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This was an economic study committee, out of which grew the idea that by taking certain actions and having them agreed upon by all parties at interest in those particular areas we could move toward a stabilized economy, an economy that would be stable and responsive to the war needs.

In Cabinet meeting on July 18, 1941, Roosevelt said that we would continue to supply oil to the Japanese to keep them from going into Indochina, and he also said that he would send arms to Iceland if the Germans attacked United States ships and it would be up to the commander of the ship to determine the policy. I remember that plainly and that was a definite Roosevelt policy. We were not going to tolerate any attack. The commander of a ship, knowing what he knew as the master of the ship, knowing what he knew in general, would have to decide what to do in each particular case. That was really a very good policy when you thought of it, leaving it up to the individual and not adopting a general policy.

There was many a debate as to the degree to which we should continue giving Japan oil and other things, such as scrap iron. I forget when we began not to send scrap iron, but I think it was not until very late. I remember Roosevelt discussing it one day and Hull discussing it. It was one of those joint discussions in which I can't quite remember what Roosevelt said and what Hull said. They were both discussing it and both agreeing in general and different aspects of the problem would be developed by one or the other.