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March U, 1942, Honorable G. F. Towers, Governor, Bank of Canada, Ottawa, Canada. My dear Governor Towers: The press of duties here has prevented my earlier acknowledgement of your courtesy in forwarding the Annual Report of the Bank of Canada as of February 9, 1942. X found this document very interesting reading and noted with gratification, and I might add with some envy, that the close collaboration which the Bank extends to the Government in connection with its war financing is due in good part to the fins control which the Bank raaintains over the money market. We are endeavoring here, through emergency legislation, to place the Federal Reserve System in a stronger position to assist the Government in its war financing, ?lith kindest personal regards, I ass. Yours sincerely, L S. Eccles, Chairman. tCthbiR-