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10.000 for the debt of the DMI east 1,250,00 private individuals. Toe er et erudie in instal nu of 250,000 pounis ster ADUL..01 te only concsi made by Engladi is that shor e emited Fearly in »-part payments. The French Ministro e n. ifre of Private perty and Interests in ISE TITETU mars. auch dex' with disposition of ziiz und I agus i the Frend cernment. Circula E i Dalamuides the release of property Deri - Muliers. Tho at - Frenchmen by virtue i zecies. By ama ng a certificate of the bes 2. stating the iner in which it was ac uro 2 or "mentary ence of their ownershire Fui te French ernment, etc., the French and lat uni Lits will return property is Inies : a meeting held at Lonrr i he Led ring Offices, the follow-75cm s. 29 ipons of allied securities, regardees o. ry 10, 1920, shall only be pacate ICON TEE DADE we they acquired those servis i Inst nt to that date. ance's plan to dispose of een TS 12 MES na te er detailed in numerous other pas une inierat also entered into a separaiz ene mring tre of indemnities. In all these areas mi riers de rnment makes ample prise detetun af sale 3 held by French nationals uns znany uni Gemu als.

France was one of the issue urantage is ng House provisions of the leisules he settlement of Hungary's esse is in 5334 rench agreement does not mens ir ned in the English agree. I ont des aimer

one-seventh part of ber den sie in ver kurang Pesti Tozsde this means toast Hungary woud 117 15 0,000 French francs in 1922. The payments wil memesa lually but are to be paid into the Hungary clearing the will transmit it to the Clearing Houses in Paris

Italy's governmental policy concerning the disposition of former enemy property held by its Custodian is clearly indicated by an agreement entered into with the German Government. This agreement was contracted on June 10, 1921, and reads as follows:

The representative of the German Government on the one part and the representatives of the Clearing Offices of Belgium, France, Great Britain, Greece, Italy and Siam on the other part, duly authorized by their respective Governments have agreed on the following:

The Allied and German nationals will have until September 30, 1921, inclusive, the right to file in their national offices the claims based on Article 296 of the Treaty of Versailles.

Like England and France, Italy has governed the disposition of enemy property held by its Custodian by the issuance of orders and circulars which expressly provide ample protection for claims in the hands of Italians against Germans and Austrians. Italian operations are conducted in line with the Clearing House policy established by the Versailles Treaty.

Belgium, like the United States, has to date made no definite arrangements concerning the return of enemy property held by that Government. However, the following quotation from the New York Volks-Zeitung, of January 25, 1922, entitled Liquidation of German Property in Belgium, indicates the nature of the policy which the Belgian Government is adopting in this matter:

The Belgian Government passed a law permitting the sale of German property seized in Belgium. It will involve the sale of property valued between 600 to 900 million francs. The Belgian Government justifies this step by stating that the negotiations with Germany regarding the recall of the six billion marks that were brought into Belgium during the occupation have failed

. Belgium demanded that Germany should redeem all that money on the basis of gold exchange, for which Belgium would waive the sale of the seized German property. This action of the Belgian Government put an end to the pending negotiations and it will not only harm the many Germans who were living in Belgium before the war and already were reduced to proletarians, better favor to those Germans who are endeavoring to stir up hatred against "the enemies", while financially the Belgian State will not be better off than if it had continued the negotiations regarding the redemption of the six bil

lions of German marks.

Further legislation in continuance of this policy is already under

advisement VOL. CCXV-N0. 800

2

Claims at present filed by Canadians against all the enemy nationals amount to approximately $35,000,000, and the enemy property in Canada amounts to perhaps $38,000,000. The value of the German property is very conservatively estimated. On the other hand, claims for reparations are inordinately exaggerated. These accounts, according to a memorandum transmitted by the State Department to the Attorney General from the American Consul-General at Ottawa, have not been investigated for the purpose of estimating the amount which would probably be awarded by the Reparations Committee, but from a consideration of them $10,000,000, is stated as probably the maximum amount. In a general way the Government of the Canadian Dominion is following the policy adopted by England.

The Kingdom of the Serbs, Croats and Slovenes, and Czechoslovakia, Poland, Spain and Portugal, as well as the South American Republics, have not been heard from upon this question in a definite form. However, upon inquiry through diplomatic sources, it has been learned that these countries are following broadly the plans adopted by the larger Powers.

