the President of the Stock Exchange, the Director of Internal Revenue, and the Director of Electric Services would fix the value of the stock on the basis of the preceding article. (Article 4.)

Administration. The present Chilean Electric Company (Compania Chilena de Electricidad) would be administered by a provisional board of directors composed of nine members appointed in the following manner: one by the Chamber of Deputies, one by the Chamber of Senators, one by the National Mining Society, one by the Institute of Engineers, one by the Society of Manufacturing Development, one by the Confederation of Workers of Chile, one by the Federation of Employees of Chile, and two by the President of the Republic. (Article 6.) This board would report to the President of the country as to the best method of organizing the administration of electric services throughout the country. It would function for one year, each member receiving a remuneration of two thousand pesos per month. (Article 7.)

Other corporations which might be expropriated would be administered by delegates appointed by the President of Chile; they would discharge their duties until the final law which regulated this new public service was promulgated. (Article 8.)

Payment. Under the provisions of Article 9 of the draft, the President of Chile would be authorized to issue the necessary internal bonds for payment of the expropriated shares of stock. Interest on these bonds is restricted to a maximum of 7 percent per annum. Further, the Institute of Industrial Credit would be authorized to discount 75 millions of besos at the Central Bank of Chile for the development of the electric enterprises expropriated under the present proposed law. (Article 10.)

The Executive, under authorization contained in Article 21 of Law No. 4054, decreed on May 21, 1937, that the contribution of the employer for compulsory insurance be increased by 1 percent and the Government's share by 1/2 percent over a period of one year. The additional funds were to be used for maternity, child welfare and preventive medicine.

Law No. 6172 of January 31, 1938, made permanent the increase of 1 percent in the employer's contribution, but changed the allocation of the receipts from the purposes mentioned to investments in lands and buildings for workmen. Likewise, funds for the preventive medicine program were furnished by Law No. 6174 of January 31, 1938, which required that all employers pay 1 percent of both salaries and wages for this program. To complete the programs for which Decree No. 308 had been issued, 1.e., maternity and child welfare, the Executive, on June 27 submitted a project of law to Congress to make permanent the increase of 1/2 percent in the State's contribution to the obligatory Insurance Institute, this increase to be devoted to maternity and child welfare. The text of the bill, in translation, is as follows: From the office of the American Commercial Attache, Santiago.

Article 1. That part of clause one of Article 12 of Law No. 4054 which reads "and the State, one percent" is modified to read as follows: "and the State, one and a half percent. Article 2. A third of the total income from the fiscal quota will be devoted, in its entirety, to the maternity and child welfare programs.

Article 3. The President of the Republic is empowered to issue bonds of the State, at 6% interest and 1% amortization annually, until completion of the sum necessary to liquidate the one-half percent by which the fiscal contribution to the Caja de Seguro Obligatorio was increased, in accordance with

Article 1 of this law.

Article 4. This law will be effective as of July 12, 1937. There are so many laws relating to social security legislation in Chile that a summary of the present situation will be of interest. A total of 7 percent of all wages is paid by the employer and wage earner, plus 1 percent by the State. In the case of wage earners in the provinces of Antofagasta, Tarapaca and Magallanes and in all mining companies, the discount is 2 percent greater, as shown below: SOCIAL SECURITY DISCOUNTS

Discounts for privage employees reach a maximum of 24.33 percent of salaries although this is not an exact figure as the "asignacion familiar" discount is not applied when the employer voluntarily provides for family assistance in an amount equal to or greater than the 4 percent charged. Likewise, the discount for years of service is applied on salaries only up to 3,500 pesos per month or on this amount if the salary is in excess of the figure mentioned, the following being a summary of the present status of discounts for social security:

A law dated July 6 and promulgated in the Reichsgesetzblatt, Part I, of July 8, 1938, (No. 107), orders the exclusion at short notice of all Jews from the agency business in several branches of trade according to the office of the American Commercial Attache, Berlin. It also prohibits Jews to exercise any itinerant trade, including that of commercial traveler, but applies only to the territory of the old Reich, and not to Austria. Under Article 1 of the law a new paragraph (34b) is inserted in the Industrial Code (Gewerbeordnung fuer das Deutsche Reich). It forbids Jews to exercise the following professions: (a) Property protection agencies (i.e., agencies providing nightwatchmen, et cetera),

(b) Commercial credit and private detective agencies, (c) Dealing in real estate,

(d) Real estate agents, including agencies for providing mortgage loans; management of real property and houses,

(e) Marriage agencies, with the exception of agencies for marriages between Jews or between Jews and half-Jews,

(f) Tourist guide agencies.

