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Treaty of Neuilly, and Protocol the United States of America, the British Empire, France, Italy and Japan.
PART VII.
REPARATION.
ARTICLE 121.

Bulgaria recognises that, by joining in the war of aggression which Germany and Austria-Hungary
waged against the Allied and Associated Powers, she has caused to the latter losses and sacrifices of
all kinds, for which she ought to make complete reparation

On the other hand the Allied and Associated Powers recognise that the resources of Bulgaria are not
sufficient to enable her to make complete reparation.

Bulgaria, therefore, agrees to pay, and the Allied and Associated Powers agree to accept, as being
such reparation as Bulgaria is able to make, the sum of 2,250,000,000 (two and a quarter milliards) francs gold.

This amount shall (except as hereinafter provided) be discharged by a series of half-yearly payments on January 1 and July 1 in each year, beginning on July 1, 1920.

The payments on July 1, 1920, and January 1, 1921, shall represent interest at the rate of 2 per
cent. per annum from January 1, 1920, on the total sum due by Bulgaria. Thereafter each
half-yearly payment shall include, besides the payment of interest at 5 per cent. per annum, the
provision of a sinking fund sufficient to extinguish the total amount due by Bulgaria in 37 years
from January 1, 1921.

These sums shall be remitted through the Inter-Allied Commission referred to in Article 130 to the
Reparation Commission created by the Treaty of Peace with Germany of June 28, 1919, as
constituted by the Treaty with Austria of September 10, 1919 Part VIII, Annex II, paragraph 2 (this
Commission is hereinafter referred to as the Reparation Commission), and shall be disposed of by
the Reparation Commission in accordance with the arrangements already made.

Payments required in accordance with the preceding stipulations to be made in cash may at any time
be accepted by the Repar ation Commission, on the proposal of the Inter-Allied Commission, in the
form of chattels, properties, commodities, rights, concessions, within or without Bulgarian
territory, ships, bonds, shares or securities of any kind, or currency of Bulgaria or of other States,
the value of such substitutes for gold being fixed at a fair and just amount by the Reparation
Commission itself.

If the Reparation Commission desires at any time to dispose, either by sale or otherwise, of gold
bonds based on the payments to be made by Bulgaria, it shall have power to do so. The nominal
amount of the bonds shall be fixed by it, after taking due account of the provisions of Articles 122,
123, and 129 of this Part, in consultation with the Inter-Allied Commission, but shall in no case
exceed the total capital sums due by Bulgaria then outstanding.

Bulgaria undertakes in such case to deliver to the Reparation Commission, through the Inter-Allied
Commission, the necessary bonds in such form, number, denominations and terms as the
Reparation Commission may determine.

These bonds shall be direct obligations of the Bulgarian Government, but all arrangements for the
service of the bonds shall be made by the Inter-Allied Commission. The Inter-Allied Commission
shall pay all interest, sinking fund, or other charges connected with the bonds out of the half-yearly
payments to be made by Bulgaria in accordance with this Article. The surplus, if any, shall continue
to be paid to the order of the Reparation Commission.

These bonds shall be free of all taxes and charges of every description established or to be
established by Bulgaria.

ARTICLE 122.

The Inter-Allied Commission shall from time to time consider the resources and capacity of
Bulgaria, and, after giving her representatives a just opportunity to be heard, shall have discretion to
recommend to the Reparation Commission either a reduction or a postponement of any particular
payment due or a reduction of the total capital sum to be paid by Bulgaria.

The Reparation Commission shall have power by a majority of votes to make any reduction or
postponement up to the extent recommended by the Inter-Allied Commission.

ARTICLE 123.

Bulgaria shall have the power at any time, if she so desires, to make immediate payments in
reduction of the total capital sum due over and above the half-yearly payments.

ARTICLE 124.

Bulgaria recognises the transfer to the Allied and Associated Powers of any claims to payment or
repayment which Germany, Austria, Hungary or Turkey may have against her, in accordance with
Article 261 of the Treaty of Peace with Germany, and the corresponding Articles of the Treaties
with Austria, Hungary and Turkey.

The Allied and Associated Powers, on the other hand, agree not to require from Bulgaria any
payment in respect of claims so transferred, as they have taken these claims into account in fixing
the amount to be paid by Bulgaria under Article 121.

ARTICLE 125.

In addition to the payments mentioned in Article 121, Bulgaria undertakes to return, in accordance
with the procedure to be laid down by the Inter-Allied Commission, objects of any nature and
securities taken away, seized or sequestrated in the territory invaded in Greece, Roumania or
Serbia, in cases in which it is possible to identify them in Bulgarian territory, except in the case of
live-stock, which shall be dealt with in accordance with Article 127.

For this purpose the Governments of Greece, Roumania and the Serb-Croat-Slovene State shall
deliver to the Inter-Allied Commission within four months from the coming into force of the present
Treaty lists of the objects and securities which they can prove to have been carried off from the
invaded territories and which can be identified and found in Bulgarian territory. They will also give
at the same time all information possible to assist in the discovery and identification of these articles.

The Bulgarian Government undertakes to facilitate by all means in its power the discovery of the
said objects and securities, and to pass within three months from the coming ulto force of the
present Treaty a law requiring all Bulgarian nationals to disclose all such objects and securities in
their possession under penalty of being treated as receivers of stolen goods.

ARTICLE 126.

Bulgaria undertakes to seek for and forthwith to return to Greece, Roumania, and the
Serb-Croat-Slovene State respectively any records or archives or any articles of archaeological,
historic or artistic interest which have been taken away from the territories of those countries during
the present war.

Any dispute between the Powers above named and Bulgaria as to their ownership of any such
articles shall be referred to an arbitrator to be appointed by the Inter-Allied Commission, and whose
decision shall be final.

ARTICLE 127.

Bulgaria further undertakes to deliver to Greece, Roumania and the Serb-Croat-Slovene State,
within six months from the coming into force of the present Treaty, live-stock of the descriptions
and in the numbers set out hereunder:


SERB-CROAT-
GREECE ROUMANIA. SLOVENE STATE
Bulls (18 months to 3 years)
15......................60.............................50
Milch cows (2 to 6 years)
1,500................6,000........................6,000
Horses and mares
(3 to 7 years)
2,250.................5,250.......................5,000
Mules
450.................1,050.......................1,000
Draught oxen
1,800.................3,400.......................4,000
Sheep
6,000...............15,000.....................12,000

These animals shall be delivered at such places as may be appointed by the respective Governments.
They shall be inspected before delivery by agents appointed by the Inter-Allied Commission, who
shall satisfy themselves that the animals so delivered are of average health and condition.

No credit shall be made to Bulgaria in respect of their value; the animals handed over shall be
regarded as having been delivered in restitution for animals taken away by Bulgaria during the war
from the territories of the countries named.

