stipulated in Article 1, all documents, contracts, accounts, maps, tables, &c., shall be transferred during the period above mentioned.

Section II.-Compensation for the Tsingtao-Tsinan-fu

Railway.

4. The Government of China, in pursuance of Article 15 of the Treaty for the Settlement of Outstanding Questions relative to Shantung, agrees to pay the Government of Japan 40,000,000 yen as the value of the railway properties.

5. The amount stated in the preceding Article shall be paid to the Government of Japan in Treasury notes. The total face value of the said Treasury notes shall be the same as the sum stated in the preceding Article.

6. These Treasury notes shall be named "the Treasury notes of the Tsingtao-Tsinan-fu Railway.

7. These Treasury notes are divided into two kinds-of 100,000 yen and 1,000,000 yen-arranged in accordance with the numbers as required.

8. These Treasury notes shall bear an annual interest of 6 per cent.

9. These Treasury notes shall be secured upon the properties and revenues of the Tsingtao-Tsinan-fu Railway. The said properties and revenues shall not serve again as securities for other internal or foreign loans.

But this provision does not prejudice the raising of such internal loan by the Chinese Government for the purpose of redeeming these Treasury notes upon agreement on the part of the Governments of China and Japan.

10. The Government of China agrees to pay with other sources of revenue should the revenues of this railway be insufficient to pay the interest or principal of these Treasury notes.

11. The interest of these Treasury notes shall be paid once every half-year beginning from the day of delivery of these Treasury notes.

12. The Government of China engages to free these Treasury notes and coupons, as well as receipt of or payment for the principal or interest of these Treasury notes, from all kinds of taxation.

13. Upon delivery of these Treasury notes, the Government of Japan may transfer freely part or whole of the said notes to others at its own convenience.

14. The place for payment of principal or interest of these Treasury notes is decided to be at Tokyo, Japan, and payment of principal and interest to be in the charge of the Yokohama Specie Bank. But should the bank in charge or the place (limited to those within the territory of China or

Japan) be changed for the convenience of the Government of Japan, the two Governments shall previously arrive at an agreement.

In regard to the procedure of forwarding remittance to the bank charged with payment of principal or interest, if the remittance be for payment of the principal, the Government of China may remit through a bank to be freely selected by itself.

With regard to remittance of payment for the interest, though, as a principle, it shall be made through the Tsingtao office, or the Tsinan-fu office of the Yokohama Specie Bank. China may also remit it through some other bank should its charges for such remittance be comparatively lower than those of the Yokohama Specie Bank.

15. Pending complete payment of the principal or interest of these Treasury notes, the revenues of the railway shall be deposited in the Tsingtao or the Tsinan-fu branch of the Yokohama Specie Bank, but if the amount of interest due each month and to be paid out of the revenues of this railway has been duly deposited in the said bank from month to month, the other revenues may be deposited in other reliable banks to be selected by the director-general of the said railway.

Signatures of both the Chinese and Japanese chief accountants are required for the use of the revenues of the railway.

16. These Treasury notes shall have attached to them half-yearly interest coupons and shall bear all the conditions necessary for the enjoyment of rights by their holders, such as marks, numbers, date of delivery, signature of the Chinese representative, seal, amount of principal, rate of interest, period of redemption, security, certificate for payment by the Chinese Government, mode of payment for principal or interest and the banking agent.

17. The Government of China shall bear the expenses for the printing of these Treasury notes.

18. Pending completion of the printing of these formal Treasury notes the Government of China shall deliver to Japan a scrip.

In witness thereof the respective Commissioners have signed the present Agreement in duplicate in the Chinese and Japanese languages and have affixed thereto their seals. Each Commission shall keep one copy in Chinese and another copy in Japanese.

Done at the city of Peking on the 5th day of the 12th month of the 11th year of the Chinese Republic, or. the 5th day of the 12th month of the 11th year of Taisho. (L.S.) CHENTING THOMAS WANG. (L.S.) CHIH-CHANG LAO.

AGREEMENT concerning the Exchange of Money Orders between the Republic of China and the Empire of Japan. -Peking, December 8, 1922.(1)

THE exchange of money orders between the Republic of China and the Empire of Japan shall be regulated according to the conditions hereunder stated.

ART. 1. The exchange of money orders between China and Japan shall be governed, unless otherwise provided for in the present Agreement, by the stipulations of the Universal Postal Union Money Order Agreement concluded at Madrid en the 30th November, 1920, and the Regulations for the execution thereof, or of any Agreement and the Regulations for the execution thereof which may in future be substituted therefor.

