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JoÃO CHAGAS.
D. J. GHIKA,
DR. ANTE TRUMBIČ.
CHAROON.
STEFAN OSUSKY.
J. C. BLANCO.

PROCÈS-VERBAL OF THE DEPOSIT OF RATIFICATIONS OF THE CONVEN

TION FOR THE REGULATION OF AERIAL NAVIGATION SIGNED AT Paris, OCTOBER 13, 1919, AND OF THE ADDITIONAL PROTOCOL SIGNED AT PARIS, MAY 1, 1920.

Signed at Paris June 1, 1922.

[Translation.] In accordance with the final clauses of the Convention for the Regulation of Aerial Navigation, dated Paris, October 13, 1919, signed by the United States of America, Belgium, Bolivia, Brazil, the British Empire, China, Cuba, Ecuador, France, Greece, Guatemala, Italy, Japan, Panama, Poland, Portugal, Rumania, the SerbCroat-Slovene State, Siam, Czecho-Slovakia and Uruguay, and to which Peru, by declaration dated Paris June 22, 1920, Nicaragua, by declaration dated Paris, December 31, 1920, and 'Liberia, by declaration dated Paris, March 29, 1922, have acceded, the Undersigned have met together at the Ministry for Foreign Affairs at Paris in order to proceed to the deposit of the ratifications of the said Convention and to hand them over to the Government of the French Republic.

The instruments of ratification of Belgium, Bolivia, the British Empire, France, Greece, Portugal, the Serb-Croat-Slovene State and Siam being produced, and, on examination, being found in good and due form, have been entrusted to the Government of the French Republic to be deposited in its archives.

The Undersigned, Representatives of Belgium, Bolivia, the British Empire, France, Greece, Portugal, the Serb-Croat-Slovene State and Siam, duly authorised, declare that their respective Governments may postpone, as regards the signatory States which have not yet deposited their ratifications, as well as Spain, Switzerland, Norway, Sweden, the Netherlands, Denmark, Finland, Esthonia, Latvia and Monaco, the application of the provisions of Article 5 of the Convention, until it may be possible to grant the derogations provided in the Additional Protocol to the said Convention. The decisions adopted by the said Governments, in regard to the above right to postpone the application of the provisions of the article so far as the States mentioned are concerned, shall be notified to the Government of the French Republic, which will communicate the information to the various contracting States. As soon as the International Commission for Aerial Navigation shall be constituted, these notifications shall be addressed to this Commission, which will inform the contracting States of them.

In accordance with the final clauses of the Convention, the French Government will inform all the contracting States of the deposit of ratifications which are made subsequently.

A certified copy of the present procès-verbal shall be communicated by the French Government to all the signatory States.

In faith whereof the Undersigned have signed the present procèsverbal and have affixed their seals thereto. Done at Paris, June 1, 1922.

(L. S.) E. DE GAIFFIER.
(L. s.) FELIX AVELINO ARAMAYO.
(L. S.) HARDINGE OF PENSHURST.
(L. S. R. POINCARÉ.
(L. 8. P. METAXAS.
(L. 8.)

JoÃO CHAGAS.
(LS.)

M. BOSHKOVITCH. (L. 8.) CHAROON.

PROCÈS-VERBAL OF THE DEPOSIT OF THE RATIFICATION OF JAPAN OF

THE CONVENTION FOR THE REGULATION OF AERIAL NAVIGATION, DATED PARIS, OCTOBER 13, 1919.

Signed at Paris June 1, 1922.

[Translation.) In accordance with the final clauses of the Convention for the Regulation of Aerial Navigation, dated Paris, October 13, 1919, signed by the United States of America, Belgium, Bolivia, Brazil

, the British Empire, China, Cuba, Ecuador, France, Greece, Guatemala, Italy, Japan, Panama, Poland, Portugal, Rumania, the SerbCroat-Slovene State, Siam, Czecho-Slovakia and Uruguay, and to which Peru, by declaration dated Paris, June 22, 1920, Nicaragua, by declaration dated Paris, December 31, 1920, and Liberia, by declaration dated Paris, March 29, 1922, have acceded, the Ambassador of Japan at Paris has presented himself at the Ministry for Foreign Affairs at Paris in order to proceed to the deposit of the ratification of Japan of the said Convention and to hand it over to the Government of the French Republic.

