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DRAFT MEMORANDUN TO BE HANDED BY SIR ALEXANDER CLUTTERBUCK
TO THE CANADIAN AUTHORITIES
1.
The dollar difficulties of the United Kingdom show
no signs of easing: the standstill on new dollar imports
which was, regrettably, forced on the United Kingdom and the
other members of the sterling area is at best a form of
emergency action and cannot take full effect for several months.
In the meantime, as the following figures show, the position
continues to be one of increasing gravity.
April May
June
July
£m
出
Gold and dollar deficit
37
56
63
57
Decrease in gold and
11
31
23
37
dollar holdings
Provisional
Thus, the United Kingdom gold and dollar holdings fell from
£471 millions at the end of March to £369 millions at the end
of July.
2.
In
It was recognised in the meetings with Mr. Abbott and
Mr. Snyder that the present difficulties could not be resolved
by unilateral action by any one country alone, and that each of
our three countries has a part to play in overcoming them.
the subsequent Commonwealth meetings recommendations were made
to Governments outlining in broad terms the objectives at which
debtor countries on the one hand, and creditor countries on the
other, should aim. The United Kingdom Government for their part
fully endorse these recommendations and are giving urgent
consideration to the best means of implementing them. They are
determined to play their full part in the solution of the
present difficulties and they have no doubt that, in the same spirit, the Canadian Government will be considering, in preparation
for the forthcoming discussions what measures can be taken in