A
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"d. Organizations, institutions, activities and publication: concerning matters national, confessional, professional,
economic, cultural and physical.
"3. The principle of the most-favoured-nation treatment mentioned in the preceding paragraphs shall not apply to matters relating to common defence with an Ally, or to matters relating to the special and inseparable relationship with neighbouring countries due to military, political, racial and other circum-
stances.
*4.
with regard to commerce and mutual economic colla- boration, the two Governments shall favourably deal with mat- ters connected therewith until the relations in the said sphere between the two countries shall have been formally regulated and promoted by the conclusion of a "reaty of Commerce between them.
I should be grateful if Your Excellency would be good enough to inform your Government that my Government is prepared henceforth to conform to the terme of the understanding above embodied, and, in reply to my present note, would be good enough also to confirm the acceptance of the said terms in the name of your Government".
I have the honour hereby to declare that i am authorizeu to confirm, in the name of my Government, the acceptance of the terme of the above understanding.
I avail myself of this opportunity to renew to Your Excellency, Monsieur l'Ambassadeur, the assurance of my highest coneideration.
(signed) C. T. Yuan.
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