Internal War Loans Belligerent Countries

German Empire
5% Bonds and 4^2% Treasury Certificates
(Eighth War Loan)
Dated—July i, 1918.
Due—Bonds "unkundbar" until October 1, 1924 (see Note
p. 108).
Treasury Certificates due July 1, 1967, but subject to drawings
or at the Government's option to entire redemption as
described under Right of Redemption.
Period of Subscription—March 18, 1918 to April 18, 1918.
Right of Redemption—See Note on "unkundbar" regarding
5% Bonds.
Treasury Certificates are redeemable by drawings in
series in January and July for payment six months later
at no. Drawings to begin January, 1919, on which date
three drawings will be made instead of one, thereby
making Treasury Certificates of this loan redeemable according
to the same redemption plan as Treasury Certificates
of the Sixth War Loan. Treasury Certificates not
drawn for payment are "unkundbar" until July 1, 1927.
The Government, however, reserves the right to call the
entire outstanding amount of certificates for redemption at
par on or after July 1, 1927. If the Government exercises
its right of redemption the holder instead of cash may ask
for 4% Treasury Certificates, which are redeemable by
drawings at 115, in accordance with' the redemption plan
for the original Treasury Certificates. Not earlier than ten
years after the date the original Treasury Certificates may
be entirely called for redemption, the Government reserves
the right to call the entire outstanding amount of 4% Treasury
Certificates for redemption at par, in which case the
holder instead of cash may ask for 3/4% Treasury Certificates
which are redeemable by drawings at 120 in accordance
with the same plan as the previous Treasury Certificates.
No further redemption or conversion privilege -can
be announced by the Government. The Government must
announce its intention to entirely redeem any of the above
certificates at least six months before the redemption dates
and such dates can only be regular interest dates. All
Treasury Certificates mature July I, 1967, and all such certificates
as may be outstanding and not drawn for payment
shall on that date be paid at no, 115 or 120, according as
the certificates may be either 4 1 /i c fo, 4% or 3j4%.
The Government will appropriate each year an amount
equal to $% of the par value of Treasury Certificates origi-
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