The Chargé in Rumania (MacVeagh) to the Secretary of State

No. 265

Sir: I have the honor to refer to the Legation’s despatch No. 255 of August 10, 1929,20 concerning the claim of the Standard Oil Company of New Jersey for the destruction in 1916 of property belonging to its subsidiary the Romano-Americana, and am happy to report that this claim has now been definitely settled.

Mr. Hughes saw Mr. Madgearu upon the latter’s return from Poland and explained the situation to him, as reported in my despatch referred to above. Mr. Madgearu, Minister of Industry and Commerce, is also acting Minister of Finance during Mr. Popovici’s absence at the Hague. Mr. Madgearu expressed regret and concern at the non-settlement of the claim in accordance with the signed agreement entered into last June, and reported in the Legation’s despatch No. 237 of July 6, 1929, and said that he would immediately straighten out the matter. Consequently, on August 24 the Romano-Americana received a cash payment of 72,609,479 lei, which is the equivalent of £89,245.15.9, representing interest payments up to June 1929, and on August 26 received Rumanian Government bonds in £50 and £100 denominations to a total value of £2,099,900 redeemable in 1965.

I have [etc.]

John H. MacVeagh
  1. Not printed.