CHINO-JAPANESE TREATIES AND ANNEXES
COMPLETE ENGLISH TEXT OF THE DOCUMENTS
The following is an authoritative translation of the two Treaties and thirteen Notes exchanged between His Excellency the President of the Republic of China and His Majesty the Emperor of Japan through their respective plenipotentiaries:
TREATY RESPECTING THE PROVINCE OF SHANTUNG
His Excellency the President of the Republic of China and His Majesty the Emperor of Japan, having resolved to conclude a Treaty with a view to the maintenance of general peace in the Extreme East and the further strengthening of the relations of friendship and good neighbourhood now existing between the two nations, have for that purpose named as their Plenipotentiaries, that is to say:
His Excellency the President of the Republic of China, Lou Tseng-tsiang, Chung-ching, First Class Chia Ho Decoration, Minister of Foreign Affairs.
And His Majesty the Emperor of Japan, Hioki Eki, Jushii, Second Class of the Imperial Order of the Sacred Treasure, Minister Plenipotentiary, and Envoy Extraordinary:
Who, after having communicated to each other their full powers and found them to be in good and due form, have agreed upon and concluded the following Articles:—
Article 1. The Chinese Government agrees to give full assent to all matters upon which the Japanese Government may hereafter agree with the German Government relating to the disposition of all rights, interests and concessions which Germany, by virtue of treaties or otherwise, possesses in relation to the Province of Shantung.
Art. 2. The Chinese Government agrees that as regards the railway to be built by China herself from Chefoo or Lungkow to connect with the Kiaochow-Tsinanfu railway, if Germany abandons the privilege of financing the Chefoo-Weihsien line, China will approach Japanese capitalists to negotiate for a loan.
Art. 3. The Chinese Government agrees in the interest of trade and for the residence of foreigners, to open by China herself as soon as possible certain suitable places in the Province of Shantung as Commercial Ports.
Art. 4. The present treaty shall come into force on the day of its signature.
The present treaty shall be ratified by His Excellency the President of the Republic of China and His Majesty the Emperor of Japan, and the ratification thereof shall be exchanged at Tokio as soon as possible.
In witness whereof the respective Plenipotentiaries of the High Contracting Parties have signed and sealed the present Treaty, two copies in the Chinese language and two in Japanese.
Done at Peking this twenty-fifth day of the fifth month of the fourth year of the Republic of China, corresponding to the same day of the same month of the fourth year of Taisho.
EXCHANGE OF NOTES RESPECTING SHANTUNG
—Note—
Peking, the 25th day of the 5th month of the 4th year of the Republic of China.
Monsieur le Ministre.
In the name of the Chinese Government I have the honour to make the following declaration to your Government:—"Within the Province of Shantung or along its coast no territory or island will be leased or ceded to any foreign Power under any pretext."
I avail, etc.,
(Signed) LOU TSENG-TSIANG.
His Excellency,
Hioki Eki,
Japanese Minister.
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 made the following declaration in the name of the Chinese Government:—"Within the Province of Shantung or along its coast no territory or island will be leased or ceded to any foreign Power under any pretext."
In reply I beg to state that I have taken note of this declaration.
I avail, etc.,
(Signed) HIOKI EKI.
His Excellency,
Lou Tseng-tsiang,
Minister of Foreign Affairs.
EXCHANGE OF NOTES RESPECTING THE OPENING OF PORTS IN SHANTUNG
—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 the places which ought to be opened as Commercial Ports by China herself, as provided in Article 3 of the Treaty respecting the Province of Shantung signed this day, will be selected and the regulations therefor, will be drawn up, by the Chinese Government itself, a decision concerning which will be made after consulting the Minister of Japan.
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 the places which ought to be opened as Commercial Ports by China herself, as provided in Article 3 of the Treaty respecting the province of Shantung signed this day, will be selected and the regulations therefor, will be drawn up by the Chinese Government itself, a decision concerning which will be made after consulting the Minister of Japan."
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 RESTORATION OF THE LEASED TERRITORY OF KIAOCHOW BAY
—Note—
Peking, the 25th day of the 5th month of the 4th year of Taisho.
Excellency,
In the name of my Government I have the honour to make the following declaration to the Chinese Government:—
"When, after the termination of the present war, the leased territory of Kiaochow Bay is completely left to the free disposal of Japan, the Japanese Government will restore the said leased territory to China under the following conditions:—
"1. The whole of Kiaochow Bay to be opened as a Commercial Port.
"2. A concession under the exclusive jurisdiction of Japan to be established at a place designated by the Japanese Government.
"3. If the foreign Powers desire it, an international concession may be established.
"4. As regards the disposal to be made of the buildings and properties of Germany and the conditions and procedure relating thereto, the Japanese Government and the Chinese Government shall arrange the matter by mutual agreement before the restoration."
