AGREEMENT 
made the twenty-seventh day of January, 1926, between the 
Kingdom of Italy (hereinafter called Italy) and the United 
Kingdom of Great Britain and Northern Ireland (hereinafter 
called Great Britain). 
WHEREAS Great Britain holds Italian Sterling Treasury Bills 
to the value of £610,840,000, representing the war debt of Italy 
to Great Britain. 
AND WHEREAS Italy and Great Britain desire to arrive at a 
friendly settlement of this debt. within the capacity of Ttalv. 
Now, THEREFORE, the Rt. Hon. Winston Leonard Spencer 
Churchill, Chancellor of the Exchequer of Great Britain, and 
the Count Giuseppe Volpi di Misurata, Finance Minister of Italy, 
after having taken into account all relevant considerations, duly 
authorised thereunto by their respective Governments subject to 
such ratification as mav be required. have acreed as follows -o 
1. Italy agrees to pay, and Great Britain to accept, in satis- 
faction of the aforesaid war debt, the following Annuities :— 
In respect of the current financial year £2,000,000 
In respect of the next two financial years £4,000,000 a year 
In respect of the next four financial years £4,250,000 a year 
In respect of succeeding financial years 
until 1986-87 ... wn Fr ... £4,500,000 a year 
In respect of the financial year 1987-88 £2 250,000 
The above payments will be made in sterling at the Bank of 
England, London, on the 15th March, 1926, and therafter in 
qual half-yearly instalments on the 15th September and 15th 
March of each year, so that the last pavment will be made on 
the 15th September. 1987 
2. Italy will issue and deliver to the British Treasury on or 
before the 20th February, 1926, a bond substantially in the form 
set out in the Annex to this agreement in respect of each of the 
pavinents provided for in article 1 of this acreement. 
3. The payments due under all bonds issued in accordance with 
this agreement shall be made without deduction for, and shall 
be exempt from any and all taxes and other public dues, present 
or future, imposed by or under authority of Italy or any political 
wr local taxing authority within Italy. 
4. Ttaly, at its option, upon not less than ninety days’ notice 
bo Great Britain. may postpone such part of any of the half-vearly