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 pay 
ments 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 com 
munes and other autonomous local institutions as also of schools and hos 
pitals 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-