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GOOD OFFICES OF THE UNITED STATES IN PROMOTING A SETTLEMENT BETWEEN THE GOVERNMENT OF HONDURAS AND THE BRITISH BONDHOLDERS
815.51/566 : Telegram
The Chargé in Honduras (Dennis) to the Secretary of State
TEGUCIGALPA, March 7, 1925–6 p.m.
[Received March 9—12:32 a. m. 36. Referring to the Department's telegram of February 4, 2 p. m.*: British consul is pressing the President to sign the Lyall agreement and to submit it to Congress at once.34 A counterproject proposed by the Honduranean Government has been summarily rejected as unacceptable by the British representative. The President wishes to defer action until the question of the British debts can be considered at Washington in conjunction with the raising of a large loan. In response to urgent verbal solicitations of advice I have informed the President that in the absence of instructions I was unauthorized to recommend any course of action; however, that it was my personal and confidential opinion that were the Honduranean Government to decide to defer action upon the agreement pending the arrival at Washington of the representative of Honduras, Señor Lopez, who was being sent in a few days to negotiate a loan, this decision would not be ignored or displeasing to the Department.
The President would like to have an expression of opinion from the Department as he is somewhat impressed by the insistence of the British representative. I explained to the President that the Department might not feel disposed to make a statement which might be taken as a direction to the Honduranean Government in respect of an issue between the latter and the British bondholders but that I would undertake to obtain an intimation from the Department for the guidance of the President and of the Legation.
I have received today a note from the British representative asking me to inquire of the Department whether it would be prepared to convey to the Honduranean Government an intimation with regard
The Lyall agreement was an ad referendum arrangement made in 1923 between the representatives of the Government of Honduras and the Corporation of Foreign Bondholders of London-George Lyall, the British Chargé, acting as the representative of the corporation. The arrangement, which was not ratified by Honduras, provided for the settlement of the external debt of Honduras by the payment of £1,200,000 in 30 semi-annual installments. See Fiftieth Annual Report of the Council of the Corporation of Foreign Bondholders, London, for the Year 1923 (London, Council House), pp. 211 ff.
to the agreement similar to that contained in earlier instructions to the Legation.35
I made it clear to the British consul as well as to the President that my Government would view with satisfaction the settlement of the British debt and that I believed settlement of the question would be a condition of the Department's approval of any large American loan of [to] Honduras. However I told him I could not urge the acceptance of the agreement without further instructions from my Government which I felt possibly might not care to influence the Honduranean Government to any action with regard to the British debt, that in view of the projected loan negotiations might be against the best judgment of (my?] Government.
The Minister for Foreign Affairs informed me last night that Señor Lopez's credentials would be submitted to the Legation in a few days for verification prior to his departure for the United States.
The British Embassy to the Department of State
EXTERNAL DEBT OF HONDURAS
It is understood that the pending Agreement for the settlement of this debt, which was approved by the Council of Foreign Bondholders in May 1923, and which still requires ratification by the Congress of Honduras, is shortly to be submitted to the latter body.
As it is believed that the United States Government in 1923 favoured a solution of this question on the terms stated in the pending Agreement 88 it is hoped that the United States representative at Tegucigalpa may receive instructions to support His Majesty's Consul there in urging the submission of the Agreement to the Congress of Honduras for ratification, in order that this long outstanding question may be disposed of as soon as possible.
[WASHINGTON,] March 12, 1925.
On Apr. 30, 1923, Secretary Hughes instructed the American Minister in Honduras as follows: "The Department believes a suitable settlement of the British debt would be to the advantage of Honduras and you may inform the Government of Honduras very informally to this effect, should an appropriate occasion arise." (File No. 815.51/506.)
See footnote 35, supra.
815.51/566 : Telegram The Secretary of State to the Chargé in Honduras (Dennis)
WASHINGTON, March 14, 1925—noon. 29. Your No. 36, March 7, 6 p. m. You may inform the Government of Honduras that this Government cannot undertake to give advice regarding the acceptance or rejection of any specific agreement with the British bondholders. You may say, however, that you are authorized confidentially to call the attention of the Government of Honduras to the fact that the conclusion of a suitable arrangement with the British bondholders might strengthen the credit of Honduras and thus facilitate the flotation of any subsequent loan. You may also suggest that in order not to tie up permanently revenues or assets which might be used as security for a future loan, the Government might wish to include in any agreement reached with the British bondholders provision giving it the option to discharge its obligations to them at any time by the payment of the capitalized value of the installments remaining unpaid at that date. A provision could readily be inserted giving this option and specifying the rate of discount and the manner in which the unpaid installments would be capitalized.
