It is further agreed that, notwithstanding the Protocol of the 31st December, 1920, the Agreement of that date shall apply as between Germany and New Zealand as well as between Germany and the United Kingdom, so that the stipulations may be invoked in respect of British nationals ordinarily resident and British companies incorporated in New Zealand and in respect of the property, rights and interests in New Zealand of German nationals. In witness whereof they have signed the present certificate, and have affixed thereto the seal of their arms.

Done at London, the 6th day of October, 1921.

[L. S.] CURZON OF KEDLESTON. [L. S.] DUFOUR-FERONCE.

PROTOCOL MODIFYING ANNEX II TO PART VIII OF THE TREATY OF VERSAILLES

OF JUNE 28, 19191

Signed at London, May 5, 1921

The Undersigned, duly authorised to that effect, have agreed as follows:The Governments of Belgium, France, Great Britain, Italy and Japan, being the Governments represented on the Reparation Commission, unanimously decide, in application of paragraph 22 of Annex II to Part VIII of the Treaty of Versailles, to amend as follows the paragraphs of the said Annex hereafter mentioned.

This decision shall be notified to the Powers signatory of the said Treaty and to the Reparation Commission.

Modifications Made in Annex II to Part VIII of the Peace Treaty Paragraph 12 (a).

(a) Notwithstanding the stipulations of sub-paragraph (c) of paragraph 12 of Annex II to Part VIII, the Reparation Commission shall have power to increase the rate of interest from 2 per cent. to 5 per cent. for the period from the 1st May, 1921, to the 1st May, 1926, on bonds issued or to be issued under sub-paragraphs (1) and (2) of paragraph 12 (c), and to provide for the commencement of the sinking fund payments on such bonds as from the 1st May, 1921, provided that any additional sums required for such increase of interest and payment of sinking fund shall be compensated by the reduction below 5 per cent. of the rate of interest to be debited under paragraph 16 of Annex II to Germany as from the 1st May, 1921, in respect of debt not covered by bonds.

Power is given to the Reparation Commission to call upon Germany for the issue of new bonds bearing 5 per cent. interest and 1 per cent. sinking

1 British Treaty Series, 1921, No. 12.

fund from the 1st May, 1921, in exchange for the surrender by the Reparation Commission of bonds already issued under paragraph c (1) and (2).

Power is given to the Reparation Commission to defer from the 1st May to the 1st November, 1921, the date of commencement of interest and of sinking fund on the whole or any part of the new bonds to be issued in exchange for bonds issued under paragraph (c) (1) and (2).

Power is given to the Reparation Commission to consolidate with the general bond issue the special issue of bonds in respect of Belgian debt provided for in Article 232 of the Treaty.

Power is given to the Reparation Commission to divide the total amount of the bonds into series having different priorities of charge.

(b) Power is given to the Reparation Commission to require Germany to assign certain revenues and assets to be specified to the service of the bonds either as a whole or as to separate series.

(c) Power is given to the Reparation Commission to require such assignment of specific revenues and assets to be specified in the terms of the bonds to be issued under paragraph 12 (c); bonds in which such assignment is specified shall, notwithstanding anything contained in paragraph 12 (b), be deemed to remain part of the reparation indebtedness of Germany, even though disposed of outright to persons other than the several Governments in whose favour Germany's original reparation indebtedness was created.

(d) Power is given to a Committee of Guarantees, to be appointed by the Reparation Commission under paragraph 7 of Annex II, to supervise the application of the assigned revenues and to prescribe the dates and manner of payment of sums due for the service of the bonds or other payments in respect of the German debt.

The revenues to be assigned by the German Government shall be:

(1) The proceeds of all German maritime and land customs and duties and in particular the proceeds of all import and export duties;

(2) The proceeds of the levy of 25 per cent. on the value of all exports from Germany, except those exports upon which a levy of not less than 25 per cent. is applied under the legislation of any Allied Power;

(3) The proceeds of such direct or indirect taxes or any other funds as may be proposed by the German Government and accepted by the Committee of Guarantees in addition to or in substitution for the funds specified in (1) or (2) above.

The Committee of Guarantees shall not be authorised to interfere in German administration.

(e) Power is given to the Reparation Commission to require the issue of bonds without coupons in respect of any part of the debt not for the time being covered by bonds issued in accord with paragraph 12 (c) as amended. The German Government shall be required to issue coupons in respect of such bonds as from such subsequent date as may be determined by the Reparation Commission as and when the Commission is satisfied that

Germany can meet interest and sinking fund obligations; the sinking fund payments shall begin at the same date.

