accept
it. Any italics are mine.

[9] Part VIII. Annex III. (1).

[10] Part VIII. Annex III. (3).

[11] In the years before the war the average shipbuilding
output of Germany was about 350,000 tons annually, exclusive of
warships.

[12] Part VIII. Annex III. (5).

[13] Art. 119.

[14] Arts. 120 and 257.

[15] Art. 122.

[16] Arts. 121 and 297(b). The exercise or non-exercise of this
option of expropriation appears to lie, not with the Reparation
Commission, but with the particular Power in whose territory the
property has become situated by cession or mandation.

[17] Art. 297 (h) and para. 4 of Annex to Part X. Section IV.

[18] Arts. 53 and 74.

[19] In 1871 Germany granted France credit for the railways of
Alsace-Lorraine but not for State property. At that time, however, the
railways were private property. As they afterwards became the property
of the German Government, the French Government have held, in spite of
the large additional capital which Germany has sunk in them, that their
treatment must follow the precedent of State property generally.

[20] Arts. 55 and 255. This follows the precedent of 1871.

[21] Art. 297 (_b_).

[22] Part X. Sections III. and IV. and Art. 243.

[23] The interpretation of the words between inverted commas is
a little dubious. The phrase is so wide as to seem to include private
debts. But in the final draft of the Treaty private debts are not
explicitly referred to.

[24] This provision is mitigated in the case of German property
in Poland and the other new States, the proceeds of liquidation in these
areas being payable direct to the owner (Art. 92.)

[25] Part X. Section IV. Annex, para. 10: "Germany will, within
six months from the coming into force of the present Treaty, deliver to
each Allied or Associated Power all securities, certificates, deeds, or
other documents of title held by its nationals and relating to property,
rights, or interests situated in the territory of that Allied or
Associated Power.... Germany will at any time on demand of any Allied or
Associated Power furnish such information as may be required with regard
to the territory, rights, and interests of German nationals within the
territory of such Allied or Associated Power, or with regard to any
transactions concerning such property, rights, or interests effected
since July 1, 1914."

[26] "Any public utility undertaking or concession" is a vague
phrase, the precise interpretation o