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E x -O f f ic io M e m b e r s WILLIAM G. McADOO SECRETAR Y OF TH E TR EASU R Y X-593 C H A IR M A N JOHN SKELTON WILLIAMS CO M P TR O LLER O F T H E C U R R E N C Y W. P. G. HARDING, G d y i R ^ : ^ PAUL M. WARBURG, VICE GOVERNOR FREDERIC A. DELANO ADOLPH C. MILLER CHARLES S. HAMLIN H. PARKER WILLIS. S E C R E T A R Y SHERMAN P. ALLEN, A S S T . S E C R E T A R Y FEDERAL RESERVE BOARD A N D F IS C A L A G E N T WASHINGTON ADDRESS R E PLY TO FEDERAL RESERVE BOARD DIVISION OF AUDIT AND EXAMINATION v December 20* 1ยง17 Bear Sir* The Federal Reserve Board .has modified its previous ruling regarding amounts rrhich may be written off against expenses incurred in the printing of Federal Reserve notes, so that Federal Reserve banks may, at their discretion, write oif amounts \7hich have been actually expended for these notes, whether they are held by the Federal Reserve agent or are in circulation. The previous ruling, which has now been modified, limited the amounts which could be written off to notes actually issued to the bank by the Federal Reserve agents. Very t^dly yours Governor.
@FedFRASER