Bonds for which coupons have not been issued shall be deemed to be debt not covered by bonds for the purpose of debiting interest under paragraph 16 of Annex II as amended.

Paragraph 19 (2).

Germany shall on demand provide such material and labour as any of the Allied Powers may, with the prior approval of the Reparation Commission, require towards the restoration of the devastated areas of that Power, or to enable any Allied Power to proceed with the restoration or development of its industrial or economic life. The value of such material and labour shall be determined by a valuer appointed by Germany and a valuer appointed by the Power concerned, and in default of agreement by a referee nominated by the Reparation Commission.

HENRI JASPAR.

AR. BRIAND.

D. LLOYD George.

C. SFORZA.

HAYASHI.

OFFICIAL DOCUMENTS

AGREEMENT BETWEEN THE UNITED STATES AND GERMANY PROVIDING FOR THE DETERMINATION OF THE AMOUNT OF THE CLAIMS AGAINST

The United States of America and Germany, being desirous of determining the amount to be paid by Germany in satisfaction of Germany's financial obligations under the treaty concluded by the two governments on August 25, 1921,2 which secures to the United States and its nationals rights specified under a resolution of the Congress of the United States of July 2, 1921, including rights under the Treaty of Versailles, have resolved to submit the questions for decision to a mixed commission and have appointed as their plenipotentiaries for the purpose of concluding the following agreement:

The President of the United States of America, Alanson B. Houghton, Ambassador Extraordinary and Plenipotentiary of the United States of America to Germany, and

The President of the German Empire, Dr. Wirth, Chancellor of the German Empire,

Who, having communicated their full powers, found to be in good and due form, have agreed as follows:

ARTICLE I

The commission shall pass upon the following categories of claims which are more particularly defined in the treaty of August 25, 1921, and in the Treaty of Versailles:

(1) Claims of American citizens, arising since July 31, 1914, in respect of damage to, or seizure of, their property, rights and interests, including any company or association in which they are interested, within German territory as it existed on August 1, 1914;

(2) Other claims for loss or damage to which the United States or its nationals have been subjected with respect to injuries to persons, or to property, rights and interests, including any company or association in which American nationals are interested, since July 31, 1914, as a consequence of the war;

(3) Debts owing to American citizens by the German Government or by German nationals.

1 U. S. Treaty Series, No. 665.

2 Printed in SUPPLEMENT to this JOURNAL, January, 1922 (Vol. 16), p. 10.

ARTICLE II

The Government of the United States and the Government of Germany shall each appoint one commissioner. The two governments shall by agreement select an umpire to decide upon any cases concerning which the commissioners may disagree, or upon any points of difference that may arise in the course of their proceedings. Should the umpire or any of the commissioners die or retire, or be unable for any reason to discharge his functions, the same procedure shall be followed for filling the vacancy as was followed in appointing him.

ARTICLE III

The commissioners shall meet at Washington within two months after the coming into force of the present agreement. They may fix the time and the place of their subsequent meetings according to convenience.

ARTICLE IV

The commissioners shall keep an accurate record of the questions and cases submitted and correct minutes of their proceedings. To this end each of the governments may appoint a secretary, and these secretaries shall act together as joint secretaries of the commission and shall be subject to its direction.

The commission may also appoint and employ any other necessary officer or officers to assist in the performance of its duties. The compensation to be paid to any such officer or officers shall be subject to the approval of the two governments.

ARTICLE V

Each government shall pay its own expenses, including compensation of its own commissioner, agent or counsel. All other expenses which by their nature are a charge on both governments, including the honorarium of the umpire, shall be borne by the two governments in equal moieties.

ARTICLE VI

The two governments may designate agents and counsel who may present oral or written arguments to the commission.

The commission shall receive and consider all written statements or documents which may be presented to it by or on behalf of the respective governments in support of or in answer to any claim.

The decisions of the commission and those of the umpire (in case there may be any) shall be accepted as final and binding upon the two governments.

ARTICLE VII

The present agreement shall come into force on the date of its signature. In faith whereof, the above named plenipotentiaries have signed the present agreement and have hereunto affixed their seals.

Done in duplicate at Berlin this tenth day of August 1922.

[SEAL.] ALANSON B. HOUGHTON. [SEAL.] WIRTH.