838.516/144

Memorandum of the Division of Latin American Affairs, Department of State

Minutes of a conference held in the Latin American Division on Friday, July 23, at 11 a.m.

  • Present: Mr. R. L. Farnham, Doctor Rowe and Mr. Welles.63

Doctor Rowe handed to Mr. Farnham a letter64 replying to Mr. Farnham’s letter of July 16 addressed to him by Mr. Davis, Under Secretary of State, approving the proposal of The National City Bank to conclude the final details of the purchase of the Banque Nationale de la Republique d’Haiti, taking over the contract between that Bank and the Government of Haiti in the form in which it now stands, with the understanding that The National City Bank, so soon as the Haitian Government consents to the transfer of the contract to the new bank, will accept and consider operative as a part of the contract the modifications of that contract already agreed upon by the Department and The National City Bank.

In handing Mr. Farnham this letter Doctor Rowe stated that the Department in giving its approval to the proposal of The National City Bank does so with the understanding that if it should subsequently develop in further negotiations with the Government of Haiti that further modifications of a subordinate character suggested by that Government are acceptable, and do not materially alter the net results of the contract once the modifications already agreed upon are included in it, the insertion of such general and additional modifications in the contract will not relieve the Bank of the obligation to consider operative the major modifications agreed upon by the Department of State and the Bank.

Mr. Farnham stated that he concur[r]ed in this understanding.

  1. Sumner Welles, Assistant Chief of the Division of Latin American Affairs.
  2. Not printed.