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Copy for Mr. Seligman

April 19th., 1961.

Hon. John V. Lindsay, M.C.,
Congress of the United States,
House of Representatives,
Washington, D.C.

SUBJECT: Blocked peseta account in Spain

Dear Mr. Lindsay:

Your continuing interest in the blocked pesetas account of Mr. Germain Seligman is appreciated by myself and Mr. Seligman, and I am therefore prompted to send you the enclosed photostat of a letter received from the American Embassy Madrid, written under date of March 22d., 1961.

From his letter it will be seen that Mr Anthony Cafaratti the Commercial Attaché, has made all reasonable attempts to implement the agreement entered into by the U.S.Government and The Insituto Espanol de Moneda Extrajero, but his letter expresses the disappointment he felt at this slow conversion arrangement, so different from what he had been lead to expect.

However, Mr. Seligman has complied with his suggestion as contained in the last paragraph and has written to the Bank of London & South America asking them to apply to the Exchange Control in the amount stipulated by the Control. There the matter rests.

With some diffidence I suggest that you might wish to call to the attention of the Department of State this unexpected interpretation of the terms of the agreement by the Exchange Control, since it would, if applied to all blocked accounts, affect a great number of American interests in equal or larger amounts.

With renewed thanks, I am, 

Sincerely yours,

John J. Cunningham