ty.

I hope your Government will agree to this proposal.

I avail, etc.,

(Signed) LOU TSENG-TSIANG.

His Excellency,
Hioki Eki,
Japanese Minister.

--Reply--

Peking, the 25th day of the 5th month of the 4th year of Taisho.

Excellency,

I have the honour to acknowledge the receipt of Your Excellency's note
of this day's date in which you stated that "inasmuch as preparations
have to be made regarding Articles 2, 3, 4 and 5 of the Treaty
respecting South Manchuria and Eastern Inner Mongolia signed this day,
the Chinese Government proposes that the operation of the said Articles
be postponed for a period of three months beginning from the date of
the signing of the said Treaty."

In reply, I beg to state that I have taken note of the same.

I avail, etc.,

(Signed) HIOKI EKI.

His Excellency,
Lou Tseng-tsiang,
Minister of Foreign Affairs.

EXCHANGE OF NOTES RESPECTING THE MATTER OF HANYEHPING

--Note--

Peking, the 25th day of the 5th month of the 4th year of the Republic of
China.

Monsieur le Ministre,

I have the honour to state that if in future the Hanyehping Company and
the Japanese capitalists agree upon co-operation, the Chinese
Government, in view of the intimate relations subsisting between the
Japanese capitalists and the said Company, will forthwith give its
permission. The Chinese Government further agrees not to confiscate the
said Company, nor, without the consent of the Japanese capitalists to
convert it into a state enterprise, nor cause it to borrow and use
foreign capital other than Japanese.

I avail, etc.,

(Signed) LOU TSENG-TSIANG.

His Excellency,
Hioki Eki,
Japanese Minister.

--Reply--

Peking, the 25th day of the 5th month of the 4th year of Taisho.

Excellency,

I have the honour to acknowledge the receipt of Your Excellency's note
of this day's date in which you state:

"If in future the Hanyehping Company and the Japanese capitalists agree
upon co-operation, the Chinese Government, in view of the intimate
relations subsisting between the Japanese capitalists and the said
Company, will forthwith give its permission. The Chinese Government
further agrees not to confiscate the said Company, nor, without the
consent of the Japanese capitalists to convert it into a state
enterprise, nor cause it to borrow and use foreign capital other than
Japanese."

In reply, I beg to state that I have taken note of the same.

I avail, etc.,

(Signed) HIOKI EKI.