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BOARD DF GOVERNORS or THE FEDERAL RESERVE SYSTEM Jffice C o r r e s p o n d e n c e Date—March a, 1944 To Governor Szymczak Subject; Report on "Recording and He- Frnm Chairman Ecclea .porting of Lend-Lease Transactions, etc." The attached letter from Harold Smith, enclosing report, "Recording and Reporting of Lend-Lease Transactions and Government Expenditures Abroad", and memorandum from Mr. Knapp are self-explanatory, I will appreciate it if you will follow this matter up and advise me what comments, if any, we should make to Harold Smith* EXECUTIVE OFFICE OF THE PRESIDENT Bureau of the Budget Washington, D. C. MAR 1(7 dear Mr. Eccles: I am enclosing a copy of a report, "Recording and Reporting of Lend-Lease Transactions and Government Expenditures Abroad,n which has been prepared by an Interdepartmental Committee and is being transmitted to the Senate Appropriations Committee in compliance with a request by Senator McKellar* I understand that the Interdepartmental Coumittee had the cooperation of members of your agency in the preparation of this report* I believe that certain aspects of the report may be of interest to you. May I ask you to have the recommendations included in the report examined with respect to operations with which you are concerned. I would be glad to know which of them you believe would be desirable and feasible to adopt* Very truly yours, (Signed) HAROLD D. SMITH Director Honorable Marriner S. Eccles Chairman, Board of Governors of the Federal Reserve System Enclosure 25 April Honorable H«rold D. , Director, Bureau of tbe Budget, D. C. My dear ICr. faiths In your l e t t e r of March 18, 1944» you enclosed e copy off e report, "Recording and Reporting of Len3-Le&»e Transactions »nd Gov«rnxent Expenditures Abroad*, >rep&r6d by «B Interdepartmental Cometttee for transmission to the Senate Appropriations Committee. I such . ppreei e t e your thou,?fctfulness in sending me • copy of t h i s report nd I am informed that i t r e f l e c t s I very high -^Jfellty of rorfcaenship. W ar« e v#ry d e f i n i t e l y interested i n seeing some &geney of the CrOTerment med« for the reparation of coordinated reports on OTernm^nt ing en internntioEtl ch^rtieter, Sueh informttion oul(J be immencoiy helpful to UB in studying HM preeont and future connected «rith iat« rn&tiomd KOBct ry &t. and othur sheets of our foreign fineoci&l hopeful that tbe Cosaitte©'s report w i l l b« acted upon th&t any reports csospiled in t i c fera tu^feBted i s i i l be m&ide to us ott i regular b^&is. In partieular, we nould hope that s t e t e of ^OTernaeBt tr^iis^ctionts ; i t h foreign countri<*6, &r^^n. according t the o u t l i n e suggested on ?«ge 19 of the Coraaittee 1 e report, Ki-fat be on & monthly or qu&rterly % hare been much impressed by the greet cere and attention to e which i s manifested in tbe report nd here only one or t*o »uggt>Etione for further study *bich relate to additional MfetMNI not fully covered by the report. I refer to two special typed of gorernfient expenditures atbro&d, i . e . the disbursasent ci% occupetioa currency in territories occupied by our armed forces, rnd the j&ale of u/,old by the Ucitfcd States Treasury In tfce op?« mtirkete of r rlou» ©ountriee, notably in the Middle £aat« I t ?ould uppear tbat foreign disbursements of these two types find no place in the statement of goTermaent tr&ne etions &m forjsalnted by the Cosaittee. They are nonetheless of considerable «tnd growing importance and I b&lieve that %ht> Cocaaittee should give thorough consideration to their iiielusion in tb«? terse of reference of the proposed cestrtl clearinghouse, http://fraser.stlouisfed.org/ JfiKtbv Federal Reserve Bank of St. Louis fery truly yours, (Signed) M. S. Eccle* Um S* S e c i e s , Cfiulraea.