Cablegram 55 LONDON, 1 April 1948, 5.21 p.m.
SECRET
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.
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1 See Document 7, note 1.
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[AA: A1838/283, TS706/1/1]