AFFAIRE RELATIVE A CERTAINS

EMPRUNTS NOKVGIENS *
(I;I<ANLE c. NOIIVI:GISJ

CASE OF CERTAIN NORWEGIAN

LOANS *
(FIZANCE W. NORWAY)

B Greffe. - Les renvois j. un textc ayant fait l'objet d'une dition

* N O ~ dit
provisoire ii l'usage de la Cour unt Cte ceitip1ac.c par des renvois aux pages de
la prdscntc dition dhnitivc.
* N o f c by the Rqislvy.-Ang refercncrs Lo a tcxt wIiich was isrued in a
provisional cdition for the use uf the Court have becn replaced by references to
the pages in the present dcfinitive editiori.
 Le prscnt volumc doit 2trc cite conimc suit:
(i C. 1. J . Mmoires, Aflaire relative 4 certairts eiir$rzorts ilorvLgieits

(Frafzce c. Norvge), vol. 1. ))

This volunle should bc quotecl as:

"I.C.J. Pleadings, Case of certain Norwegiala Loaris
(France v. A'orway), Vol. 1."

NO de vente :
Sales number
 8

SECTION A.-APPLICATION
INSTITUTING PROCEEDINGS

1.-THE FRENCH AMBrlSSrLDO 12 I N THE NE'l'SEBI2LANDS

TO THE REGISTHrLR O F THE INTERNATIONAL
COUKT 01; J USTlCE
[Tm~~,sluliorzby lIhe Ii'[Link]]
The Hngiic. J u l y 6th, 1955.
Sir,
1 1i;irrc tlic
1iciiir)iii- t r i sr'ricl !;ciii I i i . r i : n i t l i i~ 1r:ttcr frtitn t h e :\gent
rif tlic I;civcriimcrit of tlic Fi-cricli lit:lsulrlic, trni~l;n~itting to y011 011
behalf of thc 1;rciiclz I;ovcbrnmcri t, i i i t ~ v oc t i l i l e s , an :Ip1-ilic:ition
institutins ~iriiccccliiigsbefcii-c the 1iiternntio11;tl Court of Justicc
aricl relatirig io ;idisl~iitcivitti the C;overnnicnt uf the liingdom of
Norlvay coliccrni~~;:thc payrnent of nrious Nnrircgian loans
issued i n Frrice.
1 hvc tlic f~irt11erIirit~ourto inforr~~ you that Professor Gros has
been appointcc1 Agr:i~tuf t h c Fretich Govcrnincnt in tlzis casc.
1 Ii;tvc, etc.

II.-TIIE AGEX?' 01' THE G O V E R N M E N T O F THE F1ZENCH

REPUBI,IC TT3 'I'HE RICGIS'I-R:lI': OF THE 1NTERNATlONAL
C O U liT Ciil; J L*Sl'lLE
[Tvrr~isLrittui~by /Ili: Ii'egisiry]
Paris, J U I F j t h , 1935.
Sir,
I have the honutir to ;iddres to yoii, on bchalf of the Govcrnmciit
of thc French Republic, an ;Iliplic;ttiori instit~iting procceclings
beforc the lntcrrintiunal Court of Justicc and relatiiig t o a d i s ~ ~ i t c
with tlic Governtncnt of thc I<ingclorn of Norway coiiccrning thc
paymcrit of various Norwcgian lonns is~iecli n France.
I have, ctc.
 III.-APPLICATION INSTI'I'UTING PKOCISEDINGS ON
BEHALF OF THE GOVERNIbIEN'l' O F THE FRENCH
REl'Li BLIC
[Sranstatto~t by the liegisluy]
To thc Presiclent
And Mcmbers of thc I1ltcrtl;itiuiial Court of Justice,
1, the tindersigned, duly a u t h o r i d b y the Govcriliiient of the
French Repiiblic, selectirig as address for service thc Frcncli
Embassy at Tlic H L I ~ S ' ~ I C ,
Having rcgarcl t u Article :$CI, 1):ii';tgra~h2, of the Statiitc of tlic
Coiirt aiid T tIlc :icc~itntccof tlic coiii~iiilsoi-yjurisdicticin of t lie
1ntcri1;itioiir~lCriiirt cif .liistici: liy tlic iiingclrm of Norivay o n Nrivcrii-
t x r 16tl1, 1 94Ot ; i ~ i { l l)y t I I ( * I T I - C ~ I I C I I !<t:p~~l)lic (111 b1:1rcl1 ~ s t ,194cj :

