former Hungarian Government assumed by that State under the provisions of Article 186 which, in the opinion of the Reparation Commission, represents expenditure upon the property so acquired. The value shall be fixed by the Reparation Commission on such basis as the Commission may consider equitable.

Property of the former and existing Hungarian Government shall be deemed to include a share of the real property in Bosnia-Herzegovina of all descriptions for which, under Article 5 of the Convention of the 26th February, 1909,* the Government of the former Austro-Hungarian Monarchy paid £T.2,500,000 to the Ottoman Government. Such share shall be proportionate to the share which the former Kingdom of Hungary contributed to the above payment, and the value of this share, as assessed by the Reparation Commission, shall be credited to Hungary on account of reparation.

As exception to the above there shall be transferred without payment:

(1.) The property and possessions of provinces, communes and other local autonomous institutions of the former Austro-Hungarian Monarchy, including those in BosniaHerzegovina which did not belong to the former AustroHungarian Monarchy;

(2.) Schools and hospitals the property of the former Austro-Hungarian Monarchy.

Further, any building or other property situated in the respective territories transferred to the States referred to in the first paragraph whose principal value lies in its historic interest and associations, and which formerly belonged to the Kingdom of Bohemia,, the Kingdom of Croatia-SlavoniaDalmatia, Bosnia-Herzegovina, the Republic of Ragusa, the Venetian Republic, or the Episcopal Principalities of Trient and Bressanone, may, subject to the approval of the Reparation Commission, be transferred to the Government entitled thereto without payment.

192. Hungary renounces, so far as she is concerned, all rights accorded to her or her nationals by treaties, conventions or agreements, of whatsoever kind, to representation upon or participation in the control or administration of commissions, state banks, agencies or other financial or economic organisations of an international character exercising powers of control or administration and operating in any of the Allied or Associated States, or in Germany, Austria, Bulgaria or Turkey, or in the dependencies of these States, or in the former Russian Empire.

193.-(1.) Hungary engages to recognise the transfer provided for in Article 210 of the Treaty with Austria of the * See Protocol of February 26, 1909, Vol. CII, page 180.

sum in gold deposited in the Austro-Hungarian Bank in the name of the Council of the Administration of the Ottoman Public Debt as security for the first issue of Turkish Government currency notes.

(2.) Without prejudice to Article 227, Part X (Economic Clauses) of the present Treaty, Hungary renounces, so far as she is concerned, any benefit disclosed by the Treaties of Bucharest and Brest-Litovsk and by the Treaties supplementary thereto.

Hungary undertakes to transfer either to Roumania or to the Principal Allied and Associated Powers, as the case may be, all monetary instruments, specie, securities and negotiable instruments or goods which she has received under the aforesaid Treaties.

(3.) The sums of money and all securities, instruments and goods, of whatsoever nature, to be delivered, paid or transferred under the provisions of this Article, shall be disposed of by the Principal Allied and Associated Powers in a manner hereafter to be determined by those Powers.

(4.) Hungary recognises any transfer of gold provided for by Article 259 (5)* of the Treaty of Peace concluded at Versailles on the 28th June, 1919, between the Allied and Associated Powers and Germany, and any transfer of claims provided for by Article 261+ of that Treaty.

194. Without prejudice to the renunciation of any rights by Hungary on behalf of herself or of her nationals in the other provisions of the present Treaty, the Reparation Commission may, within one year from the coming into force of the present Treaty, demand that Hungary become possessed of any rights and interests of her nationals in any public utility undertaking or in any concession operating in Russia, Turkey, Germany, Austria or Bulgaria, or in the possessions or dependencies of these States, or in any territory formerly belonging to Hungary or her allies to be transferred by Hungary or her allies to any State, or to be administered by a mandatory under any Treaty entered into with the Allied and Associated Powers, and may require that the Hungarian Government transfer, within six months of the date of demand, to the Reparation Commission all such rights and interests and any similar rights and interests owned by the former or existing Hungarian Government.

Hungary shall be responsible for indemnifying her nationals so dispossessed, and the Reparation Commission shall credit Hungary on account of sums due for reparation with such sums in respect of the value of the transferred rights and interests as may be assessed by the Reparation

* Vol. CXII,

page 127.

+ Vol. CXII, page 128.

Commission, and Hungary shall, within six months from the coming into force of the present Treaty, communicate to the Reparation Commission all such rights and interests, whether already granted, contingent or not yet exercised, and shall renounce on behalf of herself and her nationals in favour of the Allied and Associated Powers all such rights and interests which have not been so communicated.

195. Hungary undertakes to refrain from preventing or impeding such acquisition by the German, Austrian, Bulgarian or Turkish Governments of any rights and interests of German, Austrian, Bulgarian, and Turkish nationals in public utility undertakings or concessions operating in Hungary as may be required by the Reparation Commission under the terms of the Treaties of Peace or supplementary treaties or conventions concluded between the Allied and Associated Powers and the German, Austrian, Bulgarian and Turkish Governments respectively.

