30th July 1942. 2 copies, Copy No.40, and Copy No.41, printed memorandum, folio, 17pp. A final version of the Treasury memorandum drafted by Keynes.
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July 9th 1942, 1 page from Treasury Chambers.
"I agree that it might be in the interest of the world that we should have a sufficiently large balance of trade to allow us to re-embark on foreign lending. Maybe an opportunity will arise for bringing this to the attention of the Americans. But it seems rather ambitious to think of doing so before the prior problem is even begun to be solved.
"I agree with you about Colin Clark....The extreme absurdity of his conclusion is that he assumes both that the terms of trade will turn enormously against us and that we shall have a sufficiently favourable balance to lend on a huge scale. He has made no attempt at all to consider whether the different facets of his argument are consistent."
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July 16th 1942, 1 page from Treasury Chambers.
"...I agree that a good deal of what Andrews wants could be dovetailed into, or much facilitated by, the Clearing Union. Currency and a uniform price for raw materials, for example, could be easily hinged on to our other plans. But a great deal of it is perhaps more concerned with international investment and the Development Board..."
"On the whole, perhaps, his problems are better approached from the standpoint of the economic unification of the Banlkans and not as merely an aspect of universal problems..."
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July 22nd 1942, 1 page, with 3 lines in autograph, from Treasury Chambers.
"The difficulty of relating Andrews's proposals to our own larger schemes seems to me to arise out of ambiguity as to how far we can assume the existence of the latter...are we to go on on the basis that Andrews's plans for the Balkans are an extension of our larger arrangements and are based upon them, or that they are an alternative to them? For example, if there was to be an International Clearing Union, there would be no purpose in a separate Balkan Clearing Union...."
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