As for reparation, Germany is required to admit her responsi-
bility for causing loss and damage to the Allies by an aggressive war, including not only injury to civilians, maltreatment of prisoners, and so on, but also the cost to the Allies of pensions and separation allowances. Germany's total obligation is to be determined by an Allied Commission before May, 1921, and to be discharged by thirty annual payments. But she is to pay within two years the sum of £1,000,000,000 in gold or goods. Further, she is to issue bonds to the Allies at specified dates and rates of interest for & total of £5,000,000,000 in gold, on account of the Allied claims. She must recognize her duty to replace the Allied ships destroyed by her, " ton for ton and class for class," and has to deliver up all her large merchantmen over 1,600 tons, half of her smaller ships, and a fourth of her trawlers, besides building a million tons of new shipping for the Allies in five years.
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