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BOARD OF GOVERNORS or THE FEDERAL RESERVE SYSTEM Office Correspondence To Chairman Eccles From Mr. Knapp D a te Subject! January 16,1947- Anglo-Argentine Agreement You may have noticed a number of statements in the press recently to the effect that the British have replied to our note protesting against the clause in the Anglo-Argentine Agreement relating to Argentina's use of blocked sterling. There have even been stories to the effect that another letter has been written to Chancellor Dalton by Secretary Snyder. The Treasury has not officially admitted even the receipt of a reply to the first letter, but I am informed in strict confidence by Mr* Overby that such a reply has been received. He said that the Secretary was "sitting on it" and that he was not free to disclose the contents. I am sure that Mr. Snyder will bring this matter before the National Advisory Council in due course,but if you desired, you could raise the question about it at the next H.A.C. meeting on the basis of the numerous press reports. Attached is an editorial from Tuesday1 s Herald Tribune which states that Dalton has admitted a "technical violation" of the loan agreement with the United States, but has "tossed it off" as of no practical significance. I would agree with the Herald Tribune1s comment on this reported statement. Attachment JBKrmla This article is protected by copyright and has been removed. The citation for the original is: New York Herald Tribune, “A British Mistake,” January 14, 1947.