Page:United States Statutes at Large Volume 50 Part 2.djvu/710

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1618 INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [Translation] TOKYO, March 25, 12 Showa (1937). MY DEAR AMBASSADOR: I have the honour to acknowledge the receipt of Your Excellency's letter of today's date in which Your Excellency was so good as to inform me that by the words "until the thirty-first day of the third month of the seventeenth year of Showa, corresponding to the 31st day of March, 1942, the present position as regards tax exemptions shall be maintained", it is understood that until March 31, 1942, no taxes at present in force shall be collected other than those heretofore collected from the leaseholders, nor shall any taxes which may be introduced in the future be collected from the leaseholders if such taxes are directly connected with the perpetual leaseholds. I take pleasure in confirming Your Excellency's understanding on this point and also with respect to the status of an American lease- hold in the event of its transfer, and I reciprocate Your Excellency's hope that the friendly spirit in which this settlement has been brought about will ensure its successful operation. NAOTAKE SATO His Excellency Mr. JosEPH CuLAR GREW, Ambassador Eatraordinaryand Plenipotentiary of the United States of America.