An amendment to paragraph 57 of the Industrial Code provides that no license is to be granted for exercising an itinerant trade when the applicant is a Jew. Jews engaged in the occupations indicated under (c) and (d) are obliged to liquidate their business not later than December 31, 1938. Those engaged in the trades enumerated under (a) and (b) have to liquidate their business within 3 months, and those in the trades sub (e) and (f) within 1 month after the promulgation of the law. As regards commercial travelers and Jews engaged in other itinerant trades, the respective licenses will become invalid as from September 30, 1938. Article 3 of the law provides that no compensation will be granted for the losses which persons engaged in these trades may suffer through the introduction of this law.

Transfer of property in Greece is effected by a sales contract executed by the seller and buyer before a notary public. In addition to the names and addresses of the two parties, a description of the property, with the price and method of payment, the contract contains an abstract of title extending back thirty years, which is the limitation for actions respecting real property in Greece.

There is maintained a Registry in which all acts before a notary and all court decisions relating to the conveyance of real property, are recorded. The Registry consists of a list of persons owning real estate, with a description of all property owned under each name. Title is evidenced by a certificate issued by the Register, containing an abstract of title with reference to the manner of conveyance in each case (sale, inheritance, et cetera) and to all liens on the property.

In addition to the above Registry, which might be referred to as the Registry of Titles, three separate registries are kept, relating to the status of real property. The Registry of Mortgages is what its name indicates. Seizures, attachments, and other liens, are registered in the Registry of Seizures. The Registry of Claims and

Servitudes is a record of vindications of ownership and of claims concerning rights of use and related property rights. Efforts are made to keep the Registry of Titles up-to-date as regards references to all entries and changes in the other three registries. A title certificate from the Register of Titles indicates all liens and vindications. From the foregoing it will be observed that the Greek equivalent of an American deed is the title certificate issued by the Register. Such a certificate does not involve the use of a printed form, and in common with a sales contract, simply is typewritten or drafted in longhand on a sheet of stamped (revenue) paper, according to the Office of the American Commercial Attache, Athens.

A treaty of friendship, commerce, and navigation, between the United States and Liberia, was signed at Monrovia on August 9, 1938. The treaty provides for the entry, travel and residence of nationals of each country in the territories of the other, and the conditions of their establishment therein. It also provides for most-favorednation treatment in customs matters and has extensive provisions relating to quotas and exchange control. In addition, it provides for national treatment of shipping. The entry into force of the new treaty will terminate the treaty of commerce and navigation between the United States and Liberia, which has been in effect since February 17, 1863.

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SWEDEN

Taxation, Income and Property Tax Amendments.

Law No. 227 of June 10, 1938, provides that the percentage of the basic rates to be applied for year 1938 shall be 180 percent (170 percent in 1937 - see February 1938 COMPARATIVE LAW SERIES).

Law No. 228 of June 10, 1938, under Schedule A gives the amount of tax (including the 180 percent) that is to be paid for the year 1938 on specified incomes in the case of individuals, Swedish economic associations and foreign corporations (For basic rates see pages 53 and 54 of February 1938 COMPARATIVE LAW SERIES). Schedule B provides that Swedish corporations shall pay 180 percent of the basic rates. Schedule C provides that Swedish insurance companies shall pay a tax of 10.80 percent, except that such corporations shall pay tax as under Schedule B on the income from shares held in their own right. Under Schedule D savings banks are subject to a tax of 7.20 of their taxable income. Schedule E states that other taxpayers who do not come under Schedules A to D shall pay a tax of 5.40 percent.

