U.S. Finances:
207/
2
/39
BRITISH HBASBY,
WASHINGTON, D. C. »
January. 20th, 1939
Mo. 79
My Lord,
frith reference to Sir Ronald Lindsay's
despatch Hp. 93 £ of the 3rd February* 1937 2 have the
honour to enclose herewith for Your Lordship's information
copies of an identic letter which the President has
addressed to Vice President Garner and Speaker Bankhead
requesting the extension until January 15th, 1941 of the
life of the Stabilization Fund and the powers of the
Pre aidant to vary the metallic content of the dollar.
2. It was of eourse to ho expected that the
President would seek the continuance of these powers
and little opposition to the proposal is expected on the
part of the Congress.   This legislation will provide an
opportunity for the discussion of the exchange situation
and In particular of the sterling position should any
member of Congress wish to raise this matter.   But I
should not anticipate that if sterling remains round
about its present level any serious trouble need be
anticipated in this direction.
3. Copies of this despatch and of the enclosure
are being sent direst to His Majesty's Treasury and the
Department of Overseas Trade.
I have the honour to be,
With the highest respect,
My Lord,
Tour Lordship's most obedient,
humble servant,
(98D) KV. A. L. KALUT
H.M. Charge" dvAffaires.
The Right Honourable
Who Viscount Halifax, K.G.,
etc.,        etc., etc
VALM:CB:TKB:DH