The subjects treated in this 
memorandum - credits to Russia and 
the 3-C negotiations - have been 
merged because current developments 
have merged them. The present 
summary is all that can be prepared 
today as several proposa1s are 
under discussion and no policy 
decisions have been made. Early 
next week it will be possible to 
decide whether to give the Presi-
dent a general background with 
alternative suggestions or whether 
it will be possible to report that 
definitive instructions have been 
sent to Harriman with respcct to 
3-C and to make inter-agency agreed
recommendations to the President on 
postwar credits.