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UNION DE BANQUES SUISSES
Schweizerische Bankgesellschaft - Unione di Branche Svizzere - Union Bank of Switzerland
Aadorf, Aarau, Ascona, Baden, Bâle, Berne, La Chaux-de-Fonds, Chiasso, Couvet, Flawil, Fleurier, Frauenfeid, Genève, Lausanne, Lichtensteig, Liestal, Locarno, Lucerne, Lugano, Montreux, Rapperswil, Rorschach, Römerhof-Zurich 7, Rüti (Zurich), St-Gall, Vevey, Wil, Winterthur, Wohien, Zurich

Rudolf J. Ernst, Manager
Basle, September 12, 1946

Mr. Germain Seligman
5 East 57th Street

[[underlined]]New York (22)[/underlined]]

Dear Germain, 

I was delighted to receive your letter of September 3rd and to hear all the good news from you and your wife and the sweet Island of Jamaica, sweet because of all the honey spilled and the mooning which takes place on this delightful spot!

Meanwhile I have been touring and mountaineering around Zermatt, crossing deserted mountain passages is heavy gales and snow storms, drenched with water and blinded by fog and snowflakes. Sometimes, but very rarely, I saw the sun in a delightful Italian-like blue sky which was particularly enjoyable because of its scarcity value.

Since Monday I am back in my office, indulging in banking and foreign exchange problems. One of these problems has been put to me by yourself and however clever Swiss bankers may be, world and economic, including Swiss foreign exchange matters, are so involved that intelligence and all other business giftedness exists in vain.

The Swiss Francs situation is the following:

Import and export can be settled with permission of the Department of Trade and the Swiss National Bank in Swiss Francs. For exports the Dollars are accepted by the S.N.B., for imports they must be bought from the same institution by the Swiss merchants. This way it was possible to establish a sort of balance in the books of the S.N.B. Most other payments, except for those especially licenced by the U.S.A. and Swiss Governments for business journeys and personal remittances, alimony, cannot be transferred. They are payments for gifts, transfer of dividends and coupons and most other payments of all sorts. The disbursements of Swiss people in the U.S.A. can be made out of their own funds or of the Dollar funds belonging to banks for account of Swiss people and do therefore not supply the market with Swiss Francs.

./.

820 f N.

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