Page:United States Statutes at Large Volume 61 Part 4.djvu/402

 3748 49 stat. 3757, 3760. Conditions respect- ing foreign exchange, etc. INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [61 STAT. 3. Takes note of the statements of the Government of Sweden with respect to the administration of the quantitative import restric- tions; 4. Agrees for the duration of the present arrangement not to invoke the provisions of Articles II and VII of the Commercial Agree- ment between the United States of America and Sweden of 1935, in respect of the measures taken or to be taken by the Govern- ment of Sweden as set forth in its aide-memoire; 5. Recognizes that the Commercial Agreement between the United States of America and Sweden of 1935 remains in full force and effect, save for those temporary modifications in its operation provided for in this exchange of memoranda; 6. Agrees to review the situation with the Government of Sweden prior to July 1, 1948 for the purpose of considering such action as the circumstances may demand. DEPARTMENT OF STATE, Washington, June 4, 1947. The Swedish Minister to the Assistant Secretary for Economic Affairs LEGATION OF SWEDEN WASHINGTON 8, D. C. JUNE 24, 1947. MY DEAR MR. SECRETARY: In connection with the discussions which have recently taken place between representatives of the Government of Sweden and of the Gov- ernment of the United States concerning the problems arising as a result of the imposition of quantitative import restrictions by the Swedish Government on March 15, 1947, the Government of Sweden transmitted a memorandum to the Government of the United States on June 24, 1947, which stated in part: "The Government of Sweden . . . will continue to authorize all current payments, including payments for imports and the transfer of earnings and remittances and will limit such control of foreign exchange as it may become necessary to maintain to the 'control of international capital movements." In applying the principles set forth in this memorandum the Swedish Government agrees to make the registration and control of foreign exchange and the restriction of capital movements subject to the following conditions: a. The Swedish Government will not impose restrictions on current transactions additional to those now in use and thus will continue to authorize current payments of a customary nature from Sweden to the United States (payment of profits, dividends, interest, royalties, payments for commercial purposes and other payments relating to current business provided that the under- lying transactions, wherever necessary, have been duly author- ized (including balances accrued from the same sources in the

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