3 December 27, 1947 Dear Professor Robbins: I would have been delighted if your answer to my letter of November 12 had dispelled the uneasiness which some statements of your article in the Lloyds Bank Review of October had caused me. Un- fortunately this is not altogether the case. I did not accuse you nor did I criticize your stand concerning the Anglo-American Loan Agreement. Still less did I issue any opinion about the role you played in the activities of the British Government's bureaus and in the secret diplomatic negotiations between the British and the American Governments. It was only incidentally that I made some observations about your remarks dealing with the old foreign liabilities of British debtors. I know very well that we disagree with regard to these prob- lems. But I do not think that this disagreement could be removed by further discussion of the matter. What motivated me to write my letter was that you ad- vanced in your article a new argument against current account conver- tibility. For a very long time no new argument has been added to the old mercantilist list of the evils of free trade and the gold standard.