pursuance of the Declaration annexed to the Trade Agreement of the 16th March, 1921, the Govei ment of the Union of Soviet Socialist Republics declare that by way of exception to the decree of the 28th January, 1918 (concerning the annul-mont of debts of the former Imperial and Provisional Governments) it will satisfy, in the conditions prescribed in the present Treaty, the claims of British holders of loans issued or taken over or guaranteed by the! former Imperial' Russian Govern ment, or by the municipalities of towns in the territory now included in the Union, payable in foreign! {non-Russian} currency.
The Government of His Britannic! Majesty recognises that the financial and econom{e position of the Union renders impracticable the full satisfaction of the dairiis referred to in the preceding paragraph of this Article.
The Government of the Union agrees to meet the claims referred in the first paragraph of this Article in respect of holdings by Britis subjects or companies other than holdings which were acquired by purchase since the 16th March, 1921, and were in other than British ownership on that date.
After negotiation between the parties concerned, the terms on which the claims referred to in the first paragraph of this article shall be satisfied will form the subject of fan agreement with His Britannic Majesty's Government, which will be included in the treaty referred to in Article 11, provided that His Britannic Majesty's Government is satisfied that such terms have been accepted by the holders of not less than one-half of the capital values of British holdings in the loans referred to in this article.
Text read from the printed page and cleaned; old type leaves the occasional error.