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1 Agreement entered into this seventh day of February, 1964 betwe-en: the Minister of Finance of Canada hereinafter referred to as "the Minister", of the First Part: and the Government of China represented by its Ambassador to Canada, His Excellency Dr. LiuShih shun, of the Second Part: WHEREAS the Government of China has requested the Government ofCanada to make loans to the Government of China to enable the s-aid Government to purchase Canadian-produced goods for export toChina; WHEREAS by Order in Council P.C. 378 dated the fifth day of Feb-ruary, 1964, the Minister has been authorized under the ExportCredits Insurance Act to make the loans hereinafter referred to,on behalf of the Government of Canada; and WHEREAS the Ambassador of China to Canada, His Excellency Dr. L-iu Shih Shun, has been duly authorized by the Government of Chi-na to execute this agreement on behalf of the Government of Chi-na. NOW, THEREFORE, THIS AGREEMENT WITNESSETH that the parties here-to, in consideration of the mutual covenants and agreements her-einafter contained, covenant and agree each with the other as f-ollows: 1 In this agreement the terms "exporters", "Canadian-produced g-oods" and "cost of Canadian-produced goods" have the meaningassigned to them by the Export Credits Insurance Act of Canad-a or any regulations made thereunder. 2 Subject to the terms and conditions of this agreement, the Mi-nister, on behalf of the Government of Canada, agrees to lendto the Government of China, such amount not exceeding Sixty M-illion Dollars ($60,000,000) Canadian, as may from time to ti-me be requisitioned from the Minister by the Government of Ch-ina to enable the Government of China to purchase from export-ers and to pay the cost of Canadian-produced goods exported orto be exported from Canada to China. 3 The Minister will pay amounts requisitioned under paragraph 2of this agreement into the account of the Government of Chinawith the Bank of Canada. 4 The Government of China agrees to expend the moneys receivedby it by way of loan under this agreement solely for the purp-ose of purchasing from exporters and paying the cost of Canad-ian-produced goods exported or to be exported from Canada inaccordance with a programme to be agreed upon from time to ti-me by the Canadian Minister of Trade and Commerce and the Can-adian Minister of Finance, and by representatives of the Gove-rnment of China designated by the Ambassador of China to Cana-da. 5 The Government of China agrees to pay interest at the rate ofthree per centum per annum on each amount paid by the Ministerinto the said special account from the date when it is paid i-nto the said special account until the date of consolidationof the debt into a consolidated debt to be evidenced by bondsof the Government of China, as provided for in paragraph 6 ofthis agreement. 6 The Government of China agrees that the amounts paid by the M-inister into the account of the Government of China for the c-redit of the Chinese Government, pursuant to this agreement,during the period commencing on the date of the execution ofthis agreement and ending on the thirty-first day of December,1974, and interest thereon as provided in paragraph 5 of thisagreement, shall be consolidated into one amount called the c-onsolidated debt, at the end of the said period, and the Gove-rnment of China shall thereupon deliver to the Minister bondsof a face value equal to such consolidated debt, which bondsshall constitute valid, binding, absolute and unconditional o-bligations of the Government of China; the said bonds shall b-ear interest at the rate of three per centum per annum, payab-le semiannually on the 30th day of June and the 31st day of D-ecember, and shall mature serially in thirty equal annual amo-unts of principal payable on the 31st day of December, 1948,and on the 31st day of December in each year thereafter up toand including the year 1977. 7 Any portion of the Sixty Million Dollars ($60,000,000) Canadi-an referred to in paragraph 2 of this agreement, which has notbeen requisitioned by the Government of China in accordance w-ith the said paragraph 2 on or before the 31st day of Decembe-r, 1947, shall lapse and be no longer payable by the Ministerunless the parties hereto mutually agree otherwise. 8 It is mutually agreed by the parties hereto that if the Gover-nment of China fails to deliver bonds as hereinbefore providedat the end of the period referred to in paragraph 6 of this a-greement, of fails to redeem any of the bonds on or before ma-turity, the whole amount of the loan shall thereupon become d-ue and payable. 9 It is mutually agreed by the parties hereto that payments bythe Government of China shall be in Canadian dollars or finegold at the option of the Government of China. The value of f-ine gold shall be calculated on the basis of the buying pricefor gold of the Canadian Foreign Exchange Control Board (or s-uccessor agency) on the date of its delivery. During such per-iod as foreign exchange regulations in Canada require that ex-ports from Canada to China result in the sale of a specifiedforeign currency to an Authorized Dealer of the Canadian Fore-ign Exchange Control Board (or successor agency) and permit C-anadian importers of goods from China to make payment thereforin such specified foreign currency, any Canadian dollars usedby the Government of China to effect payments under this agre-ement shall be acquired by the sale to an Authorized Dealer ofthe Canadian Foreign Exchange Control Board (or successor age-ncy) of such specified foreign currency at the published offi-cial buying rate, or in such other manner as may be mutuallyagreed upon by the Government of China and the Minister. 