19420529_Minutes.pdf

1080

A meeting of the Board of Governors of the Federal Reserve

SYstern washeld in Washington on Friday, May 29, 1942, at 11:00 a.m.

PRESENT: Mr. Eccles, ChairmanMr. Ransom, Vice ChairmanMr. SzymczakMr. McKeeMr. DraperMr. Evans

Mr. Bethea, Assistant SecretaryMr. Carpenter, Assistant SecretaryMr. Clayton, Assistant to the Chairman

The action stated with respect to each of the matters herein—ter r

eferred to was taken by the Board:

The minutes of the meeting of the Board of Governors of the

441'41 Reserve System held on May 28, 1942, were approved unanimously.

Tel egram to Mr. Paddock, President of the Federal Reserve Bank

the t

the p

ederal Reserveother r

tos stating that the

°110Ning rates

Board of Governors approves for the Bank

on advances and commitments under Section 13b of

Act

ates of discountetp'ect'

111- '4aY 29, 1942:

°4 adv„direct to industrial or commercial organiza-

--°", includinr, advances made in participation withother financing institutions — 21 to 5 per cent.

arl,vances to financing institutions:"" Portion for which the institution is obligated2. rate charged borrower less commitment fee.

Remaining portion — rate charged borrower.

tel*gr

and the establishment without change of the

and purchase in the Bank's existing schedule,

also stated that it was assumed the present commitment rate

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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413144ed to commitments direct to borrowers and that on commitments to

tillancing institutions no commitment would be granted on a loan on which

the borrower was charged more than 5 Per cent.

Approved unanimously.

Letter to Mr. Sproul, President of the Federal Reserve Bank ofNew yos.41Co_

, reading as follows:

"Following receipt of your letter of May 21 submit-Certaine

changes in the discount rates of your Bank,tilv!rnor Draper advised you over the telephone that up to1.au time eight of the Federal Reserve Banks had estab-aldehed 41 range of rates of from 2-1/2 to 5 per cent onOf Se

made direct to borrowers under the provisionsh, uection 13b of the Federal Reserve Act and that hewilpjd you would consider the matter further and write him

f'espect to your views.stat 1UPon receipt of your letter of May 25, in which youneerielou did not and do not believe that there is anydue: 'or, or any important purpose to be served by, re-

the upper limit of your range of rates on loans un-filrection 13b from 6 to 5 per cent, the matter was givencairler consideration. On Thursday, May 28, Mr. TreiberlikAec41. Mr. Morrill and stated that your Directors wouldon i1,6° be informed of the action of the Board of Governorsor changes in discount rates submitted in your letterthi Y 21, 1942. Promptly thereafter the Board consideredthaZ 'latter, and the members were of the unanimous opinionthcent e Board should not approve a maximum rate of 6 peradv.& for advances under Section 13b. Mr. Treiber was sotoarre,” over the telephone, as we understood advice of theat t;,' 8 action was desired while your Directors were still

"? Bank. aria 4When the question of rates to be charged on advancesIlas guarantees to be made pursuant to Executive Order 9112zeriturlder consideration, representatives of the War Depart-tanks NavY Department, Maritime Commission, Federal Reservethat jnd Board of Governors all concurred in the suggestionIkrailaue maximum rate charged on loans made or guaranteedPer

t to the provisions of the Executive Order should be/3er cent The Board is not unmindful of the statements


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Contained in your letters of May 21 and May 25, but isof the opinion that during the present emergency when everyeffort is being made to keep prices and other costs at aTlnImum in furtherance of the war program, it would notbe Justified in approving a rate as high as 6 per cent for,advances by the Federal Reserve Banks. You state, in your-Letter Of May 21, that 'The legal rate in both New York

