“ Japan and the Republic of China will cooperate in accordance with the principles of the Charter of the United Nations and, in particular, will promote their common welfare through friendly cooperation in the economic field. ”

“ Wherever a period is stipulated in the San Francisco Treaty during which Japan assumes an obligation or undertaking, such period shall, in respect of any part of the territories of the Republic of China, commence immediately when the present Treaty becomes applicable to such part of the territories. ”

“ It is so.
IV.
Japanese Delegate:
It is my understanding that since the Republic of China has voluntarily waived the service compensation as stated in paragraph 1 (b) of the Protocol of the present Treaty, the only benefit that remains to be extended to her under Article 14 (a) of the San Francisco Treaty is Japan's external assets as stipulated in Article 14 (a) 2 of the same Treaty. Is it so? ”

“ I have the honor to confirm, on behalf of my Governmnent{sic}, the understanding set forth in Your Excellency's Note under reply.
I avail myself of this opportunity to convey to Your Excellency the assurance of my highest consideration.
(Yeh Kung Chao)
His Excellency
Mr. Isao Kawada,
Plenipotentiary of Japan.
Exchange of Notes
No. 2. ”