Page:United States Statutes at Large Volume 61 Part 4.djvu/855

 INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [61 STAT. France has thereby lost an important source of dollars, amounting possibly to several hundred million dollars, which both American and French authorities had expected her to receive. This loss has been but slightly balanced by the advantages which resulted from the sale to the French population of various products, as those products were seldom essentials and were as a rule sold at abnormally high prices and distributed under conditions which have further upset the French economy. MEMORANDUM IV Statement of French Government on Estimate of Goods and Services Furnished to the U.S. Armed Forces between September 2 and December 26, 1945 According to French Government estimates, expenditures for the procurement of supplies, facilities and services for the U.S. Army in France between September 2, 1945 and December 26, 1945 amounted to 5,000,000,000 francs, that is approximately $100,000,000. This amount was calculated on the basis of the rate of expenditures by the French Government for reciprocal aid during the months that pre- ceeded September 2, 1945, and corrected to take into account the reduction of American Army personnel during that period, as well as the decrease of their needs following the termination of military operations. MEMORANDUM V Statement by the French Representative on the application of the exchange of letters of May 29, 1944 Adlnset ofr dol- 1-According to the letter sent by Mr. Mendes-France to Mr. Morgen- of troops. thau on May 29, 1944, the amount of dollars to be paid by the U.S. Government for the francs used for the pay of the troops should be equitably adjusted, giving particular consideration to the present rate of exchange. The rate of 50 francs for 1 dollar which has been used as a basis for a provisional settlement should not be kept for a definite settlement, since it would be of too great disadvantage to the U.S. Government. On the other hand, the rate of about 120 francs for 1 dollar is still less to be considered as it would impose an undue burden on the French Government. It must be remembered that this latter rate has been set by the French Government with a view to leaving a margin for an eventual additional rise in French prices. Besides, it must be recalled that, at the time of the landing, French prices were much lower than they are now and that since then they have been steadily increasing. Taking into consideration these various considerations, it seems that an equitable adjustment for the net amount due for the pay of the troops could be made on the basis of 75 francs for 1 dollar. 4204

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