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BOARD DF GDVERNDRS OF THE FEDERAL RESERVE SYSTEM WASHINGTON 25, D. C. ADDREIB OFFICIAL CORRESPONDENCE TO THE BOARD August 12, 194-7. AIR MAIL Honorable M. S. Eccles, c/o Hotel Ben Lomond, Ogden, Utah. Dear Mr* Chairman: At the National Advisory Council meeting this afternoon Secretary Snyder announced that a British delegation headed by Sir Wilfred Eady of the British Treasury will arrive in Washington next Monday and that the Treasury and State Departments, after consultation, have agreed to request the National Advisory Council to undertake the negotiations from the American side. The British delegation will hold its first formal meeting with the full N.A.C. on Monday or Tuesday, and we shall see where we go from there. In view of this schedule, I am cancelling my reservation on the Queen Elizabeth on August 16. The main party going to the London Conference sails on the Queen Elizabeth on September 3. I shall probably wait until then, although the possibility remains that the negotiations with the British will be short and that I can get away before September 3* I shall keep you posted on the progress of the negotiations. I am enclosing a letter to Secretary Snyder for your signature, covering the question of salaries in the Fund and the Bank and the question of how much time Executive Directors should spend on their jobs. I would suggest that you return the letter to me for mailing with any changes that you may desire to make. I am not sure whether you have previously seen N.A.C.- document 414 (°opy enclosed) to which reference is made in the second paragraph of the letter to Mr. Snyder. As you see, Secretary Snyder did not provide Congressman Smith with much information. I do not know whether the Fund's budget, which has not yet been published, will contain a breakdown of the total number of Fund employees in each salary bracket—I suspect that it will not. With reference to the last paragraph of document 414, I understand that since that Honorable M. S. Secies -2- time the Fund (and the Bank) has been working on a system of retirement benefits which may be presented for approval of the Governors at the London Meeting. Incidentally, since Mr. Sproul is going to the London Meeting, I presume you will have no objection to my sending him a copy of your letter to Secretary Snyder. Sincerely yours, J. Burke Knapp, Assistant Director, Division of Research and Statistics. Enclosures 2
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