Following for Pearson from Wrong, Begins: With reference to my WA-1128 of April 12th† concerning the French application for a loan from the International Bank, I understand from Stone that you expressed a wish that I should follow up this matter with the State Department. We yesterday discussed it in general terms with Mr. Acheson. He told both Stone and me that he thought that the amount of 250 million dollars for the initial loan was too small and that unless the French could be sure that they would get a further loan when the question was re-examined in October they might well not be disposed to go ahead with the Monnet¹⁷⁴ plan for reconstruction. He commented that "unfortunately none of our actions in the international field are large enough". He said, however, that in the absence of the Secretary of State and Mr. Clayton he did not now have time to go into the matter himsef, but he suggested that I might take it up with him early next week after General Marshall's return. (Incidentally, he thinks that General Marshall may leave Moscow tomorrow, and that he will certainly be back by the beginning of the week.)

It seems to me that if any new instructions are to reach the United States Executive Director of the International Bank it will be necessary for an approach to be made at a level not below that of Mr. Acheson. I should be glad to receive by the end of the week some intimation of the views of Towers, Clark and yourself on the desirability of my seeing Mr. Acheson specially. on this subject and on the line which I should take if I do see him. Our conversations in the matter yesterday took place on social occasions.

I should like, if I approach Acheson, to be able to tell him what we think the initial loan to France should be. My impression from talking to Towers and Parkinson"' is that we would prefer a loan of 300 millions now with a fairly definite indication that a further 200 millions will be forthcoming if the French re-open the question late this year, provided that the Bank has been able to float successfully its first bond issue in the United States in the meantime. The major preoccupation of McCloy¹⁷⁶ is with the reception of the Bank's bonds by the domestic market. I was present at a discussion a few days ago between him and Senator Taft¹⁷⁷ in which the latter's extreme conservatism seemed to increase McCloy's apprehensions. Ends.

¹⁷⁴Jean Monnet.

¹⁷⁵J.F. Parkinson, conseiller (Finances), ambassade aux États-Unis.
J.F. Parkinson, Counsellor (Financial), Embassy in United States.

¹⁷⁶John J. McCoy, président, Banque internationale pour la reconstruction et le développement.
John J. McCloy, President, International Bank for Reconstruction and Development.

¹⁷⁷Robert A. Taft, sénateur de l'Ohio.
Robert A. Taft, Senator from Ohio.