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A meeting of the Board of Governors of the Federal Reserve System was held in Washington on Saturday, December 30, 1944, at 10:30 a.m. PRESENT: Mr. Szymczak Mr. McKee Mr. Evans Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman The action stated with respect to each of the matters hereinafter referred to was taken by the Board: Telegram to Mr. Paul G. Blazer, Ashland Oil and Refining Company, Ashland, Kentucky, reading as follows: "The Board of Governors of the Federal Reserve System has appointed you director of the Cincinnati Branch of the Federal Reserve Bank of Cleveland for three-year term beginning January 1, 1945, and will be pleased to have your acceptance by collect telegram." Approved unanimously. Letter to the Clearing Office for Foreign Transactions and RePorts, Foreign Economic Administration, reading as follows: "Reference is made to Budget-Treasury Regulation No. 4, dated September 15, 1944, requiring each department, establishment or agency of the Federal Government which has cash transactions abroad affecting the balance of international payments, to transmit quarterly reports covering such transactions to your office and the Treasury Department. "As you have been advised informally, such cash received and disbursed by the Board is composed of numerous very small and scattered items the aggregate of which is too small to be significant in the light of the purpose for which the data are to be used and hardly seems to 12/30/44 -2- "justify the effort involved in compiling the data to be included in quarterly reports of 'cash transactions abroad'. However, in view of your informal advice that reports are desired on Budget-Treasury Forms 40-a and 40-b, such reports will be submitted by the Board's Division of Administrative Services beginning with the first quarter of the fiscal year 1945. "Due to the fact that information of the kind called for is not readily available from our records, considerable work will have to be done by way of analyzing existing records and searching our files in order to obtain reliable data by country and by object of expenditure for the quarter ending September 1944 and for the most part of the quarter ending December 1944. In addition, due to a shortage of personnel, the Board's Division of Administrative Services will be unable to undertake this work for several weeks. In the meantime, however, records have been set up so that the required data will be readily available beginning with the quarter ending March 31, 1945. "Paragraph 20 of the Regulation states that special arrangements will be made by your office with each agency to furnish similar information, in so far as is practicable, for the fiscal years 1941 to 1944, inclusive. It is our considered judgment that it would not be possible to obtain information for these earlier years without expense and effort out of all proportion to the value of the data." Approved unanimously. Thereupon the meeting adjourned. Secre APproved: 17.
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