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2. The resulting charge on industry is less than that

existing before the war and now wiped out by

depreciation. 3. These bonds bear five per cent interest and one per

cent sinking fund, i.e., 300 million gold marks per

annum.
4. Pending economic restoration, interest and sinking
fund are accepted as follows:

First year--Nothing.
Second year-One hundred and twenty five

million g. m.
Third year-Two hundred and fifty million g. m.
Thereaster-Three hundred million g. m.

X. SUMMARY OF PROVISION FOR TREATY PAYMENTS

a. I. BUDGET MORATORIUM PERIOD. Ist year.-From foreign loans and part interest on railway

bonds.

Total of ...... One thousand million g.m. 2nd year.-From part interest on railway bonds and on in

dustrial debentures, budget contribution, through sale of 500 million g.m. railway shares.

Total of ..... 1,220 million g.m.

2. TRANSITION PERIOD. 3rd year.-From interest on railway bonds and on industrial

debentures, from transport tax and from budget. Total.....

1,200 million g.m. (subject to contingent addition or reductions of:

250 million g.m.) 4th year.–From interest on railway bonds and on industrial

debentures, from transport tax and from budget. Total of ...

.1,750 million g.m. (subject to contingent addition or reduction of: 250 million g.m.)

3. STANDARD YEAR 5th year.-From interest on railway bonds and on industrial

debentures, from transport tax and from budget.

Total of ...... .2,500 million g.m. Thereafter 2,500 millions plus a supplement computed on the

index of prosperity. Interest on the securities, but not the proceeds of their sale,

is included in these figures. b. The first year will begin to run from the date when the

plan shall have been accepted and put into effective execution.

XI. INCLUSIVE AMOUNTS AND DELIVERIES IN KIND

a. The above sums cover all amounts for which Germany may

be liable to the Allied and Associated Powers. b. Deliveries in kind are to be continued, but are paid for out

of balances in the Bank.

XII. HOW THE ANNUAL PAYMENTS ARE MADE BY GERMANY

a. The amounts will be raised in gold marks and paid into

the Bank. b. These payments cover Germany's annual obligation.

XIII. HOW THE PAYMENTS ARE RECEIVED BY THE CREDITORS

a. Germany's creditors will use these moneys in Germany or

convert them into foreign currencies. b. Experience will show the rate and extent to which the con

version can safely take place. c. Danger to stability through excessive remittances is

obviated by a Transfer Committee. d. Sums not remitted accumulate, but with a limitation of amount.

XIV. GUARANTEES, IN ADDITION TO RAILWAY AND

INDUSTRIAL BONDS a. The following revenues are pledged as collateral security for budget contributions and other payments:

i Alcohol.
ii Tobacco.
iii Beer.
iv Sugar.

v Customs. b. The yield of these revenues is estimated to be substantially

in excess of required payments. C. The excess is returned to the German Government.

a

XV. EXTERNAL LOAN-ITS CONDITIONS AND PURPOSE Foreign loan of 800 million gold marks meets a double purpose. a. Requirements of gold reserve of the new Bank. b. Internal payments for essential Treaty purposes in 1924

25.

XVI. ORGANIZATION

The Organization consists of: a. A Trustee for railway and industrial bonds; b. Three Commissioners of (1) Railways, (2) the Bank,

(3) Controlled Revenues; c. An Agent for Reparation payments, who will coordinate

the activities of the above and will preside over the Transfer Committee.

XVII. THE NATURE OF THE PLAN a. The plan is an indivisible unit. b. The aim of the plan is: 1. to set up machinery to provide the largest annual payments from Germany;

2. to enable maximum transfers to be made to Ger

many's creditors; 3. to take the question of “what Germany can pay” out

of the field of speculation and put it in the field of

practical demonstration; 4. to facilitate a final and comprehensive agreement

upon all the problems of reparations and connected questions, as soon as circumstances make this possible.

II

QUESTIONS RESULTING FROM THE CORFU INCIDENT SUBMITTED SEPTEMBER 28, 1923, BY THE COUNCIL OF THE LEAGUE OF NATIONS TO THE SPECIAL COMMISSION OF JURISTS AND THE REPLIES

OF THAT COMMISSION 1 The Commission has agreed upon the following replies to the questions submitted by the Council: First Question.-Is the Council, when seized at the instance

of a Member of the League of Nations of a dispute submitted in accordance with the terms of Article 15 of the Covenant, by such a Member as “likely to lead to a rupture" bound either at the request of the other party or on its own authority, and before enquiring into any point, to

decide whether in fact such description is well founded? Reply.—“The Council, when seized at the instance of a Mem

ber of the League of Nations of a dispute submitted, in accordance with the terms of Article 15 of the Covenant, by such a Member as 'likely to lead to a rupture,' is not bound, either at the request of the other party or on its own authority, and before enquiring into any point, to decide whether in fact such description is well founded.

"The Council may at all times estimate the gravity of the dispute and determine the course of its action accord

ingly." Second Question.-Is the Council, when seized of a dispute in

accordance with Article 15, paragraph 1, of the Covenant, at the instance of a Member of the League of Nations, bound, either at the request of a party, or on its own authority, to suspend its enquiry into the dispute, when, 1 Reprinted from British Official Publication Miscellaneous No. 4 (1924).

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