I avail, etc.,
(Signed) HIOKI EKI.
His Excellency,
Lou Tseng-tsiang,
Minister of Foreign Affairs.
—Reply—
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 acknowledge the receipt of your Excellency's note of this day's date in which you made the following declaration in the name of your Government:—
"When, after the termination of the present war the leased territory of Kiaochow Bay is completely left to the free disposal of Japan, the Japanese Government will restore the said leased territory to China under the following conditions:—
1. The whole of Kiaochow Bay to be opened as a Commercial Port.
2. A concession under the exclusive jurisdiction of Japan to be established at a place designated by the Japanese Government.
3. If the foreign Powers desire it, an international concession may be established.
4. As regards the disposal to be made of the buildings and properties of Germany and the conditions and procedure relating thereto, the Japanese Government and the Chinese Government shall arrange the matter by mutual agreement before the restoration."
In reply, I beg to state that I have taken note of this declaration.
I avail, etc.,
(Signed) Lou Tseng-tsiang.
His Excellency,
Hioki Eki,
Japanese Minister.
TREATY RESPECTING SOUTH MANCHURIA AND EASTERN INNER MONGOLIA
His Excellency the President of the Republic of China and His Majesty the Emperor of Japan, having resolved to conclude a Treaty with a view to developing their economic relations in South Manchuria and Eastern Inner Mongolia, have for that purpose named as their Plenipotentiaries, that is to say;
His Excellency the President of the Republic of China, Lou Tseng-tsiang, Chung-ching, First Class Chia-ho Decoration, and Minister of Foreign Affairs; And His Majesty the Emperor of Japan, Hioki Eki, Jushii, Second Class of the Imperial Order of the Sacred Treasure, Minister Plenipotentiary and Envoy Extraordinary;
Who, after having communicated to each other their full powers, and found them to be in good and due form, have agreed upon and concluded the following Articles:—
Article 1. The two High Contracting Parties agree that the term of lease of Port Arthur and Dalny and the terms of the South Manchuria Railway and the Antung-Mukden Railway, shall be extended to 99 years.
Art. 2. Japanese subjects in South Manchuria may, by negotiation, lease land necessary for erecting suitable buildings for trade and manufacture or for prosecuting agricultural enterprises.
Art. 3. Japanese subjects shall be free to reside and travel in South Manchuria and to engage in business and manufacture of any kind whatsoever.
Art. 4. In the event of Japanese and Chinese desiring jointly to undertake agricultural enterprises and industries incidental thereto, the Chinese Government may give its permission.
Art. 5. The Japanese subjects referred to in the preceding three articles, besides being required to register with the local Authorities passports which they must procure under the existing regulations, shall also submit to the police laws and ordinances and taxation of China.
Civil and criminal cases in which the defendants are Japanese shall be tried and adjudicated by the Japanese Consul: those in which the defendants are Chinese shall be tried and adjudicated by Chinese Authorities. In either case an officer may be deputed to the court to attend the proceedings. But mixed civil cases between Chinese and Japanese relating to land shall be tried and adjudicated by delegates of both nations conjointly in accordance with Chinese law and local usage.
When, in future, the judicial system in the said region is completely reformed, all civil and criminal cases concerning Japanese subjects shall be tried and adjudicated entirely by Chinese law courts.
Art. 6. The Chinese Government agrees, in the interest of trade and for the residence of foreigners, to open by China herself, as soon as possible, certain suitable places in Eastern Inner Mongolia as Commercial Ports.
Art. 7. The Chinese Government agrees speedily to make a fundamental revision of the Kirin-Changchun Railway Loan Agreement, taking as a standard the provisions in railway loan agreements made heretofore between China and foreign financiers.
When in future, more advantageous terms than those in existing railway loan agreements are granted to foreign financiers in connection with railway loans, the above agreement shall again be revised in accordance with Japan's wishes.
Art. 8. All existing treaties between China and Japan relating to Manchuria shall, except where otherwise provided for by this Treaty, remain in force.
Art. 9. The present Treaty shall come into force on the date of its signature. The present Treaty shall be ratified by His Excellency the President of the Republic of China and His Majesty the Emperor of Japan, and the ratifications thereof shall be exchanged at Tokio as soon as possible.
In witness whereof the respective Plenipotentiaries of the two High Contracting Parties have signed and sealed the present Treaty, two copies in the Chinese language and two in Japanese.
Done at Peking this twenty-fifth day of the fifth month of the fourth year of the Republic of China, corresponding to the same day of the same month of the fourth year of Taisho.
EXCHANGE OF NOTES
Respecting the Terms of Lease of Port Arthur and Dalny and the Terms of South Manchurian and Antung-Mukden Railways.
