Foreign Relations of the United States: Diplomatic Papers, 1945, The British Commonwealth, The Far East, Volume VI

611.4131/5–146

Minutes of a Meeting of the United States-United Kingdom Combined Finance Committee⁵⁵

[Washington,] 5 December, 1945—11:45 a.m.

Present: Secretary Vinson (in the Chair)

U.S. Representatives				U.K. Representatives
Mr. Clayton				Lord Halifax
Mr. Acheson				Lord Keynes
Mr. White				Prof. Bobbins
				Mr. Harmer
				Sir Edward Bridges
	Mr. Coe	}	Joint Secretaries
	Mr. Lee

1. Lord Halifax said that the U.K. Cabinet had now considered the whole position and were prepared to accept the agreement in its latest form. But Ministers wished the U.S. representatives to know that it would help the U.K. Government considerably if the operative date for paragraph 7(ii) (relating to the transition period safeguards) could be made the 31st December 1947 instead of one year from the effective date of the agreement. This would give perhaps another nine months’ breathing space and would be of much assistance vis-à-vis Parliament.

2. Secretary Vinson and Mr. Clayton said that they wished it were possible for them to accept the amendment mentioned by Lord Halifax. They appreciated the position of the U.K. Government in this matter, but they were convinced that from a U.S. political standpoint it was essential that the time limit provided in paragraph 7 should not be altered. Otherwise the acceptance of the credit proposal by the U.S. Congress and people would certainly be jeopardized.

3. Lord Halifax took note of Secretary Vinson’s and Mr. Clayton’s statement and said that, in the light of it, the agreement would be signed without alteration. The negotiations had thus reached their end. Both he and his colleagues deeply appreciated the spirit of cooperation, courtesy, fair-mindedness, and patience which the U.S. representatives had shown throughout the long period of the talks. It was his confident hope that the outcome would be a happy augury for the future. Secretary Vinson and Mr. Clayton warmly reciprocated Lord Halifax’s remarks.

4. It was confirmed that the agreement would be signed at 10:30 a.m. on the 6th December in the State Department.

[For text of the Financial Agreement between the Governments of the United States and the United Kingdom, signed at Washington, December 6, 1945, effective July 15, 1946, see Department of State Treaties and Other International Acts Series No. 1545, or 60 Stat, (pt. 2) 1841; text also printed in Department of State Bulletin, December 9, 1945, page 907.

For text of the Joint Statement by the United States and United Kingdom regarding the understanding reached on commercial policy along with supplementary material and the text of the “Proposals for Expansion of World Trade and Employment,” released December 6, see ibid., pages 912–929.

For text of the Joint Statement by the United States and the United Kingdom regarding settlement for lend-lease, reciprocal aid, surplus war property, and claims, also released December 6, see ibid., page 910; also Department of State Treaties and Other International Acts Series No. 1509, or 60 Stat. (pt. 2) 1564.]

55. These are agreed combined minutes.