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A REVISION OF THE TREATY

be determined by a valuer appointed by Germany and a valuerappointed by the Power concerned, and, in default of agreement,by a referee nominated by the Commission. This provision asto valuation does not apply to deliveries under Annexes III., IV.,V., and VI. to Part VIII. of the Treaty .

9. Germany shall take every necessary measure of legislativeand administrative action to facilitate the operation of theGerman Reparation (Recovery) Act, 1921, in force in the UnitedKingdom , and of any similar legislation enacted by any AlliedPower, so long as such legislation remains in force. Paymentseffected by the operation of such legislation shall be creditedto Germany on account of the payment to be made by her underArticle 4 (2). The equivalent in German currency shall bepaid by the German Government to the exporter.

10. Payment for all services rendered, all deliveries in kind,and all receipts under Article 9 shall be made to the ReparationCommission by the Allied Power receiving the same in cashor current coupons within one month of the receipt thereof,and shall be credited to Germany on account of the paymentsto be made by her under Article 4.

11. The sum payable under Article 4 (3) and the surplusreceipts by the Commission under Article 4 (1) and (2) in eachyear, not required for the payment of interest and sinking fundon bonds outstanding in that year, shall be accumulated andapplied so far as they will extend, at such times as the Commissionmay think fit, by the Commission in paying simple interest notexceeding 2| per cent per annum from May 1, 1921, to May 1,1926, and thereafter at a rate not exceeding 5 per cent on thebalance of the debt not covered by the bonds then issued. Nointerest thereon shall be payable otherwise.

12. The present Schedule does not modify the provisionssecuring the execution of the Treaty of Versailles , which areapplicable to the stipulations of the present Schedule.