Pd New Jersey is 6%, which places a ceiling on this rate.It do not believe that our lending practice under Section4,3°.should be used to try to prescribe a different loanlin11111114' It does not seem to the Board that the factoF a state legislature has fixed a maximum loan rate0 per cent should in any way indicate that a Federal172erve Bank should charge a similarly high rate on ad-c;'2ee- As you know, certain states have fixed 8 perd as the maximum legal rate of interest. You, noe°11;4, will agree that it would be unrealistic for a Fed-'O Reserve Bank to fix as high a rate as 8 per cent41

advances under Section 13b.fix.,4"As of today ten of the Federal Reserve banks havetiia maximum rate of 5 per cent on advances under Sec-of-; b. In your letter of May 25 you state that a rangef, ;--1/2 to 6 per cent is more nearly in accord with the2,°.cts than a range with a lower ceiling and is wholly con-(7.1.. ,, it seams to you, with a 5 Per

guar.ates your views in

ant cent upper limit

eed loans underel:eol Regulation V. While the Board

nliZtra this respect, it cannot but feelrealistic approach to this problem calls for a maxi-time ate of not in excess of 5 per cent. At the presentalladvanc Federal Reserve Banks have a 1 per cent rate onthe 8 es to member banks under Sections 13 and 13a. Whilerate °ard does not consider that complete uniformity inwow?! is essential at all times, it does feel that itto h' be particularly unfortunate for the New York BankSectrie a maximum rate of 6 per cent on advances underanla;(132 13b, while the other Federal Reserve Banks haverate-LQ-11'1 rate of 5 per cent on such advances. A higherWith nuld not be consistent, in the opinion of the Board,viar the whole economic program of the Government in the

erfort.11


Secretary's Note: The reference in thesecond paragraph of the letter to actionby the Board related to informal consider-ation given to the matter by members of


5/29/42

Of chi

-4-

the Board on May 28, 1942, following re-ceipt of Mr. Treiber's telephone call.

Telegram to Mr. Dillard, Secretary of the Federal Reserve Bank

°ago, stating that the Board of Governors approves for the Bankthe fal

°wing rates on advances and commitments under Section 13b ofthe t, ,,ccieral

Reserve Act and the establishment without change of theOther

rates of discount and purchase in the Bank's existing schedule,et •reckve May 29, 1942:

°11 tvl,nces direct to industrial or commercial businesses,7,1oluding advances made in participation with other'-l-nancing institutions - 21 to 5 per cent.

On a. dvances to financing institutions:1. Portion for which financing institution is obli-

gated - 21 to 5 per cent..2- Remaining portion - 2i to 5 per cent.On co •

1. mmitments to make advances:Direct to industrial or commercial businesses - 10to 25 per cent of loan rate with minimum of per

2. To financing institutions - 10 to 25 per cent ofloan rate with minimum of 1 per cent providedno commitment shall be given on a loan on whichborrower is charged more than 5 per cent.


Telegrams to Mr. Post, Secretary of the Federal Reserve Bank ofPh,11

1041t,a McLarin, President of the Federal Reserve Bank of At-,

e8rs. Stewart and Powell, Secretaries of the Federal Reserve,KaOf St, L-011i3 and Minneapolis, respectively, Mr. Gilbert, Presidentthe Fed

P eral Reserve Bank of Dallas, and Mr. Hale, Secretary of theetiel,a1

th. eeerve Bank of San Francisco, stating that the Board approveseat ablis

Ilment without change by the Federal Reserve Bank of San


1084

51 '*/42—5 —

Pilricisco on May 26, by the Federal Reserve Banks of Atlanta, St. Louis,

itinrisaPolis, and Dallas on May 28, 1942, and by the Federal Reserve

41111: °f Philadelphia today, of the rates of discount and purchase intheir

existing schedule.


Memorandum dated May 28, 1912, from Mr. Nelson, Assistant Sec —

l*etal7) recommending that Mrs. Margaret C. Pauszek be

stenographer in the Secretary'sk)620

'jet' annum, effective as of the date upon which she enters upon

the Pe"°rmance of her duties after having passed satisfactorily the

141141 PhYsioa-1 examjation.


Memorandum dated May 29, 1942, from Mr. Nelson, Assistant Sec —

'1) submitting the resignation of George B. Newell as a page in

l'etarY's Office, to become effective as of the close of business

the 8eo

jttio 1.9

ht elt date.

Office, with salary at

appointed as a

the rate of

' 1942, and recommending that the resignation be accepted as

The resignation was accepted.kt14.

Letter to the board of directors of "The Peoples Banking Com—or

" Lewisburg", Lewisburg, Ohio, stating that, subject to conditionskeraber_

4143 numbered 1 to 3 contained inqppro

te1,14, vee the bank's application for membershipe 8Yst eM and for the appropriate amount of stock

strire

the

844k of Cleveland.

