THE UNDER SECRETARY OF THE TREASURY
                                    WASHINGTON
 
 
                                                         April 1, 1940
 
 
MEMORANDUM TO THE PRESIDENT:
 
     The Secretary thought you would 
be interested in the attached copy of a 
cable which came through the British 
Embassy from the Chancellor of the 
Exchequer explaining the reasons for and
the significance of the fall in the 
dollar-sterling rate in the free market 
in New York, and expressing views on the 
criticism which that fall has evoked.
 
 
  The Under Secretary of the Treasury