Under Law No. 229 of June 10, 1938, the Equalization Tax will be payable in 1938 at the same rate as in 1937 (See page 56 of February 1938 issue).

Law No. 230 of June 10, 1938, reenacts the same rates of Extra Income and Property Tax as applied in 1937 (See page 57 of February issue).

Law No. 233 of June 10, 1938, provides new rates of 1938 in the Special Property Tax (See page 56 of February issue) as follows:

When the net value rate is 2 per mille on amounts exceed:

exceeds 50,000 crowns but not 150,000, the the amount exceeding 50,000, and when the

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150,000 but not 300,000 300,000 but not 500,000 500,000 but not 1,000,000 1,000,000 crowns.

200 crowns for 150,000 and 4 per 1,000 on balance 800 crowns for 300,000 and 6 per 1,000 on balance 2,000 crowns for 500,000 and 8 per 1,000 on balance 6,000 crowns . . and 10 per 1,000 on balance

However, Law No. 370 of June 17, 1938, effective on January 1, 1939, provides that the Special Property Tax rates shall be as follows:

When the value does not exceed 40,000 crowns, 1 per mille on the amount between 20,000 and 40,000 crowns and when the amount exceeds:

40,000 but not
80,000 but not

80,000 150,000

150,000 but not

300,000

300,000 but not 1,000,000 1,000,000 crowns. .

20 crowns for 40,000 and 2 per 1,000 on balance 100 crowns for 80,000 and 3 per 1,000 on balance 310 crowns for 150,000 and 4 per 1,000 on balance 910 crowns for 300,000 and 5 per 1,000 on balance 4,410 crowns for 1,000,000 and 8 per 1,000 on balance

Law No. 238 of June 10, 1938, provides that for the year 1938, Swedish stock companies, and as pertains to Swedish insurance stock companies on that part of their income from shareholdings in their own right, shall pay a special income tax of 3 percent on their taxable income as calculated for State income and property tax. Law No. 369 of June 17, 1938, makes certain amendments in the State Income and Property Tax Law of September 28, 1928, which are to go into effect on January 1, 1939. Among the sections of the

basic act which are amended is Section 18 which establishes new basic rates for the various types of taxpayers as follows:

(a) For physical persons, undivided estates and family foundations: On amounts not exceeding 3,000 crowns, 4.5 percent; and exceeding 3,000 crowns but not 6,000 crowns, 135 crowns for 3,000 and 5.5 on the remainder; and exceeding 6,000 crowns, 300 crowns for 6,000 crowns and 6.5 percent on the remainder.

(b) For Swedish stock companies, Swedish economic associations, foreign juridical persons, et cetera, 10 percent of the taxable amount. (c) For other taxpayers which do not fall under (a) and (b) 5 percent of the taxable amount.

Taxpayers under (a) are subject to supplementary taxes on all amounts exceeding 8,000 crowns on the following basis:

Two percent on that part of the income which exceeds 8,000 but not 10,000 crowns, and where the taxable amount exceeds:

10,000 but not 15,000
15,000 but not 25,000
25,000 but not 40,000
40,000 but not 60,000

60,000 but not 100,000

100,000 but not 200,000
200,000 crowns.

40 crowns for 10,000 and 4 percent on balance 240 crowns for 15,000 and 8 percent on balance 1,040 crowns for 25,000 and 12 percent on balance 2,840 crowns for 40,000 and 16 percent on balance 6,040 crowns for 60,000 and 20 percent on balance 14,040 crowns for 100,000 and 24 percent on balance 38,040 crowns for 200,000 and 28 percent on balance

Then section 20 provides that for each year it shall be determined what percentage shall be payable on the basic tax amount calculated under (a), (b), and (c) basic rates.

By an amendment to section 15, effective for the year 1939, the portion of the property value to be included in computing the base for the income and property tax of individuals and foreign corporations is reduced from one-sixtieth to one-hundredth.