23 A favourable re-edition of the oil agreement in its final form is found in Mikesell, Raymond F. and Chenery, Hollis B., Arabian Oil: America`s Stake in the Middle East (Chapel Hill, 1949), 185-190.Google Scholar For a more detailed analysis of the negotiations and agreement at various stages, see substance, „National Policy for Foreign Oil,“ 193-205, 215-219 , 258-261. Much of the loan was for foreign military spending for the maintenance of the British Empire and payments to British allies prior to its adoption, which had been ignored in negotiations until the summer of 1946.  Keynes had indicated that a failure of the loan agreement would prompt Britain to abandon its military outposts in the Middle East, Asia and the Mediterranean, as the alternative to lower British living standards was not politically feasible.  After the War of Independence and the War of 1812, many black recruits of the British army were abandoned on British territory or as sailors on British naval ships. Its former owners in the United States considered it their property and were now seeking restitution or compensation for their loss. No agreement was reached on this point, but it was expected that a third country would provide a transaction. It was a period of growing support in Britain for the abolition of slavery. In 1819, a contract with Portugal banned the slave trade and soon after he did the same with Spain. Canada declared former slaves free. There appears to have been no mediation.
Faced with the de facto opening of Middle East oil resources to the interests of the United States, there was little need, after mid-1947, for the Anglo-American oil agreement, which had been painfully negotiated and had not yet been ratified and which had been presented to the Senate in the fall of 1945. In addition, Texas` opposition to the treaty was forceful and sharp and included major Republican fundraisers who detailed their past merits for the party, while insisting that „he wants the oilmen to want this proposed treaty to be killed. . . . (15) These local producers were living with the fear that one day a contract would open up the U.S. oil market to genuine global competition, as washington advocated for other nations, and then Bahraini oil, which cost 25 cents per barrel in 1947, including royalties – or a small fraction of U.S. costs – would derail them. Despite the nominal support of national oil organizations for the treaty, the presence of Tom Connally of Texas on the Senate Foreign Relations Committee and the diminishing interest of a Foreign Ministry, which managed to enter the Middle East with or without a contract, were enough to freeze the proposal.