In addition to the deliveries provided for above, the Inter-Allied Commission shall be at liberty to
grant, if they find it possible to do so, to Greece, Roumania and the Serb-Croat Slovene State,
within two years from the coming into force of the present Treaty, such quantities of live-stock as
they may consider themselves justified in so granting. The value of such deliveries shall be placed
to the credit of Bulgaria.

ARTICLE 128.

By way of special compensation for the destruction caused to the coal-mines situated on Serbian
territory occupied by the Bulgarian armies, Bulgaria undertakes, subject to the proviso contained in
the final paragraph of this Article, to deliver to the Serb-Croat-Slovene State during five years from
the coming into force of the present Treaty 50,000 tons of coal a year from the output of the
Bulgarian State mines at Pernik. These deliveries shall be made free on rail on the
Serb-Croat-Slovene frontier on the Pirot-Sofia railway.

The value of these deliveries will not be credited to Bulgaria, and will not be taken in diminution of
the payment required under Article 121.

Provided, nevertheless, that these deliveries will only be made subject to the approval of the
Inter-Allied Commission, which approval shall only be given if and in so far as the Commission is
satisfied that such deliveries of coal will not unduly interfere with the economic life of Bulgaria; the
decision of the Commission on this point shall be final.

ARTICLE 129.

The following shall be reckoned as credits to Bulgaria in respect of her reparation obligations:

Amounts which the Reparation Commission may consider should be credited to Bulgaria under Part
VIII (Financial Clauses), Part IX (Economic Clauses) and Part XI (Ports, Waterways and
Railways) of the present Treaty.

ARTICLE 130.

In order to facilitate the discharge by Bulgaria of the obligations assumed by her under the present
Treaty, there shall be established at Sofia as soon as possible after the coming into force of the
present Treaty an Inter-Allied Commission.

The Commission shall be composed of three members to be appointed respectively by the
Governments of the British Empire, France and Italy. Each Government represented on the
Commission shall have the right to withdraw therefrom upon six months' not ce filed with the
Commission.

Bulgaria shall be represented by a Commissioner, who shall take part in the sittings of the
Commission whenever invited by the Commission to do so, but shall not have the right to vote.

The Commission shall be constituted in the form and shall possess the powers prescribed by the
present Treaty including the Annex to this Part.

The Commission shall continue in existence as long as any of the payments due under the terms of
this Part of the present Treaty remain unpaid.

The members of the Commission shall enjoy the same rights and immunities as are enjoyed in
Bulgaria by duly accredited diplomatic agents of friendly Powers.

The Bulgarian Government agrees to provide by law, within six months of the coming into force of
the present Treaty, the authority necessary for enabling the Commission to carry out its duties. The
text of this law must be approved in advance by the Powers represented on the Commission. It
must conform to the principles and rules laid down in the Annex to this Part, and also to any other
relevant provisions laid down in the present Treaty.

ARTICLE 131.

Bulgaria undertakes to pass, issue and maintain in force any legislation, orders and decrees that may
be necessary to give effect to the provisions of this Part.

ANNEX.

I. The Commission shall elect a Chairman annually from its members, and it shall establish its own
rules and procedure.

Each member shall have the right to nominate a deputy to act for him in his absence.

Decisions shall be taken by the vote of the majority, except when a unanimous vote is expressly
required. Abstention from voting is to be treated as a vote against the proposal under discussion.

The Commission shall appoint such agents and employees as it may deem necessary for its work.

The costs and expenses of the Commission shall be paid by Bulgaria and shall be a first charge on
the revenues payable to the Commission. The salaries of the members of the Commission shall be
fixed on a reasonable scale by agreement from time to time between the Governments represented
on the Commission.

2. Bulgaria undertakes to afford to the members, offficers and agents of the Commission full power
to visit and inspect at all reasonable times any places, public works or undertakings in Bulgaria, and
to furnish to the said Commission all records, documents and information which it may require.

3. The Bulgarian Government undertakes to place at the disposal of the Commission in each
half-year suffficient sums in francs gold, or such other currency as the Commission may decide, to
enable it to remit at due date the payments due on account of reparation or of other obligations
undertaken by Bulgaria under the present Treaty.

In the law relating to the working of the Commission, there shall be prescribed a list of the taxes
and revenues (now existing or hereafter to be created) estimated to be sufficient to produce the sums
above referred to. This list of taxes and revenues shall include all revenues or receipts arising from
concessions made or to be made for the working of mines or quarries or for the carrying on of any
works of public utility or of any monopolies for the manufacture or sale of any articles in Bulgaria.
This list of taxes and revenues may be altered from time to time with the unanimous consent of the
Commission.

If at any time the revenues so assigned shall prove insufficient, the Bulgarian Government
undertakes to assign additional revenues. If the Bulgarian Government does not assign suffficient
revenues within three months of a demand by the Commission, the Commission shall have the right
to add to the list additional revenues created or to be created, and the Bulgarian Government
undertakes to pass the necessary legislation.

In case of default by Bulgaria in the performance of her obligations under Articles 121 and 130 and
this Annex the Commission shall be entitled to assume to the extent and for the period fixed by it the
full control and management of and to undertake the collection of such taxes and sources of revenue
and to hold and disburse the proceeds thereof and to apply any net proceeds after meeting the cost
of administration and collection to the satisfaction of the reparation obligations of Bulgaria, subject
to any priorities laid down in the present Treaty.

In the case of such action by the Commission, Bulgaria undertakes to recognise the authority and
powers of the said Commission, to abide by its decisions and to obey its directions.

4. By agreement with the Bulgarian Government, the Commission shall have power to assume the
control and management and the collection of any taxes, even if no default has occurred.

5. The Commission shall also take over any other duties which may be assigned to it under the
present Treaty.

6. No member of the Commission shall be responsible, except to the Govermllent appointing him,
for any action or omission in the performance of his duties. No one of the Allied or Associated
Governments assumes any responsibility in respect of any other Government.

PART VIII.
FINANCIAL CLAUSES.
ARTICLE 132.

Subject to the provisions of Article 138, and to such exceptions as the Inter-Allied Commission
established by Article 130, Part VII (Reparation) of the present Treaty, may unanimously approve,
a first charge upon all the assets and revenues of Bulgaria shall be the cost of reparation and all
other costs arising under the present Treaty or any treaties or agreements supplementary thereto, or
under arrangements concluded between Bulgaria and the Allied and Associated Powers during the
Armistice signed on September 29, 1918.

Up to May 1, 192I, the Bulgarian Government shall not export or dispose of, and shall prohibit the
export or disposal of, gold without the previous approval of the Inter-Allied Commission.

