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609
'9/61
Minutes for February 14, 1963
To:
Members of the Board
From:
Office of the Secretary
Attached is a copy of the minutes of the
Board of Governors of the Federal Reserve System on
the above date.
It is not proposed to include a statement
With respect to any of the entries in this set of
minutes in the record of policy actions required to
be maintained pursuant to section 10 of the Federal
Reserve Act.
Should you have any question with regard to
the minutes, it will be appreciated if you will advise
the Secretary's Office. Otherwise, please initial
below. If you were present at the meeting, your
initials will indicate approval of the minutes. If
You were not present, your initials will indicate
°ay that you have seen the minutes.
Chin. Martin
Gov. Mills
Gov. Robertson
Gov. Balderston
Gov. Shepardson
Gov. King
Gov. Mitchell
Sr-k
Minutes of the Board of Governors of the Federal Reserve
System on Thursday, February 14, 1963.
The Board met in the Board
Room at 10:00 a.m.
PRESENT:
Mr.
Mr.
Mr.
Mr.
Martin, Chairman
Balderston, Vice Chairman
Robertson
Shepardson
Mr. Sherman, Secretary
Mr. Kenyon, Assistant Secretary
Mr. Young, Adviser to the Board and Director,
Division of International Finance
Mr. Fauver, Assistant to the Board
Mr. Hackley, General Counsel
Mr. Farrell, Director, Division of
Bank Operations
Mr. Solomon, Director, Division of
Examinations
Mr. Johnson, Director, Division of Personnel
Administration
Mr. Hexter, Assistant General Counsel
Mr. Leavitt, Assistant Director, Division
of Examinations
Mr. Mattras, General Assistant, Office
of the Secretary
Mr. Young, Senior Attorney, Legal Division
Mr. Doyle, Attorney, Legal Division
Items circulated or distributed to the Board.
The follow-
items, copies of which are attached to these minutes under the
l esPective item numbers indicated, were approved unanimously:
'
Item No.
11:letter to Community Bank of Warsaw, Warsaw, Missouri,
v iving the requirement of six-months' notice of
'
0-Lthdrawal from membership in the Federal Reserve
°Ystem.
1
Letter to the Federal Deposit Insurance Corporation
egarding the application of Community Bank of
aarsaw, Warsaw, Missouri, for continuation of
Si insurance after withdrawal from membership
the Federal Reserve System.
2
r-
2/14/63
-2Item No.
Letter to the Federal Reserve Bank of San
Francisco approving the appointment of
Armand A. Pascual as Assistant Federal
Reserve Agent.
3
Memorandum from Messrs. Young and Noyes
regarding attendance of Stephen P. Taylor,
Chief, Flow of Funds and Savings Section,
Division of Research and Statistics, at
a meeting of the Working Group on Statislcs of Financial Assets and Liabilities,
uonference of European Statisticians, to
be held in Geneva, Switzerland, May 20-24,
1963,
4
Letter to the Chairman of the House Committee
on Government Operations reporting on (1)
R. R. 867, H. R. 1920, H. R. 886, H. R. 889,
R. R. 2413, and H. R. 3289, bills that would
amend the Budget and Accounting Act, 1921,
to provide for the retirement of the public
cleht by setting aside specified percentages
or budget receipts for that purpose, and (2)
I R. 113, a bill that would specify that the
I'
uudget submitted by the President to the
.ongress include "an item for not less than
T2)000,000,000 to be applied toward reduction
Of the national debt."
5
Mr. Johnson then withdrew from the meeting.
Report on competitive factors (Baldwin-Luther, Michigan).
Mere had been distributed a draft of report to the Federal Deposit
Insurance Corporation on the competitive factors involved in the
Proposed consolidation of Lake County State Bank, Baldwin, Michigan,
'41th Luther State Bank, Luther, Michigan.
The report was approved unanimously for transmission to the
CorPoration, the conclusion reading as follows:
While a small amount of competition would be eliminated,
the over-all effect of the proposed consolidation of these
two small banks on competition would not be adverse.
0:A
2/14/63
-3Report on S. 731 (Item No. 6).
