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June 27, 1947 Dear Mr. Secretary: .•• hats Sarefully eaaei'iered the aentesta of y « r letter of .ruae 53, 1947* seaseralaa' the rate of iatsraet to be paid by I»*ertDspert JMutk of wasaiattoa to the ttiyary an f aaaa b art seed oa sad after July I , 1947. It i s mr understand lag that, in ttesordaaee with ;seetiau 2 of FuhUe Lea *9, iota Congress, aaandla* the saporWatnart San* Mt of l/4>» biases lea July 1, 1947» aotaa of zssarVXftpart leafc ta be auvehased by the Ire&eur? a l i i earry a rats of latere*, equal te the SToreiS rate aa outstanding aarfeetable obllg&tioui of taa liaitsd states aa of the last day of taa aoata preeedias the ieeoanee of sue* ebii#»tl»ae, exempt that ei>are sash eeerag* rate la a<* a aaitiple of oaa eighth af oee par eeatun, the rate af iatereat at aaaa ebligarteae shall b-* the ealtipl* of one-eighth of mm put aaatua next lower thea ausn aroma* rate* "#e s i l l aot present to ywa for purebees aotaa of satport-lapoirt Ben* prior to July 1, 1947» except ia taa eaauat* required to oaaaio taa Sen* to «eet i t s oat sash diebaraenoat* prior to July 1, 1947* la via* of this ehaaee la interest rota, wo fe*i It weald bo •enltabla to both parti** to agree that, saaaaoaiag /uly 1, 1947* *»a aotaa af &issj>t*xapejrt Baa* presented to you ehali setups la twelve years, aaaaly, oa Juae JO, 1959* H hare calculated that the » « 6 | « aatarlty of a l l present outetaadlad loans and noaaltaoato af assortIaport saah is 13,12 yesre, ftp understand that aikl nates of Export-laport WmMfcsidby th* Treasury oa Juan JO, 1947* will eoatlaas to tsar their praaaat rata of iatsrost, aaaaly oaa par saat, until their aatarlty aa Deeenber 31, 1951, ar until their oar liar ratiraaac . :. though oar dieburaasenta ara exceeding eolleetieea sad will continue to 4a so, preesaebly, until oar full leadia* eutharity i s substantiall? eonwitted, i t has aaaa oar practise to ratira ear eutstsadiag aotaa with taa Ero&sury whenever tha proceeds af suah solloatloaa oars aot required by an for dlsbnrteaaat again taa SSJS* day* Aftar Jaly first, as shall aoatlaua this afastioa, if aatlsfastary to yoa, applyia« sush t sapor wry rapay> aaafei to aotaa issued oa ar aftsr Jaly i , 1947, car ***>.? *•%«•• will i«3» M U < » *i toeir aaxt ataftte** x* atoa^atod to to fcal4 a« aily 5, 1947* to saaa* to«ir r—alutl<m af 3*%otor a, 1944, r»kro*c W*ly to Jaly 1» i$4?» to taka «o«<MJit off 0»* •&•*«»» -aaf ia.**raat ra*# «a<5 aafcurity la aaedMaiac* witto to* fftrsiaiaa* :?•• will 4«liv>sr & **«r*ifiaa toj a£ the j?#aal«tiua to rem p*Mi9%l? afVar to* a»ti**a is lakm* * tm <m«a«#iag « *ajuy af *a aa»*d*<t f«r» of aoto 4MMft »* tr**% will S»» » » t u f « i t « y f » **• ia tvaa***U«ft« OR asd *ft*r Jaly 1, 1H7. 3ia*«r*ly / « * * * ,
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