In order to do justice to all concerned, the best view of this problem seems to be that of holding all enemy property now in the hands of the Alien Property Custodian as security or a pledge on account of American claims against Germany and Austria and their nationals. This procedure can be harmonized with the policy of the United States Government as expounded since the days of Washington, and expressly provided for by paragraph 5 of the Treaty of Peace with Germany, signed August 25, 1921, pursuant to the Porter-Knox Resolution, which is as follows: All property of the Imperial German Government,

and all German nationals, which was on April 6, 1917, in or has since that date come into the possession of or under the control of, or has been the subject of a demand by the United States of America, . be retained by the United States of America and no disposition thereof made . . until such time as the Imperial German Government

shall have made suitable provision for the satisfaction of all claims against said Government, or of persons, wheresoever domiciled, who owe permanent allegiance to the United States of America and who have suffered · · loss, damage or injury, to their persons or property, etc.

The Secretary of State having definitely announced that the United States has failed to take advantage of the option period

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laims at present filed by Canadians against all the enemy onals amount to approximately $35,000,000, and the enemy perty in Canada amounts to perhaps $38,000,000. The value he German property is very conservatively estimated. Oh other hand, claims for reparations are inordinately exaggerated se accounts, according to a memorandum transmitted by the e Department to the Attorney General from the American sul-General at Ottawa, have not been investigated for the pur of estimating the amount which would probably be awarded by Reparations Committee, but from a consideration of them $10300, is stated as probably the maximum amount. In a general the Government of the Canadian Dominion is following the y adopted by England. e Kingdom of the Serbs, Croats and Slovenes, and Czecho kia, Poland, Spain and Portugal, as well as the South Amer: Republics, have not been heard from upon this question in a te form. However, upon inquiry through diplomatic sources,

been learned that these countries are following broadly the adopted by the larger Powers. order to do justice to all concerned, the best view of this m seems to be that of holding all enemy property now in the of the Alien Property Custodian as security or a pledge on it of American claims against Germany and Austria and their als. This procedure can be harmonized with the policy of nited States Government as expounded since the days of ngton, and expressly provided for by paragraph 5 of the of Peace with Germany, signed August 25, 1921, pursuant Porter-Knox Resolution, which is as follows: "perty of the Imperial German Government, . . . and all German 5, which was on April 6, 1917, in or has since that date come into the n of or under the control of, or has been the subject of a demand by the tates of America,

be retained by the United States of Amer10 disposition thereof made . . . until such time as the Imperial Government . . . shall have made suitable provision for the setof all claims against said Government, or of persons, wheresoever dono owe permanent allegiance to the United States of America and who red . . . loss, damage or injury, to their persons or property, ete. Secretary of State having definitely announced that the States has failed to take advantage of the option period

provided by the Clearing House Sections of the Treaty of Versailles, the accounting between this Government and Germany will have to be between the interested private individuals, and therefore not as between State and State, which is the arrangement now governing the other Allied countries.

The coming into effect of the Peace Treaty of Versailles on January 10, 1920, imposed upon the German Alien Property Custodian the task of making his accounting and winding up his affairs. Within the period of one month, as stipulated by Article 296, Division E, of the Treaty, England with her Dominions, Colonies, and Protectorates, with the exception of the Union of South Africa and Egypt; France with her Colonies; Italy; Belgium, including the Congo State; Siam, Greece and Haiti, declared themselves in favor of the accounting from State to State or the so-called Clearing System. This accounting, as operated by these countries, is done chiefly through the agency of Clearing Offices established by the Peace Treaty, and the work of the German Custodian comes into question wherever he has appropriated or taken under his administration properties concerned in this clearing.

In all fairness to Germany, it should be stated here that the German Alien Property Custodian has done everything within his power to return American and other Allied property seized by him during the war. The report of the German Alien Property Custodian concerning the treatment of American property in Germany under his administration, published for the year 1921 (Reimar Hobbing, Publisher, Berlin), gives an elaborate account and detailed list of the properties taken under the custodian's jurisdiction. Without guaranteeing exactly the figures enumerated in every case, the German Alien Property Custodian gives the following details concerning American property which came under his control during the war:

The total value of property reported to the custodian as belonging to citizens of the United States in Germany

amounted, apart from the compulsory administrations, to about 206,152,000 marks, to which are to be added deposits of securities reported by the banks, with a nominal value of about 126,000,000 marks. From the first named amount, there had been transferred to the custodian up to June 1, 1920, about 6,041,800 marks, to which is to be added the interest paid to the custodian under paragraph 7 of the custodial regulations, making a total of roundly 11,000,000 marks, which, so far as it did not represent the proceeds from compulsory administrations, was handed over to the

custodian. About 200,000,000 marks, in addition to the deposits of securities, was simply taken under administration nominally by being booked, that is, left in charge of the debtors. This sum was chiefly made up of cash claims of Americans against German debtors growing out of participation in business, cash deposits in banks, debts for merchandise, acceptances, insurance premiums, etc.