There had been distributed
a memorandum from the Legal Division dated February 13, 1963, submitting
a draft of letter to the Chairman of the Senate Banking and Currency
Committee reporting on S. 731, a bill "To repeal certain legislation
relating to the purchase of silver, and for other purposes."
The memorandum noted that the bill would (1) repeal the Acts
Of June 29, 1934, July 6, 1939, and July 31, 1946, relating to
the
Purchase of silver; (2) authorize Federal Reserve Banks to issue
Federal Reserve notes of one dollar denomination; and (3) terminate,
in certain situations, the special tax on transfers of interests in
silver bullion.
The bill was substantially the same as S. 2885, on
'which the Board reported favorably to the Senate Banking and Currency
Committee on February 27, 1962.
The proposed letter would report favorably on the current bill
but suggest that the bill include authorization for the issuance of
t11O dollar Federal Reserve notes as well as one dollar notes.
During discussion, it was noted that the suggestion with respect
to the two dollar notes had been made previously by the Board.
After
e°4sideration of this point, it was agreed that the suggestion should
be renewed in the interest of consistency.
A subsidiary question was raised with regard to the possibility
°f replacing the present 12 issues of Federal Reserve notes with one
central issue.
S. 731 would
It was Pointed out that the passage of bill
r- r:
2/14/63
-4-
result in a substantial increase in the volume of notes that the
Reserve Banks would have to handle.
However, Mr. Farrell expressed
the view that consideration of the possibility of a single note issue
might preferably be deferred until such time as an over-all review of
the currency structure was undertaken.
There also arose a discussion with regard to the possibility
Of changing the present legend on Federal Reserve notes, in view of
questions that had been raised from time to time about the statement
that such notes were "redeemable in lawful money." In this connection,
Mr. Rackley noted that the Secretary of the Treasury had authority to
change the legend on the notes without additional legislation.
Mr.
Farrell expressed the opinion that this question, like the question
(31. a single Federal Reserve note issue, was one that might well await
4
general review of the currency structure.
During further discussion, agreement was expressed that the
qUestion of a single issue of Federal Reserve notes and the question
of changing the legend on the notes might need to be considered further
at 4
'
the
future date, but that it would be preferable not to complicate
report on the current bill.
The Board then approved unanimously the proposed letter with
°Ile minor change in wording. A copy of the letter, as sent, is
4ttached to these minutes as Item No. 6.
S5
2/14/63
-5Messrs. Leavitt and Young (Legal) then withdrew and the
following entered the room:
Mr. Furth, Adviser, Division of Interna-
tional Finance, and Mr. Katz, Associate Adviser, Division of International
Finance.
European Coal and Steel Community (Item No. 7).
There had
been distributed a memorandum from the Legal Division dated February 13,
1963, supplementing a memorandum dated December 18, 1962, with regard
to the question whether time deposits of the European Coal and Steel
CoMmunity were exempted by Public Law 87-827 from the maximum interest
rate limitations imposed by the Board pursuant to section 19 of the
Federal Reserve Act.
This matter had been considered by the Board on
December 20, 1962, and it had been understood that a final determination
Of the question would be deferred until representatives of the Community
had been afforded an opportunity to present their views to the Board.
On January 24, 1963, representatives of the Community met with members
of the Board's staff; a summary of that meeting had been prepared by
Mr' Doyle and had been distributed in the form of a memorandum dated
rluarY 29, 1963.
'
je
On January 25, 1963, the representatives of the
CcImmunity met with the Board.
Mr. Hackley reviewed the problem and commented on the arguments
b°th pro and con, as outlined in the Division's memorandum of February 13,
1963.
He noted that the representatives of the Community argued that
the Community should be regarded, for purposes of the statute, as a
°reign government."
However, the meeting with Community representatives
• in* C'
1
OT-11
2/14/63
-6-
not changed his feeling that a reasonable interpretation of the
statute would not permit the conclusion that the Community was a
foreign government for the purposes of Public Law 87-827.
Mr. Hackley pointed out that if the Board should take an
adverse position on the question, the Community representatives had
expressed the hope that the Board's position would not be publicized,
or else that the request for a ruling could be withdrawn.
