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1. As long as the balance resulting from the clearance of the accounts referred to in Article 1 above shall not exceed 1,800,000,000 francs or 40,000,000 guilders, the Contracting Parties shall not ask for any security nor for the conversion of this balance into gold or foreign currency.

2. If the balance should at any time exceed 1,800,000,000 francs or 40,000,000 guilders, the creditor bank of issue may request that the excess be converted into gold at the rate agreed upon between the two banks of issue. It may likewise be decided, by mutual agreement, to increase, with or without special securities, the amounts specified above.

3. If the official rate of exchange should be varied in accordance with Article 4 hereunder, the amount stipulated in the preceding paragraphs and expressed in that currency which has been devaluated, shall be adjusted in proportion to the variation.

1. All transactions resulting from the application of the present agreement shall be based upon the official rate of exchange.

2. The official rate (now 1 guilder = 44.8975 fr.) shall not be varied by either of the Contracting Parties except after mutual consultation.

3. The Banque de France and the Nederlandsche Bank shall fix by mutual agreement the maximum spread above and below the official rate which will be authorized on the markets which they control.

1. If the official rate of exchange should be varied in accordance with Article 4 (2), the accounts existing between the Banque de France and the Nederlandsche Bank by virtue of Article 1 (2), shall be closed and the balance cleared at the official rate previously in force.

2. The amount of the balance resulting from such clearance, if expressed in that currency which has been devaluated, shall be adjusted by the debtor Government in proportion to the variation.

The debtor bank of issue shall have the right at any time to effect repayment either in the currency of the creditor bank of issue or in a third currency to be agreed upon between the two banks of issue, or in gold at the rate agreed upon between the said banks.

No. 24