61 STAT.] ITALY-FINANCIAL AND ECONOMIC RELATIONS-AUG. 14,1947 by the United States Alien Property Custodian from the Italian Government or from Italian nationals. Literary, artistic or industrial property so returned will remain subject to all licenses and agreements for licenses granted or entered into by the United States and which are in effect prior to the return of such properties. "It is the intention to return the proceeds from licenses and agreements for licenses granted or entered into by the United States with respect to literary and artistic property. Such proceeds will be subject to return pursuant to Article I, paragraph 1 (a), of the Memorandum of Understanding. With respect to industrial property where the United States has granted revocable, royalty- free, non-exclusive licenses it is the intention of the United States not to issue additional similar licenses or to reissue any such licenses which have been cancelled or revoked. "With respect to the revocable, royalty-free, non-exclusive li- censes granted by the United States, members of the Italian dele- gation have inquired whether the United States Government will object if, after the return of such properties, the owners negotiate with the licensees with a view to altering the terms of the licenses granted to them by the United States. It is not the intention of the United States to interpose any objection to such negotiations, provided that such negotiations and any changes in the terms of the licenses are in conformity with all laws of the United States, including the anti-trust laws. Also, it must be clearly understood that the United States assumes no obligations with respect to these negotiations and the licensees are in no way obligated to negotiate any changes in the terms of the licenses granted to them by the United States." Accept, Sir, the renewed assurances of my highest consideration. ROBERT A LOVETT Acting Secretary of State The Honorable IVAN MATTEO LOMBARDO, Chief of the Italian Economic and FinancialDelegation. The Chief of the Italian Economic and Financial Delegation to the Acting Secretary of State ITALIAN EMBASSY WASHINGTON, D. a. Italia Eeonomi and Finnial Delegatio AUGUST 14, 1947 SIR: I have the honor to acknowledge receipt of your note of this date, in the following terms: [Text same as in preceding note.] 4003 Proceeds from licenses- Ante, p . 3988.
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