payment to the subscribers without first issuing such stock certificate. An amendment would also appear to be necessary if it were desired for practical reasons to figure interest from some fixed date rather than from the date on which the amount of each subscription was fully subscribed, as stipulated in Paragraph 3 (a) of Section 6 of the Act. You state that:

"We have long since recognized the amount of detailed labor required to ascertain the exact date of each subscription; and in that respect we desire that the Irish Free State Government be informed that we are prepared to, and are authorized under the law to, agree upon a date certain from which interest can be figured on behalf of all American nationals who have filed their claims with the Receivers in the Bond Action, and thereby constituted themselves parties to said action."

It seems, therefore, that, although you refer to the Loans and Funds Act as "a perfect piece of legislation", you are not opposed to proper amendments to the Act, but are desirous that any such amendments should not weaken its force in any way. The Department will be glad to consider any suggestions or comments that you may care to submit with regard to any amendments that may ultimately be proposed.

When the final report of the Receivers is filed the Department, upon being furnished with three duly authenticated copies thereof, will be glad to give consideration to the question of making further representations to the Government of the Irish Free State with regard to the early compensation of the subscribers of the loans. I am [etc.]

For the Secretary of State:

W. R. CASTLE, Jr.
Assistant Secretary

841D.51/166

Messrs. Frank P. Walsh and John T. Ryan, New York, to the Assistant Secretary of State (Castle)

NEW YORK, October 11, 1928.
[Received October 12.]

In re. Irish Bonds.

SIR: Yours of the 9th instant, in reference to the above matter, duly received.

Therein, beginning at the foot of page 4, you review to some extent the Loans and Funds Act (1924) Irish Free State. From said review it appears that said Act contains no provision for payment in cash in the first instance. You also quote from our letter to you of August 22nd, 1928,14 as to our willingness to agree upon

"Not printed.

a date certain from which interest can be figured, so as to save the expense of much detailed labor, and you then say:

"It seems, therefore, that, although you refer to the Loans and Funds Act as 'a perfect piece of legislation', you are not opposed to proper amendments to the Act, but are desirous that any such amendments should not weaken its force in any way."

We are glad to say the foregoing exactly coincides with our views. In reference to the following:

"The Department will be glad to consider any suggestions or comments that you may care to submit with regard to any amendments that may ultimately be proposed."

We desire to say we will be glad to take advantage of your kind offer, and as we presume copies of the proposed Amending Bill will be furnished the American Minister at Dublin, and by him forwarded to the Department of State, we will greatly appreciate it if a copy of the same is transmitted to us for examination and comment.

When the Receivers in the New York Action file their report showing the total claims allowed, and all other like information, we will cause three duly authenticated copies to be forwarded to you as requested.

We will also be glad to take up with you the question of further representations to the Government of the Irish Free State with regard to the early compensation of the subscribers to the Loans.

With assurances [etc.]

FRANK P. WALSH

JOHN T. RYAN

ITALY

TREATY OF ARBITRATION BETWEEN THE UNITED STATES AND ITALY, SIGNED APRIL 19, 1928

711.6512A/9: Telegram

The Secretary of State to the Chargé in Italy (Robbins)

WASHINGTON, March 8, 1928-4 p. m.

23. Department handed Italian Ambassador March 8 a draft of a proposed treaty of arbitration between the United States and Italy. The provisions of the draft operate to extend the policy of arbitration enunciated in the Root Treaty of March 28, 1908,1 which expired January 22, 1924. The language of the draft is identical in effect with that employed in the draft arbitration treaties recently submitted to the French, British and Japanese Governments.2 Text of proposed treaty will be forwarded in next pouch."

Treaty Series No. 881

KELLOGG

Treaty Between the United States of America and Italy, Signed at Washington, April 19, 1928 •

4

The President of the United States of America and His Majesty the King of Italy

Determined to prevent so far as in their power lies any interruption in the peaceful relations that happily have always existed between the two nations;

Desirous of reaffirming their adherence to the policy of submitting to impartial decision all justiciable controversies that may arise between them; and

Eager by their example not only to demonstrate their condemnation of war as an instrument of national policy in their mutual relations, but also to hasten the time when the perfection of international arrangements for the pacific settlement of international disputes shall have eliminated forever the possibility of war among any of the Powers of the world;

1Foreign Relations, 1909, p. 385.

