asked the Minister for External Affairs if the affairs of the League of Nations have been wound up; whether the assets of that organisation have been disposed of; whether, in the winding up of the organisation, any sums appear to be (i) due by this country, or (ii) due to this country; and if so, what action has been taken in regard to such moneys.
Ceisteanna—Questions. Oral Answers. - Assets of League of Nations.
Since the dissolution of the League of Nations on the 18th April, 1946, the winding up of its affairs has been in the hands of a board of liquidation appointed by the League. The board has not yet completed the work. Some of the assets, including the legal title to buildings at Geneva, furniture, office equipment and other similar property, and certain special funds, have already been transferred to the United Nations, the International Labour Office or other international organisations. But the greater part of the assets, including the whole of the ordinary funds of the League, has not yet been disposed of.
No sums are due by this country to the League, but, under the scheme of distribution of its assets adopted by the League at its final session, this country is entitled to a share of all the material and liquid assets remaining at the time of the League's dissolution. This share is determined on the basis of the proportion borne by our total contributions to the League during its existence to the total contributions paid by all members of the League down to and including those for the year 1946. Our share of the assets so determined works out at 1.55 per cent. of the total. On this basis, our share of the material assets is valued at about 735,000 Swiss francs. Our share of the liquid assets cannot be exactly determined, however, until the net total available for distribution is finally ascertained.
The scheme of distribution adopted by the League provides that the liquid assets should be distributed in cash and that members' shares in the material assets should be credited against the contributions payable by them as members of the United Nations. This country is, of course, not a member of the United Nations, but an assurance has been sought and received from the board of liquidation that, if necessary, our share of the material as well as of the liquid assets will be paid in cash when the board presents its final audited accounts.