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sr« Mfir*Si".*

Governor Eccles

B6t 1946


Se.tloa«l Advisory Couasil m«tet«£ng


t*ft «K«at8 coueeriiiBg tfcl subjects oa-tfe* egtiada for
s Mil

Xiijrtfrttfe^ipttfX Baak

B^jak. propoeea to lead |l.t million to enable
Dutch eblpplag oospeaiefc to hvy *ia. tej^t «aipa iis th^ Halted States.
flM t t l t t of tfet «fiippiag eo»?&ale» wiXl b« gwn*e..atWNl by llM K«t^erl$Afl«
Detefe. aeea t&«js« ©hips, ittl i t i s It th* i » t r — t of t&«
States that t*i®y HwtfJ Iflft tS B . I t c r t ^ r s i o r e , U I will i
J M S*
*20feeagfe «o ifaet tin* s«rf'lc« on th« loaa will aot fee cos. &M.&& hur&m on
WNil for«ijgE& exo&aag* rtucru.rc««, For e l l r s e w rrr&so&a t&« St&ff
'hz^ ?igr06d that tfa@ l©?m &*&&* «oiti^#ly ^crtis^. ^nd t a ^ t %h» Council
tli© Uslted Sta.ij»« &reeiit(ivt PtwMW t o fWW i t .
Tftt Imt'SfrB^tiomal B^ak ^i«o pro;>os©s l i iljiili Its gMVt9l| to
p&ift^^ Botej il4 tb«& to »«li to 0. S, co«s-«rci*l bf>Ekfe tilt #6
|Mi#t tfcftt Mtttirt witliia fiv* Pfttttt Th» Bssk iAf «lso sell
^ million, KilWlaa iu 1^4/1 to 10 y@ar»f if i t
hia will re|>r«^eiit tae Bfeaic1^ fir«1 us« of i t s g
c b# tfcttiftig 3io*w*rt that ths £ 4 / 1 at* seat t«tt
will r«oeir« on ta«»« ^uayMfcttfi so tea i s t f i l t f t | t i 1 | IttliT HWI th«
« t-usis ot3 wkich iht. B^ak^a 2*1/4 p»r ceat bo-a4» l i t i s 1957 are nov «#11aa the op#n Mak«t« Thus i t &«a&s to M very t ^ j j U t f tti ilMMtv the •*!«
aote^ HI UAa >ttli i s vtt&lf a#Nttt«§twii to H i tatih Ta«
yiiltlytl mtvtt tf fmti is I t a t i j to t # througa bond. ^&les r-tn»r tiwoi
e i ^ l l»-.nk lm&$t

••••mi %k® ml® o r t h ^ s * a o t « « on


is© Ktall II
u th&t of febi^ talrt boade m$y ••••£& t o th« d i r r i c u l t j of
Njtaft *•«• i«&aes. lt«tv«r a tfcti i s • • t t t t s pe
of ta« iMiC9t mam^m^n%9 aad aoulci sot be • gVPVttl Tor Cotxacil



of t h a l r i t t t l MWtttlM t l



t t Ijattlil tfilv«|4ttl


- 2e k

will be iiftnUti ia ^j^tWtttm ^** ^ ^ ^ loosl Gurreao; •o&ultifee<
for e^^b. ttillif* • ^oriii of goods rteclTfi aa ^rsitt^* FiYe of t&«
to b® i t t i rtill b# ittlWll—t by tbe 9a i*
&ctplmi. co\iatrr, Tfce B4C i s I
«" to
• t a t Mfeat*l»t*ttt«9 o.a tlM 4a1
i t i t i ot I

• r .






(—atria, • * • • • • M d Iteljr)
ingle effective r^%m of aMiMfltej) flW HM ItiflaT,, SUB i t



