'XXII/8 Baghdad Railway' [‎44v] (87/194)

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The Minister of Finance and the President of the Council of Administration of the
Ottoman Public Debt shall sign the prospectuses and declarations required in the issue
of both series of the present loan.
Art. 16. The Imperial Ottoman Government reserve the right of withdrawing at
any time from circulation the bonds of the loan which form the subject of the present
convention by redeeming them at par after a previous public notice of at least
two months.
The Imperial Ottoman Government similarly reserve the right of proceeding at any
time and for the benefit of the Imperial Ottoman Government to a conversion of both series
of the said loan by means of repayment in cash at par of the bonds of this loan still in
circulation and the substitution for them of other bonds bearing a lower rate of
interest.
Art. 17. Any controversy that may arise out of the interpretation or execution of
the present contract shall be settled by arbitration. Each of the parties concerned in
the controversy shall appoint an arbitrator within one month.
In the event of disagreement between the arbitrators, the latter shall appoint an
umpire, whose decision shall be final and binding on all the contracting parties.
Done in triplicate at Constantinople, the 20 th May, 1324 ( 2 nd June, 1908).
The Minister of Finance :
(Seal) ZIA.
Imperial Ottoman Bagdad Bailway Company :
ED. HIJGUENIN, Delegate Administrator.
CH. HELFFERICH, Administrator.
For the Deutsche Bank :
ED. HUGUENIN.
CH. HELFFERICH.
The President of the Ottoman Public Debt:
Commandant LEON BERGER.
Additional Convention, 1908.
Additional Convention in continuation of the Bagdad Dailway Convention of
February 20, 1318 (March 5, 1903) for the Construction of the Bagdad Line,
from the Station of Bulgurlu to the place called El Helif, near Mar dm, and of
a branch line from Tei-IIabesh to Aleppo.
THE Imperial Government have decided to extend the Bagdad line from Bulgurlu
as far as the place called El Helif, in the neighbourhood of Mardin, and to build a branch
line from Tel-Habesh to Aleppo. The length of this line and of the branch line is about
840 kilom.
The surplus of the revenues ceded to the Public Debt having been assigned to the
extension of the Bagdad line, the guarantee for these 840 kilom. of line shall be paid
out of the surplus of the revenues ceded to the Public Debt, at the rate of 11,000 fr. per
kilometre, in accordance with article 35 of the Bagdad Convention. It being understood
that if the surplus in question is not sufficient for the guarantee of these 840 kilom. any
deficiency that may be found to exist at the end of the year shall be made good by the
first receipts from the aghnams of the vilayets of Konia and Adana belonging to the
following year, as well as from the first receipts from the aghnams of the vilayets
of Aleppo, after deduction of the portion appropriated to the payment of the war
indemnity.
As regards the working expenses, they shall be secured in the first place by the
gross receipts from these 840 kilom., it being understood that should the gross receipts
from this line be less than 4,500 fr. per kilometre, the figure specified in article 35 of
the Bagdad Convention, any difference that may be found to exist at the end of the
year shall he also made up out of the surplus revenues ceded to the Public Debt which
have been appropriated to the guarantee of the line, should this surplus he sufficient; and
in the contrary event the difference shall, in the same way as a deficiency in the security,
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