800.515/1003: Telegram
The Ambassador in the United Kingdom (Winant) to the Secretary of State
[Received April 12—10:20 p.m.]
2990. Personal for Secretary Morgenthau. Today I had a long talk with Sir John Anderson. I am certain that he is doing everything in his power to help you. Publication as you know under the British Parliamentary system may force debate. It is necessary to have the Government’s position defined and agreed to in Cabinet before questions are taken up on the floor of the House. Anderson has had this matter scheduled for Cabinet consideration for Friday of this week.
Since both Keynes14 and Anderson supported the general program I came to the conclusion that there must be a strong opposition. After careful inquiry I found that a majority of the directors of the Bank of England are opposed to the program and that Lord Beaverbrook15 is their spokesman in the Cabinet. This opposition argue that if the plan is adopted financial control will leave London and dollar exchange will take the place of sterling exchange. This argument disturbs Eight Wing Conservatives such as Amery (Secretary of [Page 111] State for India) who represents British Imperial thinking in the Cabinet.
The Prime Minister who has never felt that he had a real grasp of financial questions because of this opposition postpones decision on them.
I understand that Lord Catto, the new Governor of the Bank of England, is personally friendly to the program. This was not true of Montagu Norman.16
I shall have to ask you to protect me by keeping this information completely to yourself. I feel confident that we can work out a solution of the problem that will be satisfactory to you.