The Department
State also had expressed an interest in not having an adverse ruling
'lade public.
Mr. Hackley expressed the feeling that it might not be
all altogether satisfactory procedure to allow the request for an
interpretation to be withdrawn at this point.
The concern of the
CoMMunity would appear to be met if the Board did not publicize its
Position.
The Board's position could be stated in a letter to the
Pederal Reserve Bank of New York along the lines of the draft submitted
/gith the February 13 memorandum, with instructions to make it clear
to the member bank that had raised the question that the Board's opinion
/gas not being publicized.
Similarly, appropriate advice could be
transmitted to the State Department.
Mr. Hackley also noted that if
the Board were disposed to agree with the position of the Community,
the Treasury had indicated that Mr. Roosa, Under Secretary for Monetary
Affairs, would like to be consulted before a definite position was taken
bY the Board.
,
2/14/63
-7After further discussion, the letter to the Federal Reserve
Bank of New York was approved unanimously, with the understanding
that the ruling would not be publicized and that a copy of the letter
would be sent to the Department of State as a matter of information.
A Copy of the letter is attached to these minutes as Item No. 7.
United Nations organizations (Item No. 8).
On January 18,
1963, the Board had considered the question whether time deposits of
the United Nations Special Fund and the United Nations Technical
Assistance Administration were exempted by Public Law 87-827 from
interest rate limitations prescribed by the Board.
At that time the
LegfU Division had ccncluded, for reasons stated in a memorandum dated
january 15, 1963, that time deposits of these organizations were not
"emPt from interest rate limitations, and it recommended that the
Pederal Reserve Bank of New York be advised to such effect.
The Board had decided, however, to defer action on the matter
until after the representatives of the European Coal and Steel Community
had an opportunity to present their views to the Board on a similar
request.
Since the Board had heard the views of the Community represent-
es and had acted on the question raised with respect to time deposits
°I' the Community, Mr. Hackley reviewed the situation with respect to
the two United Nations organizations and reiterated the opinion that their
tiole deposits should not be regarded as exempt from the Board's interest
rate limitations.
f
_8-
2/14/63
The Board then approved unanimously a letter to the Federal
Reserve Bank of New York that reflected the conclusion reached by the
Legal Division.
It was understood that the Board's position would not
be Publicized, and that the letter to the New York Reserve Bank would
reflect this fact.
A copy of the letter is attached to these minutes as Item No.
8.
The meeting then adjourned.
Secretary's Note: Pursuant to recommendations contained in memoranda
from appropriate individuals concerned,
Governor Shepardson today approved
on behalf of the Board the following
actions relating to the Board's staff:
t21.221:qinmn
, Edward J. Finck as Teletype Operator, Division of Administrative
fervices, with basic annual salary at the rate of $4,885, effective
che date of entrance upon duty.
Acceptance of resignations
,
43*
Eugene C. Harrison, Legal Assistant, Legal Division, effective
the close of business February 27, 1963.
William N. Taylor, Messenger, Division of Administrative Services,
vIrective at the close of business February 14, 1963.
Secretary
S59
BOARD OF GOVERNORS
Item No. 1
2/14/63
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
ADDRESS
oFriciAL
CORRESPONDENCE
TO THE BOARD
February 14, 1963
Board of Directors,
Community Bank of Warsaw,
Warsaw,, Missouri.
Gentlemen:
The Federal Reserve Bank of St. Louis has forwarded to
he Board of Governors President Lumpe's letter dated January 18,
963, together with the accompanying resolution, signifying your
ntenti0n to withdraw from membership in the Federal Reserve
'YEitem and requesting waiver of the six-months' notice of such
withdrawal.
The Board of Governors waives the requirement of sixmonths' notice of withdrawal. Under the provisions of Section 208.10(c)
the Board's Regulation H, your institution may accomplish termina410n of its membership at any time within eight months from the
,
!ate the notice of intention to withdraw from membership was given.
,uPori surrender to the Federal Reserve Bank of St. Louis of the
federal Reserve stock issued to your institution, such stock will
"cancelled and appropriate refund will be made thereon.
