Memorandum from Secretary of the Treasury Fred Vinson to President Harry S. Truman
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THE SECRETARY OF THE TREASURY
WASHINGTON
NOV 10 1945
MEMOR.ANDUM FOR THE PRESIDENT ON THE STATUS
OF BRITISH FINANCIAL NEGOTIATIONS
The principal differences unsettled are:
On amount of loan: The British request billion,
including credit for Ehe lend-lease settlement, and we
agree on $3.20 billion, excluding the credit for lend-lease.
Postponed payments: We agree that payments should
be postponed in bad years, but the U. S. would prefer the
decision on this to rest with the President and the British
wish the postponement to be automatic, based entirely upon
certain statistical criteria.
On commercial policy: The U. S. has asked that all
import restrictions discriminatory against American busi-
ness should be ended at an early date. The British have
not yet agreed.
mum
. and ARCHIVES "NATIONAL SERVICE' RECORDS AND E
COVERAGEN
There follows an outline of the principal points in
the negotiations:
1. The amount of the credit and the interest rate.
The British first indicated that they needed a minimum
of $5 billion exclusive of credits for lend-lease and surplus
goods, and could not commit themselves to repay at the rate
of more than $100 million per year. In other words, they
wanted a fifty-year loan without interest.
FORVICTORY
BUY
UNITED
STATES
WAR
BONDS
AND
STAMPS
Relations
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