7. The £22,200,000 of Gold belonging to Italy, which was 
deposited under the Agreements of 1915 against the Italian war 
debt, will be retained by Great Britain as a non-interest-bearing 
deposit and will be released to Italy, as to the sum of £1,000,000, 
in eight equal instalments on the 15th September and 15th March 
of each of the four years commencing 15th September, 1928, 
and terminating the 15th March, 1932, and, as to the balance, 
in equal half-yearly instalments commencing the 15th September, 
1982, and terminating the 15th September, 1987, provided always 
that all the annuities due under Article 1 of this Agreement have 
been integrally paid to date. 
8. Upon the execution of this Agreement and the delivery to 
Great Britain of the bonds of Italy to be issued hereunder, duly 
executed, the British Treasury will cancel and surrender to Italy 
the Italian Treasury bills held by Great Britain. 
Signed in duplicate at London on the twenty-seventh day of 
January, 1926. 
. ] For the United Kingdom of 
Wor the Kingdom of Italy : Great Britain and Ireland : 
GIUSEPPE VOLPI DI MISURATA, Winston S. CHURCHILL, 
Minister of Finance. Chancellor of the 
Exchequer. 
ANNEX. 
Dated 
ForM oF BonD. 
, 19026. Maturing 
Tae Government of the Kingdom of Italy for value received 
promises to pay to the Government of His Britannic Majesty, 
or order, on the 15th March/15th September, 19 , the sum of 
pounds sterling at the Bank of England, 
London. 
The payment due under this bond shall be exempt from all 
Italian taxation, present or future. 
This bond is issued by the Government of the Kingdom of 
Italy pursuant to the agreement of the twenty-seventh day of 
January, 1926, for the funding of the Italian War Debt to Great 
Britain. 
56293) Wt. 23717—G126 1950 2/96 H. St. (3. IR