It is requested that the certificate of membership be
returned to the Federal Reserve Bank of St. Louis.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
BOARD OF GOVERNORS
,„...
,$ p Of Col;•
Item No. 2
OF THE
0.
2/14/63
FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
•,L
February 14, 1963
Honorable Erie Cocke, Sr., Chairman,
Federal Deposit Insurance Corporation,
Washington 25, D. C.
Dear Mr. Cocke:
Reference is made to your letter of
January 30, 1963, concerning the application of
Community Bank of Warsaw, Warsaw, Missouri, for
continuance of deposit insurance after withdrawal
from membership in the Federal Reserve System.
No corrective programs which the Board
of Governors believes should be incorporated as
conditions to the continuance of deposit insurance have been urged upon or agreed to by the
bank.
Very traly yours,
(Elizabeth L. Carmichael)
Elizabeth L. Carmichael,
Assistant Secretary.
4
BOARD OF GOVERNORS
Item No.
OF THE
3
2/14/63
FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
February 14, 1963
lir. P. B. Whitman,
Federal Reserve Agent,
Federal Reserve Bank of San Francisco,
'an Francisco 20, California.
Dear Mr. Whitman:
In accordance with the request contained in your letter of
1963, the Board of Governors approves the appointment of
Fe;Armand A. Pascual as Assistant Federal eserve Agent at the
u eral Reserve Bank of San Francisco to succeed Mr. Philip M. Stone
,
c t1 his retirement.
'
'
Jam"
-rY 31.,
This approval is given with the understanding that
,
the `el will be solely responsible to the Federal Reserve Agent and
ex Board of Governors for the proper performance of his duties,
11,r eePt that, during the absence or disability of the Federal 'Reserve
noerit or a vacancy in that Office, his responsibildty will be to the
'
ara of Governors.
When not engaged in the performance of his duties as
ASS1 ,4.
-"ant Federal Reserve Agent Yr. Pascual, may, with the approval
of 1
forche Federal Reserve Agent and the President, perform such work
pci the Bank as will not be inconsistent with his duties as Assistant
era]. Reserve Agent.
It will be appreciated if Mr. Pascual is fully informed of
the
111
'
piaci
Pertance of his responsibilities as a member of the staff of the
theeral Reserve Agent and the need for maintenance of independence from
O perations of the 3ank in the discharge of these responsibilities.
It is noted from your letter that, upon the approval of the
4PP°int
the
ment of Mr. Pascual by the Board of Governors, he will execute
118ual
Oath of Office which will be forwarded to the Board giving
the
effective date of his appointment.
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
BOARD OF GOVERNORS
Or THE
FEDERAL RESERVE SYSTEM
(Iffice Correspondence
-----B-Qatd_zr,ovprnor2
Item N414,!,:).
2/14/63
Dee February 4, 1961
Subject:
The attached letter from Mr. Raymond T. Bowman requests that
Board
oard approve the attendance of 1,1r. Stephen P. Taylor at a meeting
Working Group on Statistics of Financial Assets and Liabilities,
0117rerenoe of European Statisticians, to be held in Geneva, Switzerland
20-24, 1963. Mr. Bowman indicates that if the Board approves
rec laylor's attendance at this meeting, the Budget Bureau would
°Ilinend to the Department of State that he be designated United States
ePresentative..
the
6;the
We recommend that Mr. Taylor be authorized to attend this
raee +-;
'-`41g at the Board's expense, and that his itinerary include short
Fts to the OECD Secretariat in Paris, the BIS in Basle, the Bundesbank
with
the 1..arl-kflirt, and the Bank of England in London. He would discuss
and
production
the
in
developments
use 1PrePriate specialists recent
to °1 flow of funds accounts. Such discussions would be advantageous
on,"'pertinent work of the Division in that personal contact with
tanizations and individuals doing significant work in the area conoer
fled. would provide valuable insights benefitting our own analytical
,
interani. The benefits would be reciprocal in view of the wide-spread
est in what we are doing in the flow-of-funds area.
We estimate the elapsed time for Mr. Taylor's trip would be
413011t three
weeks. We also recommend that he be authorized to take
atirlual
4
fer,
leave while in Etirope, if this can be permitted without interng With essential work here.
