tion of the Dawes Plan which formed the subject of the Agreements concluded in London on 31st [30th]1 August 1924, Have agreed on the provisions contained in the Agreement of today's date of which a copy is attached to the present Protocol. DONE at Paris, 14th January 1925. The Governments of BELGIUM, FRANCE, GREAT BRITAIN, ITALY, JAPAN, the UNITED STATES OF AMERICA, BRAZIL, GREECE, POLAND, PORTUGAL, ROUMANIA, the SERB-CROAT-SLOVENE STATE and CZECHOSLOVAKIA, respectively represented by the undersigned, have agreed as follows. Agreement Regarding the Distribution of the Dawes Annuities. Summary. CHAPTER I.-ALLOCATION OF DAWES ANNUITIES. ART. 1. Costs of Commissions. ART. 2. Costs of Armies of Occupation 1924–1925. ART. 3. Share of the United States of America in the Dawes Annuities. ART. 4. Belgian War Debt. ART. 5. Restitutions. ᎪᎡᎢ . 6. Belgian Priority. ᎪᎡᎢ . 7. Greek and Roumanian share of reparations. ART. 8. Miscellaneous Claims. ART. 9. Compensation due to the European Commission of the Danube. ART. 10. Clearing Office Balances. CHAPTER II.-SETTLEMENT OF PAST ACCOUNTS. ART. 11. Distribution Accounts: Provision as to Arbitration. CHAPTER III.-SPECIAL QUESTIONS ARISING OUT OF PREVIOUS AGREEMENTS. 1 1 Correction, which conforms with the French text. ART. 14. Extension beyond January 1st, 1923 of the provisions of Article 6· of the Agreement of 11th March 1922: Retention by each Power › of the Deliveries in Kind received by it. ART. 15. Costs of Armies of Occupation from 1st May 1922 to 31st August 1924. ART. 16. Debits for vessels allotted or transferred to Belgium under Article 6 (4) of the Spa Protocol. ART. 17. Debits for Shantung Mines and Railways. CHAPTER IV.-INTEREST AND ARREARS. ART. 18. Interest Account. ART. 19. Account of Excesses and Arrears as at 1st September 1924. ART. 21. Costs of Armies of Occupation to 1st May 1921. CHAPTER V.-MISCELLANEOUS QUESTIONS. ART. 22. Repayment by Czechoslovakia in respect of certain Deliveries in Kind. ART. 23. Bulgarian Payments. ART. 24. Properties ceded to the Free City of Danzig. ART. 25. Recommendations with regard to the distribution of the payments throughout the year. ART. 26. Interpretation and Arbitration. ART. 27. Reservation as to the rights and obligations of Germany. CHAPTER I.—ALLOCATION OF THE DAWES ANNUITIES. ARTICLE 1. Costs of the Commissions. A) The maximum normal charge on the Dawes Annuities of the Reparation Commission, including the organisations set up under the Dawes Plan, shall be: 712 For the year from 1st September 1924. 914 million gold marks. For the later years (to be taken partly in foreign currencies or in German currency as required). Of these sums not more than 3,700,000 gold marks a year shall be attributable to the organisations set up under the Dawes Plan. If necessary this sum may be increased in order to meet the costs of the arbitral bodies provided for by the Dawes Plan and the London Protocol. B) The maximum charge for the Interallied Rhineland High Commission (including deliveries under Articles 8-12 of the Rhineland Agreement) shall not exceed 10 million gold marks (to be taken in foreign currencies or in German currency as required) for, the year from 1st September 1924, this sum being allocated between the French, British and Belgian High Commissariats in the proportion of 62: 16: 22, after providing for the other expenses of the Commission. The amount for any later year will be settled at a later date. C) The charge of the Military Commission of Control shall not exceed a maximum of 8 million gold marks (to be taken in German currency) in the year from 1st September 1924. The amount of any later year will be settled at a later date. This figure does not include the Commission's expenses in national currencies, which shall continue to be paid by the Governments concerned, the amounts so paid being credited to their respective accounts by the Reparation Commission. ARTICLE 2. Costs of Armies of Occupation 1924/1925. A) The sums to be allowed as a prior charge on payments by Germany during the year 1st September 1924 to 31st August 1925 in respect of the costs of the Armies of Occupation of Belgium, Great Britain and France, shall be fixed at the following amounts: Belgian Army 25,000,000 gold marks. British Army 25,000,000 French Army B) Belgium, Great Britain and France will meet their additional Army costs during the period mentioned out of their respective shares in German reparation payments, but shall not be debited on reparation account therewith, that is to say, their respective reparation arrears will be increased by corresponding sums. C) The additional Army costs shall be calculated as follows. Each Power will be entitled to receive: 1. The sums payable under the Finance Ministers' Agreement of 11th March 1922, calculated in the case of Great Britain on the basis of the French capitation rate with a special allowance of 2 gold marks a man, converted into sterling on the basis of the mean rates of exchange of the respective currencies