SUPERSESSION OF LEND-LEASE WHITE PAPER Note by the President of the Board of Trade.

SECRET A. DRAFT TELEGRAM TO WASHINGTON 1. Recent developments in the negotiations for the supersession of the Export White Paper have made it necessary to submit the whole question to Ministers, who have given it their most careful consideration. 2. It has become clear that the real issues go far deeper than the apparently limited and technical questions on which the negotiators have been encountering difficulty. Foreign trade is to us a vital necessity. In 1943 the volume of our experts excluding munitions was only about 25 per cent of 1937.