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February 18, 1946.

Honorable Fred M. Vinson,
Secretary of the Treasury,
Washington 25, D. C.
Dear Fred:
As you know, I as. opposed to increasing the landing authority
of the HSxport-Iaport Bank by 1.5 billion dollars. Although you and I
vere outvoted on this issue at the Council meeting on Wednesday, I think
the President ought to be informed of the difference of opinion which developed there. Specifically, I think he ought to know that it was the
aieabers of the Council froa the lending and export promoting agencies
who supported the figure of 1.5 billion dollar* and that the members
from the agencies sore concerned with the raising of the funds favored
reducing the figure to 1.25 billion dollars.
I still believe that the suggested lending program prepared
by the staff coHS&ttee could easily be reduced by 250 leillion dollars
by deducting this sum from the allocation to "other countries and other
purposes'* amounting to 400 Billion dollars. I am told that the staff
eons&ittee thought it unlikely that store than 50 million dollars would be
required for "other countries0 so that 350 million dollars under this
last heading is intended to cover expansion in the Sxport-Import Bank1*
program of financing American exporters, American business enterprises in
the international field, etc. I m dead against any such expansion in
this program under present conditions. American exporters and American
business enterprises do not need subsidized Government credit to enable
them to eonspete in foreign markets. In present conditions any funds which
are required to finance such tr<=a sactions can and should be found in the
private capital market.




Sincerely yours,
(Signed) Marrlner
M« S. E c c l e s ,
Chairman.