XXIV. The Regulations of the International Telegraph Convention (Lisbon Revision), or any Regulations which may in future be substituted therefor, apply to telegrams sent in connection with money orders, to the apportionment of the charges on such telegrams, and to the reimbursement of the charges on such telegrams.

XXV. As in the case of ordinary money orders, the Administration of the country of issue shall account to the Administration of the country of payment for one-half of 1 per cent. on the amount of telegraph money orders paid. To this end the telegraph money orders shall be entered by the respective offices of exchange in advice lists in the same manner as ordinary money orders, but on separate sheets, with the heading "Advised by telegraph."

XXVI. In cases of fictitious orders in which it may be impossible to determine in which country a fraud may have been committed, or in cases of fraud or error in connection with the transmission of telegrams of advice over the wires of intermediate countries or cable companies, the responsibility for any losses involved, other than the loss of telegraph charges, shall be shared equally by the Postal Administrations of the United Kingdom and Iceland.

XXVII. In other respects telegraph money orders shall be subject to the same general conditions as ordinary money orders.

XXVIII. At the end of every month the Offices of Exchange at London and Reykjavik shall each prepare and forward to the other

(1.) A detailed statement showing the total of each list received from the other country during the month (see Appendix (D) ).

(2.) A list showing the particulars of all orders which it has authorised the other office to repay to the original remitters (see Appendix (E)).

(3.) A list showing the particulars of all orders issued by the other country which have not been paid within twelve months after the end of the month of issue, and have therefore become forfeited to the country of issue (see Appendix (F)).

The statements (D) and (E) shall be rendered in duplicate, and one copy of each statement, duly verified by the receiving office, shall be returned to the despatching office.

XXIX. As soon as it shall have received the verified copies of the statements (D) and (E) provided for in Article XXVIII, the Exchange Office at Reykjavik shall furnish to the Exchange Office at London a money order account (in duplicate), which shall include the following items:

(a.) On the debit side. To the credit of the United Kingdom. The total of the lists which have been despatched

from Iceland during the month-less the amount of orders authorised to be repaid in Iceland, and the total amount of Iceland orders which have become void during the monthand the allowance of per cent. on the amount of orders paid.

(b.) On the credit side. To the credit of Iceland.-The total of the lists which have been despatched from London during the month-less the amount of orders authorised to be repaid in the United Kingdom, and the total amount of British orders which have become void during the monthand the allowance of per cent. on the amount of orders paid.

The money order account shall be prepared on a form similar to that marked (G) in the Appendix. One copy of the account, duly accepted, shall be returned to Reykjavik.

XXX. Whenever during a month it is found that the orders drawn upon one of the two countries exceeds in amount by 1,000l. the orders drawn upon the other, the latter shall at once send to the former, as a remittance on account, the approximate amount in a round sum of the ascertained difference.

XXXI. When the Iceland Post Office has to pay to the British Post Office the balance of the general account, it shall do so at the same time that it forwards the account to London, and when the British Post Office has to pay the balance, it shall do so at the same time that it returns to Reykjavik the duplicate of the account accepted.

Such payments, as well as any payment required under the provisions of Article XXX, shall be made in sterling by means of drafts payable on demand at London.

Any amount remaining due from one Administration to the other at the expiration of six months following the period covered by the relative account shall thenceforth be subject to interest at the rate of 7 per cent. per annum.

XXXII. Should it appear at any time that money orders are used by mercantile men or other persons in the United Kingdom, or in Iceland, for the transmission of large sums of money, the British Post Office or the Iceland Post Office, as the case may be, shall be authorised to increase the commission, and shall have power even wholly to suspend, for a time, the issue of money orders.

XXXIII. The General Post Office in each country shall be authorised to adopt any additional rules (if not in contradiction to the foregoing) for greater security against fraud, or for the better working of the system generally.

All such additional rules, however, must be communicated to the General Post Office of the other country.

XXXIV. This Agreement shall come into operation on the 1st day of October, 1921, and shall be terminable on a notice by either party of six calendar months.

Done in duplicate and signed at Reykjavik on the 13th day of October, 1921, and at London on the 30th day of September, 1921.

(L.S.) H. PIKE PEASE. (L.S.) S. BRIEM.

[Appendices (A) to (G) not printed.]

AGREEMENTS between Great Britain and Italy with regard to the ultimate Disposal of Austro-Hungarian Merchant Ships.-London, September 25, 1919, October 13/15, 1919, and June 1, 1921.*

Mr. C. Hipwood, Board of Trade, to the Marquis Salvago-
Raggi, Italian Delegation, Reparation Commission.

Mercantile Marine Department,
Board of Trade,

St. James's Park, S. W. 1, June 1, 1921.

IN connection with the Agreement between Italy and Great Britain of the 1st June, 1921, in regard to the division of ex-enemy tonnage, I have to confirm that it has been agreed that the following ex-Austro-Hungarian vessels, which were detained in British ports, shall be handed over to your Government:

Erzherzog
Ferdinand

...

