868.51 Struma Valley/4
The Minister in Greece (Skinner) to the Secretary of State
[Received February 4.]
Sir: I have the honor to acknowledge the receipt of the Department’s telegraphic instructions No. 2 and No. 4 of January 13th [12th] and 14th, respectively, authorizing me to give proper support to what is termed the Monks-Ulen proposition to the Hellenic Government for Struma Valley drainage purposes. I understand the situation and shall be guided by the Department’s instructions.
Since some time, negotiations have been going on between representatives of the Monks-Ulen interests and the Hellenic Government, the two concerns named having agreed between themselves to pool their proposals. No other contracting firms have manifested interest in this matter, and it seems unlikely that any other American concern will do so.
It is improbable that practical steps will be taken relative to the Struma Valley enterprise until the main Stabilization Loan, arrangements for which have already been made, is entirely out of the way.54 The Government holds the proper view, I think, that development enterprises, such as the drainage of the Struma Valley, should not be undertaken until all the elaborate arrangements for balancing the budget and stabilizing the drachma have been given effect.
It seems likely that within the next two months the Struma Valley matter will be receiving active consideration, and I have every hope that the two American firms, between them, will obtain the contract. I shall do what I can with propriety to that end.
I have [etc.]