1-i:iviiig i-cg;~rtlt o :\rt icli: 40, I ) ; I T ~ L ~ C ; I I ) I )T , of t l i c S t a t ~ t c ~~) F

IICCOIII.~,
Have tIic Iioiioui- tci ;iclclrcss to you tl1c frillo~ring:llipIicatici~i:
Thc 1<i1igd0111of Nor\[Link] iss~ic<i an tlic lTreticli ni;irkct a ccrtiiin
l)ciiiclr;, mnclc jinjuLblc iii gold or incluclirig
' I . i n tcr~~;ttional
I ~ L I I I I ~ L of
plil cl;riis~:,wliicli ;Ire Ilcld 1))- Fi-clic11 riatioriaI. Ccrt:iiri of tlic
lnan wcrc flo;itccl clircct1~-b!- tIic I<ingdom of Norwliy, otlicrs
throiig21 tFir ittrirriicrli;ir!. of 5t,itc banks, tIic klottgage B;irik of
thc iiingclnni cif Nortv:i\; niicl thc Si11311 Holclirig and \Vorl<crs1
Hotisitig 13:1iik, oii various d,rtcs I i c t \ i ~ ~r SnS j niid 1907.

Six lonlis f1o:i ti:rl [Link] Iiy tlii: I<iiigcloi~iof Nor~vayiii 1 ~ 9 6

(3y0 go!(!), I()OO (3; [;{, ~ < ~ I c I )ICjC)2
, (3:: gol~l),L 9 U 3 (y%gulci),
1904 (3.1. "1, grild), Igng (,il :;' gold), :in: iri the foIla\\-iiig tcrins :
"\Vc, Chir Iieirs nricl sLiccssors iii tlie Lovcrrimcnt of Noriva\: (iti
respcct i tlic 34 'x,
1905, \Vc, tlic I;ovci-nnic~it of thc 1l;ingclom of
Norwaj.),
" Prriclaitii aiid clcc1;irr: liy tliis origiiinl 13ond thnt .... \e'
liavc a)litr;~cti:cl iii Olit riarnr: ntlil oii Iiehalf of Otir Iiingclotir
of Norimy :iiirl iiticlcr tlic iiniiicdiatc gu:irailtce of the Xorn'egiari
Natioii .,.. ti-itli tlic CrLilif Lyoii iiriis and thc i'nnyrte ric Pliris et ries
Pays- l<ns i i i I'ni-is .... n 10:iii f .... liroricr (gold currencyj = ....
francs = .... ~iriiiridsstr:i-lirig."
l'lie boiids r i l tIi(: rSg6, ~ g o t i ,1902, 1903. rgof. aiid 1905 loans
also [Link]: witii tlic iollun-riig \rcirds : "Thc tjci~rcrof this IJ~id
[Olilip/iou .finu/ielle] lias n dcbt cliic of tIircc hriridrcd and sisty
kroiicr iri gulcl curr~cbric!-,r lii-i: liuiirlrcci fraiis ur ninetceti poiiilcls
sixtccir shillirigs and l i ~ c l ~ c ~stvrIii~$
icc ...."
Thc foriiiii1;i a1q)cnring ori tlic \'arious loati bonds of thc ?dort-
gngr ISiiii k of t l i c b Iiirigdnr-ii ril Kcii-ivay, ir-Iinsc c;ll~itall~clo11gtri tlic
Stxte, t:itr:s t h t tlic Iiliri(ls arc paiv:ilile iri ~ o l dcurrcncv; tIie
 "We cEcclare that we OIVC t l i ~~ I C C L ~ CofT this 3; % (bank) Rond ....
thc amourit of tIircc hu~idrcrl3 r d sisty kroner, five liundrccl fraiis
or four Ii~itidrcclild livc IieiIisnrarks, oiic ki10grai-t-i of fille gulcl
crilciil~itcclnt 2,480 krorier or 2 , jgO [2eichsii1arks, or 3,444.44 fn~iics."
liiiially, tlic 1904 3 {x, grilcl 1ci;i 11of tlic 5111:ii 1 Holdiilg ;tnd Workcr s'
Hriiisirig IJaiik. wliosc c;il~ilrilIii~lori;.~tii tlic Stcitc, c o ~ i t a i i ~tlie s
follo\r~ing: "Ive dcclarc tlint ri.^ O\\-C tlic Iicnrer of this 3: :',
(bank) I3onc1, guni-aritrecl l)?. ZIic Nririvr'giaii Cjt,~tc,ari ainouii t i i i
gold of thrcc Iiuiic~li-cdnntl si1t.v Icroncr or Ji\-c hiii~drcclfrarics cir
four 11undrt:d ancl fil-c Eit:icIisiii:ir-Ls, tIic kilobram of litii: giilcl
being cn1ciil:~tccl 3t 2,4 S o ki-ciiicr cir 2,790 Ri:iclisiiinrks. " I'lic
Borid alsu i~icIudrstlic fiilIci\iirig cl;iiisc : "l'lic lZoya1 Miriistr>. t i f
Fiiiaiicc ;tild L~islorii!j.;ict iiig c i ~ i1ii:li:ilf t i f tlir: Not.\[Link]~C;o\.cr~i-
I T I C I I ~ ~g ~ i : i ~ t ~ i t ( -in
i ; s :~cci~rtl;i
. I I C C \vi tli ~ ; L S ; I ~pli
I :{ of lit: I - ~ ; I I I S
011 Si11al1 1-~olcli~i~s ; I I ~ CIVorI~~rs'
~ I-Ii1115ing.-\ch of J I I ~ qtli,C 190:;.
thc ~?:l!~iiiciitt i f i i i tcrcsi i i i i tliis I<oricl issiivcl 1)!- tlic 51riall Iioldiiig
aiid Workcrs' I-Ioiisiiig l3,iiil;, 21% \i( h l 1 ;is its ri~tlcrii~)ti~i a t rnnturity
iti tlic LniiIiiicr sp~:ciIii:~liii (IIL 1<01i(l. "