ARTICLE 133

There shall be paid by Bulgaria the total cost of all armies of the Allied and Associated Governments
occupying territory within her boundaries, as defined in the present Treaty, from the date of the
signature of the Armistice of September 29, 1918, until the coming into force of the present Treaty,
including the keep of men and beasts, lodging and billeting, pay and allow- ances, salaries and
wages, bedding, heating, lighting, clothing, equipment, harness and saddlery, armament and
rolling stock, air services, treatment of sick and wounded, veterinary and remount services,
transport services of all sorts (such as by rail, sea or river, motor lorries), communications and
correspondence, and, in general, the cost of all administrative or technical services, the working of
which is necessary for the training of troops and for keeping their numbers up to strength and
preserving their military efficiency.

The cost of such liabilities under the above heads, so far as they relate to purchases or requisitions
by the Allied and Associated Governments in the occupied territory, shall be paid by the Bulgarian
Government to the Allied and Associated Governments in any legal currency of Bulgaria. In cases
where an Allied or Associated Government, in order to make such purchases or requisitions in the
occupied territory, has incurred expenditure in a currency other than Bulgarian currency, such
expenditure shall be reimbursed in Bulgarian currency at the rate of exchange current at the date of
reimbursement, or at an agreed rate.

All other of the above costs shall be paid in the currency of the country to which the payment is due.

ARTICLE 134.

Bulgaria engages to pay towards the charge for the service of the external pre-war Ottoman Public
Debt, both in respect of territory ceded by Turkey under the Treaty of Constantinople 1913, for the
period during which such territory was under Bulgarian sovereignty, and in respect of territory the
cession of which is confirmed by the present Treaty, such sums as may be determined hereafter by
a Commission to be appointed for the purpose of determining to what extent the cession of Ottoman
territory will involve the obligation to contribute to that debt.

ARTICLE 135.

The priority of the charges established by Articles 132, 133 and 134 of this Part shall be as follows:

(a) the cost of military occupation as defined by Article 133;

(b) the service of such part of the external pre-war Ottoman Public Debt as may be attributed to
Bulgaria under the present Treaty or any treaties or agreements supplementary thereto in respect of
the cession to Bulgaria of territory formerly belonging to the Ottoman Empire;

(c) the cost of reparation as prescribed by the present Treaty or any treaties or agreements
supplementary thereto.

ARTICLE 136.

Bulgaria confirms the surrender of all material handed over or to be handed over to the Allied and
Associated Powers in accordance with the Armistice of September 29, 1918, and recognises the title
of the Allied and Associated Powers to such material

There shall be credited to Bulgaria against the sums due from her to the Allied and Associated
Powers for reparation the value, as assessed by the Reparation Commission referred to in Article
121, Part Vll (Reparation) of the present Treaty, acting through the Inter-Allied Commission, of
such of the above material for which, as having non-military value, credit should, in the judgment
of the Reparation Commission, be allowed.

Property belonging to the Allied and Associated Governments or their nationals, restored or
surrendered under the Armistice Agreement in specie, shall not be credited to Bulgaria.

ARTICLE 137.

The right of each of the Allied and Associated Powers to dispose of enemy assets and property
within its jurisdiction at the date of the coming into force of the present Treaty is not affected by the
foregoing provisions.

ARTICLE 138.

All rights created and all securities specifically assigned in connection with loans contracted or
guaranteed by the Bulgarian Government which were actually contracted or guaranteed before
August 1, 1914, are maintained in force without any modification.

ARTICLE 139.

If, in accordance with Articles 235 and 260 of the Treaty of Peace with Germany, signed on June
28, 19l9, and the corresponding Articles in the Treaties with Austria and Hungary, all rights,
interests and securities held by any German, Austrian or Hungarian national under the contracts and
agreements regulating the loan contracted by Bulgaria in Germany in July, 1914, are taken over by
the Reparation Commission, the Bulgarian Government undertakes to do everything in its power to
facilitate this transfer. The Bulgarian Government likewise undertakes to hand over to the
Reparation Commission within six months from the coming into force of the present Treaty all such
rights, interests and securities held by Bulgarian nationals under the contracts and agreements
regulating the said loan. The rights, inl:erests and securities held by Bulgarian nationals will be
valued by the Reparation Commission, and their value will be credited to Bulgaria on account of the
sums due for reparation, andBulgaria shal1 be responsible for indemnifying her nationals so
dispossessed.

Notwithstanding anything in the preceding Article, the Reparation Commission shall have full
power, in the event of the transfer to it of the interests mentioned above, to modify the terms of the
contracts and agreements regulating the loan, or to make any other arrangements connected
therewith which it shall deem necessary, provided that (I) the rights under the contrlcts and
agreements of any persons interested therein other than German, Austrian, Hungarian or Bulgarian
nationals, and (2) the rights of the holders of Bulgarian Treasury Bills issued in France in 1912 and
1913 to be reimbursed out of the proceeds of the next financial operation undertaken by Bulgaria,
are not prejudiced thereby. By agreement with the parties concerned, the claims referred to above
may be paid off either in cash or in an agreed amount of the bonds of the loan.

Any arrangement with regard to the loan and the contracts and agreements connected therewith shall
be made after consultation with the Inter-Allied Commission, and the Inter-Allied Commission shall
act as agent of the Reparation Commission in any matters connected with the loan, if the Reparation
Commission so decides.

ARTICLE 140.

Nothing in the provisions of this Part shall prejudice in any manner charges or mortgages lawfully
effected in favour of the Allied and Associated Powers or their nationals respectively, before the
date at which a state of war existed between Bulgaria and the Allied or Associated Powers
concerned, by the Government of Bulgaria or by Bulgarian nationals on assets in their ownership at
that date, except in so far as variations of such charges or mortgages are specifically provided for
under the terms of the present Treaty or any treaties or agreements supplementary thereto.

ARTICLE 141.

Any Power to which Bulgarian territory is ceded in accordance with the present Treaty undertakes
to pay a contribution towards the charge for the Bulgarian Public Debt as it stood on October 11,
1915, including the share of the Ottoman Public Debt attaching to Bulgaria in accordance with the
principles laid down in Article 134.

The Reparation Commission, acting through the Inter-Allied Commission, will fix the amount of
the Bulgarian Public Debt on October 1l, 19l5, taking into account only such portion of the debt
contracted after August 1, 19I4, as was not employed by Bulgaria in preparing the war of
aggression.

The portion of the Bulgarian Public Debt for which each State is to assume responsibility will be
such as the Principal Allied and Associated Powers, acting through the Inter-Allied Commission,
may determine to be equitable, having regard to the ratio between the revenues of the ceded territory
and the total revenues of Bulgaria for the average of the three complete financial years next before
the Balkan War of 1912.

ARTICLE 142.

