hold the
exclusive privilege of navigating with ships propelled by steam or
other mechanical power, in the ports and on the rivers of the
Republic, during the period of twelve years from the time of the
arrival of those ships at the port of Monte Video, under the
conditions and restrictions to be expressed in the following articles;
reckoning the arrival of the first steam-vessel at twenty months after
the sanction of this project, save in case of unforeseen impediment,
and the contractor obliging himself to prove his inculpableness by
publishing the privilege in England and soliciting the advance of the
requisite capital; if in thirty months from the date mentioned in the
sanction of the project, he shall not have verified that
justification before the Executive, Mr. Halton Buggeln shall incur the
penalty of a fine of 10,000 dollars to the public treasury, the same
to be guaranteed by his person and goods.

Art. 2.--Vessels of the said description of less than fifty tons
burthen, are not comprehended in the exclusion of this privilege.

Art. 3.--The undertaking shall be commenced by two vessels of three
hundred or more tons, and one hundred horse power. The latest
discoveries that shall have been made both for the acceleration of
speed and for the prevention of accidents of explosion or others, are
to be applied to their construction and machinery.

Art. 4.--The vessels of this undertaking shall convey, free of all
charge, the mails of the Republic to and from all the ports of their
transit; the captains or masters being responsible for their safety,
unless the Government shall appoint a person for this object.

Art. 5.--Each vessel shall maintain on board two young Oriental
citizens as apprentices to instruct them as engineers and pilots.

Art. 6.--The vessels of this undertaking shall navigate free of all
tonnage dues, under the British flag, having liberty to deposit on
shore or on board of hulks, such coals, machinery or other matters
intended for use and consumption on board, not including provisions,
the Executive to determine the measures necessary to prevent the abuse
of this liberty, and it being understood that the said deposits shall
not be entitled to any other guarantee than such as belong to foreign
property on shore.

Art. 7--Whatever may be the state of the relations of this Republic
with Great Britain, this undertaking, its funds and property, and the
men employed in it, shall never under any p