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^r « 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 should.be 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 © view. (3) Policy on adglcalon of new aenber*. 1 number of important issue© are involved here, in rmrticul&r the question 41 f f 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 & informal n basis, (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, Chairman. J2K.rU