HL Deb 07 March 1946 vol 139 cc1220-1

Ministry of Finance,

Canada, Ottawa.

March 6th, 1946.


On the occasion of the signature of the Financial Agreement between the Government of the United Kingdom and the Government of Canada I should like to place on record our understanding regarding the entry into force and implementation of this Agreement in relation to the action by the United States Congress on the Financial Agreement between the Government of the United Kingdom and the Government of the United States signed at Washington on December 6th, 1945.

The Agreement between the United Kingdom and Canada has been drawn up in the expectation that the Anglo-American Agreement will be approved by Congress and will enter into force some time during the current year. If however Congress does not approve the Anglo-American Agreement our understanding is that in the terms of Article 8 of our Agreement a major change would have occurred in the international financial situation which would materially alter prospective benefits and obligations flowing from our Agreement and that consequently it would be necessary forthwith to consider what changes in the provisions of our Agreement the two Governments should agree to make subject to such legislative approval as may be necessary. In those circumstances it is; also our understanding that Articles 5, 6, and 7 of our Agreement will not be implemented until it is known whether the United States Congress has approved the Anglo-American Agreement. I agree however that these Articles are to be implemented immediately Congress approves that Agreement.

I should appreciate it if you would confirm that the above understanding is in accordance with those of your Government.

Yours very truly,


The Rt. Hon. HUGH DALTON, M.P., Chancellor of the Exchequer, London, England.