The most important work accomplished by recent Pan-American was the nego tiation of an international treaty of arbitra tion, to which the United States, Guatemala, Nicaragua, Salvador, Honduras, Bolivia, Ecuador, Peru, and Brazil have already given their assent. It is expected that three more signatures and seals will be added soon, and it is hoped that all the Powers interested will sign in the course of the summer and artumn, although the delegate from Chili voted against the arbitration scheme. The important part of the treaty agreement is contained in the following declarations :—l.: — 1. That the principle of oonquest shall not during the continuance of the treaty of arbitration be recognised as admissible under Amerioan public law. 2. That all cessions of territory made during the continuance of the treaty of arbitration shall bo void if made under.threats of war or the presence of an armed force. 313 1 Any nation from which such cessions shall be exacted may demand that the validity of the cession made shall be submitted to arbitration. 4. Any renunciation of the right of arbitration made under the conditions named in the second section shall be null and void.
