And whereas the Dominican Government has now effected a conditional
adjustment and settlement of said debts and claims under which all its
foreign creditors have agreed to accept about $12,407,000 for debts
and claims amounting to about $21,184,000 of nominal or face value,
and the holders of internal debts or claims of about $2,028,258
nominal or face value have agreed to accept about $645,827 therefor,
and the remaining holders of internal debts or claims on the same
basis as the assents already given will receive about $2,400,000
therefor, which sum the Dominican Government has fixed and determined
as the amount which it will pay to such remaining internal debt
holders; making the total payments under such adjustment and
settlement, including interest as adjusted and claims not yet
liquidated, amount to not more than about $17,000,000.
And whereas a part of such plan of settlement is the issue and sale of
bonds of the Dominican Republic to the amount of $20,000,000 bearing
five per cent interest payable in fifty years and redeemable after ten
years at 102-1/2 and requiring payment of at least one per cent per
annum for amortization, the proceeds of said bonds, together with such
funds as are now deposited for the benefit of creditors from customs
revenues of the Dominican Republic heretofore received, after payment
of the expenses of such adjustment, to be applied first to the payment
of said debts and claims as adjusted and second out of the balance
remaining to the retirement and extinction of certain concessions and
harbor monopolies which are a burden and hindrance to the commerce of
the country and third the entire balance still remaining to the
construction of certain railroads and bridges and other public
improvements necessary to the industrial development of the country;
And whereas the whole of said plan is conditioned and dependent upon
the assistance of the United States in the collection of customs
revenues of the Dominican Republic and the application thereof so far
as necessary to the interest upon and the amortization and redemption
of said bonds, and the Dominican Republic has requested the United
States to give and the United States is willing to give such
assistance:
The Dominican Government, represented by its Minister of State for
Foreign Relations, Emiliano Tejera, and its Minister of State for
Finance and Commerce, Federico Velasquez H., and the United States
Government, represented by Thomas C. Dawson, Minister Resident and
Consul General of the United States to the Dominican Republic,
have agreed:
Public-domain text, read in full here on John Shaqi.
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