Any Power to which Bulgarian territory is ceded in accordance vith the present Treaty shall acquire
all property and possessions situated within such territory belonging to the Bulgarian Govern-
ment, and the value of such property and possessions so acquired shall be fixed by the Reparation
Commission and placed by it to the credit of Bulgaria (or of Turkey in the case of property and
possessions ceded to Bulgaria under the Treaty of Constantinople, I913), and to the debit of the
Power acquiring such property or possessions.

For the purposes of this Article the property and possessions of the Bulgarian Government shall be
deemed to include all the property of the Crown.

ARTICLE 143.

Bulgaria renounces any benefit disclosed by the Treaties of Bucharest and Brest-Litovsk, 1918, and
by the Treaties supplementary thereto, and undertakes to transfer either to Roumania or to the
Principal Allied and Associated Powers, as the case may be, any monetary instruments, specie,
securities and negotiable instruments or goods which she may have received under the aforesaid
Treaties.

Any sums of money and all securities, instruments and goods, of whatsoever nature, to be paid,
delivered or transferred under the provisions of this Article, shall be disposed of by the Principal
Allied and Associated Powers in a manner hereafter to be determined by those Powers.

ARTICLE 144.

The Bulgarian Government undertakes to refrain from preventing or impeding such acquisition by
the German, Austrian, Hungarian or Turkish Governments of any rights and interests of German,
Austrian, Hungarian or Turkish nationals in public utility undertakings or concessions operating in
Bulgaria as may be required by the Reparation Commission under the terms of the Treaties of Peace
between Germany, Austria, Hungary and Turkey and the Allied and Associated Powers.

ARTICLE 145.

Bulgaria undertakes to transfer to the Reparation Commission any claims which she or Bulgarian
nationals who acted on her behalf may have to payment or reparation by Germany, Austria,
Hungary or Turkey, or their nationals, particularly any claims which may arise now or hereafter in
the fulfilment of undertakings made between Bulgaria and those Powers during the war.

Any sums which the Reparation Commission may recover in respect of such claims shall be
transferred to the credit of Bulgaria on account of the sums due for reparation.

ARTICLE 146.

Any monetary obligation arising out of the present Treaty shall be understood to be expressed in
terms of gold, and shall, unless some other arrangement is specifical provided for in any particular
case under the terms of this Treaty or any treaty or agreement supplementary thereto, be payable at
the option of the creditors in pounds sterling payable in London, gold dollars of the United States of
America payable in New York, gold francs payable in Paris, or gold lire payable in Rome.

For the purposes of this Article the gold coins mentioned above shall be defined as being of the
weight and fineness of gold as enacted by law on January 1, 1914.

PART IX.
ECONOMIC CLAUSES.
SECTION I.
COMMERCIAL RELATIONS.
CHAPTER 1.
CUSTOMS REGULATIONS, DUTIES AND RESTRICTIONS.
ARTICLE 147.

Bulgaria undertakes that goods the produce or manufacture of any one of the Allied or Assoc ated
States imported into Bulgarian territory, from whatsoever place arriving, shall not be subjected to
other or higher duties or charges (including internal charges) than those to which the like goods the
produce or manufacture of any other such State or of any other foreign country are subject.

Bulgaria will not maintain or impose any prohibition or restriction on the importation into Bulgarian
territory of any goods the produce or manufacture of the territories of any one of the Allied or
Associated States, from whatsoever place arriving, which shall not equally extend to the importation
of the like goods the produce or manufacture of any other such State or of any other foreign
country.

ARTICLE 148.

Bulgaria further undertakes that, in the matter of the regime applicable on importation, no
discrimination against the com- merce of any of the Allied and Associated States, as compared with
any other of the said States or any other foreign country shall be made, even by indirect means,
such as customs regulations or procedure, methods of verification or analysis, conditions of
payment of duties, tariff classification or interpretation, or the operation of monopolies.

ARTICLE 149.

In all that concerns exportation Bulgaria undertakes that goods, natural products or manufactured
articles exported from Bulgarian territory to the territories of any one of the Allied or Associated
States shall not be subjected to other or higher duties or charges (including internal charges) than
those paid on the like goods exported to any other such State or to any other foreign country.

Bulgaria will not maintain or impose any prohibition or restriction on the exportation of any goods
sent from her territory to any one of the Allied or Associated States which shall not equally extend
to the exportation of the like goods, natural products or manufactured articles sent to any other such
State or to any other foreign country

ARTICLE 150.

Every favour, immunity or privilege in regard to the importation, exportation or transit of goods
granted by Bulgaria to any Allied or Associated State or to any other foreign country whatever shall
simultaneously and unconditionally, without request and without compensation, be extended to all
the Allied and Associated States.

ARTICLE 151

During the period of one year after the coming into force of the present Treaty, the duties imposed
by Bulgaria on imports from Allied and Associated States shall not be higher than the most
favourable duties which were applied to imports into Bulgaria on July 28, 1914.

The payment of customs duties on such imports on a gold basis may, subject to the provisions of
Article 150, be required in all cases where by Bulgarian law such payment in gold could be required
on July 28, 19I4, provided that the rate of conversion of gold notes shall be periodically fixed by
the Reparation Commission.

CHAPTER II.
SHIPPING.
ARTICLE 152.

As regards sea fishing, maritime coasting trade and maritime towage, vessels of the Allied and
Associated Powers shall enjoy in Bulgaria, even in territorial waters the treatment accorded to
vessels of the most favoured nation.

ARTICLE 153.

In the case of vessels of the Allied or Associated Powers, all classes of certificates or documents
relating to the vessel which were recognised as valid by Bulgaria before the war, or which may
hereafter be recognised as valid by the principal maritime States, shall be recognised by Bulgaria as
valid and as equivalent to the corresponding certificates issued to Bulgarian vessels.

A similar recognition shall be accorded to the certificates and documents issued to their vessels by
the Governments of new States, whether they have a seawcoast or not, provided that such
certificates and documents shall be issued in conformity with the general practice observed in the
principal maritime States.

The High Contracting Parties agree to recognise the flag flown by the vessels of an Allied or
Associated Power having no sea-coast which are registered at some one specified place situated in
its territory; such place shall serve as the port of registry of such vessels.

CHAPTER III
UNFAIR COMPETITION.
ARTICLE 154.

Bulgaria undertakes to adopt all the necessary legislative and administrative measures to protect
goods the produce or manufacture of any one of the Allied and Associated Powers from all forms of
unfair competition in commercial transactions.

Bulgaria undertakes to prohibit and repress by seizure and by other appropriate remedies the
importation, exportation, manufacture, distribution, sale or offering for sale in her territory of all
goods bearing upon themselves or their usual get-up or wrappings any marks, names, devices or
descriptions whatsoever which are calculated to convey, directly or indrectly, a false indication of
the origin, type, nature or special characteristics of such goods.

