Page:United States Statutes at Large Volume 54 Part 2.djvu/192

 Inspection. Settlement of dis- putes. Samples, availabil- ity for inspection, etc.; period. Weights. Delivery of rubber by United Kingdom; value. Determination of equivalent value; rate of exchange. Calculation ofquan- tity of rubber. Inspection. , ettlement of dis- putes. Availability for in- spection, etc.; period. lb. for cost of compression and delivery on board ship, with adjustments in price for other grades and staples according to differences above or below middling J-inch quoted in that period. (b) The cotton will be inspected to determine its classification in accordance with the Universal Cotton Standards for grade and the official standards of the United States for staple, and shall be accepted, by experts appointed by the Government of the United Kingdom. Any disputes which may arise will be settled by Boards of Referees constituted of three members of whom one shall be nominated by the Government of the United Kingdom. (c) Samples representing the cotton of the grades and staples specified by the Government of the United Kingdom will be made available for inspection and acceptance during a period of six months beginning 15 days after the entry into force of this Agreement, and such inspection and acceptance will be made within a reasonable time after the cotton is so made available. Delivery at the warehouse at the port of sailing with provision for free delivery on board ship at high density will be made within 15 days after inspection and acceptance, and storage and insurance charges will be borne by the United States Government for a period of two weeks but no more after delivery at the warehouse at the port of sailing. (d) All cotton will be invoiced and accepted on gross weights at the time of delivery. ARTICLE 2. The Government of the United Kingdom will supply to the Gov- ernment of the United States, delivered on board ship at Singapore and, by agreement between the two Governments, at other convenient ports, rubber in bales, of the grades which will be specified by the Government of the United States, to a value equivalent to that of the total value of the cotton to be supplied in accordance with Article 1 of this Agreement. In determining such equivalent value, the rate of exchange between Straits Settlements dollars and United States dollars shall be deemed to be the average of the buying rate during the period January 1st-June 23rd, 1939, in the New York market, at noon, for cable transfers payable in Straits Settlements dollars, as certified by the Federal Reserve Bank to the Secretary of the United States Treasury and published in Treasury Decisions. (a) The quantity of rubber will be calculated upon the average market price, as published by the Department of Statistics in the Straits Settlements, for No. 1 ribbed smoked sheets, dur- ing the period January 1st-June 23rd, 1939, for spot delivery at Singapore plus 0.25 Straits Settlements cent per lb. for cost of baling and delivery on board ship, with adjustments in price for other grades according to differences quoted in that period. (b) The rubber will be inspected and accepted by experts appointed by the United States Government. Any disputes will be settled in accordance with the normal custom of the trade. (c) The rubber will be made available for inspection and accept- ance by experts appointed by the Government of the United States during a period of six months beginning at a date to 1412 TREATIES [54 STAT.

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