Mr. Calder has referred to me your letter of May 27th regarding the recommendations which the International Relations Committee has formulated on the President’s Bold New Program.

We appreciate the interest you have taken in the matter, and assure you that we are cognizant of the importance of the role of private enterprise in constructive accomplishment in the development of backward areas.

We have associated in our work many distinguished monetary authorities, and call upon them freely for advice on the monetary phases of our program.