ARTICLE 155.

Bulgaria undertakes, on condition that reciprocity is accorded in these matters, to respect any law,
or any administrative or judicial decision given in conformity with such law, in force in any Allied
or Associated State and duly communicated to her by the proper authorities, defining or regulating
the right to any regional appellation in respect of wines or spirits produced in the State to which the
region belongs or the conditions under which the use of any such appellation may be permitted and
the impor  tation, exportation, manufacture distribution, saie or offering for sale of products or
articles bearing regional appellations inconsistent with such law or order shall be prohibited by
Bulgaria and repressed by the measures prescribed in the preceding Article.

CHAPTER IV.
TREATMENT OF NATIONALS OF ALLIED AND ASSOCIATED POWERS.
ARTICLE 156.

Bulgaria undertakes:

(a) Not to subject the nationals of the Allied and Associated Powers to any prohibition in regard to
the exercise of occupations, professions, trade and industry, which shall not be equally applicable
to all aliens without exception.

(b) Not to subject the nationals of the Allied and Associated Powers in regard to the rights referred
to in paragraph (a) to any regulation or restriction which might contravene, directly or indirectly, the
stipulations of the said paragraph, or which shall be other or more disadvantageous than those
which are applicable to nationals of the most favoured nation

(c) Not to subject the nationals of the Allied and Associated Powers, their property, rights or
interests, including companies and associations in which they are interested, to any charge, tax or
impost, direct or indirect, other or higher than those which are or may be imposed on her own
nationals or their property, rights or interests, or on the nationals of any more favoured nation or
their property, rights or interests;

(d) Not to subject the nationals of any one of the Allied and Associated Powers to any restriction
which was not applicable on July 1, 1914, to the nationals of such Powers unless such restriction is
likewise imposed on her own nationals.

ARTICLE 157.

The nationals of the Allied and Associated Powers shall enjoy in Bulgarian territory a constant
protection for their persons and for their property, rights and interests, and shall have free access to
the courts of law.

ARTICLE 158.

Bulgaria undertakes to recognise any new nationality which has been or may be acquired by her
nationals under the laws of the Allied and Associated Powers and in accordance with the decisions
of the competent authorities of these Powers pursuant to naturalisation laws or under treaty
stipulations, and to regard such persons as having, in consequence of the acquisition of such new
nationality, in all respects severed their allegiance to their country of origin.

ARTICLE 159.

The Allied and Associated Powers may appoint consuls-general, consuls, vice-consuls, and
consular agents in Bulgarian towns and ports. Bulgaria undertakes to approve the designation of the
consuls-general, consuls, vice-consuls, and consular agents whose names shall be notified to her,
and to admit them to the exercise of their functions in conformity with the usual rules and customs

CHAPTER V.
GENERAL ARTICLES.
ARTICLE 160.

The obligations imposed on Bulgaria by Chapter I and by Article I52 of Chapter II above shall cease
to have effect five years from the date of the coming into force of the present Treaty, unless
otherwise provided in the text, or unless the Council of the League of Nations shall, at least twelve
months before the expiration of that period, decide that these obligations shall be maintained for a
further period with or without amendment.

Article 156 of Chapter IV shall remain in operation, with or without amendment, after the period of
five years for such further period, if any, not exceeding five years, as may be determined by a
majority of the Council of the League ot Nations.

ARTICLE 161.

If the Bulgarian Government engages in international trade, it shall not in respect thereof have or be
deemed to have any rights, privileges, or immunities of sovereignty.

SECTION II.
TREATIES.
ARTICLE 162.

From the coming into force of the present Treaty and subject to the provisions thereof, the
multilateral treaties, conventions, and agreements of an economic or technical character enumerated
below and in the subsequent Articles shall alone be applied as between Bulgaria and those of the
Allied and Associated Powers party thereto:

(I) Convention of October II, 1909, regarding the international circulation of motor-cars.

(2) Agreement of May I5, 1886, regarding the sealing of railway trucks subject to customs
inspection, and Protocol of May 18, 1907.

(3) Agreement of May 15, I886, regarding the technical standardisation of railways.

(4) Convention of July 5, I890, regarding the publication of customs tariffs and the organisation of
an International Union for the publication of customs tariffs.

(5) Convention of May 20, 1875, regarding the unification and improvement of the metric system.

(6) Convention of November 29, 1906, regarding the unifica- tion of pharmacopseial formulae, for
potent drugs.

(7) Convention of June 7, 1905, regarding the creation of an International Agricultural Institute at
Rome.

(8) Arrangement of December 9, 1907, for the creation of an International Office of Public Hygiene
at Paris.

ARTICLE 163.

From the coming into force of the present Treaty the High Contracting Parties shall apply the
conventions and agreements hereinafter mentioned, in so far as concerns them, Bulgaria
undertaking to comply with the special stipulations contained in this Article.

Postal Conventions.

Conventions and agreements of the Universal Postal Union concluded at Vienna on July 4, 1891.

Conventions and agreements of the Postal Union signed at Washington on June 15, 1897

Conventions and agreements of the Postal Union signed at Rome on May 26, 1906.

Telegraphic Conventions.

International telegraphic conventions signed at St. Petersburg on July 10/22, 1875.

Regulations and tariffs drawn up by the International Telegraphic Conference, Lisbon, June 11,
1908.

Bulgaria undertakes not to refuse her assent to the conclusion by the new States of the special
arrangements referred to in the conventions and agreements relating to the Universal Postal Union
and to the International Telegraphic Union, to which the said new States have adhered or may
adhere.

ARTICLE I64.

From the coming into force of the present Treaty the High Contracting Parties shall apply, in so far
as concerns them, the International Radio-Telegraphic Convention of July 5, 1912, Bulgaria
undertaking to comply with the provisional regulations which will be indicated to her by the Allied
and Associated Powers.

If within five years after the coming into force of the present Treaty a new convention regulating
international radio-telegraphic communication should have been concluded to take the place of the
Convention of July 5, 1912, this new convention shall bind Bulgaria, even if Bulgaria should
refuse either to take part in drawing up the convention or to subscribe thereto.

This new convention will likewise replace the provisional regulations in force.

ARTICLE 165.

Until the conclusion of a new convention concerning fishing in the waters of the Danube to replace
the Convention of November 29, 1901, the transitory regime to be established will be settled by an
arbitrator appointed by the European Commission of the Danube.

ARTICLE 166.

Bulgaria undertakes:

(I) Within a period of twelve months from the coming into force of the present Treaty to adhere in
the prescribed form to the International Convention of Paris of March 20, 1883, fowr the protection
of industrial property revised at Washington on June 2, 19ll, and the Internationai Convention of
Berne of September 9, 1886, for the protection of literary and artistic works, revised at Berlin on
November 13, 1908, and the Additional Protocol of Berne of March 20, 1914, relating to the
protection of literary and artistic works;

(2) Within the same period to recognise and protect by PART VII.
Conventions the industrial, literary, and artistic property of nationals of the Allied and Associated
States.

