The Hague, March 7, 1951.
I have the honor to refer to the conversations which have recently taken place between representatives of our two governments relating to the Economic Cooperation Agreement between the United States of America and the Kingdom of the Netherlands, signed at The Hague on the second day of July, 1948 and heretofore amended, and to the enactment into law of Public Law 535, 81st Congress, amending the Economic Cooperation Act of 1948. I also have the honor to confirm the understandings reached as a result of these conversations:
1. The Government of the Kingdom of the Netherlands has expressed its adherence to the principles and policies of the Economic Cooperation Act of 1948, as heretofore amended.
2. Whenever reference is made in any of the articles of such Economic Cooperation Agreement to the Economic Cooperation Act of 1948, it shall be construed as meaning the Economic Cooperation Act of 1948, as heretofore amended.
3. Paragraph 6 of Article IV shall include expenditures in furtherance of any central institution or other organization formed by two or more participating countries to facilitate the development of transferability of European currencies or to promote liberalization of trade by participating countries with one another and with other countries.
4. The consultation referred to in Article III, paragraph 1, shall refer to all guarantees authorized under Section III (b) (3) of the Economic Cooperation Act of 1948, as herefore amended.
5. Since the area constituting the Republic of Indonesians is no longer part of the territory of the Kingdom of the Netherlands, this agreement no longer applies to such area.
Accept, Excellency, the assurances of my most distinguished consideration.
(s.) SELDEN CHAPIN.
His Excellency Dr. D. U. Stikker,
Royal Netherlands Minister for Foreign Affairs,