expects to have similar informal exploratory discussions with officials of other nations.  It is   
to be hoped that these discussions may develop policies of international application; and may   
contribute somewhat to the solution of problems which must be solved if the world is to be spared   
a recurrence of the scourge of War and of economic collapse.
 
     
 
 
Mr. Law thanked Mr. Myron Taylor for the welcome given to the British group. It was a great   
pleasure for them to be in Viashington and to see, from the remarks which Mr. Taylor had made,   
how closely their views on the nature of the discussions which would follow agreed with the views   
of the United States group. The discussions would be exploratory and non-commital, but would, he   
hoped, show the manner in which joint action could best be organised.
 
     
 
 
The subjects which Mr. Taylor had mentioned in his statement seemed to him to be interrelated,   
and he felt that they should be considered as a whole. The attitude taken, both by creditor and   
debtor nations, towards commercial policy, for instance, would be influenced by what was done in   
the field of the foreign exchanges: likewise, no country would commit itself to any degree of   
economic disarmament unless it could expect an over-all expansion in international trade, the   
absence of uncontrolled fluctuations in the prices of raw materials, and a steady flow of capital   
for the development of the world's resources. Because of this inter-connection, he felt that it   
would be useful if, in the discussions to come, it would be possible for those concerned with the   
various sub-committees to meet together at frequent intervals to report on the progress made, so   
that the British and American groups could see how far they were advancing all along the line.    
He thought that, in the long run, this method of procedure would be the quickest.