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, respecting the provisions contained in Article I of the Treaty relating to South Manchuria and Eastern Inner Mongolia, signed this day, the term of lease of Port Arthur and Dalny shall expire in the 86th year of the Republic or 1997. The date for restoring the South Manchuria Railway to China shall fall due in the 91st year of the Republic or 2002. Article 12 in the original South Manchurian Railway Agreement providing that it may be redeemed by China after 36 years from the day on which the traffic is opened is hereby cancelled. The term of the Antung-Mukden Railway shall expire in the 96th year of the Republic or 2007.
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 respecting the provisions contained in Article I of the Treaty relating to South Manchuria and Eastern Inner Mongolia, signed this day, the term of lease of Port Arthur and Dalny shall expire in the 86th year of the Republic or 1997. The date for restoring the South Manchurian Railway to China shall fall due in the 91st year of the Republic or 2002. Article 12 in the original South Manchurian Railway Agreement providing that it may be redeemed by China after 36 years from the day on which the traffic is opened, is hereby cancelled. The term of the Antung-Mukden Railway shall expire in the 96th year of the Republic or 2007.
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 OPENING OF PORTS IN EASTERN INNER MONGOLIA
—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 the places which ought to be opened as Commercial Ports by China herself, as provided in Article 6 of the Treaty respecting South Manchuria and Eastern Inner Mongolia signed this day, will be selected, and the regulations therefor, will be drawn up by the Chinese Government itself, a decision concerning which will be made after consulting the Minister of Japan.
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 the places which ought to be opened as Commercial Ports by China herself, as provided in Article 6 of the Treaty respecting South Manchuria and Eastern Inner Mongolia signed this day, will be selected, and the regulations therefor, will be drawn up, by the Chinese Government itself, a decision concerning which will be made after consulting the Minister of Japan."
In reply, I beg to state that I have taken note of the same.
I avail, etc.,
(Signed) HIOKO EKI.
His Excellency,
Lou Tseng-tsiang,
Minister of Foreign Affairs.
SOUTH MANCHURIA
—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 Japanese subjects shall, as soon as possible, investigate and select mines in the mining areas in South Manchuria specified hereinunder, except those being prospected for or worked, and the Chinese Government will then permit them to prospect or work the same; but before the Mining regulations are definitely settled, the practice at present in force shall be followed. Provinces Fengtien:—
| Locality | District | Mineral |
| Niu Hsin T'ai | Pen-hsi | Coal |
| Tien Shih Fu Kou | Pen-hsi | Coal |
| Sha Sung Kang | Hai-lung | Coal |
| T'ieh Ch'ang | Tung-hua | Coal |
| Nuan Ti T'ang | Chin | Coal |
| An Shan Chan region | From Liaoyang to Pen-hsi | Iron |
KIRIN (Southern portion)
| Locality | District | Mineral |
| Sha Sung Kang | Ho-lung | C. & I. |
| Kang Yao Chia | Chi-lin (Kirin) | Coal |
| P'i Kou | Hua-tien | Gold |
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 respecting the opening of mines in South Manchuria, stating; "Japanese subjects shall, as soon as possible, investigate and select mines in the mining areas in South Manchuria specified hereinunder, except those being prospected for or worked, and the Chinese Government will then permit them to prospect or work the same; but before the Mining regulations are definitely settled, the practice at present in force shall be followed.
1 Provinces Fengtien.
| Locality | District | Mineral |
| 1. Niu Hsin T'ai | Pen-hsi | Coal |
| 2. Tien Shih Fu Kou | Pen-hsi | Coal |
| 3. Sha Sung Kang | Hai-lung | Coal |
| 4. T'ieh Ch'ang | Tung-hua | Coal |
| 5. Nuan Ti T'ang | Chin | Coal |
| 6. An Shan Chan region | From Liaoyang to Pen-hsi | Iron |
KIRIN (Southern portion)
| 1. Sha Sung Kang | Ho-lung | C. & I. |
| 2. Kang Yao | Chi-lin (Kirin) | Coal |
| 3. Chia P'i Kou | Hua-tien | Gold |
"I avail, etc.,
(Signed) "HIOKI EKI."
His Excellency,
Lou Tseng-tsiang,
Minister of Foreign Affairs of the Republic of China.
EXCHANGE OF NOTES RESPECTING RAILWAYS AND TAXES IN SOUTH MANCHURIA AND EASTERN INNER MONGOLIA
—Note—
Peking, the 25th day of the 5th month of the 4th year of the Republic of China.
Monsieur le Ministre,
In the name of my Government.
I have the honour to make the following declaration to your Government:—
China will hereafter provide funds for building necessary railways in South Manchuria and Eastern Inner Mongolia; if foreign capital is required China may negotiate for a loan with Japanese capitalists first; and further, the Chinese Government, when making a loan in future on the security of the taxes in the above-mentioned places (excluding the salt and customs revenue which has already been pledged by the Chinese Central Government) may negotiate for it with Japanese capitalists first.