Board's Regulation H, the

in the Federal Re—

in the Federal Re—


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NetMa nchester,,, West Manchester, Ohio,

tionsOr membership numbered 1 to 3 contained in the Board's Regulation

-6--

Approved unanimously, for transmis-sion through the Federal Reserve Bank ofCleveland.

Letter to the board of directors of "The First State Bank

II) the Board approves the bank's application for membership in the Fed-

Re

stating that, subject to

of

condi-

era]. Rese

Sher.

1(1411' Arkansas, stating that, subject to conditions of441101$er

Dtov._the

bank's application for membership in the Federal

kid for the appropriate amount of stock in the Federal

St. Louis.

ed 1 to 3 contained in the Board's Regulation H, the

Yetetti

or

Approved unanimously, together witha letter to Mr. Davis, President of theFederal Reserve Bank of St. Louis, readingas follows:

teill "The Board of Governors of the Federal Reserve Sy-Nr".3,131'0ves the application of the 'Grant County Bank',

Arkansas, for membership in the Federal Reserve

loanY,subject to the conditions prescribed in the en-tioarti- -Letter which you are requested to forward to theelleIN)f Directors of the institution. Two copies of4.4,-etter are also enclosed, one of which is for yourto ti; arid the other of which you are requested to forward

f:pBalik Commissioner for the State of Arkansas for„ormation.

serve System and for the appropriate amount of stock in

rve Bank of Cleveland.

. Approved unanimously, for transmis-sion through the Federal Reserve Bank ofCleveland.

the Fed-

Letter to the board of directors of the "Grant County Bank"

membership

Board ap-

Reserve

Reserve


1O8

5/29/42

Re

-7-

of e"Since the estimated losses classified in the report

exaMination for membership are reported to have been

_II!Lrged off, the usual condition of membership regarding.1-1/11ination of losses has not been prescribed."

Letter to Mr. Olson, Assistant Vice President of the Federaleerlre

r1K of Chicago, reading as follows:

dr. "This refers to your letter of May 22, 1942, ad-f esed to Mr. Cravens, enclosing a copy of a letterr'Au°111t Mr. Carlos A. Spiess of the firm of Mayer, Meyer,

rian ez Platt, Chicago, dated May 20, 1942, present-g certain questions with respect to the standard form

1% Guarantee Agreement which has been approved by the118: .!!!!1 Navy Departments and the Maritime Commission for

,rer Executive Order No. 9112.ot 141'. .e SPiess' first question relates to the effectr

11 -4.6 to the last sentence of section 5 of the4 antee Agreement which provides that:'After such additional percentage has

been added to the percentage specified in sec-tion 1 pursuant to a written request for an ad-Justment by the Financing Institution, the Fi-nancing Institution shall have no further rightsThis Under this section.'

the f?rovision is intended to have the effect indicated in/tIstilit paragraph of Mr. Spiess' letter. If the Financingeecti'lluion once makes a request for an adjustment undersect;°n 5 and the adjustment is made, the benefits of theita,r -0/1 are thereby exhausted and the Financing InstitutionOf not thereafter request a second adjustment on account

illsQ ._"Y caentontract cancellations occurring after the first ad-

"Withlore respect to Mr. Spiess' second question, the words

are usnlit for', as used in the third sentence of section ,merely in amplification of the words 'payment of'

6I

°rota.; of course include credit as the result of an offsetc3fth -2iee- It is contemplated that, after a determinationei.,eilree,:"°unts payable to the Borrower, the Borrower will re-,‘‘.11at trl'qment or credit for the amounts so determined and;.:1111tv e Period of waiver of interest and suspension of ma-'ucrrovwiel'1141 come to an end 10 days after the receipt by the

of such payment or credit in full. However, if


1 087

5/29/42

"the amounts

pay able to the Borrower are not realized by

withia a year following the date of the determinationof such amounts, waiver of interest and suspension of ma-will cease automatically at the end of such year

