SETTLEMENT AIM

Gisborne Herald, Volume LXVIII, Issue 20620, 22 November 1941, Page 7

SETTLEMENT AIM

MEXICO SEIZURES OIL AND LAND AREAS AMERICAN NEGOTIATIONS (Elec. Tel. Copyright—United Press Assn.) (Reed. Nov. 21, 3 p.m.) WASHINGTON, Nov. 20. The respective Governments of the United States and Mexico have signed a six-point agreement settling the oil and land expropriations. The Secretary of State, Mr. Cordell Hull, hailed it as a milestone in the cause of solidarity. The agreement provides, firstly, for the appointments of experts by each Government to determine the amount of compensation Mexico is to pay to the American oil companies with Mexico depositing £2,250,000 on account immediately; secondly, for the payment by Mexico of £10,000,000 to settle outstanding property claims, most of which are payable in annual instalments of £625,000; thirdly, the United States and Mexico will negotiate a reciprocal trade agreement: fourthly, a currency stabilisation agreemnt whtreunder £10,000,000 wili be available to the Banco de Mexico for stabilisation of the peso; fifthly, the American Treasury to purchase 6,000.000 ounces of Mexican silver monthly; sixthly, the establishment o r £7,500,00) in credits by the Export and Import Bank to aid Mexico in constructing and developing her highways, including sections of the intcrAmerican highway.