fer of 245,564 kilograms of fine gold, and 545,440,000 rubles in bank- notes, viz., 363,628,000 rubles in notes of 50, 100 and 500 rubles, and 181,813,000 rubles, in notes of 250 and 1,000 rubles. The transfers. will be effected in five instalments arranged as follows: (a) A first payment of 42,860 kilograms of fine gold and of 00,900,000 rubles in banknotes, viz., 60,600,000 rubles in notes of 50, 100 and 500 rubles, and 30,300,000 rubles in notes of 250 and 1,000 rubles; this payment to be effected on September 10, 1918; (b) Four instalments on the dates of September 30, October 31, November 30, and December 31, 1918. Each of these payments to consist of 50,675 kilograms of fine gold and of 113,635,000 rubles in banknotes, viz., 75,757,000 rubles in notes of 50, 100, and 500 rubles, and 37,878,000 rubles in notes of 250 and 1,000 rubles. 2) An amount of 1 billion marks shall be paid in kind as follows: On the dates of November 15 and of December 31 goods shall be delivered to a value of 50,000,000 marks each time; on March 31, June 30, September 30, and December 31, i919, to a value of 150,000,000 marks each time; on March 31, 1920, to a value of 300,000,000 marks. - 3) An amount of 214 billion marks shall be paid before Dec- ember 31, 1918, through the transfer of the bonds of a loan, which shall yield to the holders interest at the rate of 6%, beginnning with January 1, 1919, and shall be amortized, with accrued, interest through a sinking fund charge of 0.5 % . This loan shall be issued in Germany by the Russian Government, and the terms of said loan shall be considered as part of the present Convention. As security for thistloan there shall be pledged specified reve- nues of the State and, in particular, the rentals due from certain economic concessions to be granted to Germans. Said securities shall be determined in detail by a special convention, in such a manner as to assure annual revenues therefrom at least zo per cent. in excess of the annual interest and sinking fund charge. 4) The remaining sum of 1 billion marks, unless its payment is taken over by the Ukraine and by Finland, with the consent of Germany, in their conventions with Russia concerning the appor- tionment of the national property, shall be the object of a special agreement, which the contracting parties may conclude on this matter’ Under the terms of these provisions, the Bolshevist authorities in the time up to the Armistice which closed the Great War, remitted to ‘Germany 93,536 kilograms of fine gold (322 million francs), about 300 million rubles in banknotes, of which about one-half were | 6