January 3rd.1942, 2 pages, folio, in ink on blue paper.
"My dear Prof
"1. It is always difficult to put these Public Works schemes onto an ordinary financial basis. The Americans are quite used to that idea with their Reconstruction Finance Corporation etc. They have talked of the desirability of an 'international R.F.C.'.... "2. The question of the ultimate solvency of debit countries must rest with the Bank, not the Board. The Board makes constructive proposals to help this along, but the ultimate sanctions must lie with the Bank.
"I do not think there should be a difficulty here if we draw the distinction between average debit countries and excess debit countries...."
"3. Under my scheme, money (apart from guarantee fund) is to be derived from 2sources viz. Clearing Bank, and private individuals (including banks trust coys etc)....
"4. I will adopt your suggestion of being less precise about interest rates. Of course the market fixes the rate at which money can be raised and any figures inserted would in any case only be illustrative. Keynes thought that 3% was too much. He argued that as both the U.S. and U.K. governments can separately raise money at 2 1/2% for, say, a 25 year bond, an Anglo-American Institution ought not to have to pay more."
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(April 30th 1942) autograph letter in ink 2 pages octavo + typed memorandum 2 pages folio, with typed file copy.
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April 29th 1942, 2 pages. 5 pages typed memorandum, quatro, from the Colonial Office. "I found your memorandum 'Forthcoming conversation with the United States on economic questions'..with great interest. "I share your general feeling of dissatisfaction.... "...my own reflections is contained in the short note...which I enclose..."
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April 17th-July 7th, 2 autograph letters and 2 typed letters, from the Foreign Office, 3 pages.
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May 27th-June 8th 1942, 3 letters to Roy Harrod, autograph & typed and 2 letters to Hopkins from Harrod. May 11th 1942, 3 pages folio, addressed to the Treasury discussing Buffer Stocks.
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