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Where, however, such receipts are in a currency not usually accepted by the said branches or agencies of the Yokohama Specie Bank, and they are in consequence not deposited in the said bank, the company or the bank cannot claim that, in accordance with the 5th section of article 3 of the convention, the full equivalent of such receipts in a currency not usually accepted by the agencies or branches of the bank must be deposited in the bank, and decline to allow the market rate of exchange.
Of the funds deposited in the manner referred to in the preceding paragraph, the balance remaining after meeting expenses in connection with the Kirin-Chang-ch'un Railway shall be retained until the full amount required for the half-yearly payments of interest and amortisation has been deposited. Should any surplus remain it shall be retained until orders are received by the managing director of the Kirin-Chang-ch'un Railway from the director of the railway bureau to pay it over to the Chinese Government.
Interest shall be paid by the bank on funds deposited under the first section of this article, at the rates advertised from time to time by the branch or agency in which such funds are deposited.
The provisions contained in the above three sections shall remain in force during the fixed period wherein the transaction of this business is to be in the hands of the Yokohama Specie Bank. Should the term of the bank's agency be extended these provisions shall continue in force, and if the term should not be extended then the company shall nominate another bank to act on their behalf in the same manner as before.
Art. 7. Any points with regard to the payment of interest and amortisation of capital not clearly specified in this arrangement can be decided as occasion arises by the railway bureau în consultation with the company.
Art. 8. This arrangement shall not come into force until ratified by the Govern- ments of both countries.
Art. 9. After the signature of this arrangement the director of the railway bureau shall request that it be submitted to the throne, and upon receipt of the Imperial sanction the Wai.wu Pu shall address a formal notification to the Japanese Minister at Peking.
Art. 10. When the sums due in respect of interest and amortisation shall have been paid in full this arrangement shall thereupon become null and void.
Art. 11. This arrangement shall be executed in quadruplicate, one set of the Japanese and Chinese texts being retained by each of the following: the Wai-wu Pu, the railway bureau, the Japanese Minister at Peking, and the company.
Art. 12. Should there be any difference of opinion as to the interpretation of the phraseology of this arrangement the railway bureau and the company shall each nominate an independent person to act as arbitrator. If these arbitrators are unable to arrive at an agreement they shall together elect a third independent person to preside over the arbitration. If the two arbitrators are unable to agree with regard to the choice of a president each shall nominate one person and the choice shall be determined by drawing lots. The three arbitrators shall then consult together and the decision of the majority shall be binding.
Hsuan Tung 1st year 7th month 3rd day, Meiji 42nd year 8th month 2nd day (18th August, 1909).
LÜ TAN-HUA, Expectant Prefect, &c.,
Delegate of the Board of Communications.
Delegate of the South Manchurian Railway Company.
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(Remainder as in the Kirin-Ch'ang-ch'un
Railway east of the Liao River. arrangement.)
Article 3. The term of the loan shall be eighteen years, and it shall be repaid in thirty-six equal half-yearly instalments reckoning from the date of delivery of the loan funds to China.
(Remainder as in the Kirin-Ch'ang-ch'un arrangement.) Article 6. In accordance with article 5 of the supplementary agreement the monthly instalments of the annual payments in respect of capital and interest shall be deposited, in the form of commercial tacls in the Tien-tsin branch of the Yokohama Specie Bank... (Remainder as in the Kirin-Ch'ang-ch'un arrangement.)
Inclosure 2 in No. 1.
Arrangement on Points of Detail relating to the Hsinmintun-Mukden Railway Loan
(Translation.)
Agreement.
WITH the exception of the points stated below this arrangement is identical with that regarding the Kirin-Ch'ang-ch'un Railway Loan.
Article 1. In accordance with Article 1 of the supplementary agreement the company agrees to lend 320,000 yen in Japanese currency, being half the amount of the capital required for the construction of the section of the Hsinmintun-Mukden
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