From compulsorily administered or supervised undertakings in Germany belonging to Americans or from American interests in German undertakings there was transferred to the custodian about 67,000,000 marks, to which must be added about 27,000,000 marks in securities. There was paid out by the custodian to enemy owners about 68,000,000 marks from the proceeds of compulsory administrations and supervisions, including stocks. Of the securities deposited with the banks and left in their keeping, although nominally under the administration of the custodian, 460 lots with a total nominal value of 57,519,630 marks had been released up to January 31, 1921. All together, the custodian has thus far released or delivered to American citizens, including these securities owned by Americans, property having a total value of at least 145,000,000 marks.

By holding the enemy property which still remains in the hands of the Alien Property Custodian as collateral security, or a pledge, to secure the payment by Germany and Austria and their nationals of the numerous claims in the hands of American citizens, the United States would not only safeguard the interests of its own nationals but would also thereby insure to these former enemies the ultimate return of their property retained in America. This method would enable America to solve this problem upon principles that are at once just to all concerned and at the same time will result in the gradual disposition of enemy property back to former enemy owners who are now permitted by Section 9 of the Trading With the Enemy Act to present their claims before the proper authorities for allowance.

JOSEPH CONRAD FEHR.

odian. About 200,000,000 marks, in addition to the deposits of securities simply taken under administration nominally by being booked, that is n charge of the debtors. This sum was chiefly made up of cash dass d ricans against German debtors growing out of participation in busca deposits in banks, debts for merchandise, acceptances, insurance precios

MEN AND NATIONS

BY PHILIP MARSHALL BROWN

om compulsorily administered or supervised undertakings in Germany ging to Americans or from American interests in German undertakis was transferred to the custodian about 67,000,000 marks, to which as ded about 27,000,000 marks in securities. There was paid out by the lian to enemy owners about 68,000,000 marks from the proceeds of cowy administrations and supervisions, including stocks. Of the seest eposited with the banks and left in their keeping, although nominal

the administration of the custodian, 460 lots with a total nominal rahe 519,630 marks had been released up to January 31, 1921. All together, stodian has thus far released or delivered to American citizens, including ecurities owned by Americans, property having a total value of at least 0,000 marks.

holding the enemy property which still remains in the bands Alien Property Custodian as collateral security, or a pledge

, lre the payment by Germany and Austria and their nationals

numerous claims in the hands of American citizens, the 1 States would not only safeguard the interests of its own als but would also thereby insure to these former enemies imate return of their property retained in America. This I would enable America to solve this problem upon principles e at once just to all concerned and at the same time wil n the gradual disposition of enemy property back to former owners who are now permitted by Section 9 of the Tradh the Enemy Act to present their claims before the proper ties for allowance.

JOSEPH CONRAD FEAR

In constructing a battleship one would hardly consult a milliner. In planning a bridge across the North River, the advice of a doctor would be of slight value. In treating cancer, the opinions of a lawyer likewise are not to be taken very much into account, Whatever the problem, whether of a bridge, a battleship, disease or human society, we ordinarily insist first of all on a thorough knowledge of materials; the nature of steel, for example, in the construction of a battleship or a bridge, and of anatomy in the case of the human body. One cannot base plans on the supposition that steel is the same thing as wood, or the human body the same as metal. Furthermore, we demand a precise knowledge of the laws governing construction, such as strain and stress, ere, In the case of the human body we are concerned with the laws relating to vital functions.

In the feld of international relations, curiously enough, we find that the doctor, the lawyer, the milliner, the college prezident, and the "mag in the street” all reveal an equal conjunk, A1 are ready with a debuite explanation of the its of interesatinad societyada are prepared to suggest bow tiis univers, should bers Later fes cases way it be said that thica, un peu

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