discussions were bilateral but they looked towards multilateral discussions with others of the   
United Nations, and it would, be our endeavor to reach the stage of multilateral discussion as   
soon as we could.  A multilateral approach was, furthormore, necessary in anothsr sense.  The   
method of bilateral negotiation on questions of international economic relations was the sure   
method, and a method which was attractive to the British temperament, but in the speciai   
circumstances of something more was required. The bilateral method progressed step by step, but   
at this moment, time was the essence of the problem. 'we were in a stage at which men's ideas   
were fluid and their minds were open to new methods and now policies. People were capable, at this   
moment, of sacrificing immediate advantage for the long-term gain, but when the moment of danger   
was removed they would be in a different mood, and could not be moved to take the long view which   
was necessary if we were to make that long stop forward which was possible.
 
     
 
 
It was always difficult to make people take the longer view. This involved a political risk,   
but one which he thought we were bound to take. In accepting this risk we had in front of us the   
example of Mr. Cordell Hull, who had been a true leader of democracy in his willingness to set   
himself against the rising tide of autarky and self-sufficiency policies, and to take his stand   
on the  Reciprocal Trade Agreements Act of 1934. The Secretary of State's example showed that it   
was possible to direct the minds of men in the right direction.  We had an opportunity to do so   
now, but a brief opportunity only.
 
    
 
 
It was not possible to say in advance what progress could be made in the discussions on the   
various topics, but he thought that it should be possible to emerge from the talks with a set of   
principles agreed on each side, which could be used as a basis for wider discussions. Such   
principles would be a foundation for the building of the international institutions which would   
be required in the post-war world, and for the policies to be pursued by the two Governments   
towards all nations. Finally, in addition to the inter-connection between the different sides of   
international economic relations, it must be remembered