Page:United States Statutes at Large Volume 61 Part 4.djvu/851

 4200 1.' a 2.1 3.1 4. 5.' (Use of French Franc Currency by the U. S. Army - D -Day to C-Day) .. .. millions .... ITEM FRANCS DOLLARS Total Franc Advances 20, 984 423 L Through SHAEF/ETO (18,399) (371) i. Through ETO/SOLOC (2, 370) (48)
 * . Through Captured Enemy Funds

(215) (4) Francs Returned to French (SHAEF/Direct) 7,478 151 Net Advances 13,506 272 Total C-Day Balance 11,432 230 rotal Net Francs Spent Locally 2,074 42 INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [61 STAT. 8. Suggested procedure for settlement. In order to avoid diffi- culties with the over-certification of troop pay, it is recommended that the following procedure be adopted for the settlement of the cash accounts by the U.S. and French Governments: (A) The U.S. Army will apply the over-certification of net troop pay dollars (approximately $91 million) and a small sum of addi- tional dollars (approximately $7 million) to pay for the francs which the Army held on December 26 after the change of the rate of exchange (approximately $96 million) and non-reciprocal aid open-market procurement (approximately $2 million). For addi- tional currency needs of the U.S. Armed Forces the U.S. will pay in dollars. (B) The U.S. Army will pay the French Government for military procurement after September 2, 1945, either in dollars or by tender- ing the francs which it holds, to the extent that such holdings are in excess of its current needs for troop pay. (C) The French Government will repurchase against dollars, at the rate at which they were sold to the Armed Forces, the francs presented by the U.S. Armed Forces, but in order to avoid net troop pay negative in amount, this obligation will be subject to the qualifi- cations to be contained in a revised currency agreement. (D) In order to minimize the transfer into dollars of francs now being held by the Army in excess of its current needs, practical steps will be taken for using these francs for the repayment of the U.S. Army liability for military procurement as estimated in paragraph 5 above. 9. The French have submitted a statement on the Mendes-France Agreement and a proposal for its liquidation (Memorandum V). MEMORANDUM I Statement by the War Department on Troop Pay and Procurement FRANCE Troop Pay and Procurement Post, p. 4204

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