'
Attachment
BOARD OF GOVERNORS
Item No.
2/14/63
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON
OFFICE OF THE CHAIRMAN
February 141 1963
The Honorable William L. Dawson, Chairman,
Committee on Government Operations,
House of Representatives,
Washington 25, D. C.
•
Dear Mr. Chairman:
This is in response to your letters of January 24, 25, 30,
and February 6, 1963, requesting a review of bills H. R. 867, H. R.
Would
,920, H. R. 886, H. R. 889, H. R. 2413, and H. R. 3289 that
amend the Budget and Accounting Act, 1921, to provide for the reclement of the public debt by setting aside specified percentages
°f
budget receipts for that purpose. These bills are similar in
Content except for the percentage rates of debt retirement specir led. This is also in response to your letter of January 22,
ePesting a review of H. R. 113, which specifies that the budget
Submitted by the President to the Congress include "an item for not
ess than $2,000,000,000 to be applied toward reduction of the
national
debt."
These seven bills are similar in economic and budgetary
10gic
to H. R. 8637 which was introduced into the 1st Session of
195e 87th Congress, and which was reviewed in my letter of August 30,
w 1. The comments in that letter, a copy of which is enclosed,
4nuld seem to be applicable to the bills on which you now have asked
rePort. The Board has found no reason to change the views that it
IllxPressed at that time, and, accordingly it still doubts that enact'
ent of these measures would serve any useful purpose.
Sincerely yours,
(Signed) Wm. McC. Martin, Jr.
Wm. McC. Martin, Jr.
Enclosure
T31;/1
tytt
BOARD OF GOVERNORS
Item No. 6
OFTHE
t:
1.2
2/14/63
FEDERAL RESERVE SYSTEM
WASHINGTON
OFFICE OF THE CHAIRMAN
.4
°0004
February 14, 1963
The Honorable A. Willis Robertson,
Chairman,
Senate Banking and Currency Committee,
ivashington 25, D. C.
Dear Mr. Chairman:
This is in response to your letter of February 7, 1963,
re
questing a report from the Board of Governors on S. 731, a bill "To
rrIpeal certain legislation relating to the purchase of silver, and for
er Purposes." The bill would (1) repeal provisions of the. Acts of
relating to the purchase
4,11e 29, 1934, July 6, 1939, and July 31, 1946,
r,11
Silver; (2) authorize the Federal Reserve Banks to issue Federal
erve notes of one dollar denomination, and (3) terminate, in certain
'Illations, the special tax on transfers of interests in silver bullion.
X
1. The Board believes that it is unnecessary to utilize
silver as part of the United States monetary system other than as a
erial for coinage. Therefore, there is no need for retention of
existing silver purchase provisions.
r
2. The Board favors the proposed amendment of the law that
7'1114 authorize the issuance of Federal Reserve notes in one dollar
isrl°1/1ination in addition to those denominations already authorized.
'
ever, the Board believes that any replacement or supplementation of
suPP1y of silver certificates with such Federal Reserve notes should
se Place gradually enough to moderate any effect on the statutory
mZ'
gold certificate reserve.
C
It is noted that the result of the bill would be to authorize
Federal Reserve System to issue notes in all present denominations
currency with the exception of the two dollar denomination. In the
terect of consistency, it may be considered appropriate to authorize
ssuance of two dollar as well as one dollar Federal Reserve notes.
the
r
in
3. The Board would not object to the amendment proposed
of
Code
Revenue
Internal
the
of
1.896
section
to
bill
lorl °n 4 of the
transtaxing
of the provisions
eecti
which relates to the applicability
4.ere of interests in silver bullion.
Sincerely yours,
4
71Aga-
Wm. 14cC. Martin, Jr.
BOARD OF GOVERNORS
Item No.
OF THE
7
2/14/63
FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE EIOARD
February 14, 1963
lir. Alfred Hayes, President,
Federal Reserve Bank of New York,
New York
45/ Npw York.
