Of the family of war conferences the Atlantic meeting between Roosevelt and Churchill in August 1941, has been a neglected relation. It has been covered in general histories but only one substantial account of the conference has appeared to date. This state of affairs is regrettable given the intrinsic importance of some of the issues which were raised at Argentia and the fact that T. A. Wilson's account, The First Summit, was written before some of the official records were released. However, though there is a need for an overall review of the conference, this paper has the modest goal of reconsidering the economic questions which resulted in point four of the Atlantic Charter. The reasons for a new account of the genesis and formulation of the main economic provisions of the joint declaration are three-fold. First, the context of economic discussions in which the conference took place has never been adequately described; consequently the reasoning behind certain decisions, as well as some of the nuances of the talks, have been misunderstood. Secondly, the injudicious character of Welles' proposals for point four and the nature of America's diplomatic defeat at the hands of the British have never been properly explained. Finally, it has not previously been detected that Churchill evaded full consultation with his Cabinet and ignored some of their advice which, ironically, resulted in a less serious set-back for American economic goals than would otherwise have been the case.