Present

The Chairman gave an outline of the conditions in Europe resulting from the war and the reasons which led up to the announcement of the Marshall Aid Plan for the recovery of Europe, of the Meeting of the 16 participating European nations in Paris during the summer of 1947 and of the negotiations in Washington between the CEEC Delegation and the US Administration on the scope of the aid.

The Chairman suggested that whatever direct aid Ireland received its interest in the Plan was mainly indirect. If European countries, in particular Britain, France and Western Germany, were enabled to restore their currencies and economies, the indirect benefit to Ireland would, in the long run, far outweigh the benefit from any direct aid received.

The British Note of 17th January and similar Note from French Government was circulated to the Committee.³

The Committee considered the question of furnishing periodic reports on the progress being made towards the targets set out in the Paris Report and agreed that, in the first instance, it would be desirable to ascertain what other participating countries were contemplating in this direction so that there might be uniformity. The representatives of the Department of External Affairs undertook to make enquiries on this point. Dr. Geary undertook to study the Paris Report with a view to seeing whether our statistics in their present form would readily enable this country to furnish the type of information which would be required.

In order that the Committee might have a clear picture of our needs under ERP during the first period of the operation of the plan, it was agreed that estimates should be drawn up as a matter of urgency by the Departments concerned of the necessary import of commodities from the Western hemisphere during (i) the period 1st April to 30th June, 1948, (ii) 1st July, 1948 to 30th June, 1949.

The question of drawing dollars from the sterling pool during the operation of ERP was discussed and it was agreed that consultation with the British on this point might be desirable. Mr. Hogan undertook to have the suggestion considered in the Department of Finance.

The US intention to facilitate private investment in the participating countries by American firms as expressed in their proposals to Congress, was discussed. The Department of External Affairs undertook to circulate a memorandum on the subject to the Committee.⁴