A Iioyal clccrcc rl~iiccl 5cptrriibcr zytli, 1g31, suspcildcd tlie

cciux~ertihil~ty cif i ~ o t c sissuccl 1):- thc Baril.; of Kortvay ;~nZsiiicc
that clntc tlic servici: of tIic Ioaris rcfilrrcd t o aho-i-c lias I,r:c:~i
effectecl 011 tlic ]>:\si:,i > f tlii*noti~iii:ilaiiiount of thc couporis or uf t h c
rcpaicl I ) o ~ I ( I ~ l>!- p:i> I I ~ C I tI il1 Xor\\-i:gia~~ Iiroi~~ r Tlw Frc11c11
OIIIJ-.
lioldcrs of Nor-zicginii gcilrl I~triitls. ri>j>rrsciit~d b j ~tIie Xation:il
Associaticin uf 1't.r'ii~li S c c ~ ~ r i 1-l(i1rlcrs ty Cl'. l ssocinf iuri riotiuiialr iles
h ~I*- CsL I ~ I L 'IC C ~ t IZC rc~rrii111iiin
+odclrvs frri I I ( . C I ~ Srit ~ i t f ~ t t ~/ t' l~~ ) l i i / ij,
of tlic sci-\.icia tIic: 1o;iiis [ ) i l tlic: Ii:isis of tlii: iioiiiiri;~l~itnu~iiit iii
gold, iri accord:~iicc: \vit11 tlic sulistricc ( ~tlic i clcbt ;~ssumcdI!,
Nornlag' :itirl I I I i:rcciit 1011 ( i f tiic pso\:isicins of 111~:cui~trrict > ,
iitidt:~-
whidi ilic Iiorirls 1vr:ir issuccI i r t rr:sl-icct of c : ~ c hloan. I lie \\-lit- of
1939 iiitciruptcd tlii: disciissioiis vliicli i\*cresul~scclucntl?;rcsurricd,
b u t ivithuut succ';s; the 3Iursg;igi: 13:iizk of the I?irigdot~iuf Nor~vriy,
it particiilar, icfusccl tu rcfchr tlic cliivstioii, a s proposed 1))- thc
Nationnl itsscici:itioi-i of 1;rcrili Scciirity Hr>ltlcts, ti, tlic Cniirt of
Arlii tra tiori ct;il~lislicrl I? t l i t b 1 i l tcriiritici~ialChaiiibcr of Coninicrce.
The Govcr~irirciitof tlic 1;rciicli I?c~iiiIilic,rioting thnt tlic Kor-
~[Link];[Link] ii:h Ioril; iio nciinii i i i 1iiirsii;ilicc of tlii: ~irliosals
ri~r-~dc 1.: tiic I'I-~.iicli licilrlr,~-st i f Xr>r\[Link];iii gvlcl boiicls, cIircctly
sciscd t3ic l\ri!-a3 (;ti\.cr~irrtc.~i t nf Ki.\i-,ij- in iIii: cuul-c of ~icgu-
tiatioris : ~ Clslot iii nI;iy, Igj3. Uy tlii ~i-itcrvcritiotlon bchalf of
its iiltton;ils, tlic I;o~.cri~~iiciit: of tIic Frcri1-1licliiiliilic brought thc
qucstioii oii [lie I)I'LIIC 01 cIi~)loii~;~tic ~ ~ ~ g o t i ; ~ t inticl o i l stlie 12oynl
Govcri~iiiciit of Norir.;iy ngrcccl tci tlic ul~ciiirig rif co~ivcrs;itions
I~ctnrct:~i c:s~)ertsof the ti1.o coun trir:s coiiecrning clle point iri diq-itit.
Corivcis;itioiis: Iic:tri-rxcri thc v ~ p c r t s\i-crc 1rn1-succlnt: Oslo on Aiigiist
19th ; i t ~ c l zotli, 1953, biit It-cl tci rio rcsult. The G o ~ ~ c r ~ i mof e nthc
t
Frcrich Rcpirlilic torik I I I ? thc rliicstioti ;igniii iti hIay, rgjq, itl tlie
coiirsc of coinmcrcial iicgo tirttiotis with thc Royal Governnicrit
at Oslo, iirtd proposcd thlit thc dispiitc sliould bc scttlecl by arbi-
tratiori ; thc 1Zoy:il Gu~crniiicrit did ]lot iicccpt this ~>roponl.
