TRADE WITH ENEMIES

Hokitika Guardian, 18 August 1927, Page 4

TRADE WITH ENEMIES

RUGBY, Aug. 14

The text is issued of the letters exchanged and the agreement reached between Great Britain and the United States regarding the reciprocal release of property sequestrated under Trading With tho Enemy Acts. The memorandum drawn up by the United States Government, explains the condi tons for return of property to married women in tfle United States and Great Britain, which was seized during tho war. AVith regard to debt claims the Unied States Trading With the Enemy Act authorises, on a- basis of reciprocity, tho payment from sequestrated property of debts owing to and owed by British claimants before the passage of the Act, provided such debt, in the nature of a pledge or a lie’ll, arose in reference to money or other property held by the Alien Property Custodian or the Treasurer.

Tlie position, of the British Government is that in all eases where enemy business, whether conducted by a corporation, partnership, or individual! concerns, has been liquidated by Great Britain under the war legislation, the claims- of United States creditors, wherever resident, have lveeu treated on an equal fooling with those of British credit ors.

Another section of the memorandum sets out the respective positions of the two Governments in regard to shares and stock in the depot account of German hanks and a further section deals with eases in which the return of the assets of a corporation is permitted. The British Foreign Office, in-a leter accepting the memorandum's statement of the position, adds that the British Government is prepared, on being granted reciprocal treatment by the Government of the United States within the terms of tho memorandum, to realise such property as is covered by the terms of the understanding, and on the conditions stated therein.