mingo Finance Company of New York," "The Company of The Central Dominican Railway," both being corporations created under the laws of New Jersey, and the National Bank of San Domingo, a company originally organized under a French charter, the two latter companies being owned and controlled by the San Domingo Finance Company, are seriously affected; and Whereas, it is agreed, as the basis of the present settlement, that the Improvement Company and its allied Companies shall withdraw from the Dominican Republic, and that they shall be duly indemnified by the latter for the relinquishment of their rights, properties and inter ests. The United States of America and the Dominican Republic through their respective representatives, W. F. Powell, Chargé d'Affaires, and Juan Fco. Sanchez, Secretary of State for Foreign Relations, have agreed upon the following articles: I. It being hereby agreed that the Dominican Government shall pay to the Government of the United States the sum of $4,500,000 (four millions five hundred thousand dollars, in American gold, on terms to be fixed by the arbitrators, said payment to be made and accepted as full indemnity for the relinquishment by the companies above-mentioned of all their rights, properties and interests, and in full settlement of all accounts, claims and differences between the Dominican Government and the said companies; the terms on which the indemnity thus agreed upon shall be paid shall be referred to a board of three arbitrators, one to be named by the President of the United States, one by the President of the Dominican Republic, and the third by the President of the United States and the President of the Dominican Republic jointly; but if, within sixty days after the signature of the present protocol, the third arbitrator shall not have been so named, he shall then be selected by the Dominican Government from members of the United States Supreme Court or the United States Circuit. Court of Appeals, from names presented In case of the death, absence or incapacity of any arbitrator, or in the event of his ceasing or omitting to act, the vacancy shall be filled in the same manner as the original appointment, the period of sixty days to be calculated from the date of the happening of the vacancy. II. The arbitrators shall meet in the city of Washington, within sixty days after the date of the appointment of the third arbitrator. The vote of the majority shall suffice for the decision of all questions submitted to the tribunal, including the final award. III. Within six months after the signature of this protocol, each party shall present to the other and to its agent, and also to each of the arbitrators, two printed copies of its case, accompanied with the documents and evidence on which it relies, together with the affidavits of their respective witnesses. Within a further period of two months, either party may, in like manner, present a counter-case, with additional documents and evidence and affidavits, in reply to the case, documents and evidence of the other party. If the other party shall, in its case or counter-case, refer to any document in its exclusive possession without annexing a copy, it shall, upon the request of the other party, furnish the latter with a copy; and either party may call upon the other through the arbitrators, to produce the originals or certified copies of any papers adduced as evidence. IV. Within two months after the expiration of the term allowed for the filing of counter-cases, each Government may, by its agent, as well as by additional counsel, argue its cause before the arbitrators, both orally and in writing. Each side shall furnish to the other copies of any written arguments, and each party shall be at liberty to make a written reply, provided that such reply be submitted within the two months specified. V. The Companies above mentioned shall cede and transfer to the Dominican Government, and the latter shall acquire from the Companies, the properties mentioned herein, the times, terms and conditions of the delivery of which shall be fixed by the arbitrators: 1. All the rights and interests which they may possess in the section of the Central Dominican Railway already constructed, as well as all rights and interests which they may have in the extension of the railways from Santiago to Moca, and from Moca to San Francisco de Macoris. 