3678 INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [61 STAT. including the products pipeline system, shall be valued at their com- mercial values as of the time or times of the completion of the ap- praisal, and in this connection it proposes that appraisal of the Canol Project should be initiated within a reasonable time following notice of the termination of operation of the project, or a major part thereof, and completed as soon as practicable. It therefore further proposes that the two Governments appoint representatives at an early date in order jointly to inspect the physical property, collect information and submit preliminary reports relating to evaluation as early as practicable and, if possible, prior to the termination of operations. If your Government agrees to the proposals made herein it is suggested that this note and your reply indicating such agreement shall be regarded as placing on record the understanding of the two Governments on this matter. Accept, Sir, the renewed assurances of my highest consideration. RAY ATHERTON The Right Honorable The Secretary of State for External Affairs, Ottawa. The Canadian Secretary of State for External Affairs to the American Ambassador DEPARTMENT OF EXTERNAL AFFAIRS CANADA No.17 OTTAWA, February26, 1945. EXCELLENCY: I have the honour to acknowledge your note No. 290 of February 26 in which you make certain proposals with regard to the Canol Project. The proposals set forth in your note are acceptable to the Canadian Government, and it is agreed that your note and this reply shall be regarded as placing on record the understanding arrived at between the two Governments on this matter. Accept, Excellency, the renewed assurances of my highest considera- tion. W. L. MACKENZIE KING. Secretary ofStatefor External Affairs. His Excellency The United States Ambassador to Canada, Embassy of the United States of America, Ottawa, Canada.
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