59. Memorandum From Secretary of the Treasury Dillon and the Under Secretary of State (Ball) to President Kennedy0
Attached is the report which Assistant Secretary of the Treasury John Leddy and Assistant Secretary of State Griffith Johnson have made to us on their trip to Europe to confer with the French and British on the Declaration of Ten. A copy of the draft communique which the Finance Ministers of the Ten will issue after their meeting is attached to the report. It has been approved by us and by the French Minister of Finance and the British Chancellor of the Exchequer.
The communique is designed to show that the leading countries are continuing to work closely together in monetary matters; that the IMF standby is readily available for use; that present resources are adequate to maintain the present price of gold; that further study of long-range improvements in the monetary field is desirable, and that meetings of the Ten are not necessarily concerned with an emergency like a U.S. drawing.
France’s partners in the Common Market agreed during the trip to a meeting of the Ten, but not to a communique. The French believe that they will, however, agree to its issuance, possibly with some changes reflecting their views.
The French Finance Minister said that he had discussed his proposal that gold takings from the United States be limited with the Chancellor of the Exchequer, who had agreed with him that high-level secret discussions should be carried on among the United States, the United Kingdom, France, Germany and Italy after the Bank-Fund meetings. Their ideas are still unclear to us and may not be known in full even to the most trusted subordinates of the two Ministers. We will follow this matter closely and keep you advised of developments.
- George W. Ball
- Douglas Dillon1
- Source: Kennedy Library, National Security Files, Kaysen Series, Balance of Payments, International Monetary Agreement, 9/62-8/63. Confidential; Limited Distribution.↩
- Printed from a copy that indicates both Ball and Dillon signed the original.↩
- Document 58.↩
- No classification marking.↩
- No record of the public release of this communique has been found.↩
- See Documents 54 and 55.↩