Less—Payments made 
by Great Britain on 
October16and Novem- 
ber 15, 1922, on ac- 
count of interest, with 
interest thereon at 4% 
per cent. per annum 
from said dates re- 
spectively to Decem- 
ber 15, 1922 ... ue 
Total principal and in- 
terest accrued and 
unpaid as of Decem- 
ber 15, 1922 ... 1 
Paid in cash by Great 
Britain, March 15, 
1928 ... LL. Co 
Total indebtedness to be 
funded into bonds of 
Great Britain B 
$100,526,379.69 
$529,309,727.50 
$4,604,198,085.74 
$4,128.,085.74 
$4,600,000,000.00 
2. Issue of Long-Time Obligations. 
The securities, which it is proposed to issue at par as promptly as 
possible, shall be obligations in the principal amount of 
$4,600,000,000, in the form of Bonds to be dated 15th December, 
1922, maturing 15th December, 1984, with interest payable semi- 
annually on 15th June and 15th December in each year at the 
rate of 3 per cent. per annum from 15th December, 1922, to 15th 
December, 1932, and thereafter at the rate of 3% per cent. per 
annum until the principal thereof shall have been repaid. 
3. Method of Payment. 
The Bonds shall be payable as to both principal and interest 
in United States gold coin of the present standard of weight and 
fineness, or its equivalent in gold bullion, or, at the option of Great 
Britain, upon not less than thirty days’ advance notice 
in any bonds of the United States, issued or to be issued 
after the 6th April, 1917, to be taken at par and accrued 
interest to the date of payment hereunder: provided however 
that Great Britain may at its option, upon not less than 
ninety days’ advance notice, pay up to one half of any interest 
accruing between 15th December, 1922, and 15th December, 
1927, on any British bonds proposed to be issued hereunder, in 
bonds of Great Britain, maturing 15th December, 1984, dated 
and bearing interest from the respective dates when the interest 
to be paid thereby becomes due, and substantially similar in other 
respects to the original bonds proposed to be issued hereunder. 
All payments to be made by Great Britain on account of the 
principal or interest of any bonds proposed to be issued hereunder. 
11789