Para. 16 of Annex II. of The Reparation Chapter. There is also an obscure provision by which interest may be charged "on sums arising out of material damage as from November 11, 1918, up to May 1, 1921." This seems to differentiate damage to property from damage to the person in favor of the former. It does not affect Pensions and Allowances, the cost of which is capitalized as at the date of the coming into force of the Treaty.

On the assumption which no one supports and even the most optimistic fear to be unplausible, that Germany can pay the full charge for interest and sinking fund from the outset, the annual payment would amount to $2,400,000,000.

Under Para. 13 of Annex II. unanimity is required (i.) for any postponement beyond 1930 of installments due between 1921 and 1926, and (ii.) for any postponement for more than three years of instalments due after 1926. Further, under Art. 234, the Commission may not cancel any part of the indebtedness without the specific authority of all the Governments represented on the Commission.