852.6363/81: Telegram
The Ambassador in Spain (Hammond) to the Secretary of State
[Received 7:25 p.m.]
115. Department’s 85, November 8, 3 p.m. I had an interview with Primo today during which I informed him of the anxiety of the American Government regarding adequate compensation for American interests prejudicially affected by the Spanish petroleum monopoly and said that my Government expected that fair compensation would be made and that the American interests affected would receive as fair treatment as those of any other nationality.
Primo replied that the Spanish Government has always given to American interests at least as favorable treatment as to any others and that when American property should be taken over by the monopoly full compensation would be made after appraisal by Spanish and American experts.
From the general trend of the conversation my impression is that Primo intends to operate the monopoly as at present constituted, acting upon what I believe to be the favorable advice of the Minister of Finance and other interested subordinates. Powerful interests are still endeavoring to counter the monopoly but it now seems highly probable that it will be given a trial.