st between 1921 and 1926,
and thereafter at 5 per cent., with an additional 1 per cent. for
amortization beginning in 1926, and a third at 5 per cent, when the
commission is satisfied that Austria can meet the interest and sinking
fund obligations. The amount shall be divided by the allied and
associated Governments in proportions determined upon in advance on a
basis of general equity.

[Sidenote: Representatives of the Reparation Commission.]

The Austrian section of the Reparation Commission shall include
representatives of the United States, Great Britain, France, Italy,
Greece, Poland, Rumania, the Serbo-Slovene State, and Czecho-Slovakia.
The first four shall each appoint a delegate with two votes, and the
other five shall choose one delegate each year to represent them all.
Withdrawal from the commission is permitted on twelve months' notice.

[Sidenote: To pay cost of armies of occupation.]

Paragraph 9, (Financial.)--The first charge upon all the assets and
revenues of Austria shall be the costs arising under the present treaty,
including, in order of priority, the costs of the armies of occupation,
reparations, and other charges specifically agreed to and, with certain
exceptions, as granted by the Reparation Commission for payments for
imports. Austria must pay the total cost of the armies of occupation
from the armistice of November 3, 1918, so long as maintained, and may
export no gold before May 1, 1921, without consent of the Reparation
Commission.

Each of the States to which Austrian territory is transferred and each
of the States arising out of the dismemberment of Austria, including the
Republic of Austria, shall assume part of the Austrian pre-war debt
specifically secured on railways, salt mines, and other property, the
amount to be fixed by the Reparation Commission on the basis of the
value of the property so transferred.

[Sidenote: The pre-war debt.]

Similarly, the unsecured bonded pre-war debt of the former empire shall
be distributed by the Reparation Commission in the proportion that the
revenues for the three years before the war of the separated territory
bore to those of the empire, excluding Bosnia and Herzegovina.

No territory formerly part of the empire, except the Republic of
Austria, shall carry with it any obligation in respect of the war debt
of the former Austrian Government, but neither the Governments of those
territories nor their nationals shall have recourse against