oiiscr~uently a lcgal clisputc csists \ictwcen thc tivo G u ~ c r n -
nicrits. T h c Izoyal Govcrrinr:tit ccirisiclcts tlilit it is ilis;cliargirig thc
delit coiitrricti:cl by it b y p:i?iiig Nor1vcgi:in kroncr for the scrvicc
of tlic coiipons nrid tlic rcpayiilcrit of tIic bonds oii the bnsis of thc
nornin;il aniourit iii Nui-\[Link];i~i kroircr ; tlic C;overnn-icrit of tlic
French 12cpul>lic clrics ~ i o t;~cccpt t1ii.s \.ic~\-nrlcl coiisidcrs t h n t ,
sincc thc boilcl crtificntr: t,sprcssb \>ru\-idesfor payiiint oii tliit
bnsis of thc goIcI viiliic o f tlit: :~inciiiiitof tlic botids, the princi11;il
stilnllatiori rif tlic lorins iiliist lic rcpcctd. JIoreo\,cr, tItc l<og:nl
Govcrritilcnt h;i rcc~giii~ccl t h c r:sistcncl: of ;i clisputc bct\vi:cri
tIlc ttvo Statcs hy accr:~~ting tlii' [Link] of tlic Frcnch Rcl~rililic
on,.bchaIf of ils ii;itioiials.
I h c pritici\)!i: of tlic \r;~li{lityof t 1 1 ~ gt)i(l C I ~ L I S C i n i ~ ~ t c r i ~ ; ~ t i c > ~ ~ : i l
payrricri ts lias I~ccilrr:ccignizctl 1i!. i ~ternn r tioniil juriprrtrlcncc, in
particii1:ii- Iiy tlii: t\\.o .Jiir1griir:ii t s rif b l r i l ~ ~- n t l i ~, q z c )of , thr: l'caii~a-
rir:tit (2riiit.t n i liiti:iii;~ticiii;il,{iisticc (Scrics .-1.i n / a . r , c i w : coriccril-
iirg tlic payiiicilt of v;[Link] hcrl~i:iri 1 .riails issiiccl i i ~Frnricc ; ciisu
ccinccriiing t l ~ c : ~i;iyiiciit i i i gold uf 131-aziliaii FecIernl Loiins cciii-
trnctccl in Fr;lnc). .\s lins ;III-rad!; 1 ~ : c r ipoiiitcd riiit ribovc, tlii.
F~oiicls:ire rlcit nii~l~igiiciii~, tlic sulist,i~iccof the clebt ccintrrrctctl,
botli rlircctljr bj. tlic I\ingcloili of Non\.:iy arid oii its; behalf II-
baiiks ii'liicli :II.(; tlirccil!. siilijcct to its autliority, lins bccri fiscd
iil gulcl \il~ic.l'lic iiitc.~-liret:~tiriii cil tllc corilract of tlie varioiis
loar~scoilt~ictctli i i goId I!; tlic 1:ojaI Govcrnment of Xor~v;iy
caiii~ntJeatl t u I l i c dcsti-~ictioiiof tlic ~ ~ r i n c i p nsti1iiil;ition l niitl of
t h e YCry JlillIlt: II?' \ \ ' I I ~ c ~ tll(:%
I ~ U ; L I I SrlI-C: ~ 1 ~ ~ i g l l ; l l e ~ I .
Having vniiily [Link] to ~lilili~i;itic iiegotintio~zsiii rcspcct cif
tlic poirit at isstie I~ct\\.ccritlic t\vu Gvt:i-irnicnts, thc Go~erri~i-ic~it
of thc I;rpr-idl l<cl~ril,lieliiis rli:cidcd io Iiririg its rlispiitc \vit11 the
G~ivcrntiiciitof tlic Iiitigtlorii (.if Nor\\,ay to tlic Interlintionnl Coiirt
of b)ilstic.
Accortli~igly,;incl sril1ji:ct Ir Y tlic szilisccliicrit lir csciitatiori t o ttic
Court r ) l IL klriiiori;il, Lciiiiitcr-~1i:iiiorinl and, in gcricral, of an?;
cvidciicc or nrgrriii~~iit,

