INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [62 STAT. February 11,1948 [T. I. A.S. 1712] 61 Stat., Pt. 4, p. 3746. Pot,p. 1843. 61 Stat., Pt. 4, P. 3746. 49 Stat. 3768. Agreement between the United States of America and Sweden respecting quantitative import restrictions and deferment of payments, modifying the agreement of June 24, 1947. Effected by exchange of memo- randums dated at Washington February 11, 1948; entered into force February 11, 1948. And exchange of letters. The Swedish Embassy to the Department of State rMBASSY OF SWEDEN WASHINGTON 8, D . C . MEMORANDUM The Government of Sweden wishes to refer to discussions which have recently been held between its representatives and those of the Government of the United States of America concerning the prob- lems faced by the Government of Sweden as the result of its serious loss of gold and dollar exchange. These discussions have resulted in a mutual understanding between the two Governments as follows: 1. After a careful examination of the facts relating to the payments position of Sweden it is recognized that a temporary suspension of the commitments undertaken by the Government of Sweden in paragraph 4 of its aide-memoire dated June 24, 1947 is necessary to permit the Government of Sweden to meet its pres- ent payments difficulties. The principles governing the tem- porary suspension of paragraph 4 of the cited aide-memoire are set forth in a letter dated February 11, 1948 from Mr. Aminoff, Swedish Charge d'Affaires, to Mr. Thorp, Assistant Secretary of State for Economic Affairs. 2. The Government of the United States recognizes that the com- mitments undertaken by the Government of Sweden in para- graph 5(c) of its aide-memoire dated June 24, 1947 with respect to quotas applicable to the importation of commodities listed in Schedule I of the Commercial Agreement between the two gov- ernments signed May 25, 1935, have, in general, been fulfilled, total imports being in excess of the total of the amounts stipu- lated. In view of this development, caused substantially by the operation of the transitional rules applied by the Government of Sweden, and because of the serious and unanticipated deficit incurred by Sweden in its balance of payments which has re- sulted in serious loss of gold and convertible foreign exchange, the Government of the United States agrees not to invoke, for the six months period ending June 30, 1948, the provisions of paragraph 5(c) of the Swedish aide-memoire dated June 24, 1947, with respect to the application of Swedish import controls to the importation of items listed in Schedule I of the Commer- cial Agreement of 1935. 1840
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