414 Fortieth Annual Meeting 



exercising their rights under the treaty may, when duly 

 authorized by the United States Government, also enjoy 

 the commercial privileges accorded to United States trad- 

 ing vessels generally, provided that the liberty of fishing 

 and the privilege of trading are not exercised concurrently. 



It is a noteworthy and significant fact that the award 

 of the court on all the numerous and weighty matters in- 

 volved was unanimous, with the exception that Mr. Drago 

 rendered a dissenting opinion on the fifth question. 



Epitomizing the results of the award, it appears that 

 Great Britain received the decision on Question 1, and bene- 

 fitted rather more than the United States on Question 5. 

 On all of the other five questions the award favored the 

 United States; and on Question 1, although the United 

 States' contention as to the proper interpretation of the 

 treaty was not sustained, this countr}^ gained all the desired 

 objects by virtue of the provision of the special agreement 

 by which local laws and regulations not approved by the 

 United States Government are to be submitted to an expert 

 commission. 



