View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

13emorandUK for aembers of informal
discueeion group
Xht 1938*

As you kBow, there have been a series of E*©tings in the form
of a discussion group of An informal nature to dissusa w^£t to do about
the recession, followini* the first 8»©ti*£ i& January, thnse other
•Mtls£« were held, one at f a s t e r XAfoUattt-9*. hoas, one at Mr.
Appleby'a, and a final c © at »y horn three week* ago* As a result,
m
of then* dlaeuseiona, a tentative program was evolved Including three
pointst
1#

Abandonment of the deflationary po^ioy bein^- followed by
the MmialatrattOB, aiaA adoption c^ a n«w spanning

+ In restarting ^pendloe, ue^ as far as possible %)m
olal resources of the i4Edn1stration in the ^ay of
sterilised gold, fold profits, etc. so as to mke the
resulting increase In the national debt as saali as possible*
3*

Xnoiuaioxi in the prograa of staeh f ^ i s of spBading as
would use government funds as a lerera^ to get A wuefc
larger *©!«&« of priT^t© funds into iaTestJamt, which
would facilitate the eventual withdrawal of goTurniaent
support while aetivity MseA on ori^at^ financing ooxttinned to expend.

Of tha three points covered in this program two are included in
r#©ov#ry progrsjft which %h& Pr©al<S®st r@oo'mp#^ie3 to 3QKL€T*M yester
day* T3m third point regains to be foueht fcer*
Those of us in the Departs at of «'i£ri culture* who irere responsible far starting these diaeusalons believe they played a useful
part in ea&blinr ua to get together and arrive at a broader basis of
understanding, wbleh say hava served In some slight degree to help
provide a basis of action wjhieh has riot been taken* In any ease,
the experience galmd in those discussion® and the oXarifle&tlon of
ideas will continue to be useful* From tiae to tin» In the future
*e will lnvit«,.,you %® ^rtieipat^ In meetla^s of this sort to £incuss thefttjoaoisie't^eblana tJist lie ahead and «het 0o^«rnnsnt may
do to solve




for your pertielp&tion, I an
Siaeerely yours,

laekiel,
Mvlaer,
Departaent of A^rloulture*