Page:Collier's New Encyclopedia v. 09.djvu/552

LEFT TREATY 482 TREATY ner of selling, distributing, and negotiat- ing bonds issued by Germany, any post- ponement between 1921 and 1926 of an- nual payments beyond 1930, and any postponement after 1926 for a period of more than three years of the application of a different method of measuring dam- age than in a similar former case, and the interpretation of provisions. With- drawal from representation is permitted on twelve months' notice. The (k)mmission may require Germany to give from time to time, by way of guarantee, issues of bonds or other obli- gations to cover such claims as are not otherwise satisfied. In this connection and on account of the total amount of claims bond issues are presently to be required of Germany in acknowledgment of its debt as follows: 20,000,000,000 marks gold, payable not later than May 1, 1921, without interest; 40,000,000,000 marks gold bearing 2^/^ per cent, interest between 1921 and 1926, and thereafter 5 per cent., with a 1 per cent, sinking fund payment beginning 1926; and an undertaking to deliver 40,000,000,000 marks gold bonds bearing interest at 5 per cent., under terms to be fixed by the commission. Interest on Germany's debt will be 5 per cent, unless otherwise determined by the commission in the future, and pay- ments that are not made in gold may "be accepted by the commission in the form of properties, commodities, businesses, rights, concessions, &c." Certificates of beneficial interest, representing either bonds or goods delivered by Germany, may be issued by the commission to the interested powers, no power being en- titled, however, to have its certificates divided into more than five pieces. As bonds are distributed and pass from the control of the commission, an amount of Germany's debt equivalent to their par value is to be considered as liquidated. SHIPPING The German government recognizes the right of the allies to the replacement, ton for ton and class for class, of all merchant ships and fishing boats lost or damaged owing to the war, and agrees to cede to the allies all German merchant ships of 1,600 tons gross and upward; one-half of her ships between 1,600 and 1,000 tons gross, and one-quarter of her steam trawlers and other fishing boats. These ships are to be delivered within two months to the Reparation Commit- tee, together with documents of title evi- dencing the transfer of the ships free from encumbrance. "As an additional part of reparation," the German government further agrees to build merchant ships for the account of the allies to the amount of not ex- ceeding 200,000 tons gross annually dur- ing the next five years. All ships used for inland navigation taken by Germany from the allies are to be restored within two months, the amount of loss not covered by such resti- tution to be made up by the cession of the German river fleet up to 20 per cent, thereof. DYESTUFFS AND CHEMICAL DRUGS In order to effect payment by deliveries in kind, Germany is required, for a limit- ed number of years, varying in the case of each, to deliver coal, coal-tar products, dyestuffs and chemical drugs, in specific amounts, to the Reparations Commission. The commission may so modify the condi- tions of delivery as not to interfere un- duly with Germany's industrial require- ments. The deliveries of coal are based largely upon the principle of making good diminutions in the production of the al- lied countries resulting from the war. Germany accords option to the commis- sion on dyestuffii, and chemical drugs, in- cluding quinine, up to 50 per cent, of the total stock in Germany at the time the treaty comes into force, and similar op- tion during each six months to the end of 1924 up to 25 per cent, of the pre- vious six months' output. DEVASTATED AREAS Germany undertakes to devote her eco- nomic resources directly to the physical restoration of the invaded areas. The Reparations Commission is authorized to require Germany to replace the de- stroyed articles by the delivery of ani- mals, machinery, etc., existing in Ger- many, and to manufacture materials re- quired for reconstruction purposes; all with due consideration for Germany's es- sential domestic requirements. Germany is to deliver annually for ten years to France coal equivalent to the difference between the annual pre-war output of Nord and Pas de Calais mines and the annual production during the above ten-year period. Germany further gives options over ten years for delivery of 7,000,000 tons of coal per year to France, in addition to the above; of 8,000,000 tons to Belgium, and of an amount rising from 4,500,000 tons in 1919 to 1920 to 8,500,000 in 1923 to 1924 to Italy at prices to be fixed as pre- scribed in the treaty. Coke may be taken in place of coal in the ratio of three tons to four. Provision is also made for de- livery to France over three years of ben- zol, coal tar, and of ammonia. The com- mission has powers to postpone or annul the above deliveries, should they interfere