So takc iiotc that for tlic I,iirpor;c of al1 riotificatioris ancl conir-iiuiii-
caticins rcln tiiig to tlic lircscrit case, tlic Agent of t lie Govcrnrncri t
of t l ~ cI;rcridi l<cpiiblic sclccts for his address for service tlie French
IZitil~;issg;i1 'I'lic H:igtic ,
T(ir ~iotifytlir: ~ircsciitAliplic;ilion, iii nccortlancc {rith ;\ri iclc 40,
paragr:i~Ii 2 , of t l i ~St;it~ilcuf tlic C'oiirt, tu the Govcrrirrici~tof 11ic
Kingdu111of Nor\r;iy :
To atlj iiilgi: ;iiitl [Link];~rr:,\\ Ilc tlirr tlic Gcivcriiii~cntof tlic li i l i ~ d c i ~ i ~
of Nurii;ky n~ilic:irs cir riot, nncl ;iftcr S I I C ~t i ~ ~ ~ t ' - l i ~ i ~the
ILS i f Court
iiri\ lix iii tlic ;ilisciicc, t i f agi ;[Link]:iit Iic.t\\.ccri thv l',irtirs :
?.

1 h;it ttic iiitr>ri~atioii;ill i ~ i t i sissucd li!. tlic liitigcloiii c i l Korw,iy

III ~ S ( j 6 (:itx, golcl) , I qou (-3 '7c'Kgol~l) , I 902 (-3; t,?,'l gold) I{,LI+{
(3';/u goltl), 1934 (3; ':O g ~ l d ) I. ~ jU (31 goid), tlic ~iitcl.i~atiuilril
loans issucrl tlirb hIortgag~.13aiik of tlie Kiiigdu~i~ of Nor\\-il!-.
-3; y!<, gold ~585-rSgS, r y i i i , rqoj, 131"~ 1 9 ~ i
9~ d 4% g ~ k lrqrio,
tlic iritcrria1ioii;~llunii issiribtl .!I tlii: hiii,tll Holcling anrl \Vui-k~brs'
Hoirsii~gi3iik, :<: ',$,, 5.01~1iii r ~ l ( i 4stili~il~itc
~ 111 golcl thc ;irnoiiiit
of thi: borroivcr's ulilig~itioii foi tlic. scr-\.icr. cif criiiliciiis: nrid slic,
rccleinlitioii of I~uiicls.
Ancl tlirit LIic Iiciriii\ict c;iii uiil!. ilzsc1irii.g~.tlii: 5ubstaiicc ( i f l i i i
dcbt Ly tlic ~iaytiicrituf tlic gold valuc of tIi11 cnupoiis 011 tlic diitt.
of 1)i1y11u31t 111~1o f t l i i . golil \ . ; i l i i t . r i F tiic, ri~rlc.i>ii~rd 1)ciiids 011 t l i ~ b
~ 1 i ~ Ot P[ I - ~ h ~ ) ; l , b l ~ l ~ ! ~ l t .