English Translation

105 2. that the tangible gold stocks (in Prague and Berlin), which have so far been bound in the cover, can be freely disposed of; 3. and that these two measurements can be carried out without changing the legally written (25 percent) and the cover ratio actually identified (36 percent). III. The foreign exchange problem. On the one hand, the inadequate unilateral services of the Protectorate to the Reich call for a strong demand for raw materials and, on the other hand, weaken the export power of the protectorate. As a result, the protectorates can only compensate for their foreign exchange assets by using the reserves. It is also necessary to refer to the gold stock of the National Bench, which has therefore fallen by 35 1/2 million Reichsmark since the establishment of the Protectorate. The gold stock held by the Nationalbenk is indicated in the ID card of 15.d.M. with 138.6 million Ri. This amount is used as follows : e.) Confiscated besw, blocked gold deposits in the Auslend England 74.2 Mil1. M Bis (Basel) 16.6 Mill. RM 90.8 Mi11.RM b.) Freely available gold stocks in Prague 18.7 Mill. in Berlin 29.1 Mill. 47.8 Mill.RM. Despite a favourable trade balance, the cash balance closes with a high deficit. This is explained by the fact that the protectorate has to buy against cash and can only sell against target and that the old export claims to the enemy powers from previous deliveries are initially not recoverable.