The German Government recognizes the right of the Allies to the replacement ton for ton and class for class of all merchant ships and fishing boats lost or damaged owing to the war, and cedes to the Allies all German merchant ships of 1,600 tons gross, and upward; one-half of her ships between 1,600 and 1,000 tons gross, and one-quarter of her steam trawlers and other fishing boats, to be delivered within two months to the Reparations Commission. Germany further agrees to build as reparation merchant ships to the amount not exceeding 200,000 tons gross annually during the next five years. All ships used for inland navigation taken by Germany from the Allies are to be restored within two months; the amount of loss not covered by such restitution to be made up from Germany's river fleet up to 20 per cent thereof. To effect payment by deliveries in kind, Germany is required for a period of years varying in each case to deliver coal, coal-tar products in specific amounts to the Reparations Commission. The conditions of delivery will be modified so as not to interfere with Germany's industrial requirements. DEVASTATED AREAS. Germany undertakes to devote her economic resources directly to the physical restoration of the invaded areas, replacing destroyed articles by the delivery of animals, machinery, etc., existing in Germany and to manufacture materials needed for reconstruction. Germany is to deliver to France annually for ten years coal equivalent to the prewar output of Nord and Pas de Calais mines, and the annual production during above ten-year period. Germany further gives options over ten years for delivery of 7,000,000 tons of coal per year to France, in addition to the above, of 8,000,000 tons to Belgium, and of an amount rising from 4,500,000 in 1919 to 1920 to 8,500,000 in 1923 to 1924 to Italy, at prices fixed as prescribed in the treaty. Provision is also made for delivery to France of benzol, coal-tar and ammonia. Germany is to restore within six months the Koran of the Caliph Othman to the King of the Hedjaz, the skull of the Sultan Okwawa to Great Britain, and to the French Government papers and flags taken in 1870. For destroying the Louvain library Germany is to hand over manuscripts, rare books, etc., to the equivalent of those destroyed. Germany is also to hand over to Belgium the wings of the altar piece of "The Adoration of the Lamb" by the Van Eyck's, now in Berlin, and the wings of the altar piece "The Last Supper," now in Berlin and Munich. FINANCE.