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CONFIDENTIAL - HOLD FOR RELEASE A^T 5:30 P.M., E.S.T. , THURSDAYT DECEMBER 6, 1945. -1STATEMSNT MADE IN WASHINGTON BY THE PRESIDENT OF THE UNITED STATES AND IN LONDON BY THE PRIME MINISTER OF GREAT BRITAIN ON DECEMBER 6, 1945 The economic and financial discussions between officials of the United States and United Kingdom Governments meeting in Washington have now been completed. These discussions have been concerned with the major problems affecting the basic economic and financial relations between the two countries, in the light of the provisions of Article VII of the Mutual-Aid Agreement between their governments signed February 2-3, 1942." They have covered the questions of financial assistance from the United States to the United Kingdom, the demobilization of wartime trade and monetary restrictions, the settlement of lend-lease, the disposal of surplus war property in the United Kingdom owned by the United States, and, finally, longrange commercial policies in the broad sense, embracing the fields of trade barriers and discriminations, policies in respect of commodities in world surplus, cartels, an international trade organization, and international aspects of domestic measures t* maintain employment, The purpose of the discussions has been to arrive at mutually advantageous solutions of these problems which the two governments would commend to the peoples and legislatures of the two countries and to the world as* a whole. Both sides have been fully conscious of the significance to other countries, as well as their own, of the outcome of these discussions, and they have from the beginning had continuously in view the common interest of their governments in establishing a world trading and monetary system from which the trade of all countries can benefit and within which the trade of all countries can be conducted on a multilateral, nondiscriminatory basis. The discussions have been successful. Agreement has been reached, subject to the approval of the legislatures of beth countries, for the extension by the United States to the United Kingdom of a line of credit of $3,750,000,000 on the terms stated in the financial agreement signed this day, for the following purposes: to facilitate purchases by the United Kingdom of goods and services from the United States, to assist the United Kingdom to meet transitional postwar deficits in its current balance of payments, to help the United Kingdom to maintain adequate reserves of gold and dollars, and to assist the United Kingdom to assume the obligations of multilateral trade. This credit would make it possible for the United Kingdom to relax import and exchange controls, including exchange arrangements affecting the sterling area, and generally to move forward with the United States and other countries toward the common objective of expanded multilateral trade. Agreement CONFIDENTIAL - HOLD ?OR RELEASE AT 5:50 P.M., S.S.T., THURSDAY, DECEMBER 6, 1945. -2Agreement has been reached for the final settlement of lend-leass and reciprocal aid, the disposal of surplus war property in the United Kingdom owned by the United" States, and the final settlement of the claims of each government against the other arising out of the conduct of the war. Agreement has been reached on the broad principles of commercial policy for which the two governments will seek general international support. These arrangements, if carried out, will put an end to the fear of an economically divided world; will make possible, throughout the world, the expansion of employment and of the production, exchange and consumption of goods; and will bring into being, for the first time, a common code of equitable rules for the conduct of international trade policies and relations. The realization of these proposals will depend upon the support given them by the peoples and legislatures of the United States and the United Kingdom; and where they'envisage measures requiring broad international collaboration, the support of other countries. The following documents resulting from these discussions arc being issued by the two governments: Financial agreement. Joint statement regarding the understanding reached on commercial policy. Joint statement regarding settlement for lendlease and reciprocal aid, surplus war property, and claims.