American Notes of the Week (By Cable)
THE "REPUBLIC OF IRELAND " LOANS.
A curious situation faces the receivers for the "Republic of Ireland " Loans raised in the United States from 1919 to 1921 to finance the establishment of the Irish Republic. Although it is nearly three years since a Supreme Court of Justice of New York held that the Irish Republic had never existed as a de facto or de jure government and ordered the money remaining in American banks to be returned to the bondholders on a pro rata basis, this has not been done yet. The reason seems to be that it is more difficult to persuade bondholders to take back their money than it was to persuade them to part with it. Altogether $5,800,000 was raised here originally, from more than 300,000 subscribers. After the establishment of the Irish Free State $2,600,000 remained in American banks. When the claims both of the Free State Government and of Mr. De Valera to this balance were disallowed, the receivers immediately broadcast appeals to bondholders to file claims for the share of $2,600,000 due them. The result to date is that, of 800,000 bond- holders, only 133,000 have filed claims. Many subscribers destroyed the bond certificates they received for their subscriptions and others wish to keep the certificates as historic documents. After nearly three years' extensive advertising and persistent circularizing, the receivers feel that they cannot reasonably, be expected to exert their powers of persuasion any longer. They are now awaiting a court decision on their application to be permitted to distribute the balance at their disposal, at the rate of fifty- nine cents to the dollar, to the 133,000 subscribers who have taken the pains to ask for payment.
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