-178    THE PARIS PEACE CONFERENCE, 1919, VOLUME V


created, then such reparation in-
debtedness shall be deemed to be
extinguished in an amount corre-
sponding with the nominal value
of such evidences of indebtedness
as have been distributed; and the
obligation of Germany in respect
to such amount shall thereupon
be confined to its obligations ex-
pressed in the evidences of in-
debtedness.
XVI
The Commission will issue to
each Allied and Associated Gov-
ernment interested, in such forms
and in such denominations as it
may fix, certificates stating that it
holds for the benefit of such Gov-
ernment bonds of the above-men-
tioned issues, and presenting pay-
ments to which such Government
ks entitled.
When bonds are issued for sale
or negotiation, a corresponding
amount of certificates will be re-
tired.
XVII 11
The Commission will formulate
and carry out a scheme for draw-
ing and cancelling the said bonds
in proportion to the amounts re-
ceived on account of amortisation
from time to time. The Commis-
sion shall also have power to ap-
ply the said amounts in purchas-
ing the said bonds in the open
market below par from time to
time.
1I This Article appears to be unneces-
sary in view of Article XV. above.
[Footnote in the original.]


(French Proposal.)
The Commission will issue to
each of the interested Powers, in
such form as it will fixz..-
1. A certificate stating that it
holds for the account of
the said Power bonds of
the issues mentioned above,
the said certificate, on the
demand of the Power con-
cerned, being divisible in a
number of parts not ex-
ceeding five:
2. From time to time, after
May 1921, certificates stat-
ing that it holds for the
account of the said Power
all other goods delivered
by Germany on account of
her reparation debt.
When bonds are issued for sale
or negotiation, and when goods
are delivered by the Commission,
an equivalent number of certifi-
cates must be withdrawn.