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Fifth Meeting of the Big Three -- July 21, 1945 The report of the foreign secretaries was read. It was recommended that notice of the establishment of the Council of Foreign Ministers should be sent to France and China before the public announeement thereof. Minor verbal changes in the draft of the document were also recommended. The economic subt committee had not yet finished its work. The subcommittee on the Polish question was not fully agreed nor could the foreign secretaries reach a. complete agreement on this question and the points of the difference were to be referred to the heads of state. TRUMAN: The first question then is the Polish question. BYRNES: The first point of difference relates to the problem of the transfer of assets without mentioning liabil- ities. as TRUMAN : So far as our laws are concerned, when our NO N U.S. assets are transferred, liabilities must be transferred. We do not intend to assume theliability of the old Polish govern- ment and give the new Polish government the assets. CHURCHILL: We are content with the proposals put forward by the President and particularly with the proposition that there can be no release of assets without a consideration of liabilities. Mr. President, how does your redraft cover liabilities? BYRNES: It protects the property but deals neither with transfer of assets nor liquidation of liabilities. CHURCHILL: This is a more serious question for Britain than the United States. STALIN: Does the British government propose to exact