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FEDERAL RESERVE BANK OF NEW YORK Fiscal A g e n t of the United States ["Circular N o . 2 9 5 9 * 1 L June 11, 1945 J E X C H A N G E OF FRENCH SECURITIES To all Banking Institutions, and Others Concerned, in the Second Federal Reserve District: In our Circular No. 2957, dated June 9, 1945, we transmitted the text of an announcement which the Treasury Department had received from the French Embassy in Washington concerning the exchange of French paper currency. The Treasury Department has now, requested us to transmit to you the following information furnished by the French Financial Attache: T h e f o l l o w i n g short term (5 year or less) obligations of the French Treasury will be exchanged or redeemed in accordance with a procedure similar to the exchange of c u r r e n c y : Bons du Tresor, 75-105 days, 6 months, 1 year, 2 years, Bons du Tresor, 1 year, issued for the Caisse des Pensions de Guerre, Bons d'Armement, Bons de la Defense Nationale, Bons d'Epargne, Bons de la Liberation, Bons de la Caisse Nationale de Credit A g r i c o l e , 5 years. D e p o s i t of certificates must be made not later than June 24 with appropriate consular officer w h o will give all necessary information. Certificates not presented for exchange will be subject to annulment. Banking institutions holding large amounts of bonds m a y procure a waiver of the deposit requirement f r o m the French consul. The license issued by the Treasury Department to the French Embassy, referred to in our Circular No. 2957, authorizes such exchange under Executive Order No. 8389, as amended. The license also authorizes withdrawals from blocked accounts for the purpose of effecting such exchange. Additional copies of this circular will be furnished upon request. ALLAN SPROUL, President.
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