In addition and independently of the obligations mentioned above, Bulgaria undertakes to continue
to assure such recognition and such protection to all the industrial, literary, and artistic property of
the nationals of each of the Allied and Associated States to an extent at least as great as upon July
28, 19l4, and upon the same conditions.

ARTICLE 167.

Bulgaria undertakes to adhere to the conventions and agree. ments hereunder enumerated, or to
ratify them:

(I) Conventions of March 14, 1884, December 1, 1886, and March 23,1887, and Final Protocol of
July 7, 1887, regarding the protection of submarine cables.

(2) Convention of December 31, 1913, regarding the unification of commercial statistics.

(3) Conventions of September 23, 19l0, respecting the unification of certain regulations regarding
collisions and salvage at sea.

(4) Convention of December 21, 1904, regarding the exemption of hospital ships from dues and
charges in ports.

(5) Convention of September 26, 1906, for the suppression of night work for women.

(6) Convention of September 26, 1906 for the suppression of the use of white phosphorus in the
manufacture of matches.

(7) Conventions of May 18, 1904, and May 4, 1910, regarding the suppression of the White Slave
Traffic.

(8) Convention of May 4, 1910, regarding the suppression of obscene publications.

(9) Sanitary Conventions of January 30, 1892, April 15, 1893, April 3, 1894, March 19, 1897,
and December 3, 1903.

(l0) Conventions of November 3, 1881, and April 15, 1889, regarding precautionary measures
against phylloxera.

(11) Convention of March 19, 1902, regarding the protection of birds useful to agriculture.

ARTICLE 168.

Each of the Allied or Associated Powers, being guided by the general principles or special
provisions of the present Treaty, shall notify to Bulgaria the bilateral treaties or conventions of all
kinds which such Allied or Associated Power wishes to revive with Bulgaria.

The notification referred to in the present Article shall be made either directly or through the
intermediary of another Power Receipt thereof shall be acknowledged in writing by Bulgaria The
date of the revival shall be that of the notification.

The Allied and Associated Powers undertake among themselves not to revive with Bulgalia any
conventions or treaties which are not in accordance with the terms of the present Treaty.

The notification shall mention any provisions of the said conventions and treaties which, not being
in accordance with the terms of the present Treaty, shall not be considered as revived.

In case of any difference of opinion, the League of Nations will be called on to decide.

A period of six months from the coming into force of the present Treaty is allowed to the Allied and
Associated Powers within which to make the notification.

Only those bilateral treaties and conventions which have been the subject of such a notification shall
be revived between the Allied and Associated Powers and Bulgaria; all the others are and shall
remain abrogated.

The above mles apply to all bilateral treaties or conventions existing between the Allied and
Associated Powers and Bulgaria even if the said Allied and Associated Powers have not been in a
state of war with Bulgaria.

ARTICLE 169.

Bulgaria recognises that all the treaties, conventions or agreements which she has concluded with
Germany, Austria, Hungary or Turkey since August 1, 1914, until the coming into force of the
present Treaty are and remain abrogated by the present Treaty.

ARTICLE 170.

Bulgaria undertakes to secure to the Allied and Associated Powers, and to the officials and nationals of the said Powers, the enjoyment of all the rights and advantages of any kind which she may have granted to Germany, Austria, Hungary or Turkey, or to the offficials and nationals of these States by treaties, conventions or arrangements concluded before August x, 1914, so long as those treaties, conventions or arrangements remain in force.

The Allied and Associated Powers reserve the right to accept or not the enjoyment of these rights
and advantages.

ARTICLE 171.

Bulgaria recognises that all treaties, conventions or arrangements which she concluded with Russia, or with any State or Government of which the territory previously formed a part of Russia, before August 1, 1914, or after that date until the coming into force of the present Treaty, or with Roumania after August 15, 1916, until the coming into force of the present Treaty, are and remain abrogated.

ARTICLE 172.

Should an Allied or Associated Power, Russia, or a State or Government of which the territory
formerly constituted a part of Russia, have been forced since August 1, 19l4, by reason of military
occupation or by any other means or for any other cause, to grant or to allow to be granted by the
act of any public authority, concessions, privileges and favours of any kind to Bulgaria or to a
Bulgarian national, such concessions, privileges and favours are ipso facto annulled by the present
Treaty.

No claims or indemnities which may result from this annulment shall be charged against the Allied
or Associated Powers or the Powers, States, Governments or public authorities which are released
from their engagements by the present Article.

ARTICLE 173.

From the coming into force of the present Treaty Bulgaria undertakes to give the Allied and
Associated Powers and their nationals the benefit ipsofacto of the rights and advantages of any kind
which she has granted by treaties, conventions or arrangements to non-belligerent States or their
nationals since August 1, 19l4, until the coming into force of the present Treaty, so long as those
treaties, conventions or arrangements remain in force.

ARTICLE 174.

Those of the High Contracting Parties who have not yet signed, or who have signed but not yet
ratified, the Opium Convention signed at The Hague on January 23, 1912, agree to bring the said
Convention into force, and for this purpose to enact the necessary legislation without delay and in
any case within a period of twelve months from the coming into force of the present Treaty.

Furthermore, they agree that ratification of the present Treaty should, in the case of Powers which
have not yet ratified the Opium Convention, be deemed in all respects equivalent to the ratification
of that Convention, and to the signature of the Special Protocol which was opened at The Hague in
accordance with the resolutions adopted by the Third Opium Conference in 1914 for bringing the
said Convention into force.

For this purpose the Government of the French Republic will communicate to the Government of
the Netherlands a certified copy of the protocol of the deposit of ratifications of the present Treaty,
and will invite the Government of the Netherlands to accept and deposit the said certified copy as if
it were a deposit of ratifications of the Opium Convention and a signature of the Additional Protocol
of 19l4.

ARTICLE 175.

The immunities and privileges ot foreigners as well as the rights of jurisdiction and of consular
protection enjoyed by the Allied and Associated Powers in Bulgaria by virtue ot the capitulations,
usages and treaties, may form the subject of special conventions between each of the Allied and
Associated Powers concerned and Bulgaria.

The Principal Allied and Associated Powers will enjoy in Bulgaria in the matters mentioned above
most favoured nation treatment.

The Allied and Associated Powers concerned undertake among themselves to conclude only such
conventions as shall conform to the stipulations of the present Treaty. In case of difference of
opinion among them, the League of Nations will be called upon to decide.

SECTION III
DEBTS.
ARTICLE 176.

