The correspondence of the Imperial Chinese Legation with the contracting parties will be carried on exclusively through the Banque Internationale de Commerce à St.-Pétersbourg, which will be in charge of the general accounting of the loan, and will see to it that the funds necessary for the service of the loan are suitably apportioned, and to which the other offices will cause to be delivered, duly cancelled, the bonds and coupons paid by them. Through the agency of its Legation at St. Petersburg, the Imperial Government of China will in good time provide to the firms entrusted with the service of the Chinese 4% Gold Loan of 1895 the amounts necessary therefor, in accordance` with the requirements ascertained during the corresponding semester of the preceding year. One month before each due date, the Banque Internationale de Commerce à St.-Pétersbourg will, in behalf of the contracting parties, furnish the necessary information to the Imperial Chinese Legation at St. Petersburg. The Imperial Government of China undertakes to put into the hands of the officers concerned the amounts necessary, in accordance with these indications, at least twenty days before each due date. 11. The Syndicate binds itself to take firm, and by the mere fact of signature of the present contract it takes firm,-the Chinese 4% Gold Loan of 1895, for a nominal amount of frs. 400,000,000 mk. 323,200,000 = £15,820,000 = Netherland fls. 191,200,000 = g. rs. 100,000,000, at the price of 94%% (ninety-four and one-eighth per cent) of the nominal principal in francs. The discount on the loan will be calculated upon the nominal principal in francs, and the net proceeds accruing to the Imperial Government of China will be placed to its credit in Paris. The Minister of China at St. Petersburg is authorized, after the deposit of the general bond with the Banque Internationale de Commerce à St.-Pétersbourg, to dispose of the proceeds of the loan, and to give the Syndicate good and valid receipts therefor. Until the completion of the definitive bonds, the Syndicate will at its own expense issue at each place special provisional certificates. 12. The Syndicate will see to the payment, for the account of the Imperial Government of China, of the expenses for the French stamp tax, as well as for the preparation and delivery of the definitive bonds. The amount of these expenses will be deducted from the proceeds of the loan. All other expenses (such as publicity, charges for other foreign stamps, notarial services, registration, etc.) will be borne by the Syndicate. The definitive bonds will bear the coupons falling due on January 1, 1896 (New Style), and subsequent coupons. 13. The Syndicate will issue the Chinese 4% Gold Loan of 1895 by public subscription, on July 31, 1895, at the latest. The prospectus of the subscription is approved by the Minister of China at St. Petersburg. 14. The discount on these transactions will be calculated on the basis of the nominal amount in francs, at the price of 94%%, plus the interest accrued from July 1st to the day of the discount, such interest being calculated at 4% per annum. The amounts thus arrived at in francs will be held in Paris to the credit of the Minister of China at St. Petersburg. The Syndicate may, at its discretion, arrange for the Chinese 4% Gold Loan of 1895 in one or more issues. In any case, a third of the proceeds must be placed to the credit of the Imperial Government of China, as provided above, on August 20, 1895, at the latest; another third on October 1, 1895; and the balance on January 1, 1896 (New Style). The expenses of the French stamp tax and those for preparation and delivery of the bonds will be deducted from the amount to be placed to the credit of the Imperial Government of China following such payments. From the sums held in Paris to the credit of the Imperial Government of China, the Syndicate will make without charge, to any one of the places in Europe, such transfers as may be requested of it by the Minister of China at St. Petersburg. Transfers outside of Europe will be arranged for exclusively by the Banque Internationale de Commerce à St.-Pétersbourg, which will see to it that they are made to the best advantage of the Imperial Government of China. 15. The contracting parties participate in the present contract severally (i.e., sans solidarité entre eux), and in the following proportions: 12,500,000 75,000,000 25,000,000 25,000,000 25,000,000 francs 400,000,000 La Société Générale de Crédit Industriel et Commercial... La Banque de Commerce de Volga-Kama... Total.... 16. Until January 15th, 1896, the Imperial Government of China will not take steps to make any issue of funds in gold, and will allow no steps to be taken. towards any issue of Chinese securities in gold guaranteed by the State, unless upon a previous understanding with the Syndicate. Exception is made solely for the case of war. 17. If extraordinary events should occur-if, for example, the French rente should fall below par, or Russian Consolidated 4%s below 982%,-the Syndicate will have the right to decline to execute the present contract. This right of cancellation is available to it, however, only before June 24/July 6, 1895. In the event of cancellation of the obligations of the Syndicate, the present contract becomes null and void. 18.-The Banque Internationale de Commerce à St.-Pétersbourg has full power to act in the name of the Syndicate with the Chinese Legation at St. Petersburg. The said Bank is authorized to give good and valid receipt in the name of the Syndicate for any sum or value. 19. The present contract will be drawn up in two originals, one for the Imperial Chinese Legation at St. Petersburg, and one for the Syndicate; and as many copies as there are members of the Syndicate will be prepared. The copies will be certified by the Imperial Chinese Legation at St. Petersburg. In case of doubt or of difference, the French text alone will be authoritative for the interpretation of the contract. Done at St. Petersburg, June 24/July 6, 1895, the 14th day of the intercalary 5th moon of the 21st year of Kuang Hsü of the Ta Ch'ing Dynasty, in virtue of full powers in behalf of the Syndicate, namely: For Hottinguer & Cie., etc., etc. [Here follow signatures and seals] NUMBER 1895/7. RUSSIA AND CHINA. Protocol of exchange of declarations concerning the Chinese Four Per Cent Gold Loan of 1895.