740.00119 PW/7–2948

Statement by the United States Representative on the Far Eastern Commission (McCoy) on FEC–011/51 at 117th FEC Meeting, 29 July 19481

SCAP has advised the United States Government that upon examination of stocks of gold and silver now in Japan and pertinent records, he has made a determination that certain gold and silver is of clearly established Japanese ownership. He has placed this gold and silver in accordance with the terms of FEC–032/26, para. 16c2 in a fund created as a means of acquiring foreign exchange to aid in financing Japanese production programs. The United States Government has reviewed and considers proper SCAP’s finding and action in this matter. It is therefore the viewpoint of the United States Government that the provisions of FEC–011/51, which deal with restitution of looted property found in Japan, will not affect in any way this gold and silver which SCAP has determined to be Japanese owned, or any gold and silver which SCAP may in the future in accordance with the terms of FEC–011/51 find to be Japanese owned, or the use of such gold and silver in connection with credits under the terms of FEC–032/26, para. 16c.3

  1. Copy transmitted to the Department by the Secretary General of the FEC on July 29. Mr. Johnson stated that the Soviet Representative abstained from voting on FEC–011/51, July 29; for text of latter, see The Far Eastern Commission, 2d report, p. 37.
  2. July 24, 1947, ibid., pp. 31, 33.
  3. FEC–011/51 was sent as directive serial 93 to SCAP. (740.00119 PW/8–1348)