(3) Any balance with which Germany has not been credited on 1st May 1936 is to be credited to her with compound interest at 5 per cent in four half–yearly payments on 30th June and 31st December 1936 and 30th June and 31st December 1937. But, again, these half–yearly payments shall not be made if the effect of making them would be to exceed the limit laid down in Condition 1 above. (4) Agreement deliveries continue indefinitely after 1st May 1936, with power, however, to Germany to arrest them whenever the execution of them would result in France owing more than 52 per cent of Germany’s annual reparation payment in respect of Annex deliveries, deferred payments already matured, and the 35 or 45 per cent of current deliveries. From the above it is to be noted that, while there is a limitation for the first five years of the amount of Agreement deliveries which can be demanded, there is— (1) No point at which the right of France to demand these special deliveries automatically terminates. (2) No final limitation upon the value of the deliveries which can be demanded by France during the lifetime of the Agreement. (3) No definitely prescribed period within which France’s debt to Germany and to the other partners in reparation shall be liquidated. * * * * * It remains necessary to draw attention to one subsidiary point of a financial character under the Schedule of Payments. Part of Germany’s annual reparation liability consists of the payment of 26 per cent of the value of German exports in each period of twelve months, and part of the security for the payment consists of the proceeds of a levy of 25 per cent on the value of all German exports. The French Government has undertaken to support a request, to be submitted by the German Government to the Reparation Commission, for the inclusion in the exports which form the basis of these calculations of that part only of the value of the deliveries made under the Agreement which is credited to Germany and debited to France during any particular year. If it can be assumed that any part of the special deliveries to be made under the Agreement would, in the absence of the Agreement, have been diverted to Germany’s ordinary external trade, then the concession desired will have the effect of diminishing the annual payments made by Germany for the benefit of the Allies as a whole. 2. _Decision of the Reparation Commission on October 20, 1921, after considering the Franco–German Agreement of October 6, 1921_ The French Government, having submitted to the Reparation Commission in accordance with Paragraph 3 of the Memorandum thereto attached the Agreement between the representatives of the French and German Governments signed at Wiesbaden on the 6th instant, the Commission has come to the following decision:—