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4 - The Loan Negotiations

Published online by Cambridge University Press:  05 November 2012

John Maynard Keynes
Edited by
Elizabeth Johnson  and
Donald Moggridge
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Summary

Three days after Britain received formal notification of the termination of Lend Lease, Keynes attended a meeting of Ministers. Prior to the meeting, the Ministers had received copies of Keynes's proposals of 13 August. The Secretary reported the meeting as follows.

FORTHCOMING DISCUSSIONS WITH THE UNITED STATES

Record of a Meeting of Ministers held at No. 10 Downing Street, on Thursday, 23 August 1945 at 10.15 p.m.

PRESENT

The Rt Hon. C. R. Attlee, M.P.,

Prime Minister

The Rt Hon. Lord Pethick-Lawrence, Secretary of State tor India

The Prime Minister invited Lord Keynes to make a statement as to the lines on which he thought the negotiations should be handled.

Lord Keynes said that his first point was that he thought that our negotiators should be given no discretion on the main issues and that everything they did should be ad referendum.

Some questions would have to be settled about cleaning up lend lease. He thought that we ought to try and persuade the Americans to agree that lend lease and mutual aid should continue for military supplies for a limited period. Nearly half of the food which we were at present receiving from American lend lease was in fact being sent to our troops. He thought that we should also stipulate that the terms of credit on which we continued to receive lend lease supplies should be left to be dealt with as part of the general Stage III negotiations.

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Chapter
Information
The Collected Writings of John Maynard Keynes , pp. 420 - 628
Publisher: Royal Economic Society
Print publication year: 1978

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