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AGREEMENT BETWEEN THE GOVERNMENT OF NEW ZEALAND AND THE GOVERNMENT OF THE FRENCH REPUBLIC REGARDING THE GRANTING OF CREDITS FOR THE PURPOSE OF FINANCING PURCHASES OF WOOL AND OTHER PRODUCE OF NEW ZEALAND The Government of New Zealand and the Government -of the French Republic, wishing to facilitate the purchase by France of wool and other produce of New Zealand, have agreed upon the following provisions : Article I (1) The Reserve Bank of New Zealand acting on behalf of the Government of New Zealand will make available to the Government of the French Republic a credit amounting to Five Million Pounds (£5,000,000) in United Kingdom currency. (2) This total amount of credit shall be applied by the Government of the French Republic exclusively in payment for New Zealand grown wool or (by mutual agreement between the two Governments) of other New Zealand produce, the said wool and other produce to be purchased in New Zealand and exported to France and the territories of the French Union. Article II The amount of the credit to be drawn during each annual period ending the 30th day of June shall not exceed one-half of the amount of the payments made during that period for the purchases of wool and other produce the subject of this Agreement. Article 111 (1) Drawings under the credit will cease to take place not later than the 30th day of June 1952 notwithstanding that the total amount aforesaid may not have been utilised by that date. (2) The total amount of sums drawn under the credit in accordance with Article I above shall be repaid entirely by the Government of the French Republic not later than the 31st day of December 1957. (3) The Government of the French Republic shall be entitled to repay, before the redemption date, the whole or portions of the sums so drawn.