APPENDIX OF DOCUMENTS

205

Schedule of Payments prescribing the Time and Manner for securingand discharging the entire Obligation of Germany for Reparationunder Articles 231, 232, and 233 of the Treaty of Versailles .

The Keparation Commission has, in accordance with Article233 of the Treaty of Versailles , fixed the time and manner forsecuring and discharging the entire obligation of Germany forEeparation under Articles 231, 232, and 233 of the Treaty asfollows :—

This determination is without prejudice to the duty of Germany to make restitution under Article 238, or to other obligationsunder the Treaty .

1. Germany will perform in the manner laid down in thisSchedule her obligations to pay the total fixed in accordancewith Articles 231, 232, and 233 of the Treaty of Versailles by theCommission—viz. 132 milliards of gold marks (£6,600,000,000)less (a) the amount already paid on account of Eeparation ; (b)sums which may from time to time be credited to Germany inrespect of State properties in ceded territory, etc. ; and (c) anysums received from other enemy or ex-enemy Powers in respectof which the Commission may decide that credits should be givento Germany , plus the amount of the Belgian debt to the Allies,the amounts of these deductions and additions to be determinedlater by the Commission.

2. Germany shall create and deliver to the Commission insubstitution for bonds already delivered or deliverable underParagraph 12 (c) of Annex 2 of Part VIII. (Eeparation) of theTreaty of Versailles the bonds hereinafter described.

(A) Bonds for an amount of 12 milliard gold marks(£600,000,000). These bonds shall be created and delivered atlatest on July 1, 1921. There shall be an annual payment fromfunds to be provided by Germany as prescribed in this agree-ment, in each year from May 1, 1921, equal in amount to 6 percent of the nominal value of the issued bonds, out of whichthere shall be paid interest at 5 per cent per annum, payablehalf-yearly on the bonds outstanding at any time, and thebalance to sinking fund for the redemption of the bonds by