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A REVISION OF THE TREATY
of the exports in the last quarter but one preceding that quarter,the first payment to be made November 15, 1921.
5. Germany will pay within 25 days from this notificationone milliard gold marks (£50,000,000) in gold or approved foreignbills or in drafts at three months on the German Treasury,endorsed by approved German banks and payable in London,Paris, New York , or any other place designated by the Repara-tion Commission. These payments will be treated as the firsttwo quarterly instalments of the payments provided for incompliance with Article 4 (1).
6. The Commission will within 25 days from this notifica-tion, in accordance with Paragraph 12 (d), Annex II. of theTreaty as amended, establish the special Sub-Commission, tobe called the Committee of Guarantees. The Committee ofGuarantees will consist of representatives of the Allied Powersnow represented on the Reparation Commission, including arepresentative of the United States of America , in the event ofthat Government desiring to make the appointment.
The Committee shall co-opt not more than three representativesof nationals of other Powers whenever it shall appear to theCommission that a sufficient portion of the bonds to be issuedunder this agreement is held by nationals of such Powers tojustify their representation on the Committee of Guarantees.
7. The Committee of Guarantees is charged with the dutyof securing the application of Articles 241 and 248 of the Treatyof Versailles .
It shall supervise the application to the service of the bondsprovided for in Article 2 of the funds assigned as security forthe payments to be made by Germany under Paragraph 4. Thefunds to be so assigned shall be—
(a) The proceeds of all German maritime and land customs
and duties, and in particular the proceeds of all importand export duties.
(b) The proceeds of the levy of 25 per cent on the value of