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Memorandum to Members of the Board, Box 37, Folder 4, Item 5

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Includes a note of transmittal and "Remarks by Chairman Eccles in connection with proposed loan to Brazil." Eccles' remarks are excerpts from the minutes of a meeting of the National Advisory Council on August 13.

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