'Leas the guarantor permits a further continuation.r.. "The sentence of section 6 hereunder consideration?w: 8

to amounts determined to be payable to the Borrowerge:reepect to any cancelled contract'. Mr. Spiess sug-s that the reference to 'any' cancelled contract might.e coea nstrued to mean that payment under any one of severalvricelled contracts would operate to terminate a waiverg.41, interest or suspension of maturity which may have beeninant ted with respect to all of such contracts. It is the?f. this provision that if a waiver of interest andparPjnelon of maturity has been granted with respect to ashaU lcular cancelled contract, such waiver and suspension

anici,h4.11°t cease until 10 days after payment or credit ofBor„—"8 which have been determined to be payable to theint")wer with respect to that particular contract. Thiscee,4.nra:_erlyssenctonenficren:ed by the opening phrase of the next suc-

of th The statements above made as to our interpretationment e Provisions of the standard form of guarantee agree-re„ are based upon discussions which took place betweenth'e'ueasentatives of the War Department, the Navy Department,form .time Commission and the Board of Governors when theriot agreement was in the course of preparation. We haveoftclulomitted the questions discussed in this letter to anyto cot agencies, however, and, of course, cannot undertakee:K131.:mit them. It would seem that if a more authoritativebe ra i°/1 on these points is desired, the questions mightParti-,,,,sed in connection with the negotiations concerning acernerl'ar case in order that the governmental agency con-beoom' might be consulted. If any of these questions shouldgIlt4tmate rial in connection with the negotiations for athe ge,ee in any case, kindly advise us of the case and ofthe maiZrnmental agency involved and we will be glad to take

r up promptly with the appropriate agency."

Approved unanimously, together withletters to Under Secretary of War Patterson,Acting Secretary of the Navy Forrestal, andthe United States Maritime Commission trans-Tatting copies of the incoming letter andIts enclosure and the above reply.

-8-


erlre

sank of New York, reading as follows:

"Y°1-Ir inquiry No. 18, re Regulation

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5/29/42-9—

Telegram to the Presidents of all the Federal Reserve Banks, read-

ing as follows:

"Section 4(c) of Regulation 17 requires instalmentsnot less than S5.00 per month or S1.25 per week onsv: aggregate instalment indebtedness of the customer

the cash price of each of the articles purchasedor less."


Telegram to the Presidents of all the Federal Reserve Banks, read-

ing as follows:

is „,_"An overdraft resulting from the drawing of a check71117 extension of credit, but in the usual case it is

not

form a loan' within unless

the meaning of section 2(1),-a;'atheis not subject to Regulation W less used

raeans

r

of evasion."

Approved unanimously.Tele_

gato Mr. Phelan, Assistant Vice President of the Federal

W. Board agrees."

. The telegram, which had reference toan inquiry relating to the question whethercertain overdrafts in Macy's Bank, New York,should be treated as single payment loans oras open charge accounts, was approved unani-mously.

Letter k to Mr. ehrii Wallace, Counsel of the Federal Reserve Bank ofclid,

reading as follows:!tin

!I-110.e your letter of May 19, 1942 you asked whetherabitts.,'aYillent loan subject to section 7(b) of Regulation

tilatilri,"4-th a maturity of only 30 days, may be renewed atthe ci L'Y without curtail for a period ending 90 days froml'etleyrate °f the original loan and thereafter be subject to

"Ts under section 7(o)(2)•11°Uld he Boardat agrees with your view that section 7(c)(2)

II— Permit the aforementioned renea1 without curtail,


1.089

5/29/42

-10-

though the loan might have been made in the firstins tance with a 90 days maturity. As you point out, sec-t,,,c/r1 7(0(2) would require curtail of approximately 1/12

the amount of the loan on the date of the first renewal,'3-rice a reduction in that amount would have been required

the date of such renewal had the loan been an instalmentoc,;L all subject to section 6(b). Similarly, on the expirationothe 60-day renewal obligation, the first 90-day renewal

'4ligation would have to be accompanied by a curtail of ap-°XI-Innately 2/12 of the original amount of the loan.

tio Of course, if the renewal .were negotiated under sec-rec,„4"c)(1), no curtail on the date of renewal would beob1.4-4.rect since it would only be necessary that the renewalficltgation be payable in equal monthly instalments of suf-raoh„ellt amount to liquidate the indebtedness within twelve1„-'"is from the date on which the original single-payment"en was made.