during the month of December 1921. The value of German marks supplied to the Armies of Occupation and the value of any requisitions under Article 6 of the Rhineland Agreement shall, as heretofore, be included in these sums, and 2. The value of the requisitions and services under Articles 8-12 of the Rhineland Agreement, which are credited to Germany in the accounts of the Agent General for Reparations. For each Power the additional Army costs shall be the difference between the total sum so calculated and the amount of the prior charge set out in paragraph (A) above. D) It is agreed that the Powers concerned in the occupation shall not charge for effectives in excess of the strength authorised for each respectively by Article 1 (2) and (3) of the Agreement of 11th March 1922. E) The provisions of this Article for the year to 31st August 1925 are accepted without prejudice to any question of principle, and the Allied Governments and the Government of the United States of America will discuss, before the 1st September 1925, the arrangement for Army Costs in the future. ARTICLE 3. Share of the United States of America in the Dawes annuities. A) Out of the amount received from Germany on account of the Dawes annuities, there shall be paid to the United States of America the following sums in reimbursement of the costs of the United States Army of Occupation and for the purpose of satisfy ing the awards of the Mixed Claims Commission established in pursuance of the Agreement between the United States and Ger-) many of August 10th, 1922. 1. Fifty-five million gold marks per annum beginning September 1st, 1926, and continuing until the principal sums outstanding on account of the costs of the United States Army of Occupa tion, as already reported to the Reparation Commission, shall be extinguished. These annual payments constitute a first charge on cash made available for transfer by the Transfer Committee out of the Dawes Annuities, after the provision of the sums necessary for the service of the 800 million gold mark German external loan. 1924, and for the costs of the Reparation Commission, the organisations established pursuant to the Dawes Plan, the Interallied Rhineland High Commission, the Military Control Commissions, and the payment to the Danube Commission provided for in Article 9 below, and for any other prior charges which may hereafter with the assent of the United States of America be admitted. If in any year the total sum of fifty-five million gold marks be not transferred to the United States of America the arrears shall be carried forward to the next succeeding annual instalment payable to the United States of America, which shall be pro tanto increased. Arrears shall be cumulative and shall bear simple interest H at 12% from the end of the year in which the said arrears accumulated until they are satisfied. 2. Two and one quarter per cent (24%) of all receipts from Germany on account of the Dawes Annuities available for distribution as reparations, provided that the annuity resulting from this percentage shall not in any year exceed the sum of forty-five million gold marks. B) Subject to the provisions of Paragraph A above, the United States of America agree: 1. To waive any claim under the Army Cost Agreement of May 25th 1923, on cash receipts obtained since 1st January 1923 beyond the sum of $14,725,154.40 now deposited by Belgium to the account of the Treasury of the United States in a blocked account in the Federal Reserve Bank of New-York, which sum shall forthwith be released to the United States Treasury. 2. That the Agreement of May 25th 1923 does not apply to payments on account of reparations by any ex-enemy Powers other than Germany. 3. That the Agreement of May 25th 1923, is deemed to be superseded by the present Agreement. C) The provisions of this Agreement relating to the admission against the Dawes Annuities of charges other than reparations, and the allotments provided for such charges shall not be modified by the Allied Governments, so as to reduce the sums to be distributed as reparations save in agreement with the United States of America. D) The United States of America is recognised as having an interest, proportionate to its 214% interest in the part of the annuities available for reparation, in any distribution of railway bonds, industrial debentures or other bonds issued under the Dawes Plan, or in the proceeds of any sale of undistributed bonds or debentures and as having the right also to share in any distribution or in the proceeds of any sale, of such bonds or debentures for any arrears that may be due to it in respect of the repayment of its army costs as provided in the present Agreement. The United States of America is also recognised as having an interest in any other disposition that may be made of the bonds if not sold or distributed. ARTICLE 4. Belgian War Debt A) As from the 1st September 1924 5% of the total sum available in any year after meeting the charges for the service of the |