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F . R. 5 1 1
TO
Mr. Knapp
FROM
Mr, Thurston
REMARKS:
The Chairman asked me t o p a s s t h i s
along t o y o u .
He would l i k e very much
t o have you make a r e a s o n a b l y b r i e f
d i g e s t of i t f o r him when he r e t u r n s .
E.T.
CHAIRMAN'S OFFICE
December 22, 19U7*
My dear Governor Towers;
Just before leaving for Utah to spend
the holidays, Chairman Socles asked me particularly to thank you for your note of December 17
enclosing the text of the Finance Minister's
speech on the Baergency Exchange Conservation
Bill. It is most helpful to have the complete
text.
He has asked our international section
also to make a digest of it for his use in connection with the national Advisory Council.
Sincerely yours,
Elliott Thurston,
Assistant to the Chairman.
the Honorable G. F. Towers,
Governor,
Bank of Canada,
Ottawa*
ET:b
O
BANK OF CANADA
December 17th, 19*+7
The Hon. Marriner S, Eccles,
Chairman o^ the Board of Governors,
Federal Reserve System,
VJ« shin fton.
Dear Mr. Eccles,
I believe you may be interested in the remarks
made by the Minister of Finance in the House o^ Commons
yesterday on the occasion of the second, reading of the
Emergency Exchange Conservation Bill. In his speech the
Minister gives a very full review of our foreign exchange
difficulties and the reasons therefor, as well as a description of the measures which are bein? taken to reduce
our U. S. dollar deficit.
Yours sincerely
Enclosure
@FedFRASER