Foreign Relations of the United States: Diplomatic Papers, 1944, General: Economic and Social Matters, Volume II

740.00112A EW/8–744

Memorandum by the Assistant Chief of the Division of Financial and Monetary Affairs (Rubin)

[Washington,] August 7, 1944.

A meeting was held in Mr. Collado’s office attended by: Mr. Collado,⁶⁷ Mr. Hiss,⁶⁸ Mr. Fowler,⁶⁹ Mr. Charles Bunn,⁷⁰ Mr. Baker, Mr. Swihart, and Mr. Rubin, to discuss the two documents which are attached hereto.⁷¹ After discussion of the two documents and in particular the recommendations made by TA⁷² in its memorandum entitled “Shall the Proclaimed List be Continued after Victory?” it was decided that a general position could be established as follows:

1. No export controls shall be maintained after the surrender of Germany (except in relation to the war with Japan) other than those which would be necessary because of scarce materials and for security reasons. In other words, no export controls would be maintained merely in order to make a Proclaimed List workable.

2. The Proclaimed List would be eliminated on an even basis from all countries; presumably the elimination would be as quickly as was possible. However, the list would not be entirely eliminated from all of the Latin American countries merely on the ground of geographical distinction from other countries nor merely on the ground of cooperation through implementation of the Rio⁷³ and Washington⁷⁴ Resolutions. It was agreed, however, that the list could probably be eliminated on grounds of satisfactory control from these countries much more quickly than elsewhere, and in certain of these countries could be eliminated immediately after German surrender.

3. The Proclaimed List itself would be continued, although with greatly reduced numbers, so far as such controls as financial controls are concerned. In other words, the recommendations were made contemplating the continuance of financial and other controls, except for trade controls which would otherwise be dropped, over those nuclear firms which remain on the Proclaimed List, for the purpose in general of obtaining control of looted property, uncovering accounts maintained by Axis war leaders, etc.

4. The other recommendations made in the TA memorandum were not discussed but it is assumed that they were agreed upon implicitly: that the list be public; that British concurrence be obtained; and that any statement should be made consistent with the above points.

67. Emilio G. Collado, Chief of the Division of Financial and Monetary Affairs.
68. Donald Hiss, Deputy Director of the Office of Economic Affairs.
69. William A. Fowler, Chief of the Division of Commercial Policy.
70. Consultant, Division of Commercial Policy.
71. Not printed; they were entitled: “Shall the Proclaimed List be Continued after Victory?” and “Recommendations with Respect to Post-Hostilities Proclaimed List to be Presented to the Interdepartmental Executive Committee on Economic Foreign Policy.”
72. Division of Commercial Policy.
73. Third Meeting of the Foreign Ministers of the American Republics, held at Rio de Janeiro, January 15–28, 1942; for documentation, see Foreign Relations, 1942, vol. v, pp. 6 ff. For text of Final Act, including resolutions, see Department of State Bulletin, February 7, 1942, pp. 117–141.
74. Inter-American Conference on Systems of Economic and Financial Control, held at Washington, June 30–July 10, 1942; for documentation, see Foreign Relations, 1942, vol. v, pp. 58 ff.; for text of Final Act, including resolutions, see Pan American Union, Congress and Conference Series No. 39: Final Act of the Inter-American Conference on Systems of Economic and Financial Control (Washington, 1942).