821.6363 Barco/447: Telegram

The Secretary of State to the Minister in Colombia ( Caffery )

[Paraphrase]

8. Your 17, February 17, 7 p.m. Gulf says it has already agreed to point (a) in Rublee’s memorandum. Gulf feels that it cannot agree to point (b) because in any wildcatting venture such as this it is impossible to predict whether oil will be found and therefore whether exploitation can commence on any arbitrary date. It might be possible to have the property in exploitation in 6 years and it might be impossible to do it in 10 years. Mr. Wallace stated that the Minister of Industry had asked for an 8-year term. The company also stated that the construction of the pipe line and other features were being linked with this condition. They received Folsom’s cable at noon today, are studying the same, and will send him an answer this afternoon.

Stimson