DEBT FUNDING

Agreement signed at Washington June 10, 1932, modifying agreement

of April 29, 1926

Operative from July 1, 1931

AGREEMENT

Treasury Department print

MADE THE 10TH DAY OF JUNE, 1932, at the City of Washington, District of Columbia, between the GOVERNMENT OF THE FRENCH REPUBLIC, hereinafter called FRANCE, party of the first part, and the GOVERNMENT OF THE UNITED STATES OF AMERICA, hereinafter called the UNITED STATES, party of the second part.

WHEREAS, under the terms of the debt funding agreement between France and the United States, dated April 29, 1926,1 there is payable by France to the United States during the fiscal year beginning July 1, 1931 and ending June 30, 1932, in respect of the bonded indebtedness of France to the United States, the aggregate amount of $50,000,000, including principal and interest; and

WHEREAS, a Joint Resolution of the Congress of the United States, approved December 23, 1931,2 authorizes the Secretary of the Treasury, with the approval of the President, to make on behalf of the United States an agreement with France on the terms hereinafter set forth, to postpone the payment of the amount payable by France to the United States during such year in respect of its bonded indebtedness to the United States; and

WHEREAS, France hereby gives assurance, to the satisfaction of the President of the United States, of the willingness and readiness of France to make with the Government of each country indebted to France in respect of war, relief, or reparation debts, an agreement in respect of the payment of the amount or amounts payable to France with respect to such debt or debts during such fiscal year, substantially similar to this Agreement authorized by the Joint Resolution above mentioned;

NOW THEREFORE, in consideration of the premises and of the mutual covenants herein contained, it is agreed as follows:

1. Payment of the amount of $50,000,000, payable by France to the United States during the fiscal year beginning July 1, 1931 and ending June 30, 1932, in respect of the bonded indebtedness of France to the United States, according to the terms of the agreement of April 29, 1926, above mentioned, is hereby postponed so that such amount, together with interest thereon at the rate of 4 per centum per annum from July 1, 1933, shall be paid by France to the United States in ten equal annuities of $6,093,759.44 each, payable in equal semiannual installments on December 15 and June 15 of each fiscal year beginning with the fiscal year July 1, 1933 and ending June 30, 1934, and concluding with the fiscal year beginning July 1, 1942 and ending June 30, 1943. The bond numbered 7, dated June 15, 1925, maturing June 15, 1932, in the principal amount of $11,363,500, delivered by France to the United States under the agreement of April 29, 1926, shall be retained by the United States until the annuities due under this Agreement shall have been paid.

2. Except so far as otherwise expressly provided in this Agreement, payments of annuities under this Agreement shall be subject to the same terms and conditions as payments under the agreement of April 29, 1926, above mentioned. The proviso in paragraph 2 of such agreement, authorizing the postponement of payments on account of principal, and the option of France provided for in paragraph 4, to pay in obligations of the United States, shall not apply to annuities payable under this Agreement.

3. The agreement of April 29, 1926, between France and the United States, above mentioned, shall remain in all respects in full force and effect except so far as expressly modified by this Agreement.

4.

France and the United States, each for itself, represents and agrees that the execution and delivery of this Agreement have in all respects been duly authorized and that all acts, conditions, and legal formalities which should have been completed prior to the making of this Agreement have been completed as required by the laws of France and the United States, respectively, and in conformity therewith.

5. This Agreement shall be executed in two counterparts, each of which shall have the force and effect of an original.

IN WITNESS WHEREOF, France has caused this Agreement to be executed on its behalf by its Ambassador Extraordinary and Plenipotentiary at Washington, thereunto duly authorized, subject, however, to ratification by France, and the United States has likewise caused this Agreement to be executed on its behalf by the Secretary of the Treasury, with the approval of the Presi

dent, pursuant to a Joint Resolution of Congress approved December 23, 1931, all on the day and year first above written.

The French Republic

By

CLAUDEL

Ambassador Extraordinary and Plenipotentiary

The United States of America

By

OGDEN L. MILLS

Secretary of the Treasury

Approved:

HERBERT HOOVER,

President

REDUCTION OF VISA FEES

FOR NONIMMIGRANTS

Exchange of notes at Paris June 3 and 18, 1932, supplementing agreement of April 19 and May 8 and 13, 1929 1

Entered into force June 18, 1932

Terminated January 15, 1938, by agreement of January 12 and 14, 1938 2

Department of State files

No. 1788

The American Embassy to the Ministry for Foreign Affairs

The Embassy of the United States of America presents its compliments to the Ministry for Foreign Affairs and has the honor to refer to the proposed visit, at the invitation of the American Legion, of approximately 500 French war veterans to the United States next September.

The American Government, remembering the courtesies extended to the members of the American Legion at the time of their visit to France in 1927 in the matter of passport facilities and the waiver of the usual visa fee, desires to reciprocate and grant French war veterans similar courtesies in so far as it is able to do so under the laws and regulations at present in force.

3

Under the present laws in force in the United States it will not be possible to waive visa requirements altogether for the French war veterans visiting the United States, nor is there any provision in the existing agreement with France, entered into in May, 1929, under which the visa fee might be reduced below the amount applicable to all French citizens. However, under the Act of February 25, 1925, the Department of State was authorized to conclude reciprocal agreements for the reduction or waiver of visa fees for nonimmigrants. Under this authorization, and since the French war veterans temporarily visiting the United States fall under the classification of nonimmigrants, it is proposed to conclude an additional visa agreement supplementary to the agreement entered into in May, 1929, providing for the waiver of visa fees for members of veterans organizations proceeding abroad as members of delegations.

If the French Government would be willing to conclude such an agreement to cover the members of veterans organizations proceeding abroad as

1 Ante, p. 974.

2 EAS 125, post, p. 1026.

343 Stat. 976.

members of delegations, the American Government would be glad to expedite the making of the necessary arrangements in order that the French war veterans visiting the United States next September may benefit by the facilities provided.

The American Government would therefore be willing to agree to the following provision supplementing the present visa agreement as set forth in the Embassy's note No. 8047 of April 19, 1929, and the Ministry's reply of May 8, 1929:

No visa fees shall be collected from American or French members of delegations representing war veterans organizations temporarily visiting the United States or France.

Should this provision meet with the approval of the French Government, it is proposed to put it into effect by a simple exchange of notes.

In regard to the question of waiving passport requirements, the laws of the United States require aliens visiting the United States temporarily to be in possession of passports or official documents in the nature of passports, which they may present as evidence of their ability to return to their own or some other country at the end of their temporary stay. In view of this provision it would be satisfactory if the French war veterans, in the absence of a regular passport, should each have a document in the nature of a passport issued or indorsed by the French Government, which would be valid for the return of the war veterans to France.

PARIS, June 3, 1932

The Ministry for Foreign Affairs to the American Embassy

PARIS, June 18, 1932

In reply to a note dated June 3, 1932, the Ministry for Foreign Affairs has the honor to inform the Embassy of the United States of America that it accepts the Embassy's proposal that the passport and visa agreement concluded by an exchange of notes dated respectively April 19 and May 8, 1929, be supplemented by the addition of the following provision:

No visa fees shall be collected from American or French members of delegations representing war veterans organizations temporarily visiting the United States or France.

The Ministry for Foreign Affairs considers that agreement on this supplementary provision has been concluded through the exchange of the above mentioned note from the Embassy of the United States, dated June 3, 1932, and of the present reply. The Ministry will promptly send instructions to the French Embassy and Consulates in America to put the new agreement into immediate effect.