APPENDIX 403 



undoubtedly possessed when the Treaty was made, to regu- 

 late those fisheries; 



(e) Because the right to make reasonable regulations, 

 not inconsistent with the obligations of the Treaty, which 

 is all that is claimed by Great Britain, for a fishery which 

 both Parties admit requires regulation for its preservation, 

 is not a restriction of or an invasion of the liberty granted 

 to the inhabitants of the United States. This grant does 

 not contain words to justify the assumption that the sov- 

 ereignty of Great Britain upon its own territory was in 

 any way affected; nor can words be found in the treaty 

 transferring any part of that sovereignty to the United 

 States. Great Britain assumed only duties with regard 

 to the exercise of its sovereignty. The sovereignty of 

 Great Britain over the coastal waters and territory of 

 Newfoundland remains after the Treaty as unimpaired 

 as it was before. But from the Treaty results an obliga- 

 tory relation whereby the right of Great Britain to ex- 

 ercise its right of sovereignty by making regulations is 

 limited to such regulations as are made in good faith, and 

 are not in violation of the Treaty ; 



(/) Finally to hold that the United States, the grantee 

 of the fishing right, has a voice in the preparation of 

 fishery legislation involves the recognition of a right in 

 that country to participate in the internal legislation of 

 Great Britain and her Colonies, and to that extent would 

 reduce these countries to a state of dependence. 



"While therefore unable to concede the claim of the 

 United States as based on the Treaty, this Tribunal con- 

 siders that such claim has been and is to some extent, con- 

 ceded in the relations now existing between the two Par- 

 ties. Whatever may have been the situation under the 

 Treaty of 1818 standing alone, the exercise of the right 

 of regulation inherent in Great Britain has been, and is, 

 limited by the repeated recognition of the obligations al- 



