,Austria, Hungary, and Bulgaria , or in any territoryformerly belonging to Germany or her allies, are tobe expropriated and transferred to the Commissionitself; it will assess the value of the interests sotransferred ; and it will divide the spoils.

5. The Commission will determine how much ofthe resources thus stripped from Germany must bereturned to her to keep enough life in her economicorganisation to enable her to continue to makeReparation payments in future. 1

6. The Commission will assess the value, withoutappeal or arbitration, of the property and rightsceded under the Armistice, and under the Treaty, —rolling-stock, the mercantile marine, river craft, cattle,the Saar mines, the property in ceded territory forwhich credit is to be given, and so forth.

7. The Commission will determine the amounts andvalues (within certain defined limits) of the contribu-

1 Under the Treaty this is the function of any body appointed for thepurpose by the principal Allied and Associated Governments, and notnecessarily of the Reparation Commission. But it may be presumed thatno second body will be established for this special purpose.