With reference to our conversation this morning in regard to your letter of the 12th instant, I write to confirm the general tenor of the reply which we agreed should go to Washington as an answer to any enquiries concerning the International Monetary Fund and the International Bank for Reconstruction and Development established under the Bretton Woods arrangements, viz., that the whole question of Irish membership of these bodies was still under consideration by the Irish Government in Dublin; we appreciated and sympathised with the objects outlined for these bodies but no decision had as yet been taken on the question of applying for membership.

It is desirable, as I said, to keep the matter completely open. While the objects are admirable, viz., an increase in international trade, the raising of the general level of prosperity throughout the world, etc., financial measures alone will not achieve success unless backed by international co-operation on the trade side.

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