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marks at such rates as it may determine butin no event at
a rate less than U.S. $.2382. The dollar proceeds derived
from the sale of these reichsmarks shall be deposited by the 
Export-Import Bank in a separate account designated as
"Cotton Shippers Exchange Fund." From this fund, the Export-
Import Bank would then convert into dollars, for the benefit
of American cotton exporters, the reichsharks received in
payment of cotton shipments to the German Import Company.
The conversion rate to cotton'exporters would vary from day 
to day according to the average rate at which reichsmarks
had been sold by the Export-Import Bank to American importers
of German goods on the preceding day.
 
 
As explained above, with every shipment of American
cotton the German Import Company agrees to deposit reichsmarks 
covering 75 percent of the purchase price to the credit
of the Export-Import Bank. The American cotton shipper then
draws upon the Export-Import Bank in reichsmarks, and at the
same time, requests the Export-Import Bank to convert reichsmarks 
into United States dollars in the manner just described.
Thus, a revolving fund is set in operation. As the Export-
Import Bank sells reichsmarks to American importers of German
goods, dollars thus obtained are exchanged for new relchsmarks
created by further cotton shipments. The Export-Import Bank,
however, does not agree to convert relchsmarks into dollars
 
 
for