Editorial Note
At the seventy-sixth meeting of the NAC, December 3, Secretary of the Treasury Snyder reported that he had consulted with both the Senate and the House Banking and Currency Committees, and that [Page 94] they had agreed that the British should be permitted to resume drawings against the $400 million credit still undrawn. The Committees “felt, however, that approval should likewise be obtained from Senator Taft as Chairman of the Joint Economic Committee.” On December 4, the Department in telegram 5093 to London reported that Snyder had obtained the approval of Wolcott and Taft for release of the funds.
A press statement reviewing the events leading to the resumption of British drawings and an exchange of letters between Secretary Snyder and Chancellor of the Exchequer Cripps are printed in Department of State Bulletin, December 21, 1947, pages 1222–1223.