(May 4th 1942) 5 pages, folio, in ink, with numerous deletions and insertions. "...I confess I had always imagined that the Dominions would be full and equal partners in the service and that they would be brought into the picture at a very early stage....
"The case of Russia is clearly more difficult....
"The forthcoming conversations are to be between economists and presumably mainly about economics. but they must have important diplomatic implications...how broad the basis of collaboration is going to be."
"...It win be the business of the economists to draw a list of the spheres in which internationa1 or concerted action is desirable. I suggest a tentative list as follows:
1. International bank.
2. Stabilization of primary commodity prices.
3. Other measures to combat the trade cycle, including concerted action upon interest rates, public works expenditure, etc.
4. Regulation of international capital movements and of the rate and nature of such capital developments as depend on foreign capital.
5. Welfare.
6. Tariffs et loc genus omne.
"When we consider the actual measures required under these heads, they seem to fall into two classes. On the one side are the measures which must be initiated by some kind of international agency....On the Other side are the measures which require positive action by the separate nations....
"In the former category I put...an international bank, commodity price stabilization operated by buffer stocks, the provision of capital for development (and welfare) projects..."
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May 4th 1942, 6 pages on blue paper, folio from the Offices of the War Cabinet. The final typed version of the autograph draft letter described above.
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May 8th 1942 2 pages, from Treasury Chambers, Whitehall. "...I do not know how far the Americans will welcome special Anglo-American relations as distinct from a more international set-up. We do not know, even if those whom we first discussed the matter incline that way, whether it lies within the power of anyone to commit U.S. so deeply. "On the other side we are equally in the dark about the possibilities of collaboration with Russia. "...If there is anyone more unpopular than ourselves, it is the United States; and if there is anyone more unpopular than the United States, it is Russia; and if there is anyone more unpopular than Russia, it is ourselves..."
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