Papers relating to the foreign relations of the United States, Japan, 1931–1941, Volume II

711.94/234418/25

Document Handed by the Japanese Ambassador (Nomura) to the Secretary of State on September 23, 1941

September 23, 1941

“equitable basis” means economic activities of a non-discriminatory character which are not monopolistic, exclusive and exploitative, qualified, however, by the inevitable natural limitations referred to in (e) of the reply to questions put by Mr. Hamilton under instructions of Mr. Hull on September 10. Accordingly it goes without saying Japan is not the sole judge in determining what constitutes “Equitable Basis.”