"Ae You know, footnote 5 and section 9 would requireatlon of the foregoing in certain cases."


c/Irthepederal Reserve Bank of St. Louis, reading as follows:

of /3 "Enclosed are copies of letters from Mr. F. M. DeatonGoide„at°n & Bacherig, from Mr. R. W. VanHorn of the J.the Tutth & Sons Company, from Mr. John L. Glankler of'1',°nn Gerber Company, and from Mr. E. S. Eddins of The

wit allts' Credit Association, n71 of Memphis, Tennessee,f'le erence to Regulation W.

have 11111 you kindly answer these inquiries.rtliot The lettersbeen acknowledged by us.

tromtThe regulation, of course, does not permit the charges°ver

he last 5 days of any calendar month to be carriedorn ;0 the next month for purposes of determining whether

4 P:01; ! charge account is in default and we have receiveddeal of comment about this provision.ellisirt-ome merchants, we understand, have come to the con -arid t 1 that it would be more satisfactory for the merchantother e customer to bill as of the end of the month while1114 •srhave found ways of continuing their present practicesrilents cl:ming their customers of the Regulation's require-Even if no change at all is made in the billing

Letter to Mr. Glasgow, Managing Director of the Memphis Branch


5129/42

Procedure it would seem that the customer would receive

!time bill for items purchased in the last 5 days prior to the

that he must pay for them if he is to avoid default."The pressure to make a change in this provision hassomewhato

subsided as merchants found that they were able toflakoute adjustments to the provisions of the regulation with-serious interference with their operations, and it is4LuPed that it will not be necessary to amend the regulation.

4, The problem is having our careful study but so far'_'"at indicates that the present rule is probably preferable,'In the

whole, to any of the available alternatives."

ta*

1 090

Letter to Mr.

-11—


Hodgson, Assistant Counsel of the Federal Reserve

Oflarineapolis, reading as follows:

tth :T.11,1s will acknowledge your letter of May 22, 1942,chai:'elerence to the status under Regulation V; of 'house

gs accots' which are used by department store em-Plcyees.un

8ev. "This matter has been brought to our attention bythe'rea

pro correspondents. As you suggest, there is involved

a ci ader question as to why Regulation 17 should requirewiirT PaYment on purchases in an instalment account thatcountue liquidated within the same period as a charge ac-in ch, while there need be no down payments on purchasesprobiZe accounts. Careful study is being given to this

plat ".ItmaY interest you to know that some stores are

conf1:11ng to continue these 'house charge accounts' butIne them to purchases of 6 or less."


tom* Telegram to Mr. Mooney, Vice President of the Federal ReserveOf Kass

"as City, reading as follows:

111.18' "Please advise W. Homer Kelly, Wichita Independentliende:8,8 /rens Association, in reply to his wire to Leon%1111C°n, that Regulation IV does not apply to open act5(b).1,841ea of food or coal except as provided in section



1091

A

5/29/42

Ilerch

-12-

Letter to Mr. W. P. Potter, General Manager of the Glendale

ante Association, Ltd., Glendale, California, reading as follows:

i "This will acknowledge your letter of May 22, 1942,Cn which you ask for answers to a number of questions con-"ling Regulation W.„ "As to your principal question, the one relating tohe

status of unlisted articles, we have telegraphed a re-

r2re that by

et to the Los Angeles Branch of the Federal Reserve

e„l8 jk of San Francisco to give you the answer, and we as-

this time you 16,111 have received it. Theth:4.eritial Points to bear in mind on this question are (1)

a merchant who is engaged exclusively in the businessthatselling unlisted articles is not a 'Registrant', soth, no portion of the regulation applies to him and (2)ca;.a charge account containing only listed articles, iflifled with a Registrant who sells both listed and un-ed articles, may be in default under the regulationperilino consequence except that the customer may not bethat .t,'tecl to purchase a listed article on credit fromaegistrant.few"The accounts to which your letter refers as 'pro-

accounts, together with charge accounts forPear 4hinge as laundering, dry cleaning, etc., do not ap-kJ() involve listed articles at all.Th"among the administration of Regulation Wis decentralizedit mo e twelve Federal Reserve Banks, and you will findtions convenient to direct any further comments or ques-

t You may have on this subject to the Los AngelesArigei. of the Federal Reserve Bank of San Francisco, Los

e8) California, in whose district you are located."

Approved unanimously.Lett

te er to Mr. Arthur L. Blakeslee, Assistant Chief of the Pro -etive co

netruction Unit of the Federal Works Agency, Public Buildingsiatrati,

reading as follows:

IO; 1942"F°11° ulwing receipt of your circular letter of MaMarchirls4.,4. with respect to the protection in public build-

(1' all communication systems, transformers, etc.