There shall be settled through the intervention of Clearing Offices to be established by each of the
High Contracting Parties within three months of the notification referred to in paragraph (e)
hereafter the following classes of pecuniary obligations:

(1) Debts payable befcre the war and due by a national of one of the Contracting Powerss residing
within its territory, to a national of an Opposing Power, residing within its terntory;

(2) Debts which became payable during the war to nationals of one Contracting Power residing
within its territory and arose out of transactions or corxtracts with the nationals of an Opposing
Power, resident within its territory, of which the total or partial execution was suspended on
account of the existence of a state of war.

(3) Interest which has accrued due before and during the war to a national of one of the Contracting
Powers in respect of securities issued or taken over by an Opposing Power, provided that the
payment of interest on such securities to the nationals of that Power or to neutrals has not been
suspended during the war;

(4) Capital sums which have become payable before and during the war to nationals of one of the
Contracting Powers in respect of securities issued by one of the Opposing Powers, provided that
the payment of such capital sums to nationals of that Power or to neutrals has not been suspended
during the war.

The proceeds of liquidation of enemy property, rights and interests mentioned in Section IV and in
the Annex thereto will be accounted for throagh the Clearing Offices, in the currency and at the rate
of exchange hereinafter provided in paragraph (d), and disposed of by them under the conditions
provided by the said Section and Annex.

The settlements provided for in this Article shall be effected According to the following principles
and in accordance with the Annex to this Section:

(a) Each of the High Contracting Parties shall prohibit, as from the coming into force of the present
Treaty, both the payment and the acceptance of payment of such debts, and also all communications
between the interested parties with regard to the settlement of the said debts otherwise than through
the Clearing Offices;

(b) Each of the High Contracting Parties shall be respectively responsible for the payment of such
debts due by its nationals except in the cases where before the war the debtor was in a state of
bankruptcy or failure, or had given formal indication of insolvency, or where the debt was due by a
company whose business has been liquidated under emergency legislation during the war.
Nevertheless, debts due by the inhabitants of territory invaded or occupied by the enemy before the
Armistice will not be guaranteed by the States of which those territories form part;

(c) The sums due to the nationals of one of the Contracting Powers by the nationals of an Opposing
Power will be debited to the Clearing Office of the country of the debtor, and paid to the creditor by
the Clearing Office of the country of the creditor

(d) Debts shall be paid or credited in the currency of such one of the Allied and Associated Powers,
their colonies or protectorates, or the British Dominions or India, as may be concerned. lf the debts
are payable in some other currency they shall be paid or credited in the currency of the country
concerned whether an Allied or Associated Power, Colony, Protectorate, British Dominion or
India, at the pre-war rate of exchange

For the purpose of this provision, the pre-war rate of exchange shall be defined as the average cable
transfer rate prevailing in the Allied or Associated country concerned during the month immediately
preceding the outbreak of war between the Power concerned and Bulgaria.

If a contract provides for a fixed rate of exchange governing the conversion of the currency in
which the debt is stated into the currency of the Allied or Associated Power concerned, then the
above provisions concerning the rate of exchange shall not apply.

In the case of the new States of Poland and Czecho-Slovakia the currency in which and the rate of
exchange at which debts shall be paid or credited shall be determined by the Reparation
Commission provided for in Part VII (Reparation), unless they shall have been previously settled
by agreement between the States interested;

(e) The provisions of this Article and of the Annex hereto shall not apply as between Bulgaria on the
one hand and any one of the Allied and Associated Powers, their colonies or protectorates, or any
one of the British Dominions or India, on the other hand, unless within a period of one month from
the deposit of the ratification of the present Treatybby the Power in question, or of the ratification
on behalf of such Dominion or of India, notice to that effect is given to Bulgaria bythe Government
of such Allied or Associated Power or of such Dominion or of India as the case may be;

(f) The Allied and Associated Powers who have adopted this Article and the Annex hereto agree
between themselves to apply them to their respectivenationals established in their territory so far as
regards matters between their nationals and Bulgarian nationals. In this casetie payments made by
application of this provision will be subjet to arrangements between the Allied and Associated
Clearing Offices concerned.

ANNEX.

1.

Each of the High Contracting Parties will, within three months from the notification provided for in
Article 176, paragraph (e), establish a Clearing Office for the collection and payment of enemy
debts.

Local Clearing Offices maybe established for any particular portion of the territories of the High
Contracting Parties. Such local Clearing Offices may perform all the functions of a central Clearing
Office in their respeetive districts, except that all transactions with the Clearing øfice in the opposing
State must be effected through the central Clearing Office.

2.

In this Annex the pecuniary obligations referred to in the first paragraph of Article 176 are described
as "enemy debts," the persons from whom the sarne are due as "enemy debtors," the persons to
whom they are due as "enemy creditors," the Clearing Office in the country of the creditor is called
the "Creditor Clearing Office," and the Clearing office in the country of the debtor is called the
Debtor Clearing Office. "

3

The High Contracting Parties will subject contraventions of paragraph (a) of Article 176 to the same
penalties as are at present provided by their legislation for trading with the enemy. They will
similarly prohibit within their territory all legal process relating to payment of enemy debts, except
in accordance with the provisions of this Annex.

4

The Government guarantee specified in paragraph (b) of Article 176 shall take effect whenever, for
any reason, a debt shall not be recoverable, except in a case where at the date of the outbreak of war
the debt was barred by the laws of prescription in force in the country of the debtor, or where the
debtor was at that time in a state of bankruptcy or failure or had given formal indication of
insolvency, or where the debt was due by a company whose business has been liquidated under
emergency legislation during the war In such case the procedure specified by this Annex shall apply
to payment of the dividends.

The terms abankruptcy" and "failure" refer to the application of legislation providing for such
juridical conditions. The expression "formal indication of insolvency" bears the same meaning as it
has in English law.

5

Creditors shall give notice to the Creditor Clearing Office within six months of its establishment of
debts due to them, and shall furnish the Clearing Office with any documents and information
required of them.

The High Contracting Parties will take all suitable measures to trace and punish collusion between
enemy creditors and debtors. The Clearing Offices will communicate to one another any evidence
and information which might help the discovery and punishment of such collusion.

The High Contracting Parties will facilitate as much as possible postal and telegraphic
communication at the expense of the parties concerned and through the intervention of the Clearing
Offices between debtors and creditors desirous of coming to an agreement as to the amount of their
debt.

The Creditor Clearing Office will notify the Debtor Clearing Office of all debts declared to it. The
Debtor Clearing Office will, in due course, inform the Creditor Clearing Office which debts are
admitted and which debts are contested. In the latter case, the Debtor Clearing Office will give the
grounds for the non-admission of debt.

6.

When a debt has been admitted, in whole or in part, the Debtor Clearing Office will at once credit
the Creditor Clearing Office with the amount admitted, and at the same time notify it of such credit.

