Among the treaties promulgated by the Pan-American Conference in Mexico was one relating to pecuniary claims. This required the ratification of five governments in order to make it effective. Guatemala was one of the first to give its formal adhesion to this convention. This treaty was ratified by the United States Senate and promulgated by the Department of State from Washington in the spring of 1905, so that United States citizens can now claim its benefits. The treaty consists of five articles. Under its terms the high contracting parties agree to submit to arbitration, through the Hague Court, all claims for pecuniary loss or damage which may be presented by their respective citizens and which cannot be amicably adjusted through diplomatic channels and when such claims are of sufficient importance to warrant the expenses of arbitration. By virtue of Article 26 of the convention of The Hague the high contracting parties agree to submit to the decision of the Permanent Court of Arbitration established by that convention all controversies which are the subject-matter of the Treaty unless both parties should prefer that especial jurisdiction be organized according to Article 21. If for any cause the Permanent Court of The Hague should not be opened to one or more of the high contracting parties they obligate themselves to stipulate in a special treaty the rules under which the tribunal shall be established as well as its forms of procedure. In 1902 the administration of President Estrada Cabrera negotiated and the National Assembly ratified an agreement with Germany, Belgium, France, England, and Italy, which disposed of many subjects that had been in controversy. Spain, the United States and Mexico did not enter into the agreement because those governments preferred to postpone the claims of their citizens until the industrial crisis was over and the financial conditions were improved. Since that time a number of claims have been adjusted satisfactorily. President Estrada Cabrera stated in a recent message that there were no claims at the present time which were weighing upon the national treasury. These matters having been arranged satisfactorily he said that no subject had arisen which could alter the friendly relations with the countries of Europe. This friendship was shown in the tribute paid by the Diplomatic Corps on New Year's day. Subsequently the governments of Germany and France had shown especial consideration by conferring on the President the Order of the Red Eagle and of the Legion of Honor respectively. With Mexico the relations of Guatemala have been cordial since the boundary dispute was settled in 1895. Recently the commercial relations, on account of the construction of the Pan-American Railway through Mexican territory to the Guatemalan border have required the establishment of various consulates in important places in Mexico, and the exequaturs have been granted by the Mexican government.