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Historical documents

9 Beasley to Chifley

Cablegram 55 LONDON, 1 April 1948, 5.21 p.m.


Re your 30. [1]

I asked Nimmo contact Wilson Smith of Treasury who was present
with Cripps at Thursday's interview. Wilson Smith agrees that
Cripps did make statement which justified me in advising in terms
of my 53. Mighell and I both interpreted Cripps's statement as
clearly meaning that we would lose our right to IMF dollars if we
did not draw each year. Wilson Smith now advises that Cripps
probably intended to direct attention to fact that right to draw
was not cumulative from year to year and that, for instance, we
could not exercise two years rights to purchase in 1949 Simply
because we did not buy in 1948. Cripps was making point that
during lifetime of Marshall Aid it was imperative that dollar
reserves be greatly strengthened to meet difficulties bound to
arise when that aid ceased, that it was wise to draw maximum IMF
dollars during that lifetime as a contribution to such resources
and that such maximum could only be available at cessation of
Marshall Aid by commencing to draw on annual rights now.

1 See Document 7, note 1.

[AA: A1838/283, TS706/1/1]
Last Updated: 11 September 2013
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