10 The Minister agrees that the Government of China shall havethe right to redeem any or all of the bonds prior to their m-aturities at par plus accrued interest if the Government of China tenders payment in fine gold or Canadian dollars acqui-red in the manner provided in paragraph 9 of this agreement.IN WITNESS WHEREOF the parties hereto have caused these presentsto be signed on the day and year first above mentioned. WITNESS: David M. Johnson J. L. Ilsley Minister of Finance of Canada P. Kiang Liu Shih Shun For the Government of China Exchange of Letters (I) Ottawa, February 7th, 1946 His Excellency Dr. Lin Shih Shun, Ambassador of China, 301 Wuitemburg Street, Ottawa, Canada. Dear Sir: At the time of signing today with you the agreement for the pro-vision of a credit of $60,000,000 to the Government of China un-der the Export Credits Insurance Act, I desire to place on reco-rd our understanding regarding certain points in connection withthe use of the credit and about purchases which China will makein Canada, to be financed by Canadian dollars acquired from thesale of gold or foreign exchange convertible into gold. In paragraph 4 of the agreement it is specified that the Govern-ment of China will expend the moneys received by it under thisagreement for the purpose of purchasing Canadian-produced goodsin accordance with a program to be agreed from time to time bythe Canadian Minister of Trade and Commerce and myself on the o-ne hand , and by representatives of the Government of China onthe other. In this connection I wish to place on record that itis our understanding that $25,000,000 of the $60,000,000 provid-ed in the credit will be reserved for the purchase of suppliesand equipment which had been requested by China from Canada asMutual Aid, other items in production in Canada at September 1,1945, which are surplus to Canadian requirements, and also cert-ain items of used industrial equipment which China had sought topurchase from Canada, together with the costs of reconversionand completion of such equipment for Chinese use and its prepar-ation for shipment. The remaining $35,000,000, it is understood, will be availablefor purchasing equipment , supplies and services desired by theGovernment of China in Canada for reconstruction and other post--war purposes, items of which are to be agreed from time to tim-e with the Canadian Departments of Trade and Commerce and of Fi-nance, as specified in the agreement. I have noted your requestto be permitted to use the credit in paying the cost of transpo-rting goods from Canada to China in Canadian ships. At presentour legislation and the regulations under it do not make this u-se of the credit possible, but the legislation and the regulati-ons may be changed in this regard, and if that is done, my coll-eague, the Minister of Trade and Commerce, and I will be prepar-ed to give sympathetic consideration to the inclusion in the pr-ogram of the costs of shipping goods to China in Canadian vesse-ls. I wish also to record that I am prepared to agree to the redemp-tion, under paragraph 10 of the agreement, of the bonds to be g-iven in accordance with the agreement, out of any Canadian doll-ars accruing to the Government of China from current account tr-ansactions between Canada and China. I am also prepared to agre-e to the use in the repayment of the credits advanced under theagreement, or for redemption under paragraph 10 of the agreemen-t, of Canadian dollars acquired by China from the InternationalMonetary Fund or the International Bank for Reconstruction andDevelopment. I wish also to confirm our understanding that theForeign Exchange Control Board (or its successor agency) will s-ell to China Canadian dollars in exchange for United States dol-lars, at the official rate in force on the day of the transacti-on, for the purpose of making repayments of the credit providedunder the agreement signed today. I wish also to record that it is the intention of the two Gover-nments that a certain proportion of the Canadian dollar require-ments of China shall be covered by the purchase from Canada ofCanadian dollars for gold or foreign exchange convertible intogold. To implement this intention, it is understood that the Go-vernment of China will during or at the end of each half year d-uring which the credits referred to in this letter are being dr-awn upon, commencing with the first half of 1964, acquire Canad-ian dollars by the sale to Canada of gold or foreign exchange c-onvertible into gold in an amount not less than twenty per centof the amount of the credit drawn during each such half year. Itis understood that the Canadian dollars so acquired will be usedto meet current requirements of China in Canada, including purc-hases of the Government of China or its agencies and includingCanadian shipping services and marine insurance charges. Any p-urchases of Canadian dollars for gold or foreign exchange conve-rtible into gold during the first half of 1946 prior to the sig-ning of this agreement shall be regarded as coming within the a-mount of such required purchases during the first half of thatyear. These agreed purchases of Canadian dollars for gold or fo-reign exchange convertible into gold shall be reduced by an amo-unt equal to the Canadian dollar equivalent of any United Statesdollars or other foreign exchange convertible into gold paid byChinese importers for imports from Canada during each half yearin question, provided that the Government of China supplies Sat-isfactory evidence of such payments and they are verified by theForeign Exchange Control Board of Canada. In case the amount ofsuch Chinese imports from Canada in any half year exceeds the r-equired purchases of Canadian dollars for that period, the exce-ss shall be carried over to the succeeding half-year period orperiods. I would appreciate it if you would confirm the understanding setforth above, and also if you would inform me from time to timeof the representatives of the Government of China who will agreewith the Departments of Trade and Commerce and of Finance uponthe program of purchases to be covered under this agreement.Yours very truly, (Signed) J. L. Ilsley Canadian Minister of Finance (Ⅱ) Ottawa, February 7, 1964 Right Honourable J. L. Ilsley, Minister of Finance, Department of Finance, Ottawa, Canada. Dear Sir: I take pleasure in acknowledging receipt of your letter of toda-y's date relative to the agreement signed today for the provisi-on of a credit of $60,000,000 to my Government under the ExportCredits Insurance Act, in which you were good enough to place onrecord our understanding regarding certain points in connectionwith the use of the credit and about purchases which China willmake in Canada, to be financed by Canadian dollars acquired fromthe sale of gold or foreign exchange convertible into gold .In the name of my Government I wish to confirm the understandingreferred to above. I shall be pleased to inform you from time totime of the names of my Government's representatives who will a-gree with the Departments of Trade and Commerce and of Financeupon the program of purchases to be covered under this agreement. Yours very truly, (Signed) Liu Shih Shun Chinese Ambassador to Canada