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THE WHITE HOUSE WASHINGTON January 28, 1947 Dear Mr. Martin: The President handed me your letter to him of December twentieth asking that I discuss it with Mr. Clayton. There was no opportunity for doing this until the past few days, one reason being that Mr. Clayton was away from Washington during the holidays. I have now discussed this matter fully with I particularly called his attention to your statement Directors of the Export-Import Bank "have been placed the position of being called upon to ratify decisions and of which the recipients were aware before we were Mr. Clayton. that the repeatedly in made by others consulted. " Mr. Clayton informs me that inadvertently one and possibly two decisions such as you refer to were made by the Department of State; that he expressed regret to you and the other Directors regarding this matter and assured you that it would not occur again. Mr. Clayton further informs me that since your letter was written the Directors of the Bank have had several discussions regarding broad policy questions involved in the foreign loan program and that he believes there is now a better understanding all around as evidenced by the gratifying outcome of the recent negotiations for a credit to Italy. I am furnishing Mr. Clayton with a copy of your letter and a copy of this reply, asking that he make any further reply that the circumstances seem to suggest or discuss the matter with you in person at the earliest opportunity. Very sincerely yours, WILLIAM D. HASSETT Secretary to the President Honorable Wm. McC. Martin, Jr., Chairman, Export-Import Bank of Washington, Washington 25, D. C.
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