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A. meeting of the Federal Reserve Board was held in the office of the
Federal.

Reserve Board on Thursday, October 29, 1931, at 2:40 p. m,
PRES:ITT:

ALSO PRESENT:

Governor 1.1eyer
Mr. Hamlin
Er. Miller
Mr. Xames
Mr. Magee
Mr. Morrill, Secretary
E±. McClelland, Assistant Secretary.
Mr. Harrison, Assistant to the Governor.

The Governor stated that he had just been advised over the telephone
bY the Governor of the Federal Reserve Bank of New York that at the request
°r the Bank of England, and on the understanding that the Bank of France is
Willtug to arrange a similar renewal of its agreement with the Bank of
the Board of Directors of the Federal Reserve Bank of New York today
votea,

subject to the approval of the Federal Reserve Board, to authorize the

Qtricers to arrange for the renewal of the existing agreement with the Bank
Of

land for the purchase of sterling bills, up to the equivalent of

075 nn,
'
-'2u00, for a three months period from October 31, 1931, the date of the
el5biration of the present agreement, and on substantially the same terms and
Qondi+.
41ons as apply to the existing agreement, except that it is contemplated

that

d

rate of discount of C will be fixed in the renewal credit.
After a brief discussion, upon motion,
it was voted to approve the action taken by
the New York directors.

The meeting adjourned at 2:50 p.m.

reta .
Sec‘
411DZQved: