845.515/546
The Acting Secretary of State to the Administrator of the Foreign Economic Administration (Crowley)
My Dear Mr. Crowley: I refer to the Department’s letter of March 14, 1944, on the subject of the 100 million ounces of silver requested for use by the Government of India.
Conversations regarding the matter have continued between the Department of State and the British Embassy, and an arrangement has now been agreed to, which, in the Department’s opinion, fully protects the interests of the United States Government while permitting representatives of the Government of India alone to make the agreement with the Foreign Economic Administration for return of the silver within the time stipulated. It is recommended, therefore, that the Foreign Economic Administration permit delivery under Lend-Lease of silver for use by the Government of India in an amount [Page 268] not exceeding 100 million ounces upon acceptance by it of a promise to repay signed only by representatives of the Government of India.
Sincerely yours,