AGENDUM NO. 1625

Report on London Financial Conference

I am directed to refer to the discussion which took place in
Cabinet today in relation to the above subject.

Cabinet approved that the other Governments represented at the
London Conference of Commonwealth Finance Ministers be informed
that Australia agreed to reduce its demands in respect of dollar
imports on the resources of the sterling area by a proportion
equal to that already announced by the United Kingdom.

The dollar import cuts approved on 3rd August, 1949, by the
Cabinet Sub-Committee on Dollar Imports [1] were noted and this
Cabinet Sub-Committee was authorised to proceed with the review of
quarterly dollar import licensing budgets within the framework of
the general policy approved by Cabinet.

Cabinet appointed a Sub-Committee consisting of the Prime Minister
and Treasurer, Attorney-General and the Minister for Post-War
Reconstruction to explore the question of alternative dollar
finance.