Pan-American Conference

Pan-American Conference

The limitation of armaments negotiations seem to be on the point of breaking down, owing to the hostility of Argentina. The Expounding Secretary, Antonio Huneus, Chili, brought forward the recommendations of the Armaments Committee which provide: that the question of the limitation of armaments of South America be solved through separate negotiations between the interested nations; that the Governments declare their desire for immutable peace and against armed peace; that they adhere to the Washington naval treaties, fixing the tonnage of capital ships and establishing immunity for neutral merchant ships from submarine attack; that they adhere to the various international conventions tending to prevent and humanize war.

Brazil accepted the recommendations in principle, but Argentina said that the report did not in all respects meet with her views, and intimated that she would have something more to say at a later date.

Panama. Finance Secretary Morales sailed for New York to negotiate a loan of $4,000,000 in Treasury Bonds, recently authorized by the Panama Congress.

Venezuela. The Standard Oil Company of New Jersey notified the British Controlled Oil Fields Company, Limited, that they are prepared to carry out their contract with them for the development of the eastern division of the Buchivacoa oil fields in Venezuela.

This contract calls for the formation of a new company with a capital of $5,000,000. It is stated that the British company will get a royalty in cash or oil amounting to one-twelfth of the total oil produced. The Standard Oil will have the sole drilling rights on the acreage.

Paraguay. The Congress elected Dr. Eligio Ayala Provisional President in place of Dr. Eusebio Ayala, resigned.

Dr. Eligio Ayala, prominent educator, was born in 1880 and was educated - at the National College and at the University of Asuncion, in which institution he later became a professor. He was elected a deputy in 1909 as a member of the Liberal Party. From 1911 to 1919 he was in Europe, engaged in travel and study. On his return he again became a member of Congress; and in 1920, Minister of Finance.