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The cost for such supplies of food and uncooked materials for Germany and such other payments as could also be judged by the Allied and Associated Powers to be essential to enable Germany to satisfy her obligations in respect of reparation could have precedence to the extent and upon the circumstances which have been or may be decided by the Governments of the stated Powers. Germany confirms the surrender of all material handed over to the Allied and Associated Powers in accordance with the Armistice of November 11, 1918, and subsequent Armistice Agreements, and acknowledges the title of the Allied and Associated Powers to such material. 3) Germany undertakes to ship, within one month from the approaching into drive of the present Treaty, to such authority as the Principal Allied and Associated Powers could designate, the gold price now deposit constituted within the Reichsbank or elsewhere, representing the residue of the advance in gold agreed to on May 5, 1915, by the Council of the Administration of the Ottoman Public Debt to the Imperial Ottoman Government. 1) Germany agrees to ship inside one month from the date of the approaching into drive of the present Treaty, to such authority because the Principal Allied and Associated Powers might designate, the sum in gold which was to be deposited in the Reichsbank within the title of the Council of the Administration of the Ottoman Public Debt as security for the first concern of Turkish Government currency notes.

The appropriate of every of the Allied and Associated Powers to dispose of enemy belongings and property within its jurisdiction on the date of the coming into drive of the current Treaty shouldn't be affected by the foregoing provisions. Without prejudice to the renunciation of any rights by Germany on behalf of herself or of her nationals in the other provisions of the present Treaty, the Reparation Commission might within one year from the coming into pressure of the present Treaty demand that the German Government change into possessed of any rights and pursuits of German nationals in any public utility endeavor or in any concession operating in Russia, China, Turkey, Austria, Hungary and Bulgaria, or within the possessions or dependencies of these States or in any territory previously belonging to Germany or her allies, to be ceded by Germany or her allies to any Power or to be administered by a Mandatory under the current Treaty, and will require that the German Government switch, inside six months of the date of demand, all such rights and pursuits and any similar rights and interests the German Government might itself possess to the Reparation Commission. Such method could take the kind, inter alia, of the assumption by the power to which the territory is ceded of Germany's legal responsibility for the German debt held by her nationals.

Germany undertakes to switch to the Allied and Associated Powers any claims she could must payment or repayment by the Governments of Austria, Hungary, Bulgaria or Turkey, and, usd gold price specifically, any claims which can come up, now or hereafter, from the fulfilment of undertakings made by Germany through the war to those Governments. Aside from the U.S.A., all of the Allied governments have been bankrupt and carried unpayable debts; all of Europe was devastated and incapable of feeding itself not to mention reconstructing. Enterprises, namely, which are carried on by private entrepreneurs by using capital (cash or items with a cash value) to make a profit, buying the means of production and selling the product, i.e. undoubted capitalistic enterprises, could at the same time have a traditionalistic character. § 2. The substitution of gold instead of silver in a country like Germany which had a single silver medium was carried out by a path which led first to non permanent bimetallism and later to gold monometallism.

Subject to such exceptions as the Reparation Commission may approve, a first cost upon all the assets and revenues of the German Empire and its constituent States shall be the cost of reparation and all different prices arising below the current Treaty or any treaties or agreements supplementary thereto or below arrangements concluded between Germany and the Allied and Associated Powers through the Armistice or its extensions. Germany shall be answerable for indemnifying her nationals so dispossessed, and the Reparation Commission shall credit Germany, on account of sums due for reparation, with such sums in respect of the worth of the transferred rights and pursuits as may be assessed by the Reparation Commission, and the German Government shall inside six months from the coming into force of the current Treaty, communicate to the Reparation Commission all such rights and pursuits, whether already granted, contingent or not yet exercised, and shall renounce on behalf of itself and its nationals in favour of the Allied and Associated Powers all such rights and pursuits which have not been so communicated.

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