Dear Mr. Hayes:
This refers to Mr. Crowley's letter of November 16, 1962,
Mr. Clarke's letter of November 27, 1962, regarding the question
;nether time deposits of the High Authority of the European Coal and
(07e1 Community ("ECSC") are exempted by the Act of October 15, 1962
L. 87-827) from interest rate limitations prescribed by the Board
suant to section 19 of the Fbderal. Reserve Act.
In connection with this question, the Board has considered
nlemoranda submitted by the firm of Cravath, Swaine and Moore, and
,„1:glIments advanced by representatives of the ECSC at meetings with
'Lle Board's staff and with the Board on January 24 and 25, 1963.
The amendment of October 15, 1962, exempts from interest
--imitations time deposits of foreign governments, monetary and
141-uancial authorities of foreign governments when acting as such, and
m ternational financial institutions of whioh the United
States is a
oner. It is not contended that the ECSC is an international finanora
'
institution of which the United States is a member or a monetary
rihancial authority of foreign governments.
rat
f4:
1
1
The Board recognizes that for some purposes the ECSC might
a "foreign government", in view of the nature of its
64)
0wers and functions. However, in the absence of evidence that
brneress meant to Use the term "foreign governments" in a sense
Bo°acler than its usual meaning of governments of national states, the
t aliCI has concluded that the ECSC is not a foreign government within
"e meaning and purpose
of P. L. 87-827.
be
n
Plainta. Accordingly, it is the Board's opinion that time deposits
ined by the ECSC with member banks of the Federal Reserve System
are
80,,,n:ct exempted by P. L. 87-827 from interest rate limitations
pre-."°ed by the Board pursuant to section 19 of the Federal Reserve
Act.
SCR
BOARD OF GOVERNORS
lir. Alfred
Hayes
or
THE FEDERAL RESERVE SYSTEM
-2-
The Boardts opinion in this matter is not being published
°r given circulation, and it is requested that this be made clear by
Yclur Bank in your advice to the member bank or banks by which the
question has been or may be raised.
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
r;s4;'-'
Item No.
BOARD OF GOVERNORS
8
2/14/63
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
ADDRESS OFFICIAL. CORRESPONDENCE
TO THE BOARD
February
14, 1963
Alfred Hayes, President,
Reserve Bank of New York,
-47 York 45, New
Ilear Mr• Hayes:
This refers to Mr. Clarke's letter of November 29, 1962,
tro its enclosures, requesting advice as to whether the exemption
kle111 deposit interest rate limitations provided by Public Law 87-827,
cl:ding section 19 of the Federal Reserve Act, is applicable to time
11,1;,T-ts of the United Nations Special Fund, the United Nations TechAssistance Administration, and the United Nations Temporary
1.11;
11°mi0 Administration. It is understood that the request for an
ha
'
erPretation as to the status of the last-mentioned organization
8 8inee been withdrawn by the member bank concerned.
According to the Board's information, it is understood
that
tecl.,_ the U. N. Technical Assistance Administration makes grants for
itz:"Iical assistance Purposes in certain ccuntries; that it derives
tt,,..,
1 1Ws from voluntary contributions by nsmber nations; and that
es no loans and does not engage in capital investments. It is
1,410 understood that the U. N. Special Fund makes surveys, engages in
oraearch, and seeks to develop manpower training and education in
AZ to assist in the development of certain countries; that its
arld ,8
t,are derived from voluntary contributions by member nations;
nat it does not make loans or investments.
In the Board's opinion, neither of these organizations, as
it,
'
resntly functions, may reasonably be regarded as a foreign
Rove,
01. Iraent, a financial or monetary authority of foreign governments,
:
4 international "financial" institution of which the United States
the-1,member. Th. Board concludes, therefore, that time deposits of
tra • N. Special Fund and of the U. N. Technical Assistance AdminisNxt,A1.?fl are not exempted by Public Law 87-827 from the maximum interest
-limitations prescribed by the Board pursuant to section 19 of the
eral Reaarve Act and the Board's Regulation Q.
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Al ed Hayes
or given The Boards opinion in this matter is not being published
circulation, and it is requested that this be made clear
1,3 Your Bank in any advice given by you to the member bank or banks
y.
uhich the questions have been or may be raised.
Very truly yours.
,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
@FedFRASER