Convention between Great Britain and Morocco relative to a Loan to be raised in London by Morocco, signed at Tangier, 24 October 1861
[Ratification exchanged at Tangier, December 20,1861.]
HIS Majesty the Emperor of Morocco being desirous of raising a loan of £426,000, in
London, to enable him to meet his engagements with Her Catholic Majesty, and having
requested the good offices of Her Majesty the Queen of the United Kingdom of Great Britain
and Ireland, with a view to facilitate that object, and Her Britannic Majesty having
agreed to the request of His Imperial Majesty, their Majesties have resolved to conclude a
Convention on the subject, and have named as their Plenipotentiaries, that is to say:
Her Majesty the Queen of the United Kingdom of Great Britain and Ireland, John Hay
Drummond Hay, Esquire, Companion of the Most Honourable Order of the Bath, Her Minister
Resident at the Court of His Majesty the Sultan of Morocco;
And his Majesty the Sultan of Morocco, his officer the learned Fakee Seed Hadj
Abderrahman el Ajee;
Who, after having communicated to each other their respective full powers, have agreed
upon and concluded the following Articles:
Art. I. His Majesty the Emperor of Morocco engages that from and after the ratification
of the present convention there shall be paid over to a Commissioner named by Her
Britannic Majesty 50 per cent. of the Customs duties at all the ports of the Empire of
Morocco.
Her Britannic Majesty, on her part, engages that 6 weeks before the period at which the
half-yearly charge on the loan of £426,000, which the Emperor of Morocco is about to
raise, shall become due, she will transfer to the agent or agents of the contractors for
that Loan, the sums so to be received by the commissioner of Her Majesty, or so much
thereof as may be sufficient to pay the interest and sinking fund on the said Loan, the
amount of such sums not exceeding in the aggregate 15 per cent. on the above-mentioned sum
of £426,000. But Her Britannic Majesty shall not be liable for the payment of more than
she receives.
In case the sums received should be more than sufficient for such half-yearly payments,
the surplus all be repaid by the British Commissioner to the officers of the Emperor of
Morocco, duly authorized to receive the same.
II. When, by means of the payment provided for in the preceding Article, the whole of
the loan of £426,000 shall have been repaid, together with the interest due thereon, the
Commissioner of Her Britannic Majesty shall cease to receive the 50 per cent. of the
Custom duties at the ports above mentioned, and shall repay to the said officers of the
Emperor of Morocco any balance that may be remaining in his hands.
III. The present convention shall be ratified by Her Majesty the Queen of Great Britain
and Ireland, and by His Majesty the Emperor of Morocco, and the ratification shall be
exchanged at Tangier as soon a possible within 40 days from the date hereof.
In witness whereof the respective Plenipotentiaries have signed the present convention,
and have affixed thereto their respective seals.
Done at Tangier, the 24th day of October, in the year 1861, corresponding to the
Moorish date of the 18th day of the month of Rabbea the 2nd, in the year 1278.
(L.S.) J. H. DRUMMOND HAY. (L.S.) HADJ ABDERRAHMAN EL AJEE (Arabic signature)
SUPPLEMENTARY CONVENTION between Great Britain and Morocco, relative to a Loan to be
raised in London by the Emperor. Signed, in English and Arabic, at Tangier, January 18,
1862.
[Ratifications exchanged at Tangier, February 19,1862.]
Her Majesty the Queen of the United Kingdom of Great Britain and Ireland having
Concluded a Convention with His Majesty the Emperor of Morocco, at Tangier, on the 24th
day of October, 1861, corresponding, to the Moorish date of the 18th of the month of
Rabeea the Second, in the year 1278, for the purpose of facilitating the raising in
London, by His Majesty the Emperor of Morocco, of a loan of £426,000, in order to enable
him to meet his engagements with Her Catholic Majesty; and whereas it is proposed that the
said sum of £426,000 shall be raised at the rate of £85 cash for each £100 stock,
whereby the nominal amount of the loan will become £501,176 10s; and doubts having been
entertained whether the arrangements of the said Convention for the repayment of the loan
extend to an amount of stock greater than the sum of £426,000, intended to be raised in
cash; Her Britannic Majesty and His Majesty the Emperor of Morocco have resolved to
conclude a further Convention on the subject, and have named as their Plenipotentiaries,
that is to say:
Her Majesty the Queen of the United Kingdom of Great Britain and Ireland, John Hay
Drummond Hay, Esquire, Companion of the Most Honourable order of the Bath, Her Minister
Resident at the Court of His Majesty the Emperor of Morocco;
And His Majesty the Emperor of Morocco, his Officer, the learned Fakee Seed Hadj
Abderrahman el Ajee;
Who, after having communicated to each other their respective full powers, have agreed
upon and concluded the following Articles:
Art. I. His Majesty the Emperor of Morocco engages that the arrangements of the said
Convention so entered into as aforesaid shall apply, not only to the sum of £426,000,
intended to be raised in cash, or to so much thereof as shall be raised, but shall extend
to the sum of £501,1761 10s, being the amount of the stock proposed to be created to
raise the said loan, or to such other amount of amount of stock greater than the sum of
£501,176 10s, which it may be necessary to create in order to cover and include any
discount, bonus, or other consideration which the Commissioner of His said Majesty may,
with the concurrence and sanction of His said Majesty, allow to the subscribers to the
said loan.
II. The Commissioner of Her Britannic Majesty mentioned in the convention aforesaid
shall, by virtue of the said Convention, continue to receive the 50 per cent. of the
Customs duties at all the ports of the Empire of Morocco, until not only the said sum of
£426,000 sterling and interest thereon, but until also the amount of stock representing
that sum, and any discount, bonus, or other consideration to be allowed to the subscribers
to the said loan, as provided in the preceding article, shall have been fully paid.
III. In case only a part of the £426,000 cash should be raised then the stipulations
of Articles I and II shall apply only to the corresponding amount of stock.
IV. The present Convention shall be ratified by Her Majesty the Queen of Great Britain
and Ireland, and by His Majesty the Emperor of Morocco, and the ratifications shall be
exchanged at Tangier as soon a possible, within 60 days from the date hereof.
In witness whereof the respective Plenipotentiaries have signed the present convention,
and have affixed thereto their respective seals.
Done at Tangier, the 18th day of January, in the year 1862, corresponding to the
Moorish date of the 17th of Rejeb, in the Year 1278
(L.S.) J. H. DRUMMOND HAY. (L.S.) HADJ ABDERRAHMAN EL AJEE (Arabic signature)
Text from: Hertslet's Commercial Treaties, vol. XI, p. 425 Also in British
and Foreign State Papers, vol. LI, 61. Parliamentary Papers, 1862, vol.
LXIV, 453 Martens, Nouveau Recueil General, vol. XVII(2), 132, Archives
Diplomatiques, 1862, vol. II, 181 (French translation).
Convention of 18 January 1862 Text from Hertslet's Commercial Treaties, vol.
XI, p. 426 Also in British and Foreign State Papers, Vol. LII, 33
Contributed by C. R. Pennell, University of Melbourne, rpennell@unimelb.edu.au
