124 
Anhang.. 
Agent-General for Reparation Payments, such charge 
being prior to reparation and other Treaty payments, 
which in turn have a specific precedence over the 
existing German debt, 
A first charge by way of collateral security on the 
“controlled revenues,” i, e., the gross revenues of the 
German Government derived from the customs and 
From the taxes on tobacco, beer and sugar, the net 
revenue of the German Government irom the spirits 
monopoly and such tax (if any) as may hereafter be 
similarly assigned by the German Government in 
accordance with the terms of the final protocol of the 
London Conference, The “controlled revenues” are 
estimated as amounting annually to not less than 
1,000,000,000 Gold Marks (approximately $240,000,000). 
The German Government may not create any further 
charge upon the controlled revenues ranking prior to 
or equaliy with the charge created in favor of the 
bonds of the Loan, 
LONDON In the London Protocol, Annex IV, Article 3, the 
PROTOCOL Governments of Belgium, Great Britain (with the 
Governments of Canada, Australia, New Zealand, 
South Africa and India), France, Greece, Italy, Japan, Portugal, 
Roumania and Jugo-Slavia, agreed as follows: 
“In order to secure the service of the loan of 800 million gold 
marks contemplated by the Experts’ Plan, and in order to facilitate 
the issue of that loan to the public, the signatory Governments hereby 
declare that, in case sanctions have to be imposed in consequence of 
a default by Germany they will safeguard any specific securities 
which may be pledged to the service of the loan, 
“The signatory Governments further declare that they consider 
the service of the loan as entitled to absolute priority as regards any 
resources of Germany so far as such resources may have been sub- 
jected to a general charge in favor of the said loan, and also as 
regards any resources that may arise as a result of the imposition 
of sanctions.” 
At the London Conference, the Allied Governments adopted a Teso- 
lution reading as follows: 
“The Allied Governments, desiring that this loan should be success- 
fully raised, and contemplating that the loan will be a first lien on the 
security pledged thereto, will invite the Central Banks in their respective 
zountries to use their good offices to facilitate the placing of the loan.” 
In connection with this resolution, and at the request of the Govern- 
ments of Great Britain, France and Belgium, J. P, Morgan & Co, in 
association with the undersigned, have undertaken the issue of the 
American nortion of the Loan. 
The Bonds are offered for subscription, subject to the conditions stated 
below, at 92% and accrued interest, to yield over 7.70%. to maturity 
All subscriptions will be received subject to the issue and delivery 
to us of the Bonds as planned and to the approval by counsel of the relevant 
jocuments and proceedings. 
Subseription books will be opened at the office of J. P. Morgan & Co., 
at 10 o’clock A. M., Tuesday, October 14, 1924, The right is reserved to 
reject any and all applications, and also, in any case, to award a smaller 
amount than applied for,