40 Dedman to Chifley

Cablegram F7 LONDON, 15 July 1949, 11.59 p.m.

IMMEDIATE SECRET

Received 16 July 1949

The following has been submitted by the United Kingdom as the first draft of an agreed conclusion on the long-term objective. We propose to suggest substantial amendments:

1. That the Commonwealth Finance Ministers welcome the general basis of the statement issued at the conclusion of the discussions between representatives of the United States of America, Canada and the United Kingdom and the intention to continue such discussions.

2. That the ultimate objective of all countries of the Commonwealth is th[e] restoration of multilateral trade and convertibility of currencies on the basis of high levels of employment.

3. That all countries of the Commonwealth should examine again their current policies in order to ensure that so far as practicable they conform to this approach to the long-term objective.

4. That further joint study should be given to the ways and means of moving towards the long-term objective, and that consideration should be given to the most appropriate methods of Commonwealth consultation on this matter.

[AA: A9879, 3350/902]