Editorial Note

Secretary of the Treasury Snyder conveyed the substance of the National Advisory Council’s July 10 actions in a letter of the same date to British Chancellor of the Exchequer Hugh Dalton. The British were asked to clarify certain points raised in their July 3 letter, and for their assurances along the lines suggested by the NAC actions. Mr. Gordon Munro of the British Treasury Delegation in a letter of July 12 thanked Secretary Snyder for agreeing to the postponement of the convertibility obligation in the case of the named countries, and asked that these provisions be extended to cover France, the U.S.S.R., Denmark, and Paraguay. Confirming the understanding that sterling accruing to those countries would be made convertible retroactively after agreements had been reached, Mr. Munro asked that a postponement until December 31, 1947, be granted in the case of China. He added that: “In the case of Switzerland I am now happy to confirm that full convertibility will be in effect as of July 15, 1947.”

Secretary Snyder, on July 14, agreed to Mr. Munro’s request, except that in the case of China, a two months’ delay was granted “in the hope that you may be able to complete the necessary arrangements within that period of time.”