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269703885
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Memorandum from Secretary of State George C. Marshall to President Harry S. Truman
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269703885
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document
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Memorandum from Secretary of State George C. Marshall to President Harry S. Truman
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President's Secretary's Files (Truman Administration)
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269703885
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1947-08-01
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8
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1947
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SEGRET
FOR THE PRESIDENT
August 1, 1947
Subject: Reported Impending British Dollar Crisie
The British Charge d'affaires has left with me an Aide Nenoire
expressing his government's concern at the rapid depletion of its
dollar resources. The Aide Mesoire stated that at the present rate
of depletion the balance remaining from the $3-3/4 billion U. S.
loan will be exhausted by fall. There will than be left only basic
monetary reserves, which at the current rate of loss would not last
beyond April or May of 1948.
The British question whether in these straitened circusstances
they could contribute leadership for a European recovery program.
Moreover, they feel compelled to consider: (a) reducing their finan-
cial commitments in Germany and elsewhere, (b) further curtailing
imports and (c) withdrasing from multilsteralism in international
trade.
Background. The British have now drawn $2-3/4 billion, leaving
a balance of only $1 billion. This situation has srisen in part bg-
cause British purchases abroad have been made at prices higher than
when the loan was nade. The rate of zorld recovery has been slower
than anticipated, with the result that Britain has been forced to buy
largely in the western hemisphere. A contributing factor has been
the recent undertaking by the Unitad Kingdom to make sterlingconver~
tible as required by the Anglo-Aserican Financial Agreament. Britain's
own failure to muster the full force of its productive resources has
retarded the expansion of experts.
Comment: Ambassador Douglas comments that the British position
is eritical. He believes that awe run the serious risk of losing most
of lestern durope if the crisis here develops as it now seeus almost
certain to develop.* 1 agree that the possible develepments are most
disturbing.
we have talked to Treasury on this satter. They will confer with
the British to deternine more precisely what the situation is and what
the British thenselves can do. de will keep you advised of devolopmente.
NATIORAL RECORDS GERVICE
Go Oc MARSHALL
DECLASSIFIED
B.O. 11652, Sec. 3(E) and S(D) or (E)
Dept. of State letter, 7-65-25
By NLT- He , NARS Date/1-6-75
SECRE