50 Strahan to Chifley

Memorandum CANBERRA, 19 August 1949



Report on London Financial Conference

I am directed to refer to the discussion which took place in Cabinet today in relation to the above subject.

Cabinet approved that the other Governments represented at the London Conference of Commonwealth Finance Ministers be informed that Australia agreed to reduce its demands in respect of dollar imports on the resources of the sterling area by a proportion equal to that already announced by the United Kingdom.

The dollar import cuts approved on 3rd August, 1949, by the Cabinet Sub-Committee on Dollar Imports [1] were noted and this Cabinet Sub-Committee was authorised to proceed with the review of quarterly dollar import licensing budgets within the framework of the general policy approved by Cabinet.

Cabinet appointed a Sub-Committee consisting of the Prime Minister and Treasurer, Attorney-General and the Minister for Post-War Reconstruction to explore the question of alternative dollar finance.

Secretary to Cabinet

[AA: A2700, VOL. 38]

1 A cut of A10.1m c.i.f was made in the previously adopted maximum of A61.5m c.i.f for the licensing year 1949-1959.