Chargé Coolidge to the Secretary of State.

[Telegram.—Paraphrase.]

(Mr. Coolidge transmits the latest proposal of China for the payment of the indemnity.

Arrearages of 8,000,000 taels to be paid within twenty-five days after signing of the proposed arrangement, bearing interest at 4 per cent from January 1, 1905. Future payments to be made monthly, interest at the rate of 4 per cent being allowed thereon until date of maturity. Exchange on payments to be calculated at London rate of silver on the day of payment, or, at the option of the government receiving payment, by telegraphic transfers or unrestricted purchase of drafts in the currency of the receiving government.)