Page:United States Statutes at Large Volume 47 Part 2.djvu/243

 CONVENTION-AMERICAN RIGHTS IN IRAQ. JAN. 9, 1930. the transfer, of the undermentioned works of public utility at the valuation shown against each of the works specified:- Rs. Irrigation _______________________________ 62,12,040 ltoads___________________________________ 3,20,000 Bridges _________________________________ 11,17,500 Posts, Telegraphs and Telephones ________ 17,60,000 Total______________________________ 94,09,540 ARTICLE 6. The Government of Iraq accept the liability to repay to His Britannic Majesty's Government the full value of the works speci- fied in the preceding article, representing a total sum of Rs. 94,09,540. ARTICLE 7. The sum of Rs. 94,09,540 shall constitute a debt to be repaid by means of a terminable annuity, calculated so as to repay the capital sum, with interest at 5 per cent. per annum, within twenty years from the conclusion of this agreement. The Government of Iraq further agree that, if from any cause the whole or part of the annuity payable in any year shall remain unpaid at the close of that year, the amount so outstanding shall be added to the total debt and converted into an annuity terminable within twenty years from the conclusion of this agreement, with interest at 5 per cent. per annum. The annuity payments required under this article shall be a first charge on the general revenues of Iraq, and no prior charge shall be set up without the consent of His Britannic Majesty's Government. ARTICLE 8. His Britannic Majesty's Government hereby transfer to the Government of Iraq as from the 1st day of April, 1923, and for a period not exceeding four years from the ratification of the Treaty of Alliance, the management and administration of the Iraq railway system, which shall remain the property of His Britannic Majesty's Government, and the Government of Iraq hereby accept the responsibility for administering and managing the said system. So long as the railwa~s are administered and managed by the Iraq Government, all receIpts of the Iraq railway's will lie kept separate from the general revenues of Iraq and WIll be used solely for meeting (a) current expenditure of the railway, and (b) in so far as there may be any surplus of receipts over such current expenditure, the cost of further capital workS undertaken with the approval of the High CommissIoner, or the payment of interest on money borrowed for the purpose of such capital works. So long as the railways are administered or managed by the Government of Iraq, His Britannic Majesty's Government will do everything in their power to obtain for that Government any advice or assistance which they may require, the cost of such advice or assistance being charged as a part of the current expenses of the railways. His Britannic Majesty's Government will not sell the railways to any private purchaser within the period of four years from the ratification of the treaty except with the concurrence 1849 8cbedule U-Contd.