A RE VISI ON OF THE TREATY

Article 3 provides that the Allied Governments shall adoptmeasures to facilitate if necessary the issue by Germany of loansdestined for the internal requirements of that country and tothe prompt discharge of the German debt to the Allies.

Article 4 deals in detail with the keeping of accounts by theReparation Commission.

Article 5 secures to Belgium her priority of £100,000,000gold and enumerates the securities affected by such priority. 1

Article 6 deals with the valuation of ships surrendered underthe various Peace Treaties , and provides for the allocation ofsums received for the hire of such ships. It deals also withquestions outstanding as to the decisions taken by the BelgianPrize Courts. Belgium receives compensation out of the sharesof the other Allied Powers.

Article 7 refers to the Allied cruisers, floating docks, andmaterial handed over under the Protocol of January 10, 1920,as compensation for the German warships which were sunk.

Article 8 declares that the same Protocol shall apply tothe proceeds of the sale of ships and war material surrenderedunder the naval clauses of the Treaty , virtually including theproceeds of naval war material sold by the Reparation Com-mission.

Article 9 gives Italy an absolutely prior claim to certainspecified sums as a set-off to amounts due to her by Austria-Hungary and Bulgaria .

Article 10 reserves the rights of Poland and declares thatthis Agreement shall not apply to her.

Article 11 maintains the rights of countries who lent moneyto Belgium before November 11, 1918, and makes provision forrepayment immediately after satisfaction of the Belgian claimto priority in respect of £100,000,000.

Article 12 maintains the rights of the Allied Powers to the

1 Of which the most tangible were 400,000,000 Danish kroner payable inrespect of Sleswig, certain suras were from Luxemburg for coal, any balanceavailable in respect of German ships seized as prizes in Brazilian ports, andany balance available towards reparation out of German assets in the UnitedStates.