Translation of document 3608-PS

        OFFICIAL GAZETTE OF THE MILITARY COMMANDER IN
                 BELGIUM AND NORTHERN FRANCE

   [VOBL — Verordnungsblatt des Militaerbefehlshabers in
                           Belgien
            und Nordfrankreich] 1940-41, Page 119

      PUBLIC NOTICE OF THE ESTABLISHMENT OF A CLEARING
            SYSTEM BETWEEN BELGIUM AND THE GERMAN
                    REICH OF 10 JULY 1940

1. A clearing system will be established between Belgium and
the German Reich (without the Protectorate of Bohemia and
Moravia). The execution will for the present be handled in
Belgium by the Banque Nationale de Belgique in Bruxelles, in
the German Reich by the German Verrechnungskasse in Berlin.

2. All payments from debtors residing in Belgium to
creditors in the German Reich must be made into an account:
"Deutsche Verrechnungskasse Berlin” established with “Banque
Nationale de Belgique, Bruxelles.” The account will be
carried in Belgas. The deposits must be made in Belgas. A
special permission in accordance with the foreign exchange
decree of 17.6.1940 (Off. Gazette of the Military Comm. No.
21, 2d ed.) is not necessary for these deposits.

3. The debtors residing in the German Reich (without the
Protectorate of Bohemia and Moravia) are to make the
following payments to their creditors in Belgium into an
account of the
Banque Nationale de Belgique, establ. With the German
Verrechnungskasse, Berlin.

     a. Payments for the import of Belgian goods into
     Germany,. (Proof of country of origin not required.)
     b. Payments for incidental expenses for the transport
     and transit, including the payments for transport
     insurance.
     c. Processing costs.
     d. Payments for immaterial performances such as
     patents, licenses, copyrights and film rentals.
     e. Payments for relief, pensions, and similar matters
     insofar as a hardship exists.
     f. Payments specially approved by the Reichsministry of
     Economics.

4. The settlement of accounts will be based, until further
notice, on the following exchange rates:
     100 Belga — RM 40.00
     100 RM — Belga 250.00

These exchange rates are to be used also at the conversion
of liabilities of Belgian debtors into German currency and
at the conversion of liabilities of German debtors into
Belgian currency. If there are liabilities of Belgian or
German debtors in a third currency, payment into an account
can only be made if both parties have agreed about the
conversion of the liabilities into Reichsmark or Belgas and
about the rate of exchange.

5. The above regulation applies to all liabilities which
have become due or will become due after the 31.12.39 and
have not been paid in accordance with the previous payment
agreement. It does not apply to liabilities incurred through
the transit trade.

    The Military Commander in Belgium and Northern France