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 respecting railways and taxes in South Manchuria and Eastern Inner Mongolia in which you stated:
"China will hereafter provide funds for building necessary railways in South Manchuria and Eastern Inner Mongolia; if foreign capital is required China may negotiate for a loan with Japanese capitalists first; and further, the Chinese Government, when making a loan in future on the security of taxes in the above mentioned places (excluding the salt and customs revenue which has already been pledged by the Chinese Central Government) may negotiate for it with Japanese capitalists first."
In reply I beg to state that I have taken note of the same.
I avail, etc.,
(Signed) HIOKO EKI.
His Excellency,
Lou Tseng-tsiang,
Minister of Foreign Affairs.
EXCHANGE OF NOTES RESPECTING THE EMPLOYMENT OF ADVISERS IN SOUTH MANCHURIA
—Note—
Peking, the 25th day of the 5th month of the 4th year of the Republic of China.
Monsieur le Ministre,
In the name of the Chinese Government, I have the honour to make the following declaration to your Government:—
"Hereafter, if foreign advisers or instructors on political, financial, military or police matters are to be employed in South Manchuria, Japanese may be employed first."
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 made the following declaration in the name of your Government:—
"Hereafter if foreign advisers or instructors in political, financial, military or police matters are to be employed in South Manchuria, Japanese may be employed first."
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 EXPLANATION OF "LEASE BY NEGOTIATION" IN SOUTH MANCHURIA
—Note—
Peking, the 25th day of the 5th month of the 4th year of Taisho.
Excellency,
I have the honour to state that the term lease by negotiation contained in Article 2 of the Treaty respecting South Manchuria and Eastern Inner Mongolia signed this day shall be understood to imply a long-term lease of not more than thirty years and also the possibility of its unconditional renewal.
I avail, etc.,
(Signed) HIOKI EKI.
His Excellency,
Lou Tseng-tsiang,
Minister of Foreign Affairs.
—Reply—
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 acknowledge the receipt of Your Excellency's note of this day's date in which you state.
"The term lease by negotiation contained in Article 2 of the Treaty respecting South Manchuria and Eastern Inner Mongolia signed this day shall be understood to imply a long-term lease of not more than thirty years and also the possibility of its unconditional renewal."
In reply I beg to state that I have taken note of the same.
I avail, etc.,
(Signed) LOU TSENG-TSIANG.
His Excellency,
Hioki Eki,
Japanese Minister.
EXCHANGE OF NOTES RESPECTING THE ARRANGEMENT FOR POLICE LAWS AND ORDINANCES AND TAXATION IN SOUTH MANCHURIA AND EASTERN INNER MONGOLIA
—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 the Chinese Authorities will notify the Japanese Consul of the police laws and ordinances and the taxation to which Japanese subjects shall submit according to Article 5 of the Treaty respecting South Manchuria and Eastern Inner Mongolia signed this day so as to come to an understanding with him before their enforcement.
I avail, etc.,
(Signed) LOU TSENG-TSIANG.
His Excellency,
Hioki Eki,
Japanese Minister.
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:
"The Chinese Authorities will notify the Japanese Consul of the Police laws and ordinances and the taxation to which Japanese subjects shall submit according to Article 5 of the Treaty respecting South Manchuria and Eastern Inner Mongolia signed this day so as to come to an understanding with him before their enforcement."
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.
—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, 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.
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.
His Excellency,
Lou Tseng-tsiang,
Minister of Foreign Affairs.
EXCHANGE OF NOTES RESPECTING THE FUKIEN QUESTION
—Note—
Peking, the 25th day of the 5th month of the 4th year of the Republic of China.
Excellency,
A report has reached me to the effect that the Chinese Government has the intention of permitting foreign nations to establish, on the coast of Fukien Province, dock-yards, coaling stations for military use, naval bases, or to set up other military establishments; and also of borrowing foreign capital for the purpose of setting up the above-mentioned establishments.
I have the honour to request that Your Excellency will be good enough to give me reply stating whether or not the Chinese Government really entertains such an intention.
I avail, etc.,
(Signed) HIOKI EKI.
His Excellency,
Lou Tseng-tsiang,
Minister of Foreign Affairs.
—Reply—
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 acknowledge the receipt of Your Excellency's note of this day's date which I have noted.
In reply I beg to inform you that the Chinese Government hereby declares that it has given no permission to foreign nations to construct, on the coast of Fukien Province, dock-yards, coaling stations for military use, naval bases, or to set up other military establishments; nor does it entertain an intention of borrowing foreign capital for the purpose of setting up the above-mentioned establishments.
I avail, etc.,
(Signed) LOU TSENG-TSIANG.
His Excellency,
Hioki Eki,
Japanese Minister.