Franz

...

G. T.

3,426 Managed by Great Britain. 5,440 Managed by Great Britain. 4,292 Managed by Great Britain. 3,530 Managed by Australia.

6,105 Managed by India Office.

In the event of any of these vessels being condemned and it proving impossible to transfer any of these vessels, Great Britain will transfer other vessels equivalent, so far as possible, in age, type and value.

On certain of these vessels claims have been lodged in the Prize Court by persons or firms who had rendered services, or supplied goods, to the vessels prior to their detention, and it is understood that your Government will be prepared to meet these claims before the vessels are released from the custody of the British Prize Court.

Pending a formal decision in the case of each vessel by the British Prize Court, it is agreed that the three first-named "League of Nations Treaty Series," No. 163.

+ Page 341.

Bouillon and Yussouf Kemal Bey, and also of certain letters exchanged between these gentlemen on the same subject.

I have, &c.

CURZON OF KEDLESTON.

AGREEMENT between Great Britain and Germany respecting Article 297 (e) of the Treaty of Peace between the British Empire and Allied and Associated Powers and Germany, signed at Versailles, June 28, 1919 (Payment of Compensation in respect of Damage, &c., to Property, Rights or Interests).--London, November 23, 1921.*

WHEREAS the German Government recognises its liability to make direct payments of such sums as may be found due from Germany under Article 297 (e) of the Treaty of Versailles, whether by award or by agreement, and the German Government, in view of its difficulties in providing the necessary funds in addition to those required to satisfy the monthly balances under paragraph 11 of the Annex to Section III of Part X of the Treaty, has requested that His Britannic Majesty's Government should, in order to meet such payments, apply the net proceeds of liquidation of German property, rights and interests from time to time coming into its hands, in so far as such proceeds shall not be required either for the purpose of the Clearing operation under Article 297 (h) (1) or to satisfy the claims of British nationals in whose favour the charge referred to in paragraph 4 of the Annex to Section IV of Part X may in the first place be created, other than those entitled to compensation under Article 297 (e) as above mentioned;

And whereas His Britannic Majesty's Government is desirous of meeting the request of the German Government, subject to the due fulfilment of the Agreement signed on the 10th June, 1921, by the representatives of the Allied and German Clearing Offices and subject to Germany undertaking to provide in cash any funds necessary to meet such payments for compensation if and in so far as such surplus net proceeds of liquidation may not suffice for that purpose;

Now it is hereby agreed and declared as follows: —

I. The German Government undertakes that Germany will provide the necessary funds to enable compensation due to British nationals under Article 297 (e) of the Treaty, whether under awards or by agreement, to be paid immediately upon the same becoming due, in so far as the net

proceeds of liquidation at the dates of the respective accounts referred to in Article II in the hands of His Britannie Majesty's Government of German property, rights and interests shall be insufficient for that purpose, after making provision for the Clearing operation under Article 297 (h) (1) and satisfying the other claims of British nationals then entitled to payment (other than those above mentioned entitled to compensation under Article 297 (e)), in whose favour in the first place a charge may be created over German property, rights and interests under paragraph 4 of the said

Annex to Section IV.

II. For this purpose accounts showing the net proceeds of liquidation of German property, rights and interests and the cash assets referred to in Article 297 (h) (1) of the Treaty (other than such as have been released from the charge referred to above) which have come to the hands or under the control of His Britannic Majesty's Government up to the date of each account, and also any excess payments that may have been made at the date of each account by Germany under the Agreement of the 10th June, 1921, relating to the payment of the monthly balances under Article 296 shall be furnished to the German Clearing Office every three months, beginning on the 30th September, 1921, and a total account of the net proceeds of the liquidation of British property, rights and interests and cash assets which have come to the hands or under the control of the German Government up to the date of the account, shall be furnished to the British Clearing Office on the 30th September, 1921. Any necessary adjustments in such accounts shall be shown in subsequent accounts to be furnished every three months. Proceeds of

liquidation and cash assets, in so far as they may arise from uncompleted British liquidations, shall not be credited until the completion thereof, except where the liquidator certifies that no portion of the sums paid over to the Custodian will be required for the purpose of the liquidation.

III. In the event of any such accounts furnished by the British Clearing Office, after taking into account the said net proceeds of liquidation and cash assets in Germany showing that the said net proceeds and cash assets in the hands or under the control of His Britannic Majesty's Government. together with any such excess payments as aforesaid, after making provision for the Clearing operation under Article 297 (h) (1) and satisfying the other claims of British nationals as above mentioned, are for the time being insufficient to meet the claims of persons entitled to compensation under Article 297 (e) as above mentioned, the German Government will pay to the British Clearing Office in cash the amount of the deficiency within fourteen days from the delivery of the further account next hereinafter mentioned. The British