I have your letter (No. 305/57) of the 18th instant to McElligott who is on leave.¹

The Benelux proposals appear to be unexceptional from our point of view and call for no detailed comment from us.

Our interests in the matter are obviously closely related to those of Great Britain because of the direction of our foreign trade and our position as a large sterling creditor. Apart from any general benefits which might be expected to accrue from the proposals, their adoption would be advantageous to us in so far as it would enhance the prospect of the continuation and extension of the convertibility of sterling.