16 of Annex II.

of The Reparation Chapter.

There is also an obscure provision by which interest may be charged "on sums arising out of _material damage_ as from November 11, 1918, up to May 1, 1921." This seems to differentiate damage to property from damage to the person in favor of the former.

It does not affect Pensions and Allowances, the cost of which is capitalized as at the date of the coming into force of the Treaty.
[115] On the assumption which no one supports and even the most optimistic fear to be unplausible, that Germany can pay the full charge for interest and sinking fund _from the outset_, the annual payment would amount to $2,400,000,000.
[116] Under Para.

13 of Annex II.