The ‘Consideration’ and Article VII

Abstract

Whatever he may have had in mind, it was President Roosevelt who prompted the State Department to initiate negotiations with the British on postwar economic policy. On 16 May 1941 he wrote to Secretary Hull,

I wish you would work out the over-all arrangement between the United States and the British Government relative to the consideration or considerations to be given us by the British in return for the material provided under the Lend-Lease Act. … Although I presume the agreement will not provide primarily for a return to us of cash, I think, nevertheless, you should consult with Secretary Morgenthau in regard to the broad provisions of the agreement.