NORTH ATLANTIC FISHERIES DISPUTE 31 



Empire, or upon the grantor's consideration of what would be a reason- 

 able exercise thereof towards the grantee. 



But this contention is founded on assumptions, which this Tribunal 

 cannot accept for the following reasons in addition to those already set 

 forth : 



(6) Because a line which would limit the exercise of sovereignty of a 

 accruing out of the Treaty are to be circumscribed, can refer only to the 

 right granted by the Treaty ; that is to say to the liberty of taking, drying 

 and curing- fish by American inhabitants in certain British waters in 

 common with British subjects, and not to the exercise of rights of legisla- 

 tion by Great Britain not referred to in the Treaty ; 



(b) Because a line which would limit the exercise of sovereignty of a 

 State within the limits of its own territory can be drawn only on the 

 ground of express stipulation, and not by implication from stipulations 

 concerning a different subject-matter ; 



(c) Because the line in question is drawn according to the principle 

 of international law that treaty obligations are to be executed in perfect 

 good faith, therefore excluding the right to legislate at will concerning 

 the subject-matter of the Treaty, and limiting the exercise of sovereignty 

 of the States bound by a treaty with respect to that subject-matter to 

 such acts as are consistent with the Treaty ; 



(d) Because on a true construction of tlie Treaty the question does 

 not arise whether the United States agreed that Great Britain should 

 retain the right to legislate with regard to the fisheries in her own terri- 

 tory; but whether the Treaty contains an abdication by Great Britain of 

 the right which Great Britain, as the sovereign power, undoubtedly 

 possesses, when the Treaty was made, to regulate those fisheries; 



(e) Because the right to make reasonable regulations, not inconsis- 

 tent 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 .sovereignty 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 obligat^ 

 ory relation whereby the right of Great Britain to exercise 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; 



