File No. 658.119/241

The Secretary of State to the Ambassador in Great Britain ( Page)

[Telegram]

7442. For Sheldon [from War Trade Board]:

No. 398. Supplementing our 308, Department 7182, April 8, 8 p.m. British Embassy recently pointed out to us that our offer to finance Great Britain and France to extent of one-third of cost of purchase of Swedish iron ore would throw on England and France alone the burden of such loss as might ultimately result through necessity of disposing of ore at a price below that fixed in pending contract. We therefore assured the British Embassy orally of willingness of Government of the United States to bear also one-third of such ultimate loss. The foregoing is for your information.

Lansing