t within one month after the
Sub-Commissioners shall have notified their decision to the said
Government, and in default of such payment the said Government will
pay interest at the rate of six per cent, per annum from the date of
such default; but Her Majesty's Government may at any time before
such payment pay the amount, with interest, if any, to the claimant
in satisfaction of his claim, and may add the sum thus paid to any
debt which may be due by the Transvaal State to Her Majesty's
Government, as hereinafter provided for.

ARTICLE X.

The Transvaal State will be liable for the balance of the debts for
which the South African Republic was liable at the date of
annexation, to wit, the sum of L48,000 in respect of the Cape
Commercial Bank Loan, and L85,667 in respect of the Railway Loan,
together with the amount due on 8th August, 1881, on account of the
Orphan Chamber Debt, which now stands at L22,200, which debts will be
a first charge upon the revenues of the State. The Transvaal State
will, moreover, be liable for the lawful expenditure lawfully
incurred for the necessary expenses of the Province since the
annexation, to wit, the sum of L265,000, which debt, together with
such debts as may be incurred by virtue of the 9th Article, will be a
second charge upon the revenues of the State.

ARTICLE XI.

The debts due as aforesaid by the Transvaal State to Her Majesty's
Government will bear interest at the rate of three and a half per
cent., and any portion of such debt which may remain unpaid at the
expiration of twelve months from the 8th August, 1881, shall be
repayable by a payment for interest and sinking fund of six pounds
and nine pence per cent, per annum, which will extinguish the debt in
twenty-live years. The said payment of six pounds and nine pence per
L100 shall be payable half yearly in British currency on the 8th
February and 8th August in each year. Provided always that the
Transvaal State shall pay in reduction of the said debt the sum of
L100,000 within twelve months of the 8th August, 1881, and shall be
at liberty at the close of any half-year to pay off the whole or any
portion of the outstanding debt.

ARTICLE XII.

All persons holding property in the said State on the 8th day of
August, 1881, will continue after the said date to enjoy the rights
of property which they have enjoyed since the annexation. No person
who has remained loyal to Her Majesty during the recent hostilities
shall