This instrument being produced and, on examination, being found in good and due form, has been entrusted to the Government of the French Republic to be deposited in its archives.

A certified copy of the present procès-verbal shall be communicated by the French Government to all the signatory States.

In faith whereof the Undersigned have signed the present procèsverbal and have affixed their seals thereto. Done at Paris, June 1, 1922.

(L. S.) K. ISHI.
(L. S.) R. POINCARÉ.

M. Samad Khan, Minister of Persia at Paris, to M. A. Millerand, President of the Council, Minister for Foreign Affairs.

[Translation. ]

Paris, April 9, 1920. Sir: By a telegram which I have just received from Tehran, the Government of His Majesty the Shah has instructed me to notify to the Government of the French Republic its adhesion to the Convention for the Regulation of Aerial Navigation of 1919, whilst pointing out that the Imperial Government reserves the right to prepare, to the extent possible, the new means and organisations required to carry out the clauses of this Convention. I avail, &c.

SAMAD KHAN.

ADDENDUM.

INTERNATIONAL.

1919.

AGREEMENT BY WHICH THE GOVERNMENTS OF GREAT BRITAIN, SPAIN,

PORTUGAL, THE UNITED STATES, RUSSIA, BRAZIL, FRANCE, AND JAPAN
RESTRAIN TRADE IN ARMS AND MUNITIONS OF WAR WITH CHINA.

Peking, May 5, 1919.

ALTE

[The Dean of the Diplomatic Corps at Peking to the Wei Chiao Pu.]

MAY 5, 1919. SIR:

The Diplomatic Body in considering the present state of disunion between North and South in China have been impressed by the fact that the continued possibility of importing military arms and ammunition into the country from abroad could not but exercise a disturbing influence, and as the friendly Powers here represented are firmly determined to discountenance any condition or action which might favour the reversion to hostilities, I am desired by my Colleagues to make the following communication to the Chinese Government.

The Governments of Great Britain, Spain, Portugal, the United States, Russia, Brazil, France and Japan have agreed effectively to restrain their subjects and citizens from exporting to or importing into China, arms and munitions of war and material destined exclusively for their manufacture until the establishment of a government whose authority is recognized throughout the whole country and also to prohibit during the above period the delivery of arms and munitions for which contracts have already been made but not executed.

The Representatives of the Netherlands, Denmark,' Belgium 1 and Italy are also in full accord with the above policy but await the instructions of their respective Governments before announcing the adhesion of the latter.

The Foreign Representatives desire to express the earnest hope that the Chinese Government in keeping with this policy will on their part agree to suspend the issue of permits to import military arms, ammunition and munitions of war and will direct the Customs that the introduction of such articles is absolutely prohibited. I avail etc.

(Signed) J. N. JORDAN.

1 Adhered subsequently.

1921.

THE FINANCIAL CONSORTIUM IN CHINA.

Consortium agreement signed at New York, October 15, 1920, ap

proval of Governments communicated to Chinese Government January 18, 1921.

JOINT NOTE OF THE REPRESENTATIVES OF THE UNITED STATES, GREAT

BRITAIN, FRANCE, AND JAPAN TO THE CHINESE GOVERNMENT.

PEKING, January 18, 1921. Sir: The undersigned representatives of the United States of America, Great Britain, France, and Japan have the honour to inform your Excellency that an agreement on the lines tentatively adopted in May, 1919, at Paris, by representatives of the investing public of the countries above mentioned, covering the formation of a new consortium for the assistance of China by providing the capital required for constructive works, has been now confirmed at New York by the signatures of the duly accredited representatives of the four banking groups, and that this international association thus coming into existence under the name of the consortium has received the full approval of the four Governments interested.

The text of the consortium agreement, signed on the 15th October, 1920, at the recent conference in New York, is being communicated by the group banks' representatives to the Ministries of Finance and Communications. We avail, etc.

A. BOPPE.
Y. OBATA.
BEILBY ALSTON.
C. R. CRANE.

THE CHINA CONSORTIUM AGREEMENT.

