at times some reluctance to ratify them. The United States has occasionally been remiss in this regard, and the members of the United States section of the International High Commission consider it important to urge prompt fulfillment of this duty.

With no intention to dwell upon any definition of obligations, we venture to say that this commission is trying to create a keener sense of responsibility on the part of jurists and financiers in all the American Republics for the performance of their Governments of the obligations assumed by representation in those conferences and by the signing of the agreements therein adopted. A Government represented at such gatherings ought to accept or reject definitely the result of the deliberations, and, if accepting, to contribute to the success of the cooperative action by a reasonable accommodation of its local traditions, business methods, and administrative regulations. The International High Commission is not striving for literal uniformity and does not hold that strict identity in the provisions of commercial codes is useful, even if it be possible. The commission seeks to define certain common ends and then to suggest means to attain them that will be locally appropriate and feasible.

At the close of the Pan American Financial Conference at Washington (May, 1915), the presiding officer, the Secretary of the Treasury of the United States, invited the participating Governments to set in motion as rapidly as possible the machinery recommended by the committee on uniformity of laws. His efforts were successful, and the respective Governments rapidly announced the personnel of their national sections, all of which soon began their preliminary work. An early meeting of the commission was decided upon for the purpose of determining its modus operandi and of giving the necessary stimulus to useful study. Tentatively, November 1, 1915, was fixed as the date and Buenos Aires as the place, but it was later found necessary to allow more time, and the date was changed to April 3, 1916.

The chairman and secretary general of the United States section acted as chairman and secretary general for all the sections from the organization of the commission until its convening in Buenos Aires on the 3d of April. They encouraged thorough discussion of the topics proposed by the financial conference, and urged the preparation of expert reports on these subjects. This list was not regarded as final and several new topics were added.

At the end of February the final program was announced:

I. Establishment of a gold standard or gold exchange standard.

II. Negotiable instruments in international trade; bills of exchange; checks; bills of lading; warehouse receipts.

III. Classification of merchandise; customs regulations; consular certificates and invoices; port charges.

IV. Uniform regulations for commercial travelers.

V. Patent, trade-mark, and copyright legislation.

VI. Reduction and uniformity of postal rates; improvement of money-order and parcel-post facilities.

VII. Extension of the process of arbitration for the settlement of commercial disputes.

VIII. International agreements on uniform labor legislation.

IX. Uniformity of regulations on the classification and analysis of petroleum and other mineral fuels with reference to national policy on the development of natural resources.

X. Necessity of better transportation facilities between the American Republics.

XI. Banking facilities; extension of credit; financing of public and private enterprises; stabilization of international exchange.

XII. Telegraph facilities and rates; the use of wireless telegraphy for commercial purposes.

XIII. Uniformity of conditional sales and chattel mortgage legislation.

The United States section of the commission was obliged, as you will recall, to request the use of a naval vessel in order to go to Buenos Aires. This fact was a significant commentary upon the iack of adequate steamship facilities; and the press of Latin America noted the urgency of a situation, as the result of which the United States delegates, in order to make the trip to Buenos Aires in a reasonable time, and especially in order to be certain of return connections, had to turn to the Navy for assistance. It is hardly too much to say that for most of the United States delegates participation in the conference would have been impracticable if they had been forced to rely upon the ordinary means of transportation. On the other hand, owing to the fact that the armored cruiser Tennessee was put at its disposal, the United States section was able to make relatively extended stops in the course of its journey.

On March 7 the Tennessee, with the undersigned seven members of the United States section, left Hampton Roads. Hon. John Bassett Moore, vice chairman of the United States section, and Judge E. H. Gary were unable to accompany the delegates to Buenos Aires. The secretary general, Dr. L. S. Rowe, of the University of Pennsylvania, was likewise unable to go to Buenos Aires, and Dr. C. E. McGuire served as acting secretary general.

On March 12 the Tennessee arrived at Port au Prince, Haiti, where the delegation visited the President of the Republic. The chairman of the section took the opportunity to assure him of the earnest desire of the Government of the United States to cooperate in every way with the Haitian Government for the promotion of the best interests of both nations. From Haiti the Tennessee proceeded to Rio de Janeiro.

The reception given to the delegation by the Brazilian Government was characterized by the unmistakable spirit of friendship for the United States that animates the Brazilian people, and after a stay of three days in the magnificent capital of the Republic the delegates departed with a deep sense of the warmth and cordiality of their reception. The opportunity, moreover, was improved to get into touch with the Brazilian members of the International High Commission.

The whole-hearted enthusiasm and hospitality manifested toward the United States delegation by the Uruguayan Government is also particularly worthy of notice. During a sojourn of two days in Montevideo the delegation was most kindly received, expressions of amity and good will were heard on every hand, and views were freely exchanged with the Uruguayan section on the work of the commission.

The conference at Buenos Aires opened on the morning of the 3d of April and closed on the afternoon of the 12th. The general sessions, including the preliminary business session, were only six in

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n, Dr. Emilio Hansen, former minister of finance, was retary general of the conference. Then followed the assi delegates to the seven committees in accordance with the the respective delegations.

