422.11 G 93/1174
The Minister in Ecuador ( Hartman ) to the Secretary of State
[Received May 6.]
Sir: I have the honor to confirm my telegram No. 11 of April 3, 11 a.m.,18 wherein I reported the sincere desire of the Government of Ecuador to remit the monies now on deposit, amounting to more than one million sucres, for the service of the Guayaquil & Quito Railway bonds, and suggested that if the Department could induce the bondholders to accept cacao in payment of all or part of the amount now on deposit, it would be greatly appreciated by the Government of Ecuador.
I am thoroughly convinced of the good faith of the President and Minister for Foreign Affairs in their expressed desire to devise some plan to enable them to remit this money to London as soon as possible, but they feel that the present rate of exchange is ruinous, and they are therefore invoking the aid of the Department to assist in inducing the bondholders to accept cacao in lieu of money. Within a few days I expect to have another interview with President Tamayo on the general financial situation, particularly with reference to the present status of the negotiations for the conversion of the foreign debt. After that interview I will report results to the Department.
I have [etc.]
- Not printed.↩