61 STAT.] PERU-AIR TRANSPORT SERVICES- Dc. 27, 1946 2599 May 6, 8, July 21, 1947 Estados Unidos de America y del Dominio del Canada, en forma tal que, entre los respectivos grupos de nacionales de cada uno de estos dos paises, no exista en ningun momento una diferencia mayor del 20% en el monto de sus respectivas participaciones en el capital de la Compafiia. Mucho estimare a Vuestra Excelencia se sirva informarme si lo arriba expuesto refleja debidamente el entendimiento mutuo de nuestros respectivos Gobiernos, que ha servido de base para la celebraci6n del Acuerdo de Transporte Aereo. Aprovecho la oportunidad para reiterarle, Seiior Embajador, las seguridades de mi mas alta y distinguida consideraci6n. E. GARCfA SAYAN Al Excelentisimo Senor PRENTICE COOPER, Embajador Extraordinarioy Plenipotenciariode los Estados Unidos de America. Ciudad.- Translation MINISTRY FOR FOREIGN AFFAIRS AND WORSHIP No. (D)-6-Y/5 LIMA, December 27, 1946. MR. AMBASSADOR: I have the honor to address Your Excellency, in compliance with a request of the Ministry of Aeronautics, to explain how the Peruvian Government understands and proposes to put into execution the Air Transport Agreement between Peru and the United States of America, signed today. The Government of Peru desires to call attention to the fact that at least up to the present, it has not been possible to designate an air line or air lines which are substantially owned and effectively controlled by Peruvian nationals, so that they may enjoy the rights granted by the aforesaid Agreement. This is due to the fact that time is an indispensable factor in training technical and administrative personnel, as well as in attracting the necessary capital. The experience of recent months leads to the conclusion that the Government of Peru will be able to promote the formation of one or more Peruvian aviation enterprises for the purpose of being designated, as regards the Agreement, only if a reasonable period of time could be available for a company originally formed with a moderate per- centage of effectively Peruvian capital, to increase gradually, under the control of the Government of Peru, the proportion of Peruvian capital until a minimum proportion of 51% is reached, which will permit securing for it the title of an effectively Peruvian company; and, as the investigations made have shown that capital of United States and Canadian origin would be the most probable and perhaps the only capital which would be in a position to facilitate the process of gradual Peruvianization of the company or companies to be desig- nated, it is to the said capital that ownership of the proportion not in the possession of nationals of Peru would have to be handed over.
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