At this point the United States section desires to pay bute to the admirable manner in which Dr. Oliver presid deliberations of the conference and guided its work. It o to express its appreciation of the unfailing thoughtfuln aracterized Dr. Hansen's performance of the responsible d retary general. To the skill of the presiding officer and ncy of the secretarial force was largely due the ability ference to secure concrete results in a brief space of time. Throughout the conference, both during the general meeti informal discussion, the members of the United States de re impressed by the earnestness that inspired the delega ntral and South America. The atmosphere of the confer of genuinely constructive international friendship. No fail to express our gratitude for the generous hospitality us by the Argentine Nation.

The considerate attentions of the Argentine Governme - relaxed when the United States delegation departed pital, nor were those of the Chilean Government deferred egation arrived at Santiago de Chile. Both Governm cial trains at the disposal of the delegations of Boliv ba, Panama, and the United States. The reception ext Chilean Government could not have been more whole-he The delegation departed from Valparaiso April 19, foundly disappointed to find itself unable to accept the I itation of the Peruvian Government to spend severa na. The Secretary of the Treasury, however, visited cussed with His Excellency, the President of the Per olic, the various means of improving the financial and c ations between Peru and the United States. None of erican Republics has immediately before it greater p material development than Peru; and no country, the nted out, is so likely to improve its financial and c tions with the United States so rapidly and satisfact

A list of all the delegates will be published in part 2; but a list of gates and their committee assignments will be found in Appendix B. See Appendix C.

His inaugural address will be found in Appendix D.

See Appendix E.

s been indicated, the International High Commission en the examination of a number of difficult problems aracter. Some related to the lack of harmony between rative and fiscal regulations of the different countries, s ns regulations or of the rules governing the operations ial travelers, resulting in uncertainties and losses on the I ants; others to the insufficient protection given to ind literary property; and others yet to differences in juri as in the matter of the interpretation of negotiable inst of the enforceability of arbitral awards in commercial The commission had, furthermore, to consider the vital qu ransportation. Here it could scarcely do more than de road general principles along which the several governme ffectively cooperate; but the vast importance of the sub ested by the fact that all the delegations in the First 1 n Financial Conference had in their memoranda and repo zed the lack of adequate means of transportation. Fina as the far-reaching question improving conditions un he operations of private finance may be carried on, includ lization of international exchange, the enlargement of ba lities, the making possible a greater extension of credit nary needs of commerce, as well as for the carrying out nt public and semipublic enterprises, the encouragement procal movements that tend to extend markets, all of wh olve in some measure the exercise of governmental author dial legislation. The members of the commission were w hat all these topics necessarily cleave to the great mass and traditions of trade over which formal bodies, whet or international, can set up but a slight jurisdiction; a re careful to deal with them with due regard for this vi 'he main emphasis, however, was intended to be placed finance and commercial law, wherein the problems requ and long-continued work. The subjects not included in th es may be considered to have been referred to the commiss financial conference rather for expressions of opinions as policy than for expert direction.

commission, realizing that, although concrete recommen ight readily be prepared, the success of any attempt to ca

these recommendations into effect would depend upon the machinery devised by the commission itself, gave its most serious thought to this matter throughout its sessions. One of the last matters upon which is acted, on the afternoon of April 12, deserves attention at this point, not only because of its paramount importance to the future work of the commission, but also because of the frequent reference that will have to be made to it in the course of this report.

The resolution adopted by the committee on permanent organization opens with a formal confirmation of the structure previously agreed upon for the International High Commission, according to which each section of the commission is to consist of nine members, one of whom shall be the minister of finance, who will serve as chairman. The sections as constituted during the interval between the Pan American Financial Conference at Washington and the meeting of the International High Commission at Buenos Aires are continued, so far as the international organization is concerned, for, while the power of the executive in each country to alter the membership of the national section is in no way diminished, the commission wished to safeguard the relations that had existed, in some cases merely by temporary executive order rather than on the basis of legislative authorization. It is the earnest hope of all the members of the commission that the participating Governments will, as soon as may be possible, give formal legislative authorization to their national sections.

The commission then constituted a central executive council for the purpose of systematizing and coordinating its work. This body will carry out the recommendations of the commission and prepare the program of the second meeting of the commission. The council consists of three members-a president, vice president, and a secretary general. Its membership depends upon the country chosen as headquarters by the commission; that is to say, the commission selects the country in which it wishes its work concentrated, and the chairman, vice chairman, and secretary of the national section of that country automatically become the central executive council. All expenses incidental to the work of the council are borne by the national section concerned. The council is directed to submit rules of procedure before the second meeting.

The resolution prescribes the manner in which future meetings of the commission shall be convened. The second meeting is not to be called until after two years have elapsed, and then only upon a request addressed to the central executive council by at least five sections. The council is required to consult all the sections as to the place and date of meeting and follow the vote of a majority of them. The presiding officer of the meeting is in each case to be the minister of finance of the country in which the meeting is held.

Upon the motion of Dr. Samuel Hale Pearson, of Argentina, Washington was unanimously designated the headquarters of the commission until the next meeting. The chairman, vice chairman, and secretary of the United States section thus automatically become the central executive council. They have the responsibility of determining the commission's future relations with the respective Governments and with the Pan American Financial Conferences and of carrying out its recommendations. It is wholly within