See vol п, pp. 810 ff. and pp. 943 ff; and post, pp. 135 ff.

Draft treaty not printed.

'In English and Italian; Italian text not printed. Ratification advised by the Senate, May 10 (legislative day of May 3), 1928; ratified by the President, May 15, 1928; ratified by Italy, Nov. 27, 1930; ratifications exchanged at Washington, Jan. 20, 1931; proclaimed by the President, Jan. 21, 1931.

Have decided to conclude a new treaty of arbitration enlarging the scope and obligations of the arbitration convention signed at Washington on March 28, 1908, which expired by limitation on January 22, 1924, and for that purpose they have appointed as their respective Plenipotentiaries

The President of the United States of America, Frank B. Kellogg, Secretary of State of the United States, and

His Majesty the King of Italy, Nobile Giacomo de Martino, Ambassador Extraordinary and Plenipotentiary to the United States, who, having communicated to one another their full powers found in good and due form, have agreed upon the following articles:

ARTICLE I

All differences relating to international matters in which the High Contracting Parties are concerned by virtue of a claim of right made by one against the other under treaty or otherwise, which it has not been possible to adjust by diplomacy, which have not been adjusted as a result of reference to the Permanent International Commission constituted pursuant to the treaty signed at Washington May 5, 1914, between Italy and the United States and still in force, and which are justiciable in their nature by reason of being susceptible of decision by the application of the principles of law or equity, shall be submitted to the Permanent Court of Arbitration established at The Hague by the Convention of October 18, 1907 or to some other competent tribunal, as shall be decided in each case by special agreement, which special agreement shall provide for the organization of such tribunal if necessary, define its powers, state the question or questions at issue, and settle the terms of reference.

The special agreement in each case shall be made on the part of the United States of America by the President of the United States of America by and with the advice and consent of the Senate thereof, and on the part of the Kingdom of Italy in accordance with the constitutional laws of that Kingdom.

ARTICLE II

The provisions of this treaty shall not be invoked in respect of any dispute the subject matter of which

(a) is within the domestic jurisdiction of either of the High Contracting Parties;

(b) involves the interests of third Parties;

(c) depends upon or involves the maintenance of the traditional attitude of the United States concerning American questions, commonly described as the Monroe Doctrine;

(d) depends upon or involves the observance of the obligations of Italy in accordance with the Covenant of the League of Nations.

416955-43-14

ARTICLE III

The present treaty shall be ratified by the President of the United States of America by and with the advice and consent of the Senate thereof and by the Kingdom of Italy in accordance with its constitutional laws.

The ratifications shall be exchanged at Washington as soon as possible, and the treaty shall take effect on the date of the exchange of the ratifications. It shall thereafter remain in force continuously unless and until terminated by one year's written notice given by either High Contracting Party to the other.

In faith whereof the respective Plenipotentiaries have signed this treaty in duplicate in the English and Italian languages, both texts having equal force, and hereunto affix their seals.

Done at Washington the nineteenth day of April in the year of our Lord one thousand nine hundred and twenty-eight.

REPRESENTATIONS BY THE ITALIAN GOVERNMENT REGARDING ACTIVITIES IN ITALY OF AMERICAN CUSTOMS AGENTS INVESTIGATING VALUATION OF EXPORTS TO THE UNITED STATES

102.1702/272

The Italian Ambassador (De Martino) to the Secretary of State

The Italian Ambassador presents his compliments to His Excellency the Secretary of State and has the honor to call his kind attention on the following:

The Ambassador had repeated occasions in the course of the last few months to invite the Department of State's consideration on the activities—which under several aspects appear to be excessive-carried out in Italy by Agents of the United States Treasury with the purpose of ascertaining the value of goods exported to the United States. As known to the State Department, these Agents center around a special Office with quarters at Florence.

The Italian Ambassador has also pointed out how these activities go beyond the limits of the powers allowed by law to the Italian Officials themselves; and how they are frequently the cause of discontent on the part of manufacturing Concerns which are the object of the investigations conducted by said Agents of the United States Treasury. These Concerns have in fact brought their complaints before the Italian Government, showing how the persisting of such investigations harms their interests in their competition with other Concerns, disclosing data and information which any industrial or commercial organization has obviously the right and title not to divulge.