An agreement made the fifteenth day of October, 1920, between

The Hong Kong and Shanghai Banking Corporation, having its office at 9. Gracechurch Street, in the city of London (hereinafter called “the Hong Kong Bank”), of the first part ;

The Banque de l'Indo-Chine having its office at 15bis, Rue Laffitte, Paris (hereinafter called “the French Bank”), of the second part ;

The Yokohama Specie Bank Limited, having its office at Yokohama in Japan (hereinafter called “the Japanese Bank"), of the third part; and

Messrs. J. P. Morgan and Co.; Messrs. Kuhn, Loeb and Co.; The National City Pank of New York; Chase National Bank, New York; The Guaranty Trust Com pany of New York; Messrs. Lee, Higginson and Co., of Boston ; and the Continental and Commercial Trust and Savings Bank of Chicago (hereinafter called " the American Managers "), acting as to the United Kingdom by Messrs. Morgan, Grenfell and Co., of 22 Old Broad Street, in the City of London, and as to France by Messrs. Morgan Harjes and Co., of Paris, of the fourth part.

Whereas the Hong Kong Bank, the French Bank, the Japanese Bank, and the American Managers are acting for the purposes of this agreement as the representatives of the British, French, Japanese, and American groups respectively:

And whereas the British, French, Japanese, and American groups were formed with object of negotiating and carrying out Chinese loan business;

And whereas their respective Governments have undertaken to give their complete support to their respective national groups the parties hereto in all operations undertaken pursuant to the agreement hereinafter contained and have further undertaken that in the event of competition in the obtaining of any specific loan contract the collective support of the diplomatic representatives in Peking of the four Governments will be assured to the parties hereto for the purpose of obtaining such contract;

And whereas the said national groups are of the opinion that the interests of the Chinese people can in existing circumstances best he served by the cooperative action of the various banking groups representing the investment interests of their respective countries in procuring for the Chinese Government the capital necessary for a programme of economic reconstruction and improved communications;

And whereas with these objects in view the respective liational groups are prepared to participate on equal terms in such undertakings as may be calculated to assist China in the establishment of her great public utilities, and to these ends to welcome the cooperation of Chinese capital :

Now it is hereby agreed by and between the parties hereto as follows:

1. Each group reserves to itself the right of increasing or reducing the number of its own members but so that any member of a group dropping out shall remain bound by the restrictive provisions hereof, and any member of a group comiug in shall become subject to the restrictive provisions thereof, and so that no group shall (without the consent of the others) be entitled to admit into its group a new member who is not of its nationality and domiciled in its market. The admission of any new group shall be determined by the parties hereto subject to the approval of their respective Governments.

2. This agreement relates to existing and future loan agreements which involve the issue for subscription by the public of loans to the Chinese Government or to Chinese Government departments or to provinces of China or to companies or corporations owned or controlled by or on behalf of the Chinese Government or any Chinese Provincial Government or to any party if the transaction in question is guaranteed by the Chinese Government or Chinese Provincial Government but does not relate to agreements for loans to be floated in China. Existing agreements relating to industrial undertakings upon which it can be shown that substantial progress has been made may be omitted from the scope of this agreement.

3. The existing agreements and any future loan agreements to which this agreement relates and any business arising out of such agreements, respectively, shall be dealt with by the said groups in accordance with the provisions of this agreement.

4. This agreement is made on the principle of complete equality in every respect between the parties hereto, and each of the parties hereto shall take an equal share in all operations and sign all contracts and shall bear an equal share of all charges in connection with any business (except stamp duties and any charges of and in connection with the realization by the parties hereto in their respective markets of their shares in the operations), and the parties hereto shall conclude all contracts with equal rights and obligations as between themselves, and each party shall have the same rights, privileges, prerogatives, advantages, responsibilities, and obligations of every sort and kind. Accordingly preliminary advances on account of or in connection with business to which this agreement relates shall be borne by each of the parties hereto in equal shares, and each of the parties hereto shall be entitled to participate equally in the existing agreements and will offer to the other parties hereto an equal participation with itself in any future loan business falling within the scope of this agreement. Should one or more of the parties hereto decline a participation in the existing agreements, or any of them, or in any such future loan business as aforesaid, the party or parties accepting a participation therein shall be free to undertake the same but shall issue on its or their markets only.

5. All contracts shall, so far as possible, be made so as not to impose joint liability on the parties hereto, but each of the parties hereto shall severally liquidate its own engagements or liabilities. The parties hereto will, so far as possible, come to an understanding with regard to the realization of the operations, but so that such realization in whatever manner this may take place shall be for the separate benefit of each of the parties hereto as regards their respective participations therein and so that each of the parties hereto shall

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