196. Hungary undertakes to transfer to the Allied and Associated Powers any claims to payment or reparation by Germany, Austria, Bulgaria or Turkey in favour of the former or existing Hungarian Governments, and in particular any claims which may arise now or hereafter in the fulfilment of undertakings made from the 28th July, 1914, to the coming into force of the present Treaty.

The value of such claims shall be assessed by the Reparation Commission, and shall be transferred to the Reparation Commission for the credit of Hungary on account of the sums due for reparation.

197. Any monetary obligation arising out of the present Treaty and expressed in terms of gold kronen shall, unless some other arrangement is specifically provided for in any particular case under the terms of the present Treaty or of treaties or conventions supplementary thereto, be payable at the option of the creditors in pounds sterling payable in London, gold dollars of the United States of America payable in New York, gold francs payable in Paris, or gold lire payable in Rome.

For the purposes of this article, the gold coins mentioned above shall be defined as being of the weight and fineness of gold as enacted by law on the 1st January, 1914.

198. Any financial adjustments, such as those relating to any banking and insurance companies, savings banks, postal savings banks, land banks, mortgage companies or other similar institutions, operating within the territory of the former Austro-Hungarian Monarchy, necessitated by the partition of that monarchy and the resettlement of public debts and currency provided for by these articles, shall be regulated by agreement between the various Governments

concerned in such a manner as shall best secure equitable treatment to all the parties interested. In case the Governments concerned are unable to come to an agreement on any question arising out of this financial adjustment, or in case any Government is of opinion that its nationals have not received equitable treatment, the Reparation Commission shall, on the application of any one of the Governments. concerned, appoint an arbitrator or arbitrators, whose decision shall be final.

199. The Hungarian Government shall be under no liability in respect of civil or military pensions granted to nationals of the former Kingdom of Hungary who have been recognised as nationals of other States or who become so under the provisions of the present Treaty.

PART X.-ECONOMIC CLAUSES.

Section I.-Commercial Relations.

Chapter I.-Customs Regulations, Duties and Restrictions.. 200. Hungary undertakes that goods the produce or manufacture of any one of the Allied or Associated States imported into Hungarian territory, from whatsoever place arriving, shall not be subjected to other or higher duties or charges (including internal charges) than those to which the like goods the produce or manufacture of any other such State or of any other foreign country are subject.

Hungary will not maintain or impose any prohibition or restriction on the importation into Hungarian territory of any goods the produce or manufacture of the territories of any one of the Allied or Associated States, from whatsoever place arriving, which shall not equally extend to the importation of the like goods the produce or manufacture of any other such State or of any other foreign country.

201. Hungary further undertakes that, in the matter of the régime applicable on importation, no discrimination against the commerce of any of the Allied and Associated States as compared with any other of the said States or any other foreign country shall be made, even by indirect means, such as customs regulations or procedure, methods of verification or analysis, conditions of payment of duties, tariff classification or interpretation, or the operation of monopolies.

202. In all that concerns exportation, Hungary undertakes that goods, natural products or manufactured articles, exported from Hungarian territory to the territories of any one of the Allied or Associated States, shall not be subjected to other or higher duties or charges (including internal

charges) than those paid on the like goods exported to any other such State or to any other foreign country.

Hungary will not maintain or impose any prohibition or restriction on the exportation of any goods sent from her territory to any one of the Allied or Associated States which shall not equally extend to the exportation of the like goods, natural products or manufactured articles, sent to any other such State or to any other foreign country.

203. Every favour, immunity, or privilege in regard to the importation, exportation or transit of goods granted by Hungary to any Allied or Associated State or to any other foreign country whatever shall simultaneously and unconditionally, without request and without compensation, be extended to all the Allied and Associated States.

204. By way of exception to the provisions of Article 270, Part XII (Ports, Waterways and Railways), products in transit by the ports which before the war were situated in territory of the former Austro-Hungarian Monarchy shall, for a period of three years from the coming into force of the present Treaty, enjoy on importation into Hungary reductions of duty corresponding with and in proportion to those applied to such products under the Austro-Hungarian Customs Tariff of the year 1906, when imported by such ports.

205. Notwithstanding the provisions of Article 200 to 203, the Allied and Associated Powers agree that they will not invoke these provisions to secure the advantage of any arrangements which may be made by the Hungarian Government with the Governments of Austria or of the CzechoSlovak State for the accord of a special customs régime to certain natural or manufactured products which both originate in and come from those countries, and which shall be specified in the arrangements, provided that the duration of these arrangements does not exceed a period of five years from the coming into force of the present Treaty.

206. During the first six months after the coming into force of the present Treaty, the duties imposed by Hungary on imports from Allied and Associated States shall not be higher than the most favourable duties which were applied to imports into the former Austro-Hungarian Monarchy on the 28th July, 1914.

During a further period of thirty months after the expiration of the first six months this provision shall continue to be applied exclusively with regard to the importation of fruits (fresh and dried), fresh vegetables, olive oil, eggs, pigs and pork products, and live poultry, in so far as such products enjoyed at the above-mentioned date (the 28th July, 1914) rates conventionalised by Treaties with the Allied or Associated Powers.