Page:United States Statutes at Large Volume 61 Part 4.djvu/268

 3612 Transfers. Conversion of ster- ling into dollars, etc. Authority of U. S. 61 Stat., Pt. 3, p. 2475. INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [61 STAT. the Joint Foreign Exchange Agency shall not be less than the sterling equivalent of $20,000,000 unless the total of the sums held in these accounts, as shown in the books of the Agency, falls below the equiva- lent of $40,000,000 in which case the amounts held in the dollar and in the sterling accounts shall (within a maximum variation of the equivalent of $1,000,000) be kept equal. Transfers from the sterling accounts to the dollar accounts and transfers from the dollar ac- counts to the sterling accounts shall be made when the holdings of dollars or sterling as the case may be fall below the minima indicated above. Such transfers shall be in sums of $1,000,000 or the sterling equivalent thereof. (c) Any conversion of sterling into dollars in accordance with the provisions of sub-paragraphs (a) and (b) of this paragraph shall be effected by the purchase of dollars from the Bank of England by the Joint Foreign Exchange Agency. Any such purchases shall be made at the rate of £1 equals $4.03. If, at any time, the Joint For- eign Exchange Agency purchases sterling in exchange for any other currency, such purchases shall be effected through the Bank of England. (d) In recognition of the serious dollar difficulties of the United Kingdom, it is the intent and purpose of the Government of the United States that, in so far as practicable, the operations of the Joint Export-Import Agency shall be so conducted that not more than the sterling equivalent of $40,000,000 shall be required to be converted in accordance with the preceding sub-paragraphs of this paragraph, prior to January 1, 1949. Moreover, if for any reason at any time during the period of the present Agreement, the rate of drawing of dollars through the conversion of sterling should be such as to result in an undue drain on the dollar resources of the Govern- ment of the United Kingdom, the matter may be raised with the Bi- partite Board and thereafter, if necessary, between the two Govern- ments for the purpose of seeking some method acceptable to the Government of the United States whereby the rate of drawing of dol- lars through the conversion of sterling can be decreased. Pending a settlement of the matter, the provisions of sub-paragraphs (a), (b) and (c) of this paragraph shall, unless otherwise agreed between the two Governments, continue to apply. Agency for Foreign Trade. 5. The Government of the United Kingdom recognize that so long as the Government of the United States is called upon to make the major contribution towards the cost of the essential imports of the Bizonal Area, that Government shall be entitled to a larger measure of authority with respect to the operations of the Joint Export- Import Agency and the Joint Foreign Exchange Agency. Paragraph 4 of the Bizonal Fusion Agreement is accordingly amended as follows .-

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