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to 24-hour operation of the buildings, we trans -mi!ted to the Federal Reserve Banks the information con -l'a,:3-Tied therein and stated it to be our understanding that.!ue Protective Construction Unit would study each casereferred to it, recommend protective construction and pro -Ilds detailed plans therefor in such manner that any neces-j17 work could be undertaken without further delay, al-

Was not proposed to begin any recommended con-Until the War and Navy Departments deemed itadvisable.

27 "There were transmitted to you by messenger on Maypijlans of the buildings of the Federal Reserve Banks ofi:1;]ciiLadelphia, Cleveland, and Chicago, on which have been

cated, as requested in your letter, the rooms andSpaces, if any, needing attention on the basis out-With respect to the plans of the Federal Reserve

it71 of Philadelphia, the Bank states that unfortunatelyriatra48 never possessed complete plans of the units desig-ph e'4 as 1A, 1B, and 2, as shown on the Building Layoutinotostat attached to the plans. The outlines of build-th!8 lA and 1B, however, are shown on the drawings, and' construction of these buildings is as follows:

Building lA Brick. Basement and 5floors

Building 1B Reinforced concrete. Base-ment and 5 floors

Building 2 Brick. Basement and 2ndfloor (No street level floor. Build-ing formerly used as power house)at 92:The Federal Reserve Bank of Philadelphia, located

be 925 Chestnut Street, Philadelphia, Pennsylvania, wouldtatireased to have an expert from your office visit the

otatraeliMgive it the benefit of his observations and rec-clicat:,"1-Lons. The Federal Reserve Bank of Chicago has in-

'" that in addition to recommendations as to protec-linit C°118trUction it would be interested in having yourcirferr!!°mmend areas not involving new construction thator pe the best shelter immediately available for protectionthe °411e1 from blasts and splinters. In this connectionconst;"eral Reserve Bank of Chicago states that its roofitch ;11ction consists of a sixteen inch tile arch, a sixtakriclicrets slab, and over this a concrete roof slab

frOM six inches at the middle down to two inches;

-13-


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5/29/42

—14—II n1-4-so that a building of modern construction to the westProtects its building up to several feet above the ceilingof the twelfth floor.d, "When the plans of the Federal Reserve Banks of Phila-,!4Phia, Cleveland, and Chicago have served their purpose

will be appreciated if you will return them to this of-wiet,e: In case you wish to obtain additional informationdir respect to the plans, we suggest that you correspond

ctlY with the officer of the particular Bank designatedwelow:

Federal Reserve Bank of Philadelphia--Philip F. Coleman, Assistant VicePresident

Federal Reserve Bank of Cleveland--G. H.Wagner, Vice President

Federal Reserve Bank of Chicago--Mark A.Lies, Assistant Cashier

yo "The Board of Governors appreciates the servicestc.)1L office is rendering to the Federal Reserve Banks and

letters B"rd, and, in this connection, referring to our811/11r1 s of January 27 and March 13, 1942, it is our as-

that your office will make recommendations withat the t° any protective construction deemed necessaryand

msip:eLlasderal Reserve Banks of New York, Minneapolis,-01„.ft

Approved unanimously.Letter

to Mr. Baird Snyder, 3rd, Acting Administrator, Federal

gency, reading as follows:

alars,"1 am writinc. this letter to remind you of the as-rega;dee:/hich you crave me in your letter of March 23 inDere;" Lo the space in this building for the Inter-Americantoaree Board that 'one way or another we shall get thisr)1('Ilth e'ther8 I space within a period of approximately two

n.been "&ille to the additional responsibilities which have 4.tagla ?,ed upon the Board of Governors, and the re?rgani-t;1°rthi;A!,4 8°Ine of our functions, we need the space in -?he411g 11,-'''' I C' Street wing on the first floor of the build-

°ccupied by the Inter-American Defense Board,.con--g of 5600 square feet. It will be appreciated if


5129/42

7,Y°1114d11 make whatever arrangements are necessary to haveIthe Inter-Amer can Defense Board vacate this space as soon" 13438Sible "

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Approved unanimousiy.

Thereupon the meeting adjourned.

Assistant Secretary.

Chairman.


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