Following consideration of memoranda dated the 8th June, 1948,¹ submitted by the Ministers for Finance and External Affairs, relative to the participation of this country in the European Recovery Programme, it was decided

1. that no loan for the current quarter should be sought or accepted, and that the British Treasury should be informed of the reasons for this decision;
2. that, in the case of future quarters, the question of a grant or loan should be considered on the facts, and that the acceptance of a loan should not be prejudiced by our refusal to accept a loan for the current quarter; and
3. that the Minister for External Affairs should take active steps to assure our rights to aid for the next quarter, whether by way of grant or loan.