Page:United States Statutes at Large Volume 63 Part 3.djvu/353

 2658 Ante, p. 2630. 61 Stat., Pt. 4, p. 3610. 61 Stat., Pt. 3, p. 2475. INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [63 STAT. by June 30, 1949, be used for the purchase of Category A supplies and services for delivery after that date in accord- ance with existing arrangements and procedures. (D) Upon the conclusion of a Payments Agreement between the United Kingdom and Western Germany, as envisaged in paragraph (A) of the exchange of notes of March 31, 1949, paragraph 3 of the Agreement signed in Washington on December 17, 1947 shall terminate and its provisions shall be replaced by the Payments Agreement to be concluded between the Government of the United Kingdom and West- ern Germany. Until conclusion of such a Payments Agree- ment the figure of 1-/2 million pounds in paragraph 3 (6) (vi) and (vii) of the Agreement of December 17, 1947 will be increased to 7- 1/2 million pounds, provided, however, that any credit for account of unused drawing rights out of fiscal year 1948/49 will be excluded from a credit balance of the Bizonal Area for purposes of calculating the excess which would necessitate payments in United States dollars. (E) The liability of the Government of the United Kingdom to convert sterling into dollars in accordance with the pro- visions of sub-paragraph (b) of paragraph 4 of the Agree- ment signed in Washington on December 17, 1947 shall be limited to the sterling held on July 1, 1949 in the No. 2 ac- count of the Bank Deutscher Laender with the Bank of Eng- land, or due to be paid into that account in fulfillment of arrangements concluded before July 1, 1949. During the period of the present agreement the sterling held in the No. 2 account of the Bank Deutscher Laender with the Bank of England will not be converted into dollars. (F) At the time of the liquidation of the Joint Export-Import Agency as provided for in the charter of the Allied High Commission for Germany the capital funds of the Joint Export-Import Agency, resulting from the capital contri- butions made by the Governments of the United States and United Kingdom in accordance with the Agreement of De- cember 2, 1946, will be made available to the German Gov- ernment for purposes of financing the foreign trade of Ger- many, provided, however, that the sterling assets of the Joint Export-Import Agency transferred under these arrangements will be blocked until June 30, 1950, or until agreement has been reached between the Governments of the United Kingdom and the United States as to how their release is to be effected, whichever date is the sooner. "Should these proposals commend themselves to the Government of the United Kingdom, I have the honor to suggest that this note and your reply should constitute an Agreement between our two Governments."

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