Page:United States Statutes at Large Volume 54 Part 2.djvu/673

 1894 INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [54 STAT. agreements. This deduction has been decided upon for the reason that the total value of commercial imports into the Turkish Republic will be temporarily increased to an abnormal extent by imports under the governmental credits mentioned above. "The amount of available free foreign exchange envisaged in Article 9, shall be applied to payments for commercial imports origi- nating in all the territories under the sovereignty or authority of the United States of America. "2. The amount of free foreign exchange mentioned above which shall be made available each year under Article 9 shall be utilized for the transfer of payments for the said commercial imports in the chronological order in which requests for exchange are made. "3. In view of the fact that the Turkish Republic derives its principal supply of free foreign exchange from the export of products, the sale of which has a seasonal character, it is understood that it may not be possible to avoid temporary delays in making available free foreign exchange for the transfer of payments for commercial imports originating in the United States of America. It is agreed that the provisions of Article 9 do not preclude seasonal delays in making available free foreign exchange for transfer of the said payments within any calendar year. "4. If the Government of the Turkish Republic should not be in a position, through lack of free foreign exchange, as a result of unfore- seen developments affecting adversely the commerce of the Turkish Republic, to make available the amount of free foreign exchange agreed upon in Article 9, the Government of the United States of America and the Government of the Turkish Republic shall enter into negotiations for the purpose of reaching an arrangement satisfactory to the two Governments. "5. The present note constitutes an integral part of the Trade Agreement signed this day. "I have the honor to confirm Your Excellency's understanding of the agreement thus reached. "Accept, Mr. Minister, the assurances of my highest consideration. JOHN V. A. MACMURRAY "Mr. StCKRti SARACOSLU, Minister of ForeignAffairs of the Turkish Republic". WHEREAS such modifications of existing duties and other import restrictions and such continuance of existing customs and excise treatment as are set forth and provided for in the said Agreement, the two Schedules thereunto annexed and the said notes, are required and appropriate to carry out the said Agreement;

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