2.-(1.) The value of money orders, in both directions, shall be expressed in Japanese currency (yen and sen).

(2.) At places where there are exchange offices, the conversion of one currency into the other shall, in the case of money orders issued, be effected at the bank selling rate, and in the case of money orders cashed, at the bank buying rate. At places where there are no exchange offices, either Postal Administration shall be at liberty, when fixing the exchange rate, to allow for the difference between the local currency and that of the place from whence the exchange rate is supplied, by charging an additional rate which shall not exceed the domestic money order fee.

3.-(1.) The maximum amount of a single money order is fixed at 400 yen in Japanese currency, except that in the case of a money order issued for the amount collected on a postal article with a trade charge, it shall be 1,000 yen. At certain small post offices either Postal Administration reserves the right to cash a money order by instalments.

(2.) The amount of each money order shall not contain a fraction of a sen.

4.-(1.) The fee to be charged on a money order exchanged between China and Japan shall be in accordance with the following tariff:

(1) Also drawn up in the Chinese and Japanese languages.

(2.) The fees for money orders issued for the amounts collected on postal articles with trade charges, other than postal parcels, shall be charged in accordance with the tariff in the preceding paragraph up to 400 yen (dollars), with additional 5 sen (cents) per 40 yen (dollars) or fraction thereof up to 800 yen (dollars) and 5 sen (cents) per 50 yen (dollars) or fraction thereof as regards amounts exceeding 800 yen (dollars).

(3.) The fees for the advice of payment and the withdrawal or the change of address of a money order exchanged between the Contracting Parties shall be the same as those charged for analogous operations in the ordinary mail service between China and Japan.

(4.) The issuing Postal Administration shall pay to the paying Postal Administration a commission of a thousandth (1/1000) on the total amount of money orders on the list mentioned in the first paragraph of Article 5, with the exception of orders issued free of charge.

5. (1.) Every Monday each Postal Administration shall communicate to the other by means of a list prepared in accordance with the annexed model "A" the particulars of money orders issued, of which it has been notified by its post offices during the preceding week.

The note "exempt from charge

exempt from charge" shall be made in the "remark" column in the list, against the entry relative to each money order issued free of charge by virtue of the Universal Postal Union Money Order Agreement.

(2.) The lists shall bear serial numbers, commencing each year with No. 1.

(3.) Any missing list shall be immediately applied for by the Postal Administration to which it should have been sent. In such case, the despatching Postal Administration shall forward without delay to the receiving Postal Administration a duplicate list duly certified as such.

(4.) In case of an omission of entry of an order or any other error being found in a money order list received, the paying Postal Administration shall communicate the particulars to the despatching Postal Administration.

6. When the remitter and the payee of a money order are Chinese and/or Japanese the particulars of the order shall be indicated in Chinese or Japanese characters, but the amount shall be entered in the appropriate spaces in Arabic figures. In other cases the particulars shall be indicated in the English or the French language, using Latin letters and Arabic figures.

7.-(1.) Immediately after the despatch of the list mentioned in the first paragraph of Article 5, each Postal Administration shall pay to the other the grand total of the list.

(2.) For the payments provided for in the preceding paragraph the Japanese Postal Administration shall use cheques or demand drafts payable at Shanghai or Yokohama and the Chinese Postal Administration shall use cheques or demand drafts payable at Tokio or Yokohama.

(3.) At the end of every month each Postal Administration shall make out a list of money orders of its own issue which have been returned from the other Postal Administration for the purpose of repayment to the remitters. The total amount of these orders shall be deducted from the grand total of the first money order list to be prepared in the following month. The list of money orders returned shall be prepared in accordance with the annexed model "B" and attached to the first list-model "A" of the following month.

(4.) Any difference in accounts which may be discovered subsequently shall be adjusted in the next money order list.

8. The exchange of money orders between China and Japan shall be performed through exchange offices to be determined by common consent of the two Postal Administrations. Should either Postal Administration find it necessary, in case of emergency, to suspend the money order service at any of its exchange offices, it shall communicate the fact, by telegraph if necessary, to the other Postal Administration.

9. Money orders shall be transmitted between the two contracting countries in closed envelopes by registered mail.

10. In case the public apply to one of the two Postal Administrations for the issue of money orders on any third country with which the other Postal Administration transacts money order business, the former Postal Administration shall be at liberty to issue such money orders through the medium of the latter Postal Administration.

11. The contracting countries agree to establish as early as possible a telegraphic money order service between China and Japan.

12.-(1.) The present Agreement is drawn up in the Chinese, Japanese and English languages. In case of any