The c«*« of Fysse© i* somewhat taifllieieaV I s Mfda* to
tiat &»e*tle pllae* of eertfin •i^-eie11 coz&\o<litlfta, breach
of HMH OTMtAitiM laafe) i^een ''.e*tcitt-<i to bvcy dollfira &t 119 ©r S
to tfca j t f i e t , while lljpwi !••'• ©f other eansoditlaa from
th&ir dallapis Kt ^bout 560 fr«mss to tin® aoXisr,
UMI B50 r«t«« D M Frescii are l i k e l y to nr$« ^ery vtrovgly
> ^^nsitt&d t l tli^ 114 vbte MM9i I ^raat
rhiei ia^ort4r« MMid * • ptamlttod to Mqp MAjvf i t r«t»« of 314 or
out tfea.t tli* r#.,mli*€H««t of 4|qpo%it& *t rfee S^3 rate
,ir« UMl tLey &itfe-f:r (ej MdM tfeeir |jft«MMA prl©#.« §MPVej«yMiU|^f or
{fe} fi»ft ^^^ ©f r^^i&iag r«^estt#* to #s»t?l« xfam to deposit m«ris fr-^ftee in
!MM0| idMOl tli«y ree-«lV6 fro» tfei s«l« of tis« f.o©is» OB. ttw»
i f ite^ 9« 1 »er» £© peTmit the u*« ^T HM tt# N ^
IB or^«r to «s«iftt the
I t w e l l y tt i MlMieUMi ,prle», ^$ «hduld sot &&wt
to ffePi «ttch k ct»ft<sesfiioii to ftpekce, merely bw&ust i t s fcUbsi^ i* involred
& of smltipl® ei:eh&%e j t i t i f wktl© we *o\ili certisiikly Wt$ *&$
to permit of her c^^xitrie^ to drew fund* from tfa©ir special ft««omits
for Chlae, a e|*#ei^l ^.rofele© url—• e«j#eeje« of th* chaotic ex
in -het country, ^fee &t».JY Coawiittee *gr«e<l tb^t for tb«
It V9Vld 'fc« re«*0Ba»L« to « &• M S«IR.# earch-^age rftte that '«afc egretkl with the
>« M
1947 for ::urche.s©s of Chii»**e fturre&ey fey U. S«
t rate -5ari?ed twm fJM fr«# MttlWl r&t«a ,-aotetf In tbe


of tfee d i f f i c u l t fl^PtlgM e2«5ii«i^e altu^tloaa
of thea* couatrie*-, "mom, the& i s »ow *]flM#t e s t i r e l y eoaflsed to
eh in *&v*r*& by bilsterml eJVMMMR^t* E^aee, tedkeei tej Country A to
ComEtx? I enssoi «2*e««4i the ^W U t of ®fe.l#® JTrow Country B to Country ^,
- KL
to t t a •I'tGSt that Coxmtry A i« # i l l l u g to eiteafi tre<lt or ttMHTlSf I la
to l e f t ate iM foreign aaaJeae)Ba reserre*. Th«r«
both in tola countfy «aj| i» Ifjurep* t f c t the a ^ p

eemtarie* ia i vital; f&etor ia »W Mmai
The ECA Administrator has now asked the Council's advice regarding
a plan to use special local currency accounts to a s s i s t in meeting this problem.


ia£ (rulr

© sagr oo itr1J>i into

i l ) ¥ho &ottlsg; vp or &os!« sort of — H i l l I
systea hereby I ^oustr^ IM n&e UM proeood* of i t s sales
to o&« eou&try to gmy for gmflMafti frosi
I A- i t MUe .-r^ngwtoat for tfca sottllug of aot
T :?
~- i,o* of tb« aot amount*? by
MEftvtt to fill tao tUtors 1B t&e
-^is It* Import & from tt© oife*MI in UM .^

The l^rtteipatiisi? oonmtrlot 1
yfi-bam wMei.* lA iMia^god for U
bat ^ io the | g t t n i t t UM 3*««ulte OoM«f<tf fe
lo tlM f ; '^t that UM *y&t«at 1^ sot yot
for Ik*- s s t t t i ^ cf not b


