840.51 Frozen Credits 25/10–2744
The Ambassador in Chile ( Bowers ) to the Secretary of State
[Received November 5.]
The Ambassador has the honor to refer to previous despatches regarding the liquidation of the five German insurance companies heretofore doing business in Chile, La Albingia, La Nord Deutsche, La Allianz, La Aachen and Munich and La Maanheimer.
Supplementing the despatches referred to there is transmitted herewith copy and translation of Decree No. 3554 dated September 25, 1944, instructing the Superintendent of Insurance to liquidate all securities belonging to the insurance companies named and to invest the proceeds of the same as well as all cash on hand in road bonds issued in accordance with Article 31 of Law No. 7200. These bonds bear interest at the rate of 7% and are amortized at the rate of 7% annually. The Decree which was published in the Diario Oficial of October 11, 1944, also authorizes a subsistence payment of 5,000 pesos per month to the ex-manager of one of these insurance companies. The issuance [Page 785] of this Decree is one of the final steps in the conclusion of these liquidation proceedings.
There is also enclosed copy and translation45 of Note No. 674B dated September 12, 1944 of the Superintendent of Insurance Companies which constitutes the basis for the above Decree.
- Not printed.↩