Anhang, 
1925 
The amounts due on allotments will be payable at the office of 
J. P. Morgan & Co., in New York funds to their order, on Or about 
October 30, 1924, as called for, against the delivery of Interim Receipts 
exchangeable for definitive Bonds when prepared and received, 
J. P. Morgan & Co. 
Kuhn, Loeb & Co. First National Bank The National City Company 
Guaranty Company of New York Bankers Trust Company, New York 
Harris, Forbes & Co. Lee, Higginson & Co. 
Kidder, Peabody & Co. Dillon, Read & Co. 
New York. October 14. 1924. 
STATEMENT. , 
GERMAN EXTERNAL LOAN 1927 
Arrangements have been made for portions of the Loan to be issued 
in Great Britain, the United States of America, Belgium, France, Holland, 
[taly, Sweden, Switzerland and Germany, The Loan will be issued in the 
form of bonds to bearer carrying interest at 7%. per annum and repayable 
within 25 years by means of a Sinking Fund to be applied to the purchase 
and/or drawing of bonds of the issue in the manner Set forth in the 
prospectuses relating to the several issues, Bonds issued in the United 
States of America and the interest thereon will by expressed and be payable 
in United States dollars; bonds issued elsewhere and the interest thereon 
will be expressed and be payable in Sterling or in the currency of the 
country of issue, as may be provided in the relative prospectuses, The 
Loan is issued for the purpose of carrying into effect the Plan proposed to 
the Reparation Commission by the First Committee of Experts (the “Dawes 
Committee”) for the discharge of the reparation obligations and other 
pecuniary liabilities of Germany under the Treaty of Versailles, which 
Plan was confirmed by the various Governments concerned and by the 
Reparation Commission at the London Conference of August, 1924, The 
German Government has undertaken to adopt all appropriate measures for 
carrying into effect the said Plan and for ensuring its permanent operation. 
The Loan is intended to serve the double purpose of ensuring currency 
stability in Germany and financing, especially, deliveries in kind during 
che preliminary period of economic rehabilitation, 
The service of interest and amortization of the Loan is: 
(1) A direct and unconditional obligation of the German Government 
chargeable on all the assets and revenues of that Government. 
(2) A specific first charge on all payments provided for under the 
Plan of the Dawes Committee to or for the account of the 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, 
(3) A first charge by way of collateral security on the “controlled 
revenues,” i. e., the gross revenues of the German Government derived 
irom the customs and from the taxes on tobacco, beer and sugar, the net 
revenue of the German Government from 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 Reparation Commission have postponed in favor of the charges 
created in respect of the Loan all reparation and other charges upon the 
payments to the Agent-General for Reparation Payments, including charges 
in respect of deliveries in kind or payments therefor, whether direct or 
through the operation of any reparation recovery act od decree.