815.51/614 : Telegram
WASHINGTON, December 29, 1925—3 p. m. 88. Department's instruction 780, November 11.87
(1) Reports have reached Department indicating the possibility that agreement for settling British debt may not be approved by the Honduran Government.
(2) In view of the desirability of settling this long standing issue, Department desires you, if you see no objection, informally and discreetly to urge upon the Honduran Government the great importance of reaching an agreement. Department considers proposed arrangement fair and that its ratification would importantly contribute toward rehabilitation of Honduran finances.
Report briefly by telegraph and fully by mail significant developments. 38
Not printed; it enclosed a copy and translation of an arrangement between the representatives of the Government of Honduras and the Corporation of Foreign Bondholders of London, signed Oct. 9, 1925.
The arrangement of Oct. 29, 1925, was ratified by the Honduran Congress on Mar. 9, 1926. For the text of the arrangement, see Fifty-third Annual Report of the Council of the Corporation of Foreign Bondholders, London, for the Year 1926, p. 246.
TREATY OF FRIENDSHIP, COMMERCE AND CONSULAR RIGHTS BETWEEN THE UNITED STATES AND HUNGARY, SIGNED JUNE 24, 1925
Treaty Series No. 748
at Washington, June 24, 1925 1 The United States of America and the Kingdom of Hungary, desirous of strengthening the bond of peace which happily prevails between them, by arrangements designed to promote friendly intercourse between their respective territories through provisions responsive to the spiritual, cultural, economic and commercial aspirations of the peoples thereof, have resolved to conclude a Treaty of Friendship, Commerce and Consular Rights and for that purpose have appointed as their Plenipotentiaries:
The President of the United States of America: Frank B. Kellogg, Secretary of State of the United States, and
The Governor of Hungary: Count László Széchényi, Envoy Extraordinary and Minister Plenipotentiary of Hungary to the United States of America.
Who, having communicated to each other their full powers found to be in due form, have agreed upon the following articles:
The nationals of each of the High Contracting Parties shall be permitted to enter, travel and reside in the territories of the other; to exercise liberty of conscience and freedom of worship; to engage in professional, scientific, religious, philanthropic, manufacturing and commercial work of every kind without interference; to carry on every form of commercial activity which is not forbidden by the local law; to own, erect or lease and occupy appropriate buildings and to lease lands for residential, scientific, religious, philanthropic, manufacturing, commercial and mortuary purposes; to employ agents of their choice, and generally to do anything incidental to or necessary
* In English and Hungarian; Hungarian text not printed. Ratification advised by the Senate, Mar. 26, 1926 (Legislative day of Mar. 25); ratified by the President, June 16, 1926; ratified by Hungary, Apr. 1, 1926; ratifications exchanged at Budapest, Sept. 4, 1926; proclaimed by the President, Oct. 4, 1926.
for the enjoyment of any of the foregoing privileges upon the same terms as nationals of the state of residence or as nationals of the nation hereafter to be most favored by it, submitting themselves to all local laws and regulations duly established.
The nationals of either High Contracting Party within the territories of the other shall not be subjected to the payment of any internal charges or taxes other or higher than those that are exacted of and paid by its nationals.
The nationals of each High Contracting Party shall enjoy freedom of access to the courts of justice of the other on conforming to the local laws, as well for the prosecution as for the defence of their rights, and in all degrees of jurisdiction established by law.
The nationals of each High Contracting Party shall receive within the territories of the other, upon submitting to conditions imposed upon its nationals, the most constant protection and security for their persons and property, and shall enjoy in this respect that degree of protection that is required by international law. Their property shall not be taken without due process of law and without payment of just compensation.
With respect to that form of protection granted by National, State or Provincial laws establishing civil liability for injuries or for death, and giving to relatives or heirs or dependents of an injured party a right of action or a pecuniary benefit, such relatives or heirs or dependents of the injured party, himself a national of either of the High Contracting Parties and within any of the territories of the other, shall regardless of their alienage or residence outside of the territory where the injury occurred, enjoy the same rights and privileges as are or may be granted to nationals, and under like conditions.
The dwellings, warehouses, manufactories, shops and other places of business, and all premises thereto appertaining of the nationals of each of the High Contracting Parties in the territories of the other used for any purposes set forth in Article I, shall be respected. It shall not be allowable to make a domiciliary visit to, or search of any such buildings and premises, or there to examine and inspect books, papers or accounts, except under the conditions and in conformity with the forms prescribed by the laws, ordinances and regulations for nationals.
Where, on the death of any person holding real or other immovable property or interests therein within the territories of one High Con.