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at the reichsmarks are sold by theExport-Import
Bank at a rate below $.3045, the cotton shipper would not
be able to get the prevailing market price for his cotton
in terms of dollars. Should the marks sell at as low as
$.2382, the cotton shipper would obtain, in dollars,
15 percent less than the U.S. market price. In this
event, not only would German goods be dumped in this country, 
but also, on the other side, cotton would be dumped in 
Germany, since the American cotton exporter would
be laying down cotton in Germany at a lower price than that
prevailing in the United States.
 
 
lO. Attention should, moreover, be called to the
fact that the United States Government, through the Export-
Import Bank, stands to suffer what may amount to serious
losses. Under the plan, the Export-Import Bank engages
to convert reichsmarks into dollars at the average rate 
at which it sold reichsmarks on the preceding day. The
new reichsmarks thus purchased may, however, have to be
sacrificed subsequently at a very considerable loss.
 
 
ll. The question may be raised whether the Treasury,
by refraining from applying the anti-dumping law to
American importers of German goods who have purchased 
reichsmarks from the Export-Import Bank, thereby also commits
itself to refrain from applying the anti-dumping law with
respect to importers of German goods who have bought
 
 
blocked