2. All rights and interests which they may have in the National Bank. 3. All bonds of the Republic of which they may be the holders, the amount of which shall not exceed £850,000, nominal (eight hundred and fifty thousands sterling pounds), nominal and shall be no less than £825,000 (eight hundred and twenty five thousands sterling pounds nominal). It is understood that all these bonds are of the class bearing four per cent, annual interests excepting as to £24,000 (twenty four thousands sterling pounds) two and three-quarter per cent bonds, which shall be accepted at the rate of sixteen 2.3% bonds for eleven 4% bonds. A list of the bonds shall accompany the case of the United States. VI. It is agreed, as the basis of the award to be made by the arbitrators, that the sum specified in Article I hereof shall be paid in monthly instalments, the amount and manner of collection of which shall be fixed by the tribunal. The award shall bear interest from the date of its rendition at the The Dominican Government having, in its recent negotiations with the American Companies, proposed to pay, on account of its indebted ness to them, a minimum sum of $225,000 (two hundred and twenty five thousands dollars) per annum, which was to be increased on a sliding scale, it is agreed that the Dominican Government shall, pending the present arbitration, and beginning with the 1st of January 1903, pay to the Government of the United States for the use of the American Companies, the sum of $225,000 (two hundred and twenty five thousand dollars) per annum, in equal monthly instalments, the aggregate amount so paid, at the date of the award, to be taken into account by the arbitrators. VII. The award of the tribunal shall be rendered within a year from the date of the signature of the present protocol. It shall be in writing, and shall be final and conclusive. VIII. Reasonable compensation to the arbitrators for their services and all expenses incident to the arbitration, including the cost of such clerical aid as may be necessary, shall be paid by the Governments in equal moieties. Done in quadruplicate, in English and Spanish, at San Domingo City, this 31st day of January 1903. [SEAL] JNO FCO SÁNCHEZ Ministro de Relaciones Exteriores [SEAL] W. F. POWELL, Chargé d'Affaires. AGREEMENT TO THE NAMING OF ARBITRATORS It is hereby agreed, on the part of the Dominican Government, through Juan Francisco Sanchez, Secretary of State for Foreign Relations, and the Chargé d'Affaires of the United States of North América, in the person of W. F. Powell, each acting for his respective Government, agree that neither of the signatory parties to this Protocol for International Arbitration, to which has been referred certain disagreements existing between the Dominican Government on the one side, and the Santo Domingo Improvement Company on the other, shall name its Arbitrator as stated in said Protocol, until after a period of ninety (90) days from the date of signing the same, in order to allow the Dominican Government to come to an agreement with the Santo Domingo Improvement Company, and the date referred to in the appointment of the third Arbitrator shall bear same as that expressed above. To the above we agree, and with good faith to carry the same into effect, have here-unto affixed our names and attached thereto the Seals of our respective Offices. Done this 31st Day of January, 1903 [SEAL] JNO FCO SÁNCHEZ Secretary of State for Foreign Relations Chargé d'Affaires of the United States of North America FB 1904 M- -18 AWARD OF THE COMMISSION OF ARBITRATION UNDER THE PROVISIONS OF THE PROTOCOL OF JANUARY 31, 1903, BETWEEN THE UNITED STATES OF AMERICA AND THE DOMINICAN REPUBLIC, FOR THE SETTLEMENT OF THE CLAIMS OF THE SAN DOMINGO IMPROVEMENT COMPANY OF NEW YORK AND ITS ALLIED COMPANIES. WHEREAS, by a Protocol of Agreement between the United States of America and the Dominican Republic, concluded at Santo Domingo City, January 31, 1903, it was agreed that the Dominican Government should pay to the Government of the United States the sum of four million, five hundred thousand dollars ($4,500,000.) in American gold, as full indemnity for the relinquishment by The San Domingo Improvement Company of New York, The San Domingo Finance Company of New York, The Company of the Central Dominican Railway and the National Bank of San Domingo, of all their rights, properties and interests and in full settlement of all accounts, claims and differences between the Dominican Government and the said Companies, and that the terms, on which the indemnity thus agreed upon should be paid, should be referred to a board of three arbitrators, one to be named by the President of the United States, one by the President of the Dominican Republic and the third by the President of the United States and the President of the Dominican Republic jointly, or, in case they should fail to so name him, by the President of the Dominican Republic from certain specified members of the United States Supreme Court or the United States Circuit Court of Appeals; WHEREAS, for the purpose of carrying into effect the said Protocol, the undersigned arbitrators were appointed, viz: By the President of the United States, John