Page:United States Statutes at Large Volume 62 Part 3.djvu/397

 3006 Transfers of receipts. INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [62 STAT. transferable, and (b) the rate of exchange at which these funds would be transferred. The Government of the French Republic agrees that the amount of those funds and the rate of exchange are hereby con- firmed and are not subject to the provisions for annual review contained in Section V of the Joint Declaration. Although existing economic conditions prevented the transfers being effected on the dates agreed to in the above-mentioned letters, the Government of the French Republic considers that it is now in a position to permit the conversion of a limited amount of francs into dollars for the purpose of satisfying the claims of distributors of American films. Consequently, the Government of the French Republic has decided to establish (a) a new schedule for the liquida- tion of blocked balances which accrued up to June 30, 1947, (b) a schedule for the transfer of earnings since July 1, 1947, and (c) the conditions under which any remaining blocked francs may be utilized. To this end the Government of the French Republic proposes and the Government of the United States agrees that: I. Transfers resulting from repatriation by the American com- panies of receipts realized by them in the French Union will be limited to $3,625,000 per year during a period of four years beginning July 1, 1948. II. The annual transfer will be composed of two parts; A. $2,438,205 will be subject to transfer from the remainder of the sum of $11,715,000 which the French Government agreed to transfer, against receipts accrued to the companies for the period ending June 30, 1947, in order that this remainder which amounts to $9,752,820 will be entirely transferred at the end of the four-year period. B. $1,186,795 will be subject to transfer from receipts accruing to the companies for the period beginning July 1, 1947. Annualremittance. III. The annual remittance will be transferred in four equal in- stallments, each of which will include one-fourth of that portion of the receipts accrued during the period ending June 30, 1947, which are subject to transfer annually, and one-fourth of that portion of the receipts accruing during the period beginning July 1, 1947, which are subject to transfer annually. Each quarterly payment will be made at the end of each budget quarter. The first transfer will take place on September 30, 1948. However, the sum of $609,551, correspond- ing to the first installment of the receipts accrued during the period prior to June 30, 1947, will, as a special exception, be paid in advance upon the signing of the present accord. Exchange rate. IV. Transfers of receipts accrued during the period ending June 30, 1947, will be made on the basis of the exchange rate of 119.30 francs per dollar. Transfers of receipts accruing during the period begin- ning July 1, 1947, will be made on the basis of the dollar exchange rate applicable to financial transfers on the date that the transfers take place.

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