A copy of the agreement is enclosed for your information.
[Annex]
Special Lend-Lease Agreement Regarding Silver,
Concluded Between the United States and the Government of
India
The Government of the United States, through the Foreign Economic
Administration, and the Government of India, through the Agent
General for India, recognizing that the maintenance of an
adequate supply of silver coinage and the stabilization of
prices by the Government of India are essential to the effective
continuance of the war effort, hereby agree as follows:
Article I
The Government of the United States agrees to make available to
the Government of India, under the Act of Congress of the United
States of March 11, 1941,57 as amended, from stocks of United States Treasury
silver, such amounts of silver, totalling not in excess of
100,000,000 ounces, as the Government of India may request from
time to time prior to the end of the existing emergency as
determined by the President of the United States, for use for
coinage purposes and as a stabilization reserve; provided,
however, that the Government of the United States may reduce the
total quantity of silver to be made available to the Government
of India in the event that the war needs of the United States
for silver so require.
[Page 269]
Article II
The Government of India agrees that it will not sell any silver
made available to it under Article I outside the territorial
limits of India.
Article III
The Government of India agrees to return to the United States
Treasury within five years after the end of the existing
emergency, as determined by the President of the United States,
an amount of silver bullion in an equivalent or higher fineness
and equivalent in quantity and form to the silver made available
to the Government of India under Article I; provided, however,
that if the conditions of the world supply of silver make it
advisable, such period may be extended by agreement of the
parties hereto for an additional two years.
Article IV
The quantity of silver referred to in Article I of this Agreement
shall include the 9,999,998.85 ounces of silver transferred to
the account of the Government of India pursuant to the
requisition dated March 9, 1944 and numbered 20839, and this
Agreement shall supersede the Agreement of the Government of
India in a letter dated March 15, 1944 from the India Supply
Mission to the Foreign Economic Administration concerning the
aforesaid 9,999,998.85 ounces of silver.
Signed at Washington in duplicate on this 8th day of June,
1944.
For the Foreign Economic Administration:
Leo T. Crowley
Administrator
For the Government of India:
G. S. Bajpai
Agent General for India