G. Carlisle; by the President of the Dominican Republic, Don. Manuel de J. Galvan; and, as third arbitrator, by nomination of the President of the Dominican Republic, George Gray, one of the specified members of the United States Circuit Court of Appeals; and WHEREAS, the said arbitrators, duly organized under the said Protocol as a Board of Arbitration, have received and considered the cases and countercases and the arguments filed thereunder by the contracting parties through their respective agents and counsel; The Board of Arbitration does now adjudge and award, as the terms on which the indemnity above mentioned shall be paid and the times, terms and conditions on which the aforesaid Companies shall relinquish all their rights, properties and interests, mentioned in Article V of said Protocol, and withdraw from the Dominican Republic, thus constituting a full settlement of all accounts, claims and differences between the Dominican Government and the said Companies, the following: ARTICLE 1. TIME OF DELIVERY OF PROPERTIES. (a) Within ninety days from the making of this award, all rights and interests which the said Companies have in the National Bank of San Domingo, consisting of Six thousand three hundred and thirty-eight (6,338) shares of the capital stock thereof, shall be delivered by said Companies to the Dominican Government, on said Gov ernment giving to the Companies a release by the Bank of all claims against them. (b) When the Dominican Government shall have paid to the United States the sum of One Million Five hundred thousand dollars ($1,500,000), part of said principal debt, the said Companies shall deliver to the Dominican Government all the shares of the Company of the Central Dominican Railway, which shall represent, include and carry, all the rights and interests in said Railway referred to in paragraph 1 of Article V of said Protocol, and will simultaneously deliver over the full possession of said Railway, which shall be free of all debts, fixed or floating, of the said Companies, and which shall be at least in as good condition physically as it now is, less wear and tear and damage by accident or acts of God or public disturbance or the foreign enemy. The cost of restoring the Railway from damage occurring in the meantime from any of such causes, shall be first chargeable upon the net profits of the year, and any excess of such cost shall be paid by the Dominican Government out of its Treasury in the same manner as hereinafter described in Article 4. If such payment of One Million Five hundred thousand dollars ($1,500,000), or any part thereof, shall be made by the Government, other than by the monthly installments hereinafter provided, such monthly installments shall nevertheless continue as herein provided. (c) When the principal of said debt of Four Million Five hundred thousand dollars ($4,500,000) shall have been reduced to Two Million Seventy-six thousand Six hundred and thirty-five dollars ($2,076,635), then shall begin the delivery of the bonds of the Dominican Republic mentioned in paragraph 3 of Article V of the Protocol of the amount of Eight hundred and thirty thousand Six hundred and fifty-four pounds Sterling (£830,654). The bonds to be delivered shall not include any of the Three hundred and fifty-one thousand Four hundred pounds sterling (£351,400) of Unified Scrip, admitted by the Companies to be the property of the Dominican Republic and heretofore tendered by the Companies to the Dominican Government, under the provisions of Article 6 of the contract of April 18, 1900; and the said Three hundred and fifty-one thousand Four hundred pounds sterling (£351,400) of Unified Scrip shall be delivered to the Dominican Government within thirty days from the date of this Award. With regard to the delivery of the amount of Eight hundred and thirty thousand Six hundred and fifty-four pounds sterling (£830,654) of bonds, exclusive of the Three hundred and fifty-one thousand Four hundred pounds sterling (£351,400) admitted to be the property of the Dominican Republic, this is understood to constitute a guarantee on the part of the Companies that there are outstanding not more than One Million One hundred and forty-eight thousand Six hundred pounds sterling (£1,148,600) of 4 per centum obligations, including French-American Reclamation Consols (stamped and unstamped), Unified 4 per centum Scrip, and the 4 per centum bonds embraced in the Eight hundred and thirty thousand Six hundred and forty-four pounds sterling (£830,654) of bonds to be delivered under this award, and that, if any bonds of the issues of 1888, 1890 or 1893, shall hereafter be presented for conversion, the Companies will protect the Dominican Government. The delivery of the bonds by said Companies to the Dominican Government shall be in |