I t ie «xtr«iOl>T tffpMrliMl tfctl
-!•£ for s « t t l i i % tbo sot
bo -^orolo^od lliilf I t l o i t^''t will :if@ to er^fc .vrtict^-.tint: count'nr a
•tOXtloi lnfto&tiTO to t ^ t f t l i t » exporr* to tllMP eonmtiioo in t3se groti
SIMM the M % much of |l|t %MA« '^Ithim BiVf^i 1*0 toos flMMMi If tfeo
of er«dlt from tlte colling I t tho jpMMfcftslBE; eouatry, 1m &oa
Bouate of tm&h erodlta ; v t i re^ehod ttto l l t l t a that MM
cro<?itor eoimtrlos tM tltit or Wtllltg to ©2ct@mdt or
limits* Boo-'AUO© ttoo oroditor ©OMitriei In Xbro^o UMWMtTOt fiMM tb* | ! » • ! • •
6f fia#.aeiiig imports UMi Itef s # ^ from M Wtstera HtEilft^twRpo, Ikif MM
•-fell? reluctant *^o dsrote tt®ir roooi»i"5«« to
coll oa tPOtll i»«t*si of .for >j>owiiM<
l of th* •fro,}QB&<l aolHtintkz Uttt b-iTo i>ooa Wfttff
tfcst ^&#3"s s eouatyy** t » a o Oltli fcfci reet of
IS • u«t HtMMt i > i to i t from -ather Byr*op*&-a cott»trt«s, i t ifeM&l »0
to tl^Oll U» Hi lillOFi C M tt« Si
ionel Kosot^ry Vvaid fkM |Mrt •
a e i »%lrtae# y t w i t e i liMt i t *x:t^ids troditi (or 3 M M MM pl«flo# ^r^
.for tbo rfs^injiOT. Ths»e mm *$mm§ UM .pO8aibillti«« tM&t *jro heing studio!
M* tap flaS li^^oA riNMM flVV • * • P«iNi r-iroaloo of r u l f i l i i a ^ 1M objeetlvo
l t g in MMl iMMi twtfN oa tki Moa^tarj lta»rt &£ to lM9*tt M
of HM ^und. *?h0 Haf
Ltt«O in ox^Xorli^ i l ^ arays ia
•fctoH Ml I f f l 9 f i t « t « MRMMgMMHl of tt©ff-*^or® ^uraiifiue^* hy ttMMM*
" rstoy witlaiB .fenrof® migM tioill'iiwlt MtetttAloJUy to UM »#etli^5 of %
I iwpo Ikftt v l t i i a UM M C WlMI W two tke ^-.=ff Cossemittoo w i l l
to pot fortli | W y < i g solutlusd o** t-M« .jroble* for UM
tJif? 7la&fifio H t f l
-^ fiT* couxitrieo
/« toatAtlroly *<*f«»»oi(l e p-^^^'-'l jfcwo%| ^®i MUMMM
aa tlio Hctaot^ry I'ttmd
rlljl Igf ttM W * of t&o loeal
tfe<H B«j*op©aa ooustrios will get up i s cosmeeti^si v i t a graat« tlaat

they W l f t r i enter tl^ I , l&iQ&r tfc&i pl&a* ©««& country ^Qttf.4 M
ioirj« stated &aotnit of i t s currency; th«&, i f th*t country £«re&a§i Ml
1st wit&itt lurope, the v-Tt
L: nee 4tt# to i t tfcftt la not rset I
i t s •lebtora* ;*i% aa M NMfftiVf M M | -*»ouU1 t@ r*et by t&kiag fund* out
of i t s &pe*i;*l ^et'ouaiu A t (MMw* W^M deposit #.,**!• ••-.lwrt MHWli f t
I W N M t l l la llMi]
U l -•.eecmmt.i-, Si»o# tat.' plfll lit9olT«8 tfci
©^0eit*&a i s sp«ei«l ^s^oaat* i s ccmceetion ^ith 1C^ g
of c«»«r»e require tin* -":'.roT-l of the tlHtaliftNftiff* Th«
nor sr«':tt«8te£ t-h« i J l l M i f the i£C on p«jrattti% suck aie of tfee^e

tfae Council "payeeivo* ao obj^etlos i s ;;>r;lBcipJle to the \ii&« of ;,c.rt of
the fcjjtfr awrj^aoy .:\««outitft for K
M y»iy#M of f*rtXltatiag iEtra*ltiropesa
# of loeol fturF^iicy for th
substitute for
^ i d i fUMtttl i
tbi* N I M N i l i H M wwJLl MNPI HM
, i t • oes B^^. JftfVii* m f rt*l taewer to t i f problcn
lat rf.-lirfop#£» I9tte« fMu i« bee%««c t:
-. rt.. of th* Brussels
ia*olTt£r- {&) ttoe u^a cf ftfctii le#ei narftMf f t i t t a t s ^ asc {!•) M UE® cf
th« Mott«tftry ItsaEtdy tf« f t l X y flitvialb].«« f&e Staff Coffaittee l>^li«T»s ta<»t
of the nift«ti:i*y 3ftuac li.MMMMlfii in the Brueftel* |MfMM|i
diftti&etly w ^ i i l r i H i a H t l M i th§ I N of the fuB*i# the Bra»»«l.#
i I Will t | l | • • • § tii#ir whole proyos^il, b«e^.u«« i t voiold p m U l BO
£ to

t:tic-r--,rof#> th&i the «e«b« o.f the
well W9&9*tB tHM M n a g action on IMi ia>J—< stt t h i s time, j
t© twit VtttU Itoe- IMNI before I M MiM kettttt th4t M tH N ^or# ftt^aif
d M
x', i f the HA AdKisi^tnvtor MUttc M
tfee t l l j i t i M i l i i H #1 u^ing |#e«X curr*xaey fund a to ffMi&ftHsti
, I &«e ao r#ftl pbj*«tiott to tS