Page:United States Statutes at Large Volume 61 Part 4.djvu/267

 61 STAT.] UNITED KINGDOMN-GERMANY-DEC. 17, 1947 other accounts to the No. 1 Account to an amount sufficient to ensure that there is always a credit balance in its favor in the No. 1 Account. Any amounts so transferred may be with- drawn from the No. 1 Account when they are no longer required in order to maintain a credit balance in the Account. (v) A statement showing the state of the No. 1 Account at the close of business on the last day of each of the months of March, June, September and December shall be rendered on the first day of business of the following calendar month by the Bank of England to the Joint Foreign Exchange Agency. (vi) If any such statement shows that, after deduction of the net amount of any transfers made in accordance with the pro- visions of clause (iv) above, there is a credit balance in the No. 1 Account in excess of £1,500,000, the Bank of England for account of the Government of the United Kingdom shall, against reimbursement from the No. 1 Account in sterling, make a payment of an amount equivalent to the excess, in United States dollars, to the account of the Joint Foreign Exchange Agency at the Federal Reserve Bank of New York. (vii) If any such statement of account shows that, after de- duction of the net amount of any transfers made in accordance with the provisions of clause (iv) above, there is a debit bal- ance in the No. 1 Account in excess of £1,500,000, the Joint Foreign Exchange Agency shall sell United States dollars to an amount equivalent to the excess to the Bank of England, for account of the Government of the United Kingdom, and the sterling proceeds of such sale shall be credited to the No. 1 Account. (viii) Provided that a credit balance is maintained in the No. 1 Account, transfers may be made from that Account to the other sterling accounts of the Joint Foreign Exchange Agency if necessary in order to maintain the minimum sterling balances required under the provisions of sub-paragraph (b) of paragraph 4 of the present Agreement. 3611 Statements of No. 1 Account. Credit balance. Debit balance. Transfers fron No. 1 Account. Convertibility of sterling held by the Joint Foreign Exchange Agency. 4 (a) Notwithstanding the provisions of paragraph 11 of the present Agreement, the Government of the United Kingdom recognize a con- tinuing liability to convert into dollars in accordance with the pro- visions of sub-paragraph (b) of this paragraph, any sterling held by the Joint Foreign Exchange Agency at the date of signature of the present Agreement and any sterling acquired by the Joint Foreign Exchange Agency during the period of the present Agreement. (b) The sum to be kept in the dollar accounts of the Joint Foreign Exchange Agency shall not be less than $20,000,000 and the sum to be kept in the sterling accounts (other than the No. 1 Account) of Post, p. 3616. Sums to be kept in dollar and sterling accounts.

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