Internal War Loans Belligerent Countries

part provided part payments amounted to ioo marks or
multiples thereof. Subscriptions for 1,000 marks and less
were payable in full by April 14, 1915. As interest did not
begin until July 1, 1915, interest at the rate of 5% per
annum was allowed on every 100 marks par value paid
before June 30, 1915. Accrued interest was added to payments
made after that date.
Subscriptions through Post Offices to 5% Bonds were
payable on or before March 31, 1915, and as interest did
not begin until July 1; 1915, one-quarter of the yearly
interest was deducted, making the price for unregistered
bonds 97.25 and for registered bonds 97.05. German Empire
Four Per Cent Treasury Certificates of 1911, Series 1,
maturing April 1, 1915, amounting to 60,000,000 marks were
accepted at par in payment of subscriptions.
Deposit Privilege—Both bonds and certificates could be deposited
at the Securities Department of the Reichsbank,
which would collect and forward interest to depositors without
charge until April 1, 1916. Such deposits could be
withdrawn at any time without restriction.
Note—"Unkundbar" can be literally translated "unannounceable." This has
been interpreted by the German press to mean mat the Government cannot announce
any change in the terms of the bonds to take effect before October I, 1924, nor are
the bonds redeemable or convertible before that date.
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