800.51W89 Great Britain/296a: Telegram

The Acting Secretary of State to the Ambassador in Great Britain (Mellon)

133. From Ogden Mills. Fear very serious situation will arise unless Great Britain and other debtor countries sign agreement relating to Hoover 1-year debt suspension payment in accordance with their acceptance of the President’s proposal and the law authorized by Congress. The time is getting very short. Unless we can have prompt assurance that agreements will be signed not later than May 20th Treasury will be obliged to declare them in default on their December payments and demand payment of June installments. American people will regard failure to sign as repudiation of an agreement entered into for benefit of Europe and as an unforgivable breach of faith. I am wiring you personally as I think this is so important that you ought to make every effort to make the British Government realize the serious consequences of their failure to live up to their acceptance of the President’s proposal. Best regards. [Mills.]