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42 4tt a meeting of the Executive Jommittee of the Feleral eserve Board with certain others held in the office of Assistant Secretary of the Treasury Leo S. Rowe, on Thursday, October 11, at 12 o'clock noon, PRESENT: Mr. uarburj., Mr. Miller, Mr. ../owe, Mr. traass, ,illis, Secretary. Present also, Hr. Hen7 Braere, of the 4merican Metals of the x,merican Smelting & Aefining Jo. d. Mr. Rowe stated the substance of a cablegram which had been received from the 4.merican zonbassador relative to the gold reqairements of the Mexican Government, and :a.. Braere placed before the Jonference the following statement of the gold requirements of the Mexican Government: RROG GOVEZLIZZ-1.,..14 00Lt.ClL rREDE. 1. 2rovernmental needs. (1) :;old rchase of 6,000,000 silver pesos, approximately ,,,4,000,000 (2) 2or monetary reoraniztion, first month second third fourth fifth 5,000,000 4,000,000 4,000,000 4,000,000 3,000,000 494 (3) eeds of ilexican Treasury, Gold 45,000,000 virst month 5,000,000 secOnd month third and succeeding months antil balance of trade is in favor of U.5. 2,500,000 II. .Commer iul needs. The Federal Reserve Board will issue gold export licenses to an amount not exceeding, First month Second month Third Fourth ..;5,000,000 5,000,000 3,000,000 2,500,000 These licenses shall coyer actual commercial transactions. General discussion ensued but no action was taken. At 1.00 p.m., the Conference adjourned. APPAIVED: Chairman. Chairman.
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