462.00 R 294/353: Telegram
The Ambassador in Great Britain (Kellogg) to the Secretary of State
[Received July 14—2:30 p.m.]
254. L–197 [from Logan].
1. Answering Department’s L–103.58 Action of Belgian National [Bank] is consequence of Department’s L–100, July 8th, substance of which communicated through Belgian assistant delegate.
2. Due absence from Paris have just received assistant delegate’s reply, dated July 12th, which accepts our conditions concerning conversion and investment of funds and states in pertinent part as follows:
“I note that the United States is agreed that Belgium will be credited with the amount that she will transfer the value to be taken at the time of its receipt by Belgium. I note also the desire of the American Government to be debited on the account of the Armies of Occupation with the value of this currency at the time of its conversion into dollars. My Government is quite disposed to back up this request as far as it is in its power”.
3. In my letter to Belgian assistant delegate paraphrasing your L–100 I copied verbatim so much of your cable as read, “Belgium presumably could be credited with sums set aside at their value when received by Belgium; and when sums ultimately received by our Treasury, American Army costs account will be credited with dollar value of currency at time credited to Federal Reserve Bank”.
[Page 149]4. Understand that Belgium is accepting all our conditions and that purport of remark about “backing up request” is that she feels that alone is not competent in view of co-interest of the Allies to give a final declaration binding on all concerned as to the amount which should be debited on our Army costs.
5. Under all the circumstances believe money should be accepted in special account and procedure of your L–100 followed with reference to conversion. Logan.
- Supra.↩