Anhang. 
127 
Reparation Commission 
Paris, 10th October, 1924, 
Dr. Luther, . 
Minister of Finances of the German Reich, 
Sir: 
I am directed to inform you that the Reparation Commission has 
taken note of the statement signed by you which is appended to the 
prospectuses about to be issued in connection with the German External 
Loan, 1924, and that they have taken the necessary action to enable the 
service of the loan to be fully secured under the charges referred to in that 
atatement. 
I am, Sir, 
Your obedient servant, 
S. A. Armitage-Smith 
Secretary-General. 
October 10, 1924, 
J. P. Morgan & Co., 
23 Wall Street, 
New York, N. Y.U.S. A. 
Dear Sirs: 
en Having read the letter addressed to you by the German Finance 
Minister regarding the Loan to produce 800,000,000 gold marks and having 
noted the security to be pledged by the German Government therefor, such 
pledge being made effective by action of the Reparation Commission, I am 
zlad to advise you that, as Agent-General, I consider the pledge as made 
to be effective and the action taken by the Reparation Commission, the 
Transfer Committee, the Agent-General and otherwise such as to ensure 
the carrying out of the Loan service, 
Yours very truly, 
Owen D. Young, 
Avent-General for Reparation Payments. 
2. Der englische Prospekt. 
GERMAN EXTHRNAL LOAN, 
1924 
in Bonds of various Issues for amounts sufficient to yield in the aggregate 
an effective sum of the equivalent of Gold Marks 800,000,000, plus the 
expenses of issue, of negotiation and of delivery. 
Capital and Interest payable without deduction for any German Taxes, 
present or future. 
ISSUE OF £ 12,000,000 
GERMAN GOVERNMENT £7% STERLING BONDS, 1924—BRITISH ISSUE 
(being a portion of the above-mentioned Loan) 
Interest payable half-yeariy on the 15th April and 15th October, 
The 1st Coupon will be for £ 2: 10s. per Cent, and will be payable on the 
15th April, 1925.