Powers to which German territory is ceded will assume a certain portion of the German pre-war debt, the amount to be fixed by the Reparations Commission on the basis of the ratio between the revenue and of the ceded territory and Germany's total revenues for the three years preceding the war. In view, however, of the special circumstances under which Alsace-Lorraine was separated from France in 1871, when Germany refused to accept any part of the French public debt, France will not assume any part of Germany's pre-war debt there, nor will Poland share in certain German debts incurred for the oppression of Poland. If the value of the German public property in ceded territory exceeds the amount of debt assumed, the States to which property is ceded will give credit on reparation for the excess, with the exception of Alsace-Lorraine. Mandatory powers will not assume any German debts or give any credit for German Government property. Germany renounces all right of representation on, or control of, State banks, commissions, or other similar international financial and economic organizations.
Germany to pay cost of armies of occupation.
Germany is required to pay the total cost of the armies of occupation from the date of the armistice as long as they are maintained in German territory, this cost to be a first charge on her resources. The cost of reparation is the next charge, after making such provisions for payments for imports as the Allies may deem necessary.
Funds deposited by Turkey and Austria-Hungary.
Germany is to deliver to the allied and associated powers all sums deposited in Germany by Turkey and Austria-Hungary in connection with the financial support extended by her to them during the war, and to transfer to the Allies all claims against Austria-Hungary, Bulgaria, or Turkey in connection with agreements made during the war. Germany confirms the renunciation of the Treaties of Bucharest and Brest-Litovsk.
Public utilities in ceded territories.
Brazilian coffee to be paid for.
On the request of the Reparations Commission, Germany will expropriate any rights or interests of her nationals in public utilities in ceded territories or those administered by mandatories, and in Turkey, China, Russia, Austria-Hungary, and Bulgaria, and transfer them to the Reparations Commission, which will credit her with their value. Germany guarantees to repay to Brazil the fund arising from the sale of Sao Paulo coffee which she refused to allow Brazil to withdraw from Germany.