Imperial Valley press., 1943-12-01

A report that four suits of wool
underwear had been left in Europe
some time ago, but were still
among the cherished possessions OF
one u S. resident, was received by
the Treasury Department the other
day on one of the returns for its
Census of Property in Foreign
/ Countries While this report may
/ be indicative of the changed sense
of values that war brings on the
world, the Treasury experts con-
ducting the survey admit that this
report carried things bit far, and
that they're not interested in all
this detail If, however, you own
real property worth $4,000 or
more, or foreign bonds worth
nothing at all, Uncle Sam would
like to have you report it to him.
What the Treasury people are
interested in is reaching an esti-
mated 100000 or more individuals
and corporations in the United
States who own property in foreign
countrieS-factories, farms, homes,
money, foreign government bonds,
foreign corporation stocks and
bonds, notes, accounts and bills re-
ceivable, merchandise, jewelry and
objects of art, foreign life insurance
any and everything of value.
RETURNS ARE LIGHT
! The Treasury has until Dec. | to
complete this job. 1t began in
June, but to date it has received
only some $4,000 returns listing less
than 50 billion worth of property.
Word that the census is being made
hasn't gotten around, hasn't reach
ed 9 per cent of the people the
Treasury is trying to find. Best
estimates are that there are some
$40 billion worth of this foreign
property still unaccounted for.
Returns received thus far do in
dicate an amazing variety of posses
sionS held in los foreign countries.
A hair net factory in China, Jimm1
Savo's palace in Italy, the art works
of a famous French painter, now
dead, whose son is a refugee in
America, a whole island in the
Pacific. Biggest individual foreign
investment listed thus far is for 81
million. The smallest is for So.
Canada has shown up as having
the largest single American stake
$500 million. Germany is second
with S120 million. Japan is pretty
we'll down the list with Sll million.
Purposes of this survey are to get
information of value in the con-
duct of the war. The case of an
American owned flour mill in south
ern Italy is cited. The knowledge
, that this was an American property
permitted the U. S. military au-
thorities to get in touch with the
real owners so they could rush in
the engineers who designed and
built the mill to repair the ma
chinery and put it in operation
again to help feed the local popula-
ton.
POSTWAR DL%EFITS
At the peace table negotiations
it is believed this accurate informa-
ton on the American stake in
foreign countries will be the basis
for adjusting claims for property
damage, and putting U. S. citizens
back into possession of their proy-
erty. In that connection, one of
the present values of having foreign
possessions listed is that this regis
tration will prevent disposal of loot
and the sale of such items as dollar
bonds, art treasures and jewelry OH
the American market, before real
ownership is established. In the
postwar readjustment period, knowl-
edge of U. S. claims against foreign
governments will be basis for de-
termining limitations of credit.
One reason the Treasury's survey
hasn't brought in more returns Is
that some people have been suspici-
Gus that it was a dodge to get in
come tax information, tips on cartel
agreements or secret deals. Treasury
officials insist this isn't so. The
survey isn't a witch hunt, and ne
one filing a return can be proSecut-
cd. But if you don't file, you're
liable to $4,000 fine or 10 years.
Another reason the returns have
been slow in coming in is that the
distribution of report forms through
Federal Reserve Banks put them
into the hands Of only the bigger
investors and the commercial banki
themselves. Now the banks are
asking their depositors if they have