File No. 102.1/434

The Secretary of State to the Ambassador in France ( Sharp)

[Telegram]

2916. For Crosby from McAdoo:

Treasury 19. Willing that funds paid British Government by Shipping Board should be applied to Morgan overdraft but insist upon subrogation in respect to proportionate value of selected collateral. Have in mind selecting Argentine collateral with a view to use in Argentina to relieve exchange situation. With reference to Du Pont notes and collateral notes maturing February 1, prefer not to interfere or make suggestions as to these matters which should be taken care of by British Government and their bankers independently.

Lansing