54

Powers  taking  part  in  the  reparations,  in  accordance  with  the  percentages
fixed  by  article  2  of  the  Spa  arrangement.
If  at  the  time  these  bonds  bearing  series  C  are  created,  the  Commission
of  Reparations,  has  not  taken  the  decision,  mentioned  in  paragraph  1,  as  above,
it  will  distribute  all  the  same,  and  at  once  a  batch  of  bonds  of  series  C,  levied
out  of  the  lot  of  bonds  of  that  series,  according  to  the  percentages  determined
by  article  2  of  the  Spa  arrangement,  and  for  a  total  face  value  of  6  milliards
of  marks  gold,  besides  Bulgaria’s  debts.
The  Powers  which  shall  have  received  payments  in  specie  or  in  kind,  from
Austria,  Hungary  or  Bulgaria,  will  remit  to  the  Commission  of  Reparations,
for  cancelling  purposes,  bonds  of  C.  series,  for  a  face  value  equal  to  the  payments ­
  received.
The  mode  of  paying  State  property,  situated  in  the  territories  transferred
by  Austria  and  Hungary  and  of  the  contribution  to  the  expenses  of  liberation,
indicated  in  the  arrangement  of  September  10  th  modified  by  the  arrangement
of  December  8' lh  1919  will  be  arranged  according  to  the  terms  ot  the  annex
hereto.
Consequently  the  Commission  of  reparations  and  no  other  organs  even  the
Government  of  a  great  Power,  can  claim  the  payment,  nor  the  issue  of  bonds
before  the  lapse  of  3  months  from  the  time  the  reparations  due  to  us  by  Austria
and  Hungary  are  finally  determined,  and  that  only  in  the  event  of  our  quota
of  reparations  being  smaller  than  the  obligations  which  we  might  have.  As
we  showed  in  the  proceeding  chapters  the  quantum  of  the  Hungarian  and  Aus  ­
trian  debt  is  not  yet  fixed,  and  as  may  be  seen  from  Sir  John  Bradbury’s  letter,
the  former  English  delegate  in  the  Commission  of  Reparations,  we  can  not  look
to  the  possibility  of  such  a  decision  for  some  time.
III.
VALUE  OF  THE  TRANSFERRED  PROPERTY.
According  to  article  308  of  the  Treaty  with  Austria  and  article  191  of  the
Treaty  with  Hungary  the  goods  and  properties  belonging  to  the  Austrian  and
Hungarian  Governments,  situated  in  the  freed  territories,  are  acquired  by  the
State  to  which  the  territory  is  transferred.
The  value  of  the  goods  and  property  acquired  in  this  manner,  will  be
fixed  by  the  Commission  of  reparations  to  be  placed  to  the  debit  of  the  State
acquiring  them,  and  to  the  credit  of  Austria  and  Hungary,  on  account  of  the
sums  due  for  reparations.  The  goods  and  property,  of  the  provinces  of  the  communes ­
  and  other  autonomous  local  institutions  as  also  of  schools  and  hospitals ­
  property  of  the  former  Monarchy  will  be  transferred  without  payment
or  deduction.
For  the  first  time  appears  in  Treaties  of  peace  and  exclusively  for  the
States  succeeding  to  the  Austro-Hungarian  monarchy,  a  payment  for  trans-