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February 13, 1946

Honorable Fred M, Vinson,
Secretary of the Treasury,
Washington 25, I). C.
Dear Fred:
In view of the responsibilities placed upon the Sation&l
Advisory Council for giving guidance to tJie representatives of the
United States on the international Fwid and Bunk, i t1 has occurred to
si© that I t would be useful to have a special meeting of the Council
in the near future to consider the questions which may arise at the
coming meeting of the Board of Governors for these institutions*
I dare say that ths Governors' meeting will consider a broad
range of problems connected with the acteinistration of ths Bretton
food« Institutions, not a l l of which csn now 1be forseen. However, the
Council might devote soma time tc eortsidering !!• S* policy in matter®
such as the following:
(l) Location of Fund and Bank. I understand the field
i s e t i l l pretty udde open as between W&shin^ton and Nero York,
nith the foreign countries expected to support Uev Xork. I
think that on the U. S« side we mist weigh very c&refully the
advantages of having the Fund and Bank in our financial center
against the advantages of having them in the center «here 0. S.
policy i s formed and rchert the f« S, repreaent&tires could be
in intimate contact with Government Agende* and with the
tional dvieory Council.
(2) lh<5ther Fvxecutive Directors and their full-tlae officers, I understand that there i s con—
slderable difference of opinion on this |uestion between our
people and the foreign expert* who have spoken on the subject*
Hi should consider the extent to which w© want to press our
(3) Policy on adglcalon of new aenber*. 1 number of important issue© are involved here, in rmrticul&r the question



Honorable Fred K. fin son
of how far we should go In keeping th@ door open to Russia,
Australia, and Hew Zealand, which did not meet the December
31 deadline.
In addition to the®® subjects, there are two further onee which
i t see&a to me the National MfiattlJ Council should consider, but •'which
are of such a nature that they should probably be treated in an Sxeentive
Session of the Council. These
(1) Consideration of candld&tas for the Um&gixiM Director
of the Fund and the President of the Dank. I t i s o%vious that
a great deal of the success of th«se Institutions will depend
upon the persons chosen as their chisf executive officers. I
appreciate that these officers will not be elected at th© Board
of Governors' meeting, but I should be wurprl—J if the mibject
did not come up for discuseion there at least on &n informal
(2) Salaries of the principal Fund snd S&nk o f f i c i a l s
I do not loMM nhat the thinkinf has been on this subject thu*
far. I t i s clear, however, th&t these salaries should receive
serious consideration, not only from the point of view of a t tracting men of the necessary caliber but, al»o with a vi&ir to
establishing an appropriate relationship between the earn* paid
to Executive Directors on the one hand and to the V&n&ging Director of the Fund <§nd President of the Bask on the other*
Sincerely yours,

M. 5. Kccles,