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(9.)

THE TRANSFER OF SHANTUNG

These treasury notes may after delivery be partially or completely trans- ferred to others at the convenience of the Japanese Government. (10.)

These notes shall be known as the treasury notes in Japanese gold yen for the compensation of public properties and salt industries at Tsingtao. (11.) These treasury notes shall have attached to them half-yearly interest coupons and shall bear all the conditions such as marks, numbers, date of delivery, the signatures of Chinese representatives, seals, amount of interest, period of redemption, security, certificate for the payment by the Chinese Government, mode of payment for principal and interest, and the underwriters. The treasury notes are to be divided into two kinds of 100,000 yen and 500,000 yen to be made up in accordance with the numbers required.

(12.) Expenses for the printing of the treasury notes shall be borne by the

Chinese Government.

(13.) Pending the delivery of the formal Chinese treasury notes, the Chinese

Government shall give a provisional certificate.

SECTION VIII.—Mines

Art. XXI.-The Governments of China and Japan, with a view to organize a Company in accordance with Article XXII. of the Treaty for the Settlement of Out- standing Questions Relative to Shantung, shall cause entrepreneurs to be selected by the capitalists respectively who will organize a company for the conduct of the business.

Art. XXII.-Upon the establishment of the Company organized in accordance with a special charter from the Chinese Government, the Japanese Government shall transfer all the mines of Tzechuen, Fangtze and Chinglinchen to the said

company.

Art. XXIII-The above-mentioned Company shall be a Sino-Japanese joint concern. Its capital and additional investments shall be divided equally by Chinese and Japanese nationals.

Art. XXIV.-The amount of the total payment to Japan to be made by the said Company shall be Y. 5,000,000.

Art. XXV. The detailed arrangements for the payment of the amount men- tioned in the above Article shall be arranged after the latter's establishment.

SECTION IX.-Maritime Customs

Art. XXVI-The Government of China agrees to continue the present bonded warehouse system.

Art. XXVII.-The Government of China agrees to free from import duty such articles mentioned in (c) of Article III. in the Amendment to the Maritime Customs Agreement of 1905, as were purchased before the date of February 4th, 1922, for four years beginning from the said date.

Art. XXVIII.-The Government of China agrees to accord similar treatment to the factories within the former German Leased Territory of Kiaochow as given to factories in the other ports after the 10th day of the 12th month of the 11th year, but upon change of such regulations after such date all materials and articles im- ported to the factories in accordance with the agreement of April 17th, 1907, which could be proved to the Maritime Customs upon delivery of necessary certificates may still take advantage of the said agreement.

In witness whereof the respective commissioners have signed the present agreement in duplicates 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, 1st day of 12th month of 11th year of the Chinese Republic.