shall be made at the Treasury of the United States in Washington, 
or, ab the option of the Secretary of the Treasury of the United 
States, at the Federal Reserve Bank of New York, and if in cash 
shall be made at the option of Great Britain in gold coin of the 
United States or in gold bullion or in immediately available funds, 
or if in bonds, of the United States, shall be in form 
acceptable to the Secretary of the Treasury of the United 
States Treasury. Appropriate notation of all payments on 
account of principal shall be made on the bonds proposed to 
be issued hereunder which may be held by the United States. 
Provided, however, that all payments in respect of any market 
obligations issued under Paragraph 9 of this Proposal shall be made 
at the office of the fiscal agents of the British Government in the 
City of New York. 
4. Exemption from Taxation. 
The principal and interest of all bonds issued or to be issued 
hereunder, shall be exempt from all British taxation, present or 
future, so long as they are in the beneficial ownership of the United 
States, or of a person, firm, association or corporation neither 
domiciled nor ordinarily resident in the United Kingdom: 
5. Form of Bonds. 
All Bonds proposed to be issued hereunder to the United States 
shall be payable to the United States of America, or order, shall be 
issued, so far as possible, in denominations of $4,600,000 each, 
and shall be substantially in the form set forth in the exhibit 
annexed hereto, and marked * Exhibit A.’ The bonds shall be 
signed for Great Britain by the Counsellor of His Britannic 
Majesty's Embassy at Washington. 
6. Repayment of Principal. 
To provide for the repayment of the total principal of the debt 
before maturity of the $4,600,000,000 principal amount of bonds 
to be issued, it is proposed that the bonds shall contain provisions 
the effect of which shall be that Great Britain shall make to the 
United States payments, on account of the original principal 
amount of the bonds to be issued, in the amounts and on the 
dates named in the following Table :— 
Date. 
15th December 
1928 
1924 
1925 
1926 
1927 
1928 
19290 
1930 
1931 
Annual instalments to 
be paid on account of 
principal. 
$23,000,000 
23,000,000 
24,000,000 
25,000,000 
25,000,000 
27,000,000 
27,000,000 
28,000,000 
28 000.000