Page:United States Statutes at Large Volume 61 Part 3.djvu/552

 INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [61 STAT. September 13 and 17, 1946 [T. I. A. S. 1612] American - Philip - pine Financial Com- mission. Membership. Agreement between the United States of America and the Republic of the Philippinesrespecting an American-Philippinefinancial commission. Effected by exchange of notes signed at Manila September 13 and 17, 1946; effective September 17, 1946. The American Ambassador to the Secretary of ForeignAffairs for the Republic of the Philippines THE FOREIGN SERVICE OF THE UNITED STATES OF AMERICA EMBASSY OF THE UNITED STATES OF AMERICA, September 13, 1946. EXCELLENCY: I have the honor to state that in further reference to your note of August 6 [1] regarding the creation of a joint American-Philippine Commission to consider the financial and budgetary problems of the Philippines and to make recommendations thereon to our two Gov- ernments, I am in receipt of information from the Department of State as follows: "Because of special needs here, State and Treasury jointly pro- pose that American-Philippine Financial Commission consist of three American and three Filipino members with co-chairmanship and American members to include a representative of State as co-chairman, Treasury, and Federal Reserve Board. Expect American delegation will have additional staff members to advise chairman on specific technical problems. Terms of reference of joint commission as follows: "To consider the financial and budgetary problems of the Philip- pine Government and to make recommendations thereon to the two Governments, with reference to tax system and administration, budget, public debt, currency and banking reform, exchange and trade problems, reconstruction and development. "Please inform Philippine Government that commission cannot be empowered to consider application for Export-Import Bank loan as Export-Import Bank and NAC [2] cannot delegate this responsi- bility. However, findings and recommendations will be brought to attention of Export-Import Bank and NAC and will be utmost value in their consideration of specific action. "Request you consult with Philippine Government with view to obtaining concurrence in above proposals and early formation ' [Not printed.]
 * [National Advisory Council on International Monetary and Financial

Problems.] 2840

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