| Description | Provisional agreement, 18 March 1935. Italian imports from United Kingdom (UK) in period 19 Feb to 31 Mar 1935 to be limited to 80% of imports in same period a year earlier. Exchange of notes, 27 Apr 1935 confirmed and continued the arrangements. Payments for Italian imports to be made by Instituto Nazionale per I Cambi con L'Estero. Sterling account of this body to be held by Bank and credited with payments by UK importers from Italy. Detailed working of the agreements. Rates of exchange; bill finance; Customs duties; statistical discrepancies; Bank's costs; tendency of some UK importers to pay their suppliers direct to clear their debts more quickly and not to credit the Istituto's account. |