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Internal War Loans Belligerent Countries

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price at the time of payment as follows :<br />

On Payments<br />

to<br />

Prices Paid for<br />

Unreg- Regisistered<br />

tered<br />

Sept. 3, 1915, interest for 6 mos., or 2.50%.. 96.50 96.30<br />

Oct. 18, 1915, interest for 102 days, or 2.25% •. 96.75 96.55<br />

Nov. 24, 1915, interest for 126 days, or 1.75%. 97.25 97-05<br />

Every eighteen days after November 24, 1915, the interest<br />

allowed decreased 25 pfennigs on each 100 marks par<br />

value.<br />

Non-interest bearing Treasury Certificates of the Empire<br />

in circulation were accepted on and after September 30,<br />

1915, in payment, under discount at the rate of 5% per<br />

annum to maturity. -<br />

Deposit Privilege—Bonds could be deposited at the Securities<br />

Department of the Reichsbank, which would collect<br />

and forward interest to depositors without charge until<br />

October 1, 1916. Such deposits could be withdrawn at any<br />

time without restriction.<br />

Note—"Unkundbar" can be literally translated "unannounceable." This has been<br />

interpreted by the German press to mean that the Government cannot announce any<br />

change in the terms of the bonds to take effect before October i, 1924, nor are the<br />

bonds redeemable or convertible before that date.<br />

95

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