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•Form %jJ. {[a^ Cjtj 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