*—July 6, 1895. The undersigned met this day at the Imperial Ministry of Foreign Affairs to proceed with the exchange of the Declarations concerning the Chinese 4% Gold Loan of 1895, signed at St. Petersburg on June 24/July 6, 1895, between Russia and China. The respective instruments having been read and found to be in good and due form, the exchange of Declarations took place in the usual manner. In faith whereof the undersigned drew up the present Protocol and affixed thereto the seal of their arms. Done in duplicate at St. Petersburg, June 24/July 6, 1895. In view of the conclusion of the Chinese 4% Gold Loan of 1895, the Imperial Government of Russia and the Imperial Government of China have, in common accord, drawn up the following provisions: The Imperial Government of Russia takes formal notice of the data supplied on June 24/July 6, 1895, by the Minister of China at St. Petersburg as to the Chinese loans contracted up to date and secured by the Maritime Customs *Translation from the French text as printed in Recueil, p. 57. See also Note to this document, post, p. 42. receipts, as to the annual amount to be paid on account of interest and amortization of the said loans, and as to the figure to which the annual receipts of the Chinese Maritime Customs amount. II. The Chinese Government engages to assign to the service of interest and amortization of the 400,000,000 francs in gold (face value) of the loan of 1895 the balance of the Maritime Customs receipts available after meeting the payments on Chinese loans previously secured by the said receipts. It is expressly stipulated that every year until the Chinese 4% Gold Loan of 1895 shall have been fully liquidated, no other Chinese loan subsequently concluded shall be served out of the receipts of the Chinese Maritime Customs before full provisions shall have been made for the service of the interest and amortization. of the above-mentioned loan. III.-In case the service of the loan should, for any reason whatever, happen to suffer abeyance or delay, the Imperial Government of Russia, in accord with the Imperial Government of China, takes the obligation toward the contracting banks and firms, to make up for its part and place at their disposal in good time, as fast as they fall due, all sums required for the payment of coupons and redeemed bonds of the present loan, save that the Chinese Government will afterwards furnish the Russian Government with additional security. The manner of such additional security will be made the subject of a special agreement to be established between the two governments by their plenipotentiaries at Peking. IV. In consideration of this loan the Chinese Government declares its resolution not to grant to any Foreign Power any right or privilege under any name whatsoever concerning the supervision or administration of any of the revenues of the Chinese Empire. But in case the Chinese Government should grant to any one Power rights of this character, it is understood that from the mere fact of their being so granted, they should be extended to the Russian Government. V. This Declaration shall have the same force and value as a Treaty. It shall go into effect on and from the day of the signing of the Chinese Government's contract with the bankers who take charge of this loan, and will endure until the loan is fully liquidated. In faith whereof the undersigned, duly authorized to that effect, have signed this Declaration and affixed thereto the seal of their arms. Done at St. Petersburg, in duplicate, June 24/July 6, 1895, corresponding to the 14th day of the 5th moon, of the 21st year of Kuang Hsü of the Ta-Ching Dynasty. Note. In connection with this Declaration see Loan Contract (No. 1895/6); also the contract of the same date by which the Russian Government guaranteed to the lending syndicate the due payment of interest and amortization by the Chinese Government, as given in III Cordier, p. 307, of the body of which the translation is as follows: Contract of Guarantee of Chinese 4% Gold Loan of 1895 by Russian Government.July 6, 1895. "Art. 1.-The Syndicate takes positively (i.e, prend ferme) from the Chinese Government a 4% gold loan of a nominal amount of 100,000,000 gold roubles, 400,000,000 francs, 323,200,000 marks, 15,820,000 pounds, or 191,200,000 Dutch florins, under the conditions and on the basis of a contract to be concluded between the Syndicate and the Minister of China at St. Petersburg, on the same date and at the same time as the present agreement. Art. 2.-The conditions of this loan are stipulated in the afore-mentioned contract, which is appended to the present document and forms a part of this agreement. As provided in the contract with China, besides the special guarantees granted directly by the latter Power, the Imperial Government of Russia undertakes, in case for any reason the payments on the loan should fail to be made or should be delayed, to make up on its part and to place at the disposal of the contracting parties to the loan, in due time and as fast as the payments fall due, all the sums necessary for the payment of the coupons and redeemed bonds of the present loan. "Art. 3.-The obligation stipulated in the foregoing article shall become effective in the following manner: When China, in pursuance of the contract, has failed to furnish 20 days before the date of maturity, according to Article 10 of the contract, the necessary funds for making the payment on the coupons and the amount of bonds to be redeemed, Russia shall furnish the undersigned banking institutions, on a mere notice from them and not later than ten days before the maturity of the coupons, all the amounts necessary to meet the payments. "The contracting parties shall be permitted to request these amounts through their representatives at St. Petersburg or through some representative chosen among the French banking institutions. Art. 4.-His Excellency the Minister of Finance hereby declares that the Minister of China is duly authorized by the Emperor of China to sign the loan contract with the Syndicate and that this loan has received legal force through this signature. "Art. 5.-The Contract with China, as well as the present Agreement, shall be exempt from Russian stamp duties. The Agreement shall be drawn up in two copies, one of which shall be deposited in the Ministry of Finance of Russia and the other at the house of Messrs. Hottinguer & Co. at Paris. Each contracting party shall receive a copy of the present agreement, duly authenticated by the Ministry of Finance. The present agreement shall not be valid until it has received the approval of His Majesty the Emperor. 66 Done at St. Petersburg, June 24/July 6, 1895." NUMBER 1895/8. GERMANY AND CHINA. Convention in regard to a concession in the treaty port of Hankow.*- The Imperial German Consul General in Shanghai, Dr. Steubel, and the Taotai of the Han-Huang-Tê Circuit in Hupei, Superintendent of Customs for *Translation from the German text as printed in Recueil, p. 68. In connection with this convention, see also the Declaration of war by China against Germany, August 14, 1917 (No. 1917/7, post). |