To Chairman Eccles, Box 36, Folder 2, Item 3

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Subject: Safeguards against building up British investments abroad on 1-1/2 per cent money from U. S. Includes drafts for insertion in minutes following the interpretation of paragraph 2(ii) regarding liquidation of old sterling balances.

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Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102