7

The debt shall be deemed to be admitted in full and shall be credited forthwith to the Creditor
Clearing Office unless within three months from the receipt of the notification or such longer time as
may be agreed to by the Creditor Clearing Office notice has been given by the Debtor Clearing
Office that it is not admitted.

8.

When the whole or part of a debt is not admitted the two Clearing Offices will examine into the
matter jointly and will endeavour to bring the parties to an agreement.

9

The Creditor Clearing Office will pay to the individual creditor the sums credited to it out of the
funds placed at its disposal by the Government of its country and in accordance with the conditions
fixed by the said Government, retaining any sums considered necessary to cover risks, expenses or
commissions.

10.

Any person having claimed payment of an enemy debt which is not admitted in whole or in part
shall pay to the Clearing Office, by way of fine, interest at 5 per cent. on the part not admitted. Any
person having unduly refused to admit the whole or part of a debt claimed from him shall pay, by
way of fine, interest at 5 per cent. on the amount with regard to which his refusal shall be
disallowed.

Such interest shall run from the date of expiration of the period provided for in paragraph 7 until the
date on which the claim shall have been disallowed or the debt paid.

Each Clearing Office shall, in so far as it is concerned, take steps to collect the fines above provided
for, and will be responsible if such fines cannot be collected.

The fines will be credited to the other Clearing Office, which shall retain them as a contribution
towards the cost of carrying out the present provisions.

11.

The balance between the Clearing Offices shall be struck every three months and the credit balance
paid in cash by the debtor State within a month.

Nevertheless, any credit balances which may be due by one or more of the Allied and Associated
Powers shall be retained until complete payment shall have been effected of the sums due to the
Allied or Associated Powers or their nationals on account of the war.

12.

To facilitate discussion between the Clearing Offices each of them shall have a representative at the
place where the other is established.

13.

Except for special reasons all discussions in regard to claims will, so far as possible, take place at
the Debtor Clearing Office.

14.

In conformity with Article 176, paragraph (b), the High Contracting Parties are responsible for the
payment of the enemy debts owing by their nationals.

The Debtor Clearing Office will therefore credit the Creditor Clearing Office with all debts admitted,
even in case of inability to collect them from the individual debtor. The Governments concerned
will, nevertheless, invest their respective Clearing Offices with all necessary powers for the
recovery of debts which have been admitted.

As an exception, the admitted debts owing by persons having suffered injury from acts of war shall
only be credited to the Creditor Clearing Office when the compensation due to the person concerned
in respect of such injury shall have been paid.

15.

Each Government will defray the expenses of the Clearing Office set up in its territory, including
the salaries of the staff.

16.

Where the two Clearing Offices are unable to agree whether a debt claimed is due, or in case of a
difference between an enemy debtor and an enemy cfeditor, or between the Clearing Offices, the
dispute shall either be referred to arbitration if the parties so agree under conditions fixed by
agreement between them, or referred to the Mixed Arbitral Tribunal provided for in Section VI
hereafter.

At the request of the Creditor Clearing Office the dispute may, however, be submitted to the
jurisdiction of the Courts of the place of domicile of the debtor.

17.

Recovery of sums found by the Mixed Arbitral Tribunal, the Court, or the Arbitration Tribunal to be
due shall be effected through the Clearing Offices as if these sums were debts admitted by the
Debtor Clearing Office.

18.

Each of the Governments concerned shall appoint an agent who will be responsible for the
presentation to the Mixed Arbitral Tribunal of the cases conducted on behalf of its Clearing Office.
This agent will exercise a general control over the representatives or counsel employed by its
nationals.

Decisions will be arrived at on documentary evidence, but it will be open to the Tribunal to hear the
parties in person, or according to their preference by their representatives approved by the two
Governments, or by the agent referred to above, who shall be competent to intervene along with the
party or to reopen and maintain a claim abandoned by the same.

19.

The Clearing Offices concerned will lay before the Mixed Arbitral Tribunal all the information and
documents in their possession, so as to enable the Tribunal to decide rapidly on the cases which are
brought before it.

20.

Where one of the parties concerned appeals against the joint decision of the two Clearing Offices he
shall make a deposit against the costs, which deposit shall only be refunded when the first judgment
is modified in favour of the appellant and in proportion to the success he may attain, his opponent in
case of such a refund being required to pay an equivalent proportion of the costs and expenses.
Security accepted by the Tribunal may be substituted for a deposit.

A fee of 5 per cent. of the amount in dispute shall be charged in respect of all cases brought before
the Tribunal. This fee shall, unless the Tribunal directs otherwise, be borne by the unsuccessful
party. Such fee shall be added to the deposit referred to. It is also independent of the security.

The Tribunal may award to one of the parties a sum in respect of the expenses of the proceedings.

Any sum payable under this paragraph shall be credited to the Clearing Office of the successful
party as a separate item.

21.

With a view to the rapid settlement of claims, due regard shall be paid in the appointment of all
persons connected with the Clearing Offices or with the Mixed Arbitral Tribunal to their knowledge
of the language of the other country concerned.

Each of the Clearing Offices will be at liberty to correspond with the other and to forward
documents in its own language.

22.

Subject to any special agreement to the contrary between the Governments concerned, debts shall
carry interest in accordance with the following provisions:

Interest shall not be payable on sums of money due by way of dividend, interest, or other periodical
payments which themselves represent interest on capital.

The rate of interest shall be 5 per cent. per annum except in cases where, by contract, law, or
custom, the creditor is entitled to payment of interest at a different rate. In such cases the rate to
which he is entitled shall prevail.

Interest shall run from the date of commencement of hostilities (or, if the sum of money to be
recovered fell due during the war, from the date at which it fell due) until the sum is credited to the
Clearing Office of the creditor.

Sums due by way of interest shall be treated as debts admitted by the Clearing Offices and shall be
credited to the Creditor Clearing Office in the same way as such debts.

23.

Where by a decision of the Clearing Offices or the Mixed Arbitral Tribunal a claim is held not to fall
within Article 176, the creditor shall be at liberty to prosecute the claim before the Courts or to take
such other proceedings as may be open to him.

The presentation of a claim to the Clearing Office suspends the operation of any period of
prescription.

24.

The High Contracting Parties agree to regard the decisions of the Mixed Arbitral Tribunal as final
and conclusive and to render them binding upon their nationals.

25.

In any case where a Creditor Clearing Office declines to notify a claim to the Debtor Clearing
Office, or to take any step provided for in this Annex, intended to make effective in whole or in part
a request of which it has received due notice, the enemy creditor shall be entitled to receive from the
Clearing Office a certificate setting out the amount of the claim, and shall then be entitled to
prosecute the claim before the courts or to take such other proceedings as may be open to him.