Treasury: British Government Foreign Accounts

Itemised statements of the Treasury's account with Messrs J P Morgan & Co of New York set up in 1915.

In addition to bank statements on these and other commercial transactions, there are also statements arising from accounts opened by the Treasury with the First National Bank, the Federal Reserve Bank of New York and the Bank for International Settlements at the time of the 1931 financial crisis.

The report of the American Dollar Securities Committee was published by H.M. Stationery Office and there is a copy among the Bradbury Papers as T 170/130

There is also a copy in the P.R.O. Library (Parliamentary Papers HC1919 Vol.XIII) under reference 8086, pp.523-591.

The Treasury's account with Messrs. J.P. Morgan and Co. of New York for liquidating American dollar securities held by British subjects or companies and acquired by or deposited on loan with the Treasury, was opened in 1915. This scheme, which was controlled by an American Dollar Securities Committee, appointed by the Chancellor of the Exchequer on 31 December 1915, was initiated at the Treasury to improve and maintain the value of the pound in relation to the American dollar, and thereby to reduce the cost of munitions and other goods purchased in the United States during the War of 1914 to 1918.

Executive work in connection with the deposit of securities on loan was, at Treasury request, undertaken by the National Debt Office. Acquisition and loan work came to an end in April 1919 and in June 1919 the committee made its report on the whole scheme.

The administration of the scheme's funds continued into the post First World War years under Treasury management.