The South American; A Journal for All Interested in Latin American Affairs Volume 6

The South American; A Journal for All Interested in Latin American Affairs Volume 6

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1917 edition. Excerpt: ...to commence one year after the exploratory work is completed. Concessionaires to have exclusive right of denunciation of oil and gas deposits in the territories specified, during the period of three years noted above. Government to receive 10 per cent. of gross product of exploitation of these territories during the first 15 years and 12% per cent. thereafter. Said percentage may be taken by Government either in the form of crude petroleum itself or in currency on the basis of New York and London quotations, less cost of transport to said markets. Concessionaires for the duration of this contract shall be liberated from payment of any fiscal, municipal or customs tax on their products or equipment. Seventy-five per cent. of employees to be Ecuadorians. On ratification of contract, concessionaires to deposit sum of 100,00 sucres, in bank designated by Government, as guarantee of good faith, deposit to be returned when exploitation of deposits is inaugurated. All controversies to be settled by arbitration, concessionaires being subject to laws of Ecuador, abandoning right of diplomatic appeal. Concession to remain in effect for period of 35 years from the date on which exploitation of deposits is inaugurated. All other mineral substances discovered in land denounced by concessionaires to pertain to them on payment of taxes demanded by law. The other American syndicate seeking a similar concession in Ecuador is the Ohio Cities Gas Company, a small concern in comparison with the International. The negotiations for the Ohio Cities' concession were conducted by Sr. J. Cueva Garcia, a native Latin American. The financial responsibility of the Ohio Cities Gas Company was guaranteed by the Central Trust Company, of New York. Largely as a...show more

Product details

  • Paperback | 156 pages
  • 189 x 246 x 8mm | 290g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236808819
  • 9781236808813