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A REVISION OF THE TREATY

reduction of the fixed annuities prescribed in Article 1 (1), dis-counted at a rate of 8 per cent up to May 1, 1923, 6 per centfrom May 1, 1923, to May 1, 1925, and 5 per cent after May 1,1925.

4. Germany shall not embark on any credit operation abroad,directly or indirectly, without the approval of the EeparationCommission. This restriction applies to the Government ofthe German Empire, the Government of the German States ,German provincial and municipal authorities, and also to com-panies and enterprises controlled by these Governments andauthorities.

5. In pursuance of Article 248 of the Treaty of Versailles allthe assets and revenues of the German Empire and its constituentStates are held in guarantee of the complete execution by Germany of the provisions of this scheme.

The receipts of the German Customs, by land and sea, inparticular the receipts of all import and export duties and allsupplementary taxes, constitute a special pledge for the executionof the present Agreement.

No modification shall be introduced, liable to diminish theyield of the Customs, without the Reparation Commissionapproving the Customs Legislation and Regulations of Germany .

The whole of the receipts of the German Customs shall becredited to the account of the German Government, by a Receiver-General of the German Customs, nominated by the German Government with the assent of the Reparation Commission.

In the event of Germany failing to meet one of the paymentslaid down in the present scheme :

(1) The whole or part of the receipts of the German Customsshall be taken over from the Receiver-General of the German Customs by the Reparation Commission and applied by it tothe obligations in which Germany has defaulted. In this eventthe Reparation Commissions shall, if it deems necessary, itselfassume the administration and collection of the Customs receipts.

